HomeMy WebLinkAbout2024-05-14 VLHA Agenda
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Vail Local Housing Authority Minutes
Tuesday, April 9, 2024
3:00 PM
Council Chambers and Virtually on Zoom
PRESENT ABSENT
Steve Lindstrom Dan Godec
Kristin Williams
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 3:00 p.m.
1.2 Zoom Meeting 1
2. Citizen Participation
2.1 Citizen Participation
No comment.
3. Approval of Minutes
3.1 VLHA March 26, 2024 Minutes
Presenter(s): Missy Johnson, Housing Coordinator
MOTION: Williams SECOND: Denton PASSED: (4 - 0)
4. Main Agenda
4.1 House Bill 24-1239 Single-Exit Stairway Multifamily Structure.
Presenter(s): Mark Novak, Town of Vail Fire Chief
Novak reviewed the stance of Vail Fire Department related to House Bill 24-1239 and highlighted
the challenges that are presented in way of safety concerns when considering the Fire
Departments resources. He described why egress is important and why the single-stairway does
not meet the necessity based on a variety of life safety scenarios in addition to fire.
Using the attached HB 1239 Fire Opposition Fact Sheet, HB24-1239 FMAC Opposition Letter and
additional handouts, Novak educated the Authority about what the Single-Exit Stairway Multifamily
Structure entails and examples of safety concerns.
Conversation ensued with the Authority with questions about the proposal and what is required by
the code within the Town of Vail as answered by the Fire Chief. The topic of local control was also
mentioned as directed to the Fire Chief which lean into Fire Department capability as it relates
importantly to rural communities.
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4.2 Resolution No. 3, Series of 2024, A Resolution Adopting a Budget and Making
Appropriations to Pay the Costs, Expenses and Liabilities of the Vail Local Housing
Authority, for its Fiscal Year January 1, 2024 through December 31, 2024
Presenter(s): Martha Anderson, Senior Housing Coordinator
Resolution No. 3, Series of 2024 was approved.
MOTION: Williams SECOND: Wilkins PASSED: (4 - 0)
4.3 Timber Ridge Deed Restriction Work Session
Presenter(s): George Ruther, Housing Director
Ruther provided and referred to drafts of the Employee and Employer versions of the drafted
Timber Ridge 2.0 deed restrictions based on comments and feedback from the Authority at the
previous meeting. Discussion and suggested edits were discussed as the Authority prepared to
present recommendations to the Town Council. The authority agreed suggesting efforts to simplify
the deed restriction in effort to best manage the deed restriction for the future.
The authority agreed that suggesting a deed restriction much like that of the standard Vail
InDEED deed restriction created more opportunity to house working locals in perpetuity. This
deed restriction is based on qualified occupancy.
The Authority came to agreement for next steps for recommendations to the Town Council.
4.4 Update on Rural Resort Petition to Waive Income Limits in the Town of Vail
Presenter(s): George Ruther, Housing Director
Collaborative efforts continue with Social Impact Advisors and Ruther updated the Authority
regarding and in reference to the Rural Resort Petition to Waive Income Limits.
Ruther presented the most recent updates as the grant application process continues.
4.5 Habitat for Humanity Findings on Family Selection
Presenter(s): Kristin Williams, VLHA Board Member
Williams, on behalf of Habitat for Humanity Eagle County, provided insights from a recent
selection process and excitement around assigning new families to homes to be built by Habitat
for Humanity.
Williams described the process from application to selection, including statistics for the candidates
and qualifying factors.
4.6 Update on Council Strategic Plan Regarding Housing
Presenter(s): Steve Lindstrom, VLHA Chair
Lindstrom reviewed suggested updates to the proposed Strategic Plan on behalf of the Authority
to present to the Town Council as of April 2, 2024.
