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HomeMy WebLinkAbout2024-05-28 VLHA Agenda 2 3 4 Vail Local Housing Authority Minutes Tuesday, May 14, 2024 3:00 PM Virtually on Zoom PRESENT ABSENT Steve Lindstrom Kristin Williams Dan Godec James Wilkins Craig Denton STAFF George Ruther, Housing Director Martha Anderson, Senior Housing Director Missy Johnson, Housing Coordinator 1. Call to Order 1.1 Call to Order at 3 p.m. with a quorum present. 1.2 Zoom Meeting 2. Citizen Participation 2.1 Citizen Participation - No comments. 3. Approval of Minutes 3.1 VLHA April 9, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator Agenda item moved until later in the agenda for the quorum vote as two members joined after the finance update. MOTION: Williams SECOND: Denton PASSED: (4 0 - 0) 4. Main Agenda 4.1 VLHA Q1 2023 Financial Update Presenter(s): Jake Shipe, Budget Analyst Time: 15 Min. Shipe, Town of Vail Finance presented the quarterly financial update for the first quarter of 2024 as provided in the packet. He provided an overview of the following for the Authority: - Income Statement including the supplemental budget that was approved earlier in the year. - Balance Sheet, highlighting the assets of $391,152.62 through March 31, 2024. There were no liabilities listed to date. Lindstrom noted that there are outstanding contracts that we are working through. 5 - Housing Fund Status, stating that as of March 31, 2024, the fund has collected $2,216,304 in housing sales tax dollars and Lindstrom asked for Jake's thoughts on that amount when compared to foreasted and Jake confirmed he did not think it was going to be an off year. - Shipe further presented the expenditures with the majority towards the acquisition of CDOT parcels. Lindstrom asked if the amount reflects all of the parcels recently purchased, most specifically the East Vail CDOT parcel. Ruther requested that Jake double -check the CDOT parcel acquisition amount that is reflected to see if all are represented. He also asked if the information reflects the Pitkin Creek 14A that was paid for by the Vail InDEED funds, and further buy-down the unit and further reimburse Vail InDEED funds. Jake will follow up with financial clarification. The FirstBank Accounts were also reviewed. Finance asked if the Authority would like to convert the secondary account to a money market account to receive a higher rate or keep it as is at the newly informed lower rate. There was concensus from the Authority to switch to a money market account. At the time this topic concluded, Craig and Kristin had joined the call. 4.2 Rural Resort AMI Petition Work Session Presenter(s): VLHA Members The AMI is already submitted and Ruther provided an udpate and further continued the discussion. Tuesday, May 7 the Authority provided input around EHU credits for Timber Ridge and in the end the Council chose to leave the policy as is vs. make any adjustments based on the vetting process of other possibilities. After the deliberations with the Town Council and Triumph last Tuesday, the group has moved towards a finalized development agreement. Triumph will begin to do the marketing and sales including sales to businesses, non-profits and individuals. A premium deposit allows one to skip the community housing lottery and participate in a home selection process on a first come first serve process. The pricing structure has changed slightly based on positive conversations and planning with local lenders. Banks are working on specific programs available to buyers to lower the down payment under the 20% and/or progressing towards down payment assistance to help to bypass PMI requirements. Sales are planned to go live Friday, May 24 and continuing to reach out directly. The choice of units are first come first served. Ruther will circulate the drafted pricing to the Authority, broken out by building, which builds in the cost of the on-site parking into the purchase price. They will have the opportunity to possibly upgrade to covered parking, or to take discounts such as opting out of parking. Four-bedroom units are priced just over $1M and many individuals see this as a value so of the sixteen 4-bedroom homes, 11 are spoken for on the reservation list. The next part of the conversation for the Authority is based on the June 10 grant funding deadline in collaboration with Impact Advisors in request for the grant to help fund the gap.The financials that they are looking for includes the land value for the projects. 6 Conversation ensued around the topic and importance of the sources and uses category within the funding request process. It is a work in progress with the highest priority in filling out the known information to then regroup with Social Impact Partners. The authority will seek more information from Katie and Allison to gather from DOLA in a collaborative effort. Ruther will regroup with Katie and Alison at Social Impact Partners to complete the spreadsheet as well as push pricing and the Timber Ridge drafted web page out to the Authority for input. Williams and Lindstrom spoke with Social Impact Partners earlier the day of the Authority meeting. The AMI petition has been sent in and feedback has not been received. Congressional directed spending that had been submitted over the month ago as not been funding by one group which is spread out geographically. There may still be an open door going through the Senate.This is an annual ask. Capacity Building is the final push for funding that is being considered and must be submitted by the Town. This is actively in the works, due near the 1st of June. Conversation ensued around the next steps with current capital projects, DRB Review and tracking of West Middle Creek. By June 6, there will be a fully entitled West Middle Creek project. Corum is working to see if there is another mechanism in place to allow the Town to fund the $20M of civil site work before any vertical construction begins. If there is a different way to fund differently and restructure that debt, it could allow the project to get started but not negatively effect the Town's cash flow. We should continue to look for grant funding for West Middle Creek. Knowing what we know now, and because Corum is well organized, over the next week to ten days, we may be able to shift gears to West Middle Creek with a simpler tale to tell since it will all be rental. 5. Matters from the Chairman and Authority Members 5.1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Time: 5 Min. Lindstrom updated that group that the Planning Commission met on May 13th and a third zoning district change was proposed. A third zone district was proposed and the main concern with Planning Commission was to be sure zoning heights would fit the neighborhood. They unanimously approved to go to the Council with recommendation to approve the third housing district in an upcoming Council meeting. The Colorado Legislature just wrapped up. The single-entry buildings house bill did not move forward. The Senate Bill, the Construction Defects Liability bill, also died in committee. It does not mean they will not come back. Real Estate is still moving and property values continue to go up. The national average is typically 5% year over year but averages locally are 10%, sometimes 15%. Denton suggest that people are getting more used to the interest rates with less anticipation for them to go down anytime soon. 7 Along similar lines, the Town Council approved a single deed restriction for Timber Ridge, where there is not a price appreciation cap and they will be part of the active, open market moving forward. Godec asked Denton if there would be any EHUs as part of a future Elevation/Legacy development project in the future and discussion continued. Appointment of a future Authority member will take place at Council on Tuesday, May 22nd. 6. Adjournment 6.1 Adjournment Motion to adjourn at 4:18 p.m. MOTION: Denton SECOND: Godec PASSED: (5 - 0) 7. Future Agenda Items 7.1 Future Agenda Items Vail Housing 2027 Land Banking 8. Next Meeting Date 8.1 Next Meeting Date May 28, 2024 8 Vail Local Housing Authority Meeting Minutes of May 14, 2024 4 9