At its June 17 meeting, at the request of the Harvard Board of Selectmen, the Devens Economic Analysis Team (DEAT) reviewed Trinity Financial’s 73-page “Vicksburg Square Site Concept,” dated May 7, and developed a list of 21 questions for Trinity to answer to more fully explain its vision for the redevelopment project.
DEAT forwarded the questions to Trinity as a “request for information” (RFI). In his note to Trinity along with the request, DEAT Chairman Victor Normand emphasized, “The work of the DEAT is quantitative in nature, so we ask that your responses be as thoroughly quantitative as possible.”
Normand told the Press that Trinity was expected to attend the June 29 DEAT meeting to respond to the 21 points in the RFI, which are as follows:
- The market profile provided by Trinity Financial (TF) lists certain demand characteristics but does not assign corresponding incomes to any of the market segments identified. Provide the income ranges for the segments identified and show how the Vicksburg Square (VS) proposal will satisfy the existing and projected demand.
- Why is Harvard not included in the “primary market area” for demand?
- Cite the information source for the “Market Findings” section of the TF report.
- Assisted living is not included in the TF proposal. Please provide the financial analysis that led to this decision.
- Your developments at both Maverick Landing and The Carruth contain a mix of housing that includes condominiums. Was that considered for VS and if so, why was it not included in the proposed development?
- Was the local market for condominiums analyzed? If so, please provide the results of that market analysis.
- Why were the total development costs at Mattapan Heights so much lower than other developments, including the estimates for VS?
- TF has presented a range of incomes by family size for all of the affordable units at VS. Explain the basis for this range, how it is used with respect to tenant selection, and any limitations related to its implementation.
- Define “workforce housing” as it directly relates to the development proposal for VS.
- TF has represented that its plan for VS will provide “workforce housing” for Devens. Does TF have a survey of businesses within the Devens Regional Enterprise Zone (DREZ) to support this representation? If so, please provide this information.
- Provide the development pro forma for the VS project as it is presently proposed.
- Are there limits to the number of units that can be set aside for veterans’ preference under the proposed Low Income Housing Tax Credit (LIHTC) funding program, HUD or DHCD regulations?
- Has TF prepared to deed restrict Hale Hall as senior housing even if LIHTC funding is not available for this building?
- Beyond the LIHTC and Historic Tax Credit funding, will there be other subsidies used to support the affordable housing? Are operating subsidies anticipated from any source?
- Are there any asset limits affecting eligibility for the affordable units? If so, what are those limits and any related qualifications.
- Does your plan to develop space for the Devens Historical Museum include provisions for museum operating costs?
- Based on LIHTC projects TF has completed with similar unit size distributions, what are the actual numbers of children based on bedroom size for the affordable units?
- TF has represented that when fully occupied, VS will produce 6 to 8 million dollars in disposable income. Define disposable income and demonstrate how that range was calculated.
- When does TF expect the first units to be occupied at VS? What is TF’s best estimate for full occupancy?
- What are the local property tax expectations of TF for the VS project?
- In at least two instances, the VS project will have indirect costs for MassDevelopment and the DREZ project: provision of parking for sports events held at Rogers Field and replacement for the State Police facility. Are there other indirect costs that will be passed on to MassDevelopment? Have any of these costs been discussed with MassDevelopment?
