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Home My WebLink About2024-08-13 VLHA Agenda 2 3 4 Vail Local Housing Authority Minutes Tuesday, July 23, 2024 3:00 PM Virtually on Zoom ONLY PRESENT ABSENT Steve Lindstrom Christine Santucci Craig Denton Dan Godec Kristin Williams STAFF Jason Dietz, Housing Director Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order 1. 1 Call to Order The meeting was called to order at 3:05 p.m. with a quorum present. Time: 5 Min. 1.2 Zoom Meeting Time: 60 Min. 2. Citizen Participation 2.1 Citizen Participation Time: 5 Min. No citizens. 3. Approval of Minutes 3.1 VLHA June 25, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator Time: 5 Min. 2024-06-25 VLHA Mintues.pdf Kristen Kenny Williams made a motion to Approve as Amended with edits from Williams regarding her statement that involved Habitat for Humanity, with her Habitat hat on. MOTION: Williams SECOND: Denton PASSED: 4-0 3.2 VLHA July 12, 2024 Minutes - Special Session Presenter(s): Missy Johnson, Housing Coordinator Time: 5 Min. 2024-07-12 VLHA Minutes.pdf 5 MOTION: Godec SECOND: Williams PASSED: 3-0-1 4. Main Agenda 4.1 A Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Subdivision: Alpen-Glo Condo Unit: 5, Eagle County, Colorado with a Physical Address of 5115 Black Bear Lane #5, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: Missy Johnson, Housing Coordinator 2024-4 VLHA Resolution Purchase of a deed restriction 5115 Black Bear Lane Unit 5.pdf This agenda item was initially tabled but Authority conversation ensued around the topic and eventually there was a motion to approve the resolution with an amended dollar amount up to 20% of purchase price. Housing Staff agreed to revise the resolution for signature. Executive Session is set for 12 p.m. on Wednesday, July 24 for further discussion. Dan Godec made a motion to Approve as Amended. MOTION: Godec SECOND: Williams PASSED: 4-0 4.2 Prepare for the State of Housing Meeting on August 6 with the Vail Town Council Presenter(s): Steve Lindstrom, VLHA Chairman Time: 30 Min. Lindstrom recommends we present at the 2nd Town Council agenda meeting based on current happenings. He suggested the housing staff to work on the numbers in the background but hold off and look for a later Town Council meeting in August. 4.3 Discussion on VLHA Budget Supplemental Needs Presenter(s): Martha Anderson, Senior Housing Coordinator Time: 15 Min. Anderson discussed the need to do a supplemental budget with Finance to cover the current needs and future buffer for Professional Services to provide additional flexibility. Lindstrom confirmed that $208,000 came in from grant funding to cover future projects and future projects. He anticipates that happening in short order at which time we can revisit the subject. Lindstrom agrees Anderson's suggestion to put a place holder into the supplemental budget of $30,000 to be classified to potentially cover pending professional services agreements. Anderson confirmed the items and amounts that are currently allocated. Anderson will confirm with Finance whom will present at the future meeting. Williams moved that we approve the discussed budget on supplemental needs and the group will vote on the revised budget at the next meeting. Denton seconded. This item will be reviewed through finance at a future meeting. MOTION: Williams SECOND: Denton PASSED: 4-0 6 5. Matters from the Chairman and Authority Members 5.1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Ruther joined with inquiry around the Timber Ridge deed restriction and related compliance. Providing a few examples, Ruther reviewed an example whereas the employment status, paycheck, comes from an out of county company, but all of the services provided occur in Eagle County area. Because these two applicants comply with the intent and the terms of the deed restriction, Ruther turned to the Authority to determine if these situations are still applicable to policy from the Housing Authority. Lindstrom confirmed that we have followed this approval process from the past and also supports that many Vail Resorts employees receives checks from Broomfield, while meeting the terms of the deed restriction. Unanimously, the Authority approved these one-offs as mentioned by Ruther. Godec suggested working with legal to provide a statement in clarification of the above. Lindstrom suggested the Housing Staff work on some policy guidance for the Authority to consider prior to formulizing the statements and legal considerations. Dietz agrees. Housing staff will consider the above based on preparation for future, annual, EHU