TOWN OF BOXBOROUGH AND DEVELOPER REACH AGREEMENT

Boxborough Meadows, LLC and the Town of Boxborough, through its Housing Board, today jointly announced a settlement of their several lawsuits related to Boxborough Meadows, a 48 unit residential development in Boxborough.

Under the terms of the settlement, the Town has agreed that the developer has complied with all of the limited dividend requirements of the Boxborough Meadows Comprehensive Permit, and a sum of $1,180,000 will be paid to the Town of Boxborough to further its affordable housing efforts. A representative of the developer stated, We are able to make the payment to the Town based upon increases in the sales prices of market-rate homes in Boxborough Meadows and projected increases in the sales prices of homes in Summerfields, an age 55+ residential development. We are pleased to continue our support of the Commonwealth's affordable housing goals through our efforts in Boxborough.

We are very pleased to have reached this agreement with Boxborough Meadows, LLC. It will foster a major expansion of the Town's award-winning Condominium Exchange Program as well as help to underwrite other affordable housing initiatives, said Channing Wagg, chair of the Boxborough Housing Board.

The settlement resolves the various issues between Boxborough Meadows, LLC, its related companies, and the Town of Boxborough. All parties look forward to beginning construction on Summerfields, which will contribute six more affordable housing units to the Town.