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Original Recorded Regulatory Agreement Bk 21452 P---174 '8 4S55C;P8 REGULATORY AGREEMENT 320 STEVENS STREET, HYANNIS This regulatory agreement ("Agreement") is entered by and between the developer, Daniel Adams ("De loper") and the Town of Barnstable ("Town"), a municipal corporation, on thi 16 t4 1 ay oi�t , 2006 pursuant to Section 240-24.1 of the Barnstable Zoning Ordinance and Chapters 9 and 168 of the Barnstable Code; WITNESS: WHEREAS, the Town and Developer are authorized to enter into this Agreement pursuant to Chapters 9, 168, and 240 of the Barnstable Code; WHEREAS, the Barnstable Inclusionary Housing Ordinance, Chapter 9 of the Barnstable Code, provides for the use of Regulatory Agreements (referenced as "Development Agreements") in Subsections 9-2, Definitions, and 9-6, Development agreement; WHEREAS the Developer is the duly authorized agent of the current owner of the -� property("Property") at 320 Stevens Street, Hyannis, consisting of approximately 2.73 acres, shown on Barnstable Assessor's Map 308/004, Lot 1, and owned by Ginsberg Asset Management, LLC, which has a principal place of business at 555 Constitution S- Drive, Taunton, Massachusetts 02780; WHEREAS, it is anticipated that ownership of the Property will be transferred from Ginsberg Asset Management LLC to Flagship Estates Hyannis LLC during the term of this Regulatory Agreement and the Developer is the duly authorized agent of Flagship Estates Hyannis LLC, which has a principal place of business at 2 Adams Place, Suite 100, Quincy, Massachusetts 02169; WHEREAS, the Property was previously referenced as 350 Stevens Street, Hyannis and has a current street address of 320 Stevens Street, Hyannis; C) WHEREAS, the Developer desires to develop the Property by constructing twenty-nine ( (29) residential condominium units (the "Development"); WHEREAS, the Barnstable Inclusionary Housing Ordinance, Chapter 9 of the Barnstable Code, requires that for a twenty-nine unit residential development at least three (3) affordable housing units shall be provided on-site; WHEREAS, Developer is willing to commit itself to the development of the project substantially in accordance with this Agreement and desires to have a reasonable amount r of flexibility to carry out the Development and therefore considers this Agreement to be �— in its best interests; and WHEREAS this Agreement shall establish the means by which the Developer will meet 1 the requirements of the Barnstable Inclusionary Housing Ordinance, Chapter 9 of the Bk 21452 Pg 75 #65598 Barnstable Code, by providing not less than three (3) affordable housing units off-site, as further conditioned below; WHEREAS, the Developer under this Agreement will contribute public capital facilities to serve the proposed development and the municipality or both, will improve a blighted site, will construct a 5.5 foot wide concrete sidewalk with granite curbing along Stevens Street from Main Street to North Street or will contribute $50,000 toward the construction of said sidewalk, will construct a 12-inch (12") water line within Stevens Street as referenced in the Site Plans, and will provide fair affordable housing; WHEREAS,the Town and Developer desire to set forth in this Agreement their respective understandings and agreements with regard to the provision of three(3) off- site affordable housing units related to the Development; WHEREAS the Development will not require regulatory review under the Massachusetts Environmental Policy Act (MEPA) or the Cape Cod Commission Act; WHEREAS the Developer has made application to the Planning Board pursuant to Section 168 of the Barnstable Code; WHEREAS the Development is located in the Hyannis Growth Incentive Zone (GIZ) as approved by the Cape Cod Commission by decision dated April 6, 2006, as authorized by Barnstable County Ordinance 2005-13, Chapter G, Growth Incentive Zone Regulations of the Cape Cod Commission Regulations of General Application; WHEREAS The Development is not subject to mandatory review by the Cape Cod Commission as a Development of Regional Impact because it does not meet or exceed a mandatory review threshold_ in addition, the