compliance and bring the Authority discussion points for consideration prior to presenting policy to legal. Lindstrom prefers to define the line between those providing goods and services here locally and vs. the remote workers and Deitz agreed. Ruther provided a quick update regarding Timber Ridge and upcoming agenda items 1) resolution to approve the 2nd amendment to the development agreement; 2) resolution to approve a tri-party agreement and 3) an ordinance allowing the Town of Vail to transfer the title to Triumph Development upon closing of the construction lending. Ruther says we now have agreement from all parties within the tri-party agreement and the development agreement. Ruther provided an overview of the status of purchase and sale agreements and there is about 102 units under contract of the 194 total to sell to bulk buyers, individuals or businesses. There is likely to see a slight price increase in the future. The team is still working to hold the end date schedule, anticipating a 30-day shift in final product completion, even with the recent delays. Ruther exited the meeting. Anderson mentioned the development fund available to the Authority as well as the registration opportunity for Authority members to attend the Housing Colorado Conference in Keystone. Williams expressed her excitement in the recent Vail InDEED interest recently but if we anticipate a cadence to need one- off special meetings, it could be helpful to set calendar inclusions for 15 minutes and then cancel them if they are not needed. Anderson confirmed that it is abnormal to need the one-off meetings as we have executed recently. 6. Adjournment 6.1 Adjournment 5:00 PM (Estimate) Kristen Kenny Williams made a motion to Adjourn Meeting adjourned at 3:51 p.m. 7 MOTION: Williams SECOND: Godec PASSED: 4-0 7. Future Agenda Items 7.1 Housing 2027 Land Banking 8. Next Meeting Date 8.1 Next Meeting Date August 13, 2024 Vail Local Housing Authority Meeting Minutes of July 23, 2024 4 8 9 Vail Local Housing Authority Minutes Wednesday, July 24, 2024 12:05 PM Special Session - Zoom Only SPECIAL SESSION PRESENT ABSENT Steve Lindstrom Christine Santucci Dan Godec Kristin Williams Craig Denton STAFF Jason Dietz, Vail Housing Director Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order 1. 1 Call to Order Presenter(s): Steve Lindstrom The special session was called to order at 12:14 p.m. 1.2 Zoom Meeting Pre-Executive Session 1.3 Zoom Meeting Post-Executive Session 2. Citizen Participation 2.1 Citizen Participation No citizen participation. Motion to leave regular session and enter executive session at 12:15 p.m. MOTION: Denton SECOND: Godec PASSED: 3-0 3. Executive Session 3.1 Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED application and an EHU Exchange. Presenter(s): Martha Anderson, Senior Housing Coordinator and Missy Johnson, Housing Coordinator 4. Any Action as a Result of Executive Session 4.1 Any Action as a Result of Executive Session At 1:08 p.m., the Authority left executive session and re-convened the special session. Motion to direct Housing Staff move forward as discussed regarding discussed topics of the Vail InDEED application. MOTION: Godec SECOND: Denton PASSED: 3-0 : 5. Matters from the Chairman and Authority Members 5.1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Lindstrom suggested the Authority revisit current and future lending as related to EHUs. 6. Adjournment 6.1 Adjournment The Special Session of the Vail Local Housing Authority adjourned at 1:09 p.m MOTION: Denton SECOND: Godec PASSED: 3-0 7. Future Agenda Items 7.1 Vail Housing 2027 Land Banking 8. Next Meeting Date 8.1 Next Meeting Date August 13, 2024 21 22 MEMORANDUM To:Vail Local Housing Authority From: Martha Anderson, Town of Vail Senior Housing Coordinator Date: August 13, 2024 Re: Resolution No. 5 Series of 2024 – 2024 Vail Local Housing Authority Supplemental Budget I. Background The mission of the Vail Local Housing Authority (VLHA) is to be an advisory council to Town Council on housing matters. The VLHA recommends housing policies, strategic long-term planning, coordinates housing initiatives with Town staff and approves the VLHA budget. The VLHA’s emphasis is on affordable housing initiatives with a goal to provide deed restricted housing for at least 30% of Vail’s workforce. The Vail Local Housing Authority’s 2024 Budget was adopted in December 2023. Budgeted expenditures totaled $74,870. On April 9, 2024, the VLHA requested to supplement $40,500 to fund a $25,000 contract with Social Impact to support the planning, preparation, and submittal of housing grant proposals and $15,000 to supplement a contract with Mauriello Planning Group LLC to support the expedition of zoning and developmental review procedures. Since then, the VLHA has requested additional funds. Expenditures in this supplemental reflect an increase of $47,000, a 41%, from the amended 2024 budget. The 2024 proposed amended budget of $162,370 is a 106% increase over 2023 actuals. With the above proposed adjustments, the VLHA’s fund balance is projected to be $290,500 at the end of 2024. IV. Supplemental Expenditures The VLHA’s supplemental includes an increase in expenditures totaling$47,000. 