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Concord trust directs $392,285 for sewer improvement fee to advance 51 affordable units at 292–294 Baker Ave
Summary
The Trust voted unanimously to direct the Town Treasurer to disburse $392,285 ($378,135.76 CPA; $14,149.24 non-CPA) for a sewer improvement fee tied to NOVO Riverside Commons’ 51 affordable rental units at 292–294 Baker Avenue.
The Concord Municipal Affordable Housing Trust voted on June 3 to disburse $392,285 to the Town of Concord to cover a sewer improvement fee for a 51-unit affordable rental project at 292–294 Baker Avenue. The disbursement is drawn under the Trust’s April 8, 2024 grant agreement and was approved unanimously, 6-0.
Trust records show the $392,285 commitment is split into $378,135.76 in CMAHT CPA funds and $14,149.24 in CMAHT non-CPA funds. Attorney Stephanie Kiefer spoke on behalf of the grantee (NOVO Riverside Commons LLC) and the agenda notes that the Select Board on June 1, 2026 approved a Local Initiative Program regulatory and use agreement and monitoring agreement with L&G 300 Baker, LLC, the project assignee. Trustee Keith Bergman moved the disbursement; Mary Hartman seconded and the motion passed unanimously.
The Trust cited §4 and §9 of the April 8, 2024 grant agreement in its discussion. The §4 language in the packet states that grant funds are to be released "within thirty (30) days of written notice from the Grantee to the Trust that such fees are due and payable to the Town," and §9 acknowledges that a grantee may assign or transfer the comprehensive permit in accordance with Chapter 40B and that the agreement rights and obligations transfer upon written notice.