Development is located in the GIZ as authorized by Barnstable County Ordinance 2006-06 establishing a cumulative development threshold within the GIZ; WHEREAS the Developer has undergone Site Plan Review and received approval thereunder on .tune 30, 2006; WHEREAS, for the purposes of this Agreement,the term "Developer"shall mean Ginsberg Asset Management LLC or Flagship Estates Hyannis LLC; WHEREAS the Developer has undergone at least two public hearings on the Agreement application and received a majority vote from the Planning Board approving the application on August 14,2006; WHEREAS the Developer has undergone a public hearing on the Agreement application before the Town Council and received a majority vote approving the application on September 21, 2006, 2 of 7 Bk 21452 Pg 76 #65598 NOW, THEREFORE, in consideration of the agreements and covenants hereinafter set forth,and other good and valuable consideration,the receipt and sufficiency of which each of the parties hereto hereby acknowledge to the other, the Developer and the Town do enter into this Agreement, and hereby agree and covenant as follows; 1. The definitions established in Chapter 9, Section 9-2 of the Barnstable Code shall apply to this Agreement, except as otherwise provided below. 2. Developer agrees to construct the Development consistent with the plans entitled "Site Plan, 320 Stevens Street,Hyannis,Massachusetts", prepared for Ginsberg Asset Management LLC, dated December 12,20D5 as revised through March 14, 2006, sheets 1 through 8. 3. Developer shall be permitted to locate the three affordable housing units off-site, within the Town of Barnstable, as set forth in this Agreement. 4. Developer shall provide the three affordable housing units for sale as follows: a) One of the three units shall have a minimum of one bedroom containing a minimum of 1,20D square feet of habitable space. b) One of the three units shall have a minimum of two bedrooms containing a minimum of 1,500 square feet. of habitable space; c) One of the three units shall have a minimum of three bedrooms containing a minimum of 1,700 square feet of habitable space. d) Each unit shall contain a minimum of 1.5 bathrooms. e) Interior features of the affordable units shall comply in all respects to the minimum design and construction guidelines of the guidelines of the Local Initiative Program of the Department of Housing and Community Development. f) The affordable units do not have to be newly constructed units but shall be comparable in construction to the market rate located at 320 Stevens Street, Hyannis, MA. 5. The developer agrees to sell the three affordable units to a governmental agency or non-profit who shall offer said units for sale or lease to a qualified affordable purchaser or tenant whose income is at 65%of the area median income based upon household size. The initial selling prices for each unit shall be based upon a formula under which monthly housing costs, including mortgage payments,taxes, insurance, and homeowners association fees,shall not exceed 30%of 65%of the area median income based upon household size. 6. The three affordable units shall conform with the standards and guidelines of the Local Initiative Program(LIP) of the Department of Housing and Community Development(DHCD)for inclusion in the DHCD Subsidized Housing Inventory. Developer shall prepare and file an application with DHCD under LIP for the three affordable Units. 3 of 7 Bk 21452 Pg 77 #65598 7. Town, through the Planning Board in consultation with the Housing Committee, shall approve each off-site affordable unit. In addition to compliance with the requirements of paragraphs three, four and five herein, factors to be considered in the approval of the off-site units are the quality of construction, the integration of the unit within a neighborhood, the consistency of the unit with the local comprehensive plan, the consistency of the location of the unit with the local comprehensive plan, and the unit's energy efficiency. 