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Committee recommends removing Falmouth parcel from Lambert Woods purchase agreement
Summary
The Housing & Economic Development Committee voted unanimously to recommend an amendment that removes a Falmouth parcel (0 Grama Road) from a purchase-and-sale agreement tied to the Lambert Woods North LLC affordable housing project so the developer can proceed with tax-credit financing.
The City of Portland Housing and Economic Development Committee voted unanimously to recommend the third amendment to the first amended and restated purchase and sale agreement with Lambert Woods North LLC that removes the city-owned parcel at 0 Grama Road in Falmouth from the transaction.
Mary Davis, housing and community development division director, told the committee the city previously offered two parcels — 622 Auburn Street in Portland and 0 Grama Road in Falmouth — for an affordable housing development. "They have run into some issues which resulted in them approaching the city to see if there is a way to remove the 0 Grama Road Falmouth parcel from the purchase and sale agreement," Davis said. The developer has been awarded low-income housing tax credits and is close to closing on tax-credit financing, Davis said.
The amendment would keep the Falmouth parcel in city ownership and allow staff to market it later; Davis said proceeds from any future sale would be proposed for transfer to the housing trust fund at a later date. She and Greg Watson, director of housing and economic development, described wetlands and lot layout on the Falmouth parcel as the principal reasons the developer now considers that parcel a complication to the tax-credit project.
Watson said the Falmouth parcel has upland areas suitable for lower-intensity development, but it does not carry the same zoning advantages as the Portland site and therefore has lower value for the current tax-credit project. He said staff have discussed possible passive-recreation uses with Parks and Portland Trails but recommended removing the parcel from the agreement so the tax-credit deal can move forward.
Councilors asked whether unit counts or the developer's proposal would change; Davis confirmed the tax-credit proposal will still create 72 units and the unit total will not change. Committee members also asked whether any future development of the Falmouth parcel would require approval from the Town of Falmouth; Davis confirmed that it would.
The committee voted to recommend the amendment to the full City Council. The motion was moved by Councilor Kate Sykes and seconded by Councilor Sarah McNevich; the roll call was Councilor Sykes — yes; Councilor McNevich — yes; Chair Pius Ali — yes.
Staff said they plan to market the Falmouth parcel later and, if sold, bring a proposal to the council to direct sale proceeds to the housing trust fund.
