• Select Board Reviews Land Disposition Agreement with Minco Development for Old Town Yard Site at 11 Lewis Street;
• Continues Discussion on Financial Impacts of Andover High School Project; and
• Makes Appointments to the Zoning Board of Appeals

ANDOVER, MA – The Andover Select Board met on Monday, June 5 in the School Committee Conference Room at the Andover Public Schools Administrative Offices. A significant milestone in the development of the Old Town Yard site was reached as the Select Board considered terms of a finalized land disposition agreement (LDA) with Minco Development Corporation for Old Town Yard in a first reading. The Board also revisited a discussion of the financial considerations associated with the proposed Andover High School Project initiated during a tri-board meeting held last week. 

Old Town Yard Land Disposition Agreement
The Old Town Yard site is located at 11 Lewis Street in close proximity to Downtown Andover and the MBTA commuter rail station. The former home of the Town’s Public Works Department, the roughly three-acre site has long been considered one of the premier development opportunities in Andover and a catalyst for the revitalization of the Historic Mill District (HMD).  

Following a vote by Town Meeting to sell 11 Lewis Street in 2020, the Town issued a community-authored Request for Proposals (RFP) for the redevelopment of the property that reflected input from residents and business owners on what they would like to see at the site. In 2021, a Selection Committee chose Minco Development, a North Andover-based firm, to develop the site. The selection was affirmed by the Select Board in December 2021.

Since Minco’s selection in December 2021, the Town been in negotiations with the firm regarding terms of the LDA. The document establishes terms for the sale and transfer of the property. The exhaustive negotiation process resulted in terms that both protect the Town’s interests and advance the project in a manner than aligns with the community’s priorities, according to Town Manager Andrew Flanagan.

Assistant Town Manager and Town Clerk Austin Simko provided an overview of the terms contained in the 120 page LDA. According to Simko, the agreement establishes a timeline by which Minco must pursue permit applications, begin construction, and complete the project. It also establishes a requirement for Minco to obtain financing for the project, places restrictions on the transfer of the project and use of the property, and imposes perpetual requirements to maintain affordable housing and open space at the site. 

Simko noted that while it was originally anticipated that negotiations on the LDA would conclude earlier, the extensive discussions between the Town and Minco accelerated the due diligence phase of the development, which was originally intended to occur following the execution of the agreement.  

Lou Minicucci, President of Minco, provided an update on the proposed development which has evolved since it was initially presented in 2021 due to Minco’s subsequent acquisition of five private properties adjacent to the Old Town Yard. According to Minicucci, the development will include 162 residential units spread across four stories and ranging in size from studios to three-bedrooms. It is anticipated that all units in the building will be rentals. Fifteen percent of units will be affordable. 

The property will also include several amenities that will be open to the public. Minco’s proposal includes the construction of a splash pad, a dog park, ground-level green space, a small retail space that could house a coffee shop, and a community building that will be available for use at no cost by community organizations and the Town. 

Monday’s discussion of the LDA represented the Board’s first reading of the topic. The Board will revisit the matter at its next meeting and consider voting to execute the agreement. The Board will also consider approving Minco’s revised Conceptual Program and Plan as required by the LDA. If approved, the signing of the LDA will advance a timeline for the project under which Minco will submit a Special Permit application to the Planning Board by December. The targeted closing date for the sale of the property is June 2026, though it could be significantly earlier. Minco will be required to begin construction within 60 days of the closing, and to complete the project by August 2029. 

Andover High School Project Financial Impact
Last week, the Select Board met in a joint session with the Finance Committee and Andover High School Building Committee (SBC) to discuss the proposed Andover High School project. The meeting included an overview of the SBC’s work since it was established in 2022, including the Committee’s selection of a preferred design option and its preliminary cost estimate. Town Manager Andrew Flanagan outlined potential financial implications of the project during the tri-board meeting, including challenges posed by the Town’s debt limit, and the prospect of the Town’s bond rating being downgraded due to borrowing for the project . The financial considerations associated with the project were examined in further detail by the Board on Monday night. 

Flanagan outlined cost variables that could be further analyzed as the Select Board, other relevant committees, and the community continue to weigh the Andover High School project. These cost variables include project cost escalation, the impact to borrowing costs resulting from a downgrade to the Town’s bond rating, fluctuations in borrowing costs resulting from economic factors, potential reimbursement from the Massachusetts School Building Committee, and costs associated with maintaining the current Andover High School. 

The Board agreed that analysis in these areas would be valuable in determining how to proceed with the project. 

Flanagan suggested that it would be productive to reconvene a joint session of the Board with the Finance Committee and the SBC for a focused discussion on cost variables. The Town Manager intends to engage each committee over the coming weeks to gauge opinions on what financial modeling would be most informative to the conversation. The tri-board group is likely to be brought together this summer for an in-depth review of the project’s financial considerations.  

The Board briefly discussed reviewing the preferred design option for the project selected by the SBC in April, referred to as “Campus 2 with Auditorium.” According to the process for the Andover High School project approved by the Board last year, the design option selected by the SBC would require approval from the Select Board before advancing to the schematic design phase. Select Board Chair Melissa Danisch suggested that the Board should vote on the recommended option at its next meeting. 

Other Actions

• The Board voted to approve appointments to the Zoning Board of Appeals (ZBA) brought forward by a subcommittee comprised of Melissa Danisch and Christopher Huntress. The subcommittee interviewed nine applicants for three positions. Ellen Keller was appointed as a regular member, and Daniel Lopez and Michael Wellikoff were appointed as associate members. 
• The Board voted to approve the issuance of a bond anticipation note (BAN) for short term borrowing totaling $13.3 million. Of this total, $8.92 million represents BAN renewals, and $4.38 million are new issuances. Projects funded through this borrowing were previously approved by Town Meeting and include water main replacement projects, major school projects, park and playground improvements, sidewalk improvements, large public works vehicles, and improvements to the Shawsheen Pump Station. The issuance is at a net interest rate of 3.69 percent.

The full meeting can be streamed online through AndoverTV. The Select Board is scheduled to meet next on Monday, June 12.