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Home My WebLink About2024-10-08 VLHA Agenda 2 3 4 Vail Local Housing Authority Minutes Tuesday, September 24, 2024 3:00 PM Vail Town Council Chambers PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec Christine Santucci 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 1.2 Zoom Meeting 1 (Pre-Executive Session) 1.3 Zoom Meeting 2 (Post-Executive Session) 2. Citizen Participation 2.1 Citizen Participation 3. Approval of Minutes 3.1 VLHA September 10, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator 2024-09-10 VLHA Minutes.pdf MOTION: Williams SECOND: Denton PASSED: 3-0 4. Main Agenda 4.1 2020-2024 Housing Purchase Summary Presenter(s): Martha Anderson, Senior Housing Coordinator Time: 15 Min. 2020-2024 Housing Purchase Summary.pdf Anderson reviewed the housing funds as dated starting in 2020, as provided by Carlie in the Finance Department. Discussion ensued around the transfer of funds from the Capital Fund to the Housing Fund starting in 2020 with the Authority seeking clarity for year over year usage and overall usage for Town of Vail employee housing. 5 The Authority asked a variety of questions including the desire to understand the dollar amount of what has been allocated but un-used over the years from the allocated Vail InDEED funds. Clarification was provided to the Authority that housing for the Town of Vail employee housing comes out of the capital budget. The purpose column is broken down by Community, which represents buy-downs vs. Town employee which represents Town employee rental units. Page 3 shows the 5-year activity of the housing including transfers in and out as well some projections. With newer authority members and in preparation for the semi-annual update to Town Council, the Authority agrees that they need to better understand the budgeting year over year starting in 2020. They would like to see the budgeting spreadsheets differently so they can best understand where the housing funds coming from, how they are used, what is available and what is projected to be available in the future. They also agree that it is important to keep track of the amount of Timber Ridge funds comes back as being paid back from Timber Ridge sales in the future. The housing staff will invite the finance team back to a future Authority meeting for clarification. 4.2 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(s): Missy Johnson, Housing Coordinator 2024-6 VLHA Resolution Purchase of a deed restriction 5115 Black Bear Lane Unit 5.pdf MOTION: Godec SECOND: Williams PASSED: 5-0 4.3 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: Subdivision: Pitkin Creek Park Unit 12-I, Eagle County, Colorado with a Physical Address of 4061 Bighorn Road 12I, Vail, Colorado; and Setting Forth Details in Regard Thereto. Presenter(s): Missy Johnson, Housing Coordinator 2024-7 VLHA Resolution Purchase of a deed restriction 4061 Bighorn Road 12-I.pdf MOTION: Godec SECOND: Williams PASSED: 5-0 5. Matters from the Chairman and Authority Members 5. 1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Lindstrom provided updates on Timber Ridge and West Middle Creek. A ground-breaking is being planned for Timber Ridge Village, October 9th at NOON with invitations to come. 6 Local Planning Capacity Grant (LPC) has been signed and funds will be received as reimbursements as submitted by the Town of Vail. The use of the funds is still planned as closely recommended by the Authority. Town and DOLA procurement process must be followed. For Timber Ridge, a price increase went into effect for studios, 1- bedrooms and 2- bedrooms. A modification of building A will be read at the Oct. 1 Town Council meeting. Anderson reviewed key learnings from a presentation from the State Demographer recently through the Vail Valley Partnership. Anderson described that stats show that there are less births and more deaths in Colorado and we are aging as a state. Arizona, California and even Boston were noted as primary areas where people are relocating from when moving to Colorado. Gypsum is the main city in Eagle County that is experiencing growth. The presentation will be shared once it becomes available and Lindstrom commented that this information will be helpful as the Council refines the strategic plan. Topics such as housing affordability, daycare, retirees staying in place and career opportunities out of county were all topics that were mentioned. Williams reminded the group that one of the Authority initiatives is to creatively market to owners of vacant homes within the Town of Vail in consideration of transferring to EHUs. Eagle County needs assessment is still in the works. Mid-October, EPS will start touring various towns within the county to present the assessment to the electeds for feedback. Market Studies for Timber Ridge and West Middle Creek will also have useful information for the Authority. At 4:05 p.m. the Authority left regular session and moved into Executive Session. 