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5. Matters from the Chairman and Authority Members
5.1 Matters from the Chairman and Authority Members
Presenter(s): Steve Lindstrom, VLHA Chairman
6. Adjournment
6.1 Adjournment PM (5:07 p.m. Estimate)
7. Future Agenda Items
7.1 Vail Housing 2027
7.2 Land Banking
7.3 Bond Financing
8. Next Meeting Date Next Meeting Date May 14, 2024
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Reappropriate Pitkin Creek unit sale at lower price (sold in March 2024)$4K for utility bills while owned before unit saleTR planning and developmentpredevelopment expedituresplaceholder
for Middle Creek development legal fees$5.9M for acquisition of CDOT parcelsTransfer to TR for project mgmt; Includes $50K placeholder for TR legal feesTransfer to TR for CDOT parcel
purchase
1,000
375,000
$
$ $
--
$ 2,216,304 2,500,000 389,842 5,482,145 - - - 4,411 1,094 272,481
- 2,624,500 - 2,902,486 2,579,659 - (1,715,000) (1,715,000) 864,659 18,790,379$ 19,655,037$ -
$ 4,950,000 2,500,000 475,000 7,925,000 3,180,089 106,891 1,500,000
4,000 80,920 3,892,046 50,000 5,920,000 50,000 14,783,946 (6,858,946) (9,093,105) (1,715,000)
(10,808,105) (17,667,051)$ 3,224,136
HOUSING FUND
471,791
20241st2024Actuals as of
4,950,0002,500,000
2,000,000
(4,050,000)
BudgetSupplementalAmended3/31/2024
$ - - 475,000 - - 475,000 680,089 106,891 1,500,000 4,000
80,920 3,892,046 50,000 5,920,000 50,000 12,283,946 (11,808,946) (93,105)
(1,715,000) (1,808,105) (13,617,051) 18,790,379$ 1,123,327$ 1,224,136
TOWN OF VAIL AMENDED 2024 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
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CAPITAL PROJECTS FUND
Revenue Housing Sales TaxTransfer in from Capital Projects FundWorkforce Housing Sales -Housing Late Fees-Construction Housing Projects Timber Ridge Redevelopment- W. Middle Creek
Development- W. Middle Creek Development Legal Fees Contingency-Land Purchases for future Housing CDOT Parcel Acquisition Placeholder- Eagle-Vail Parcel Placeholder-Transfer
to Timber Ridge- CDOT Land Acquisition-Total Other Finance Sources (Uses)(9,000,000)
Project Reimbursements-Total Revenue7,450,000 ExpendituresHousing Programs InDeed Program2,500,000 Buy Down Housing- Future Purchases- Pitkin Creek
14A unit-Total Expenditures2,500,000 Operating Income4,950,000Other Finance Sources (Uses Transfer to Timber Ridge- Site and Podium(9,000,000)Surplus (Deficit) Net of Transfers and
One-Time Items Beginning Fund Balance4,521,791 Ending Fund BalancTOV Employee rental units
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MEMORANDUM
To:VailLocalHousingAuthority
From:TownofVailFinance
Date:May14,2024
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Re:1BankUpdate
I.Background
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TheVailLocalHousingAuthorityhastwocashbankaccountswith1Bank,aliquidasset
accountwithabalanceof$66,615,andamoneymarketaccountwithabalanceof$318,371.
Bothaccountsareearningarateof4.5%.
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II.1BankUpdate
1stBankrecentlynotifiedtheTownthattheVailLocalHousingAuthorityliquidassetaccount
wasincorrectlyearningmoneymarketratesandthattheyneedtocorrectandadjustthis.The
accuraterateforaliquidassetaccountis2.5%.TheVLHAalsohastheoptiontoconvertthe
accounttoasecondmoneymarketaccount.ThebankallowstheVLHAtofallundertheƷƚǞƓƭ
bankingagreementandwillhonorthesamepremiumratestheTownreceives.Interestrates
foraTOVmoneymarketaccountarecurrently4.5%butwillbeadjustedto4.16%inMay.
II.ActionRequested
ProvidedirectiononiftheVLHAwouldliketoconvertthisaccounttoamoneymarketaccount
orleaveitasis.
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