Medford, City of - Procurement Dept.

This document presents an economic assessment and SWOT analysis for the City of Medford. It identifies key strengths, weaknesses, opportunities, and threats impacting economic development. The assessment aims to guide Medford in leveraging its advantages, addressing challenges, and exploring new opportunities to foster a resilient and inclusive economic future.

Key discussions included the presentation and support for a proposed fractional payment ordinance drafted by City staff, which allows developers to make a cash payment instead of constructing an additional affordable unit, contingent upon staff approval of calculations and receipt of payment before permit issuance. The Board also discussed the recent presentation of a $550,000 funding request to the CPC and the subsequent presentation of the 5-year action plan to the City Council, noting feedback regarding public outreach methods. Updates were provided on the 703 Fellsway West Development, including the issuance of Certificates of Occupancy and the upcoming lottery closing date, with a proposed ribbon cutting ceremony scheduled. Finally, the Board discussed avenues to increase Trust revenue, including formalizing procedures for accepting donations and wills, and noted incoming funds from an affordable housing unit resale fee and the River's Edge development payment.

Key discussions included a funding inquiry for the project at 703 Fellsway West, where the Board debated and ultimately approved a $100,000 award to Medford Community Housing, structured as a loan with a 2% interest rate and payments based on 25% cash flow. Rental rates for the property's units were confirmed. The Board welcomed a nominee for a vacant seat. A finance update highlighted the receipt of $300,000 from the Community Preservation Act (CPA) and discussed tracking CPA funds and the implementation of linkage fees. Officer elections resulted in the reappointment of the Chair and Vice Chair, and the appointment of a new Treasurer. A fundraising and advocacy working group was proposed. The Board confirmed the annual meeting schedule and discussed finalizing the 5-year action plan for the Trust, deciding to table final approval pending minor edits. Finally, reminders were issued regarding upcoming meetings concerning CPA collaboration and proposed Massachusetts Bill H.3056 regarding a Real Estate Transfer Fee.

The meeting addressed the confirmation of Teda DeRosa as an official Board member. Key discussions centered on Councilor Leming's resolution concerning fractional payments to the Trust instead of rounding up affordable housing units, including comparisons with nearby municipalities and the need for an economic feasibility analysis. The Board also discussed the status of adding bonus density percentages to the inclusionary zoning ordinance in specific districts. Updates were provided on the Community Preservation Act application, which is scheduled for presentation on November 18th, and on the Medford Community Housing loan, where terms like cash flow definition and interest payment start dates require clarification. Furthermore, the Board approved the final version of the Five Year Action Plan, agreeing to submit it to the City Council for their October 21st meeting, and outlined the proposed meeting schedule for the upcoming year.

The meeting focused on defining the roles and responsibilities for Trustees, specifically the Chair, Vice Chair, and Treasurer. A detailed discussion was held regarding the scope of the Fundraising Working Group, including identifying funding opportunities, advocacy, and gathering public input through surveys. A significant portion of the discussion addressed updates to the fractional payment ordinance language concerning building permit timing and payment agreements. Furthermore, the Trust explored increasing fundraising opportunities, such as allowing direct property donations via wills, exploring donations on property tax bills, and planning for anticipated income from sources like the River's Edge development, CPA funding, and Tufts University.