8. The Developer shall prepare an Affordable Housing Restriction for review and approval by the Town Attorney. Said restriction shall state that the affordable units shall remain affordable in perpetuity to first time homebuyers whose maximum annual income is not more than 65% of the median income in the Barnstable Metropolitan Statistical Area(SMA) under a formula which establishes maximum resale price based on income of the eligible buyer and provides sufficient time to locate an eligible purchaser. Any restriction created under this Agreement shall survive any bankruptcy, insolvency, or other action, and shall not be subject to nullification for any reason. 9. Developer shall prepare a Monitoring Services Agreement for review and approval by the Town Attorney. The Agreement shall require that the Developer retain the services of a monitoring agent approved by the Planning Board. 10. Developer agrees to construct the Development within two years from the effective date of this Agreement. The duration of this Agreement is three (3) years. 11. Developer shall comply with all the requirements of the Site Plan Review Committee letter dated to Ginsburg Assets Management, LLC, for the premises approval located at 320 Stevens Street, Hyannis, MA, except for the paragraph requiring that the three affordable units be built on-site. 12. No occupancy permits for any of the residential condominium development units located at 320 Stevens Street, Hyannis, MA shall issue until such time as a) The three affordable dwelling units have been approved by the DHCD as eligible for the Affordable Housing Inventory under 760 CMR 45,00, the LIP Program. b) Developer demonstrates that the three approved affordable housing units have been sold to a governmental entity or non-profit organization and affordable housing restrictions and monitoring services agreements, in a form acceptable to the Town Attorney, have been recorded at the Barnstable Registry of Deeds. c) Developer demonstrates compliance with all requirements of the Site Plan Approval dated June 30, 2006, except the requirement that the three affordable units be built at 320 Stevens Street, Hyannis, MA. . 13. Town hereby grants a waiver from the general ordinance requirement set forth in Chapter 9, Section 9-4.13 as it applies to the residential condominium A P7 `t of Bk 21452 Pg 78 #65598 development at 320 Stevens Street for the inclusion of three on-site affordable housing units by permitting the development of three off-site affordable housing units as provided above, and the Site Plan Review approval is hereby modified to reflect the granted waiver. This waiver runs to Ginsberg Asset Management LLC and Flagship Estates Hyannis LLC only and not with the property. In the event that Developer's interest in the property otherwise is transferred or assigned, this waiver shall be automatically revoked. IN WITNESS WHEREOF, the parties have hereunto caused this Agreement to be executed, on the day and year first above written. Dated this 0yk day 2006. C � Town Barnstable Developer, Ginsberg Asset Manageme By: Jdhn C. Klimm LLC Town Manager By: ce . Ginsbe g, 7�/e Dev r, lags hip Estates Hyannis Je . O'Neill, Manager eveloper, Dan Adams, Agent Ginsberg Asset Management LLC Flagship Estates Hyannis LLC APPROVED AS TO FORM VertD. ith Town Attorney Ir _V 0 ul 1 Bk 21452 Pg 79 #65598 COMMONWEALTH OF MASSACHUSETTS County, ss. On this day of 0c3z6P_e , 2006, before me, the undersigned notary public, personally appeared Bruce C. Ginsberg, the Managing Member of Ginsberg Asset Management LLC proved to me through satisfactory evidence of identification, which was [a current driver's license] [a current U.S. passport] [my personal knowledge], to be the person whose name is signed on the preceding instrument and acknowledged to me that he/she signed it voluntarily for its stated purpose as Managing Member of +f1yN11/H///� Ginsberg Asset Management LLC ++++' %E R "r•. O •. NotaryPub is z {{�� n ? r My commission expires: - COMMONWEALTH OF MASSACHUSETTS ,• ,.,f..