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HomeMy WebLinkAbout2024-08-13_VLHA_Minutes Vail Local Housing Authority Minutes Tuesday, August 13, 2024 3:00 PM Town Council Chambers PRESENT ABSENT Steve Lindstrom Dan Godec Craig Denton Kristin Williams Christine Santucci STAFF Jason Dietz, Housing Director Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order 1. 1 Call to Order Meeting called to order at 3:10 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 July 23, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator Moved to next meeting for approval based on Authority members present. 3.2 VLHA July 24, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator Moved to next meeting for approval based on Authority members present. 4. Main Agenda 4.1 Resolution No. 5, 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 Approve, approve with amendments or deny Resolution No. 5, Series of 2024. Presenter(s): Martha Anderson, Senior Housing Coordinator Time: VLHA 2nd Supplemental.pdf VLHAres#5 for 2024 2nd Supplemental.pdf Anderson presented supplemental budget items to the Authority for review and motion to approve. The authority approved a $47,500 to extend a contract with Social Impact Advisors, appropriate funds to engage with Mauriello Planning group and amount to hold for potential future needs. MOTION: Denton SECOND: Santucci PASSED: 3-0 4.2 VLHA Q2 2024 Financial Update Presenter(s): Jake Shipe, Budget Analyst Time: 15 Min. VLHA Q2 2024 Financial Update.pdf Shipe provided and overview of the financial updates for the Authority's income statement, balance sheet and the Town of Vail Housing Funds through the second quarter. Lindstrom reminded the group that the Authority's funds are completely separate from the Town of Vail's housing funds and the total income for a year is typically $60,000 which is typically spent on consultants. The housing funds are not available for the Authority to spend but of interest. The major funding source is the Housing Sales tax plus the $2.5M transfer from the capital projects fund annually to fund housing program. Workforce housing sales, earnings on investments and other miscellaneous revenues are also reflected in this fund. The Authority recommends usage of these funds to the Town Council who ultimately makes the final decisions and sign off for use of funds. These funds are used in a variety of ways including housing buy-downs, investing in properties for Town of Vail employee housing and for seed money to do larger projects. Shipe confirmed that historically, revenues track closely to the forecast of revenues based on the sales tax revenues. $4.2M of $15.5M budgeted dollars of the Housing Fund have been spent on a Pitkin Creek Unit 3B purchase and West Middle Creek development. As part of the packet, Shipe reviewed the use of the Capital Projects Fund for $2M of the $3.2M which was spent on Town of Vail employee housing including Buffehr Creek 3B and Meadow Creek L4. 4.3 Local Planning Capacity Grant Update Presenter(s): Steve Lindstrom, VLHA Chairman, Jason Dietz, Housing Director, Martha Anderson, Senior Housing Coordinator Time: 15 Min. A grant was secured for $ 208,000 through the Department of Local Affairs (DOLA) to be applied through the Town of Vail. We can anticipate an executed contract to come in September or October. They advised the Town not to contract for the usage until it is contracted and presented with the terms and conditions, which will include quarterly reporting. Deitz and Anderson reviewed the next steps, including the public procurement process and procedures for contracts of $50,000 or more. $208,000 is the net that can be spent. The main intention was to help with affordable housing capacity building, reducing the development entitlement process. The largest portion of the funding will be for a housing liaison. The housing team will keep the Authority updated as additional information comes through from DOLA and Lindstrom will reach out to Mauriello Planning Group with an update. 4.4 Rural Resort AMI Petition with Colorado Housing and Finance Authority Presenter(s): Steve Lindstrom, VLHA Chairman and Martha Anderson, Senior Housing Coordinator Time: 15 Min. Rural Resort Petition to Waive Income Limits Rev1.3.24 (1).pdf Anderson reported regarding the Rural Resort AMI Petition in follow-up from her attendance to the August 2nd Mountain Resort Stakeholder Outreach and Engagement event. With DOLA present, Anderson learned that the Town of Vail AMI petition was declined. The Town of Vail will need to re-submit with a more updated housing needs assessment report in order to meet the requirements of the grant in order to increase the AMI levels within the Town of Vail. The Town of Vail needs to go back with additional information and housing needs assessment would needed to have been more recent than the special needs assessment that dates back to 2018. $15,000 has been budgeted towards a housing needs assessment but additionally, Deitz is working within a regional group in Eagle County. Anderson and Dietz continued to describe the process and next steps around a future housing needs assessment that will likely be drafted in September 2024 for review by the variety of jurisdictions. Conversation ensured around reasoning for seeking potential future AMI increases within the Town of Vail. 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 summarized the recent Town of Vail planning commission meeting. Upon review of the first project that has come through with the revised Community Housing Zone District, there are a few things that still need to go to planning commission (PEC), including additional review of the environmental impact. West Middle Creek is nearly fully entitled. Lindstrom believes that Timber Ridge financing was set to close on Friday, Aug. 9th and they will pull back on sales during the key construction phase and purchase prices are planned to increase soon and later supported by a modular sales showroom. Anderson mentioned the Town of Vail Board Appreciation event from 6 - 8 p.m., Tuesday, Aug. 27 at the AMP. The Authority looks to do an appreciation event at 4 p.m., Wednesday, Aug. 28 in thank you to previous Authority member James Wilkins. 6. Adjournment 6.1 Adjournment 5:00 PM (Estimate) Meeting adjourned at 3:55 p.m. MOTION: Santucci SECOND: Denton PASSED: 3-0 7. Future Agenda Items 7.1 VLHA Legal Structure, Powers and Responsibilities Financial Policies and Best Practices 8. Next Meeting Date 8.1 Next Meeting Date August 27, 2024