I. Council Action Requested.
Title
To approve a Development Agreement between the Town and New Gen Estates, LLC outlining agreed obligations of both the Town and New Gen Estates pertaining to easements, property transfers, fees, permits and sewer connections to complete 300 market-rate dwelling unit (one- and two-bedroom units) apartment project at Franklin Drive and authorize the Town Manager to take the necessary steps to execute said agreements.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. Article I, Section 2 of the Charter provides that “The Town may acquire property for any Town purpose, in fee simple or any lesser interest or estate, by purchase, gift, devise, lease, or condemnation and may sell, lease, mortgage, hold, manage and control such property as its interest may require,” and
b. Article II, Section 3(I) of the Charter authorizes the Council to “Exercise all the legislative, financial, borrowing and other powers now or hereafter given by statute to inhabitants of towns acting in Town Meeting except as otherwise provided herein, and also exercise all the powers now or hereafter given by statute to municipal officers of towns.”
III. Issue Summary.
Please view the attached agreement.