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Planning board needs clearer financials for Sunrise project after committee critique
Summary
EDC members told the Planning Board needs specific financial data to assess the Sunrise development at Edge Hill and Norwood Street; a committee member called the current development agreement "substandard," and staff were asked to reschedule Planning Board review and provide additional materials.
The Town of Sharon Economic Development Committee on Jan. 5 reviewed the Sunrise residential proposal at Edge Hill and Norwood Street and said the Planning Board requires more detailed financial data before assessing viability. Committee member Rob Maidman argued the development agreement negotiated by Fred and the town council was inadequate to secure meaningful town benefits.
The Planning Board, which must evaluate the project's fiscal impacts, has asked for line-item financials and pro forma documents; Rob said the materials submitted thus far are insufficient for that analysis. He also raised concerns that a short-term federal grant for hiring EMTs tied to the project has a limited duration and may not match the project timeline, potentially reducing the grant’s usefulness for long-term town services.
Rob said the committee is tracking a potential commercial interest in the American Landscaping site, which could be sold to Shaw’s Plaza Capital Group, and suggested the town coordinate any sale with broader master-plan goals. Because the EDC lacked a quorum, members did not take formal votes; instead they requested that Rob reschedule and notify about a postponed Planning Board meeting specifically to review the Sunrise project financial data.
The committee directed staff to gather the missing financial documentation and to circulate it to Planning Board members. Next steps recorded in the minutes include rescheduling the Planning Board review and adding follow-up on the Sunrise project to the EDC agenda.
The meeting record does not specify a deadline for submission of the requested financials.