�"p�M°'"4• mC9 tUtR County, ss. h On this day of °(1 ,� , 2006, before me, the undersigned notary public, personally appeared, Jeffrey C. O'Neill, the Managing Member of Flagship Estates Hyannis LLC, proved to me through satisfactory evidence of identification, which was [a current driver's license] [a current U.S. passport] [my personal knowledge], to be the person whose name is signed on the preceding instrument and acknowledged to me that he/she signed it voluntarily for its stated purpose as Managing Member of Flagship Estates Hyannis, LLC. Z� 1,�v N�No Public My commission expire COMMONWEALTH OF MASSACHUSET MyComMi'sii4 '' ''' Jul,? p, J's�n•,,, �� County, ss. On this�lU�day of�J , 2006, before me, the undersigned notary public, personally appeared Dan Adams, agent for Ginsberg Asset Management LLC and Flagship Estates Hyannis LLC, proved to me through satisfactory evidence of identification, which was [a current driver's license] [a current U.S. passport] [my personal knowledge], to be the person whose name is signed on the preceding instrument i r n b oI / Bk 21452 Pg 80 #65598 and acknowledged to me that he/she signed it voluntarily for its stated purpose as agnet for Ginsberg Asset Management LLC and Flagship Estates Hya LLC. �`. T otary Public a�$ My commission expir . co ►altaw �A . cap Wit{ COMMONWEALTH OF MASSACHUSETTS I.o •elite County, ss. On this day , 2006,before me, the undersigned notary public, personally appear J &C. Klimm, Town Manager for the Town of Barnstable, Massachusetts, and proved to me through satisfactory evidence of identification, which was a current driver's license [a current U.S. passport] my personal knowle ge , to be the person whose name is signed on the preceding instrument an ac dnowledged to me that he signed it voluntarily for its stated purpose as Town Manager as aforesaid. N tar Pu is My commission expire 3 UNDA R.WHEELDEN ' " NOTARYPUBUC ;? OOWIMALTHOFMASSACHUSETTS *GOflNq.Expires 02-23.2007 m 34, CL .� •jar , ��••......•�4 '7 .F 7 V11 The Commonwealth of Massachusetts William Francis Galvin-Public BBk 21452 Fg 81 #65 5 9 8 J The Commonwealth of Massachusetts William Francis Galvin Secretary of the Commonwealth One Ashburton Place,Boston,Massachusetts 02108- 1512 Telephone: (617)727-9640 J Request a Certificate The exact name of the Domestic Limited Liability Company(LLC): GINSBERG ASSET MANAGEMENT LLC Entity Type: Domestic Limited Liability Companv(LLC) Identification Number: 000877209 Bate of Organization in Massachusetts: 09/23/2004 The location of its principal office: No. and Street: 555 CONSTITUTION DRIVE City or Town: TAUNTON State: MA Zip: 02780 Country: USA If the business entity is organized wholly to do business outside Massachusetts,the location of that office: No. and Street: City or Town: State: Zip: Country] The name and address of the Resident Agent: Name: BRUCE C. GINSBERG No,and Street: 555 CONSTITUTION DRIVE City or Town: TAUNTON State: MA Zip: 02780 Country: USA The name and business address of each manager: Title Individual Name Address (no PO Box) First,Middle,Last,Suffix Address,City or Town,State,Zip Code MANAGER BRUCE C,GINSBERG 555 CONSTITUTION DR. TAUNTON,MA 02780 USA The name and business address of the person in addition to the manager,who is authorized to execute documents to be filed with the Corporations Division. Title Individual Name Address (no wo Box) First,Middle,Last,Suffix Address,City or Town,State,Zip Code SOC SIGNATORY BRUCE C.GINSBERG http://corp.sec.state.ma.us/Corp/corpsearch/CorpSearchSummary.asn?ReadFromDB=Tnie_ 1011 R/70(16 ..; Jbe Commonwealth of Massachusetts William Francis Galvin-public BSk 21452 Pg 82 #65 5 9 8 I 555 CONSTITUTION DR. TAUNTON,MA 02780 USA The name and business address of the person(s)authorized to execute,acknowledge,deliver and record any recordable instrument purporting to affect an interest in real property Title Individual Name Address (no Po Box) First,Middle,Last,Suffix Address,City or Town,State,Zip Code REAL PROPERTY BRUCE C.GINSBERG 555 CONSTITUTION DR. TAUNTON,MA 02780 USA Consent _ Manufacturer _ Confidential Data — Does Not Require Annual Report Partnership X Resident Agent _ For Profit — Merger Allowed Select a type of filing from below to view this business entity filings: ALL FILINGS Annual Report Articles of Entity Conversion Certificate of Amendment Certificate of Cancellation View Filings New Search i ©2001-2006 Commonwealth of Massachusetts All Rights Reserved http://corp.sec.state.ma..us/corp/corpsearch/CorpSearchSummarv.asn?ReadFromDB=Tnit- 1 n/1 R/'nn6 BARNSTABLE REGISTRY OF DEEDS