23 This includes a $17,000 two-month contract extension with Social Impact Advisors to continue to research and identify housing funding opportunities with the Department of Local Affairs (DOLA) and the Colorado Housing and Finance Authority (CHFA). A total of $30,000 contingency placeholder isalso included to provide greater flexibility for the VLHA to engage in contracts and/or extend existing contractsas needed. 2 | Page Town of Vail 24 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE VAIL LOCAL HOUSING AUTHORITY 20241st2024 Amended2nd2024 Amended BudgetSupplementalBudgetSupplementalBudget Revenue Middle Creek Revenue Share / Mgmt Fee$ 16,70016,700$ 16,700$ 7,8667,866 7,866 Interest Income Ground Lease Revenue 35,00035,000 35,000 Total Revenue -59,566 59,566 - 59,566 Expenditures Accounting Fees 2,5002,500 2,500 Operating, Maintenance & Contracts 40,50072,370 112,870 47,000 159,870 Total Expenditures 40,50074,870 115,370 47,000 162,370 Revenue Over (Under) Expenditures (40,500)(15,304) (55,804) (47,000) (102,804) Beginning Fund Balance 393,304393,304 393,304 Ending Fund Balance $ 337,500378,000$ 290,500$ 25 RESOLUTION NO.5, SERIES 2024 VAIL LOCAL HOUSING AUTHORITY 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. WHEREAS, the Vail Local Housing Authority board received and approved the budget for the fiscal year 2024 on December 12, 2023; and WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing has been published; and WHEREAS, notice of this public hearing to consider the adoption of the proposed Vail Local Housing Authority budget was published in the VAIL DAILY on the 8th day of August, 2025; and NOW THEREFORE, LET IT BE RESOLVED by the Vail Local Housing Authority of Vail, Colorado, as follows: The Vail Local Housing Authority board adopts the submitted budget and appropriates $162,370 in expenditures beginning on the first day of January, 2024, st and ending on the 31 day of December, 2024. Attested: Signed: _______________________________ ___________________________________ Martha Anderson, VLHA, Secretary Steve Lindstrom, Chair, VLHA 26 27 2: 32 PROPOSITION 123 RURAL RESORT PETITION WHAT IS A RURAL RESORT PETITION? Organizations applying for funding through the , administered by the Colorado Housing and Finance Authority through the HOW TO FILE A RURAL RESORT PETITION 33 RURAL RESORT PETITION REQUIREMENTS ELIGIBLE ENTITIES Local Housing Authorities GETTING STARTED? Housing Needs Assessment: An assessment of the average housing needs within the community, completed within the last three years, using state demographer data or other A narrative description of why alternative funding sources are not being Project Information: Includes the project name, address, municipality/county name, Approval and Impact: obligation to prioritize high-density housing, mixed-income housing, and environmentally sustainable projects Approved projects must still meet the demonstrated housing needs ofthe rural resort community. Program Land Banking Program Equity Program Petition Online at co.accessgov.com 34 Applying to the Rural Resort Petition requires variety of content to be provided by the municipalities. This content is divided into three sections on the application: 1. Introduction 2. Project Information 3. Narratives Name of Municipality/County Financing Being Requested Requested Structure of Financing Requested Income Limit as Percent of AMI Section 2: Required Project Information Tenure Type Structure Type a. b.Total Units at Income Limit 35 Section 3: Required Narrative Information a. assessment as appropriate. b.What housing needs are experienced by households at various income levels within your community? c.How will changing the income limit impact the housing needs descrived above? d.How will changing the income limit impact the ability of lower income households to rent or buy units within the project? Resort community: Rural Resort Petition Information: co.accessgov.com municipalities and housing authorities 36