Town Meeting should vote to postpone indefinitely Article 2 (Belmont Center). I support more development in Belmont Center, but the article has defects that need to be fixed first. I say this based on my two terms on the Select Board and my analytical background as a PhD economist.
Article 2 will not reduce the need for future overrides, nor their size. At best, years from now, the additional property tax after expenses would be a paltry fraction of the last override amount.
There is no market for a huge increase in second-floor commercial space in Belmont Center. Tenants living upstairs are not enough to support a business downstairs. Article 2 would disrupt Belmont Center for years with construction. The existing businesses would get clobbered.
Full build-out would require at least 500 parking spaces for the apartments. Article 2 creates a king-sized parking problem and does not solve it.
The requirements for bicycle parking (10.5(G)(3)(f) are baffling. Bicycle storage needs to be rational, not an obstacle. There is a good alternative that avoids the downsides of Article 2 and is more constructive than doing nothing.
Town Meeting overwhelmingly approved the MBTA Communities 3A overlay in 2024 with mixed use in Belmont Center. We should increase that density with an increase in height. We should also make existing LBI mixed-use zoning easier for developers. This straightforward approach could provide well over 100 apartments in Belmont Center plus commercial space.
The parking could be on-site.
I will provide more details in a separate email to TMMs and on my Facebook page. Postponement is procedurally the easiest way to fix the problems with Article 2, build consensus, and reach an economically sound outcome. The extra time needed is minor. It can be brought back this fall.
Roy Epstein, Cushing Avenue