9/23/1997 MASHPEE COMMONS ADVISORY COMMITTEE Minutes

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Selectman Dine io stated approval for the construction of four hundred housing units is not a foregone conclusion in addition to the one hundred apartments) . There are a neer of issues to be considered before a final density neer is determined. He further stated that the Town should plan for the worst fiscal impacts; acknowledge a down-side to the proposal . Selectman Marsters stated there is a great margin for the down-side influenced by the price of lots/retail prices. He made the point that after a lot is sold, there is no guarantee regarding the price of the house unless controls are -stipulated. He then asked the Developer how many of the one-hundred twelve (112) apartments will be located over commercial buildings . Mr. Storrs answered there would be a combination of apartments over buildings and courtyard apartment buildings. Nor. Storrs stated he will be the Developer of some of the units, although not of the vast majority, due to the length of time it will take for completion. Sharing the economic development with, the 'T'own is also an important consideration. Selectman 1arsters suggested the ,proposed units be balanced out and capped throughout the prof ect . He further expressed his apprehension regarding the high end of the market reality and absorption. He also rade a point of historical seals for Mashpee, and recommended consideration of Banker-Tradesman, as well as lashpee housing for the past three or four years . Selectman Dini io took issue with a statement made by Mr. Storrs, the product determines the market. He gave examples of failed projects within the Town and agreed that a down-side scenario be considered in order to protect the Town. Mr. Storrs clarified he has no intention of selling an entire neighborhood, thereby diminishing the possibility of project failure and/or changes. Selectman Dini, io commented the Town would have no guarantee of that. Mr. Brais commented there would be no guarantee the Developer would not suffer financial difficulties. The flexibility incorporated into the plan implies other aspects of the process. Mr. Storrs agreed the point made is valid, but asked the Committee to refrain from always planning on the worst case scenario. He suggested planning for the middle of the bell curve. Mr. Brai s made reference to transition within the project, and, the possibility of a couple investing in a small unit, remaining there and having children. The Study doesn' t profile people currently buying in Mashpee or on Cape Cod. There is no employment data. Selectman Diniio rade reference to page 8 of the Study, "The lot sale strategy targeting affluent households outside Barnstable County. ,, "The rental units will attract significant number of households from Barnstable County. " He suggested the Study acknowledge Cape Cod residents as part of the market. -3-