6. Executive Session 6.1 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. Presenter(s): Martha Anderson, Senior Housing Coordinator 7. Any Action as a Result of Executive Session 7.1 Any Action as a Result of Executive Session At 4:20 p.m., the Authority re-entered regular session. Williams moved to directed staff to continue as discussed during executive session. MOTION: Williams SECOND: Santucci PASSED: 4-0 8. Adjournment Adjourned at 4:21 p.m. 9. Future Agenda Items 9.1 Discussion on Semi-Annual Update to Town Council Discussion on Eagle County Employment Qualifications 10. Next Meeting Date 10.1 Next Meeting Date October 8, 2024 7 8 To:Vail Local Housing Authority From: Town of Vail Finance Department th Date: October 8, 2024 Subject: Town of Vail Capital Budget Process I. SUMMARY The purpose of this memo is to summarize the Town’s budget and expenditure process for capital projects and how it related to housing projects. II. CAPITAL BUDGETING Capital Projects are generally funded by the Capital Projects Fund, Real Estate Transfer Tax Fund, and the Housing Fund. The Real Estate Transfer Tax Fund is restricted to parks, recreation, art, wildland, and environmental related expenditures while the Housing Fund is restricted to housing related purchases. Council has supported an internally policy to only fund community housing from the Housing Fund. This is not a legal requirement. The Town begins the annual budget process in July for the upcoming year. A significant part of this process relates to budgeting for capital projects and creating a 5-year capital plan. Departments prepare and submit capital projects based on direction from council, as well as public and board feedback. Capital requested includes narratives describing the project, project timing, total cost or estimated cost, and estimated potential operating impacts. During department meetings, requests are reviewed and discussed with the finance and the town managers office. Then are then reviewed with all department heads in the context of the entire budget. Projects are given priority if they align with the Council strategic plan, are related to public safety, or are maintenance of the town current assets. Council and the public are also given a review of the updated capital plan st which gives Council a chance to give feedback prior to the 1 draft of the budget. Although a capital project maybe included in the budget it does not mean it has approved to move forward. Departments are required to comeback with additional information prior to contracting for the project. Capital expenditures are tracked by project and reconciled monthly. At the end of the year, any unspent project funds are reviewed with departments are either reappropriated in a budget supplemental for projects that have not been completed or reflected as savings to be utilized for other future projects. 9 III.HOUSING FUNDS The Housing Fund is funded in majority by a 0.5% housing sales tax. Thesales tax can fund projects, programs, and operations related to housingand has been utilized towards community buy downs, Residences at Main Vail, Timber Ridge redevelopment,andland purchases for future housingdevelopment. The Housing Fund is also funded by an annual $2.5M transfer fromthe Capital Projects Fund place held for the InDeed program. The VLHA has the authority to act as an agent of the Town and approve InDeed program applications. The InDeed program generally does not utilize the full $2.5M annually and Council has allocated those funds towards other community housing projectsin the past. Housing Sales Tax funds and InDeedfunds have not been used to fund TOV employee housing. Over the past 5 years the town has invested a significant amount of funding into housing. The chart below shows a comparisonof capital housing purchases compared to total capital expenditures. 2020-2024 CAPITAL EXPENDITURES Housing, 107,477,665 Other Capital, 156,552,788 A detail of all thetown’shousing purchases over the past 5 years is attached. This is listed by year, fundsource, and purpose of the fund. Also attached is a 5 year history and 5 year projection of the Housing Fund. Additional information about the Town’s budget canfound on the Town of Vail’s website. Town of Vail Page 2 : by was other and Capital Housing housing fund Approved the housing the purpose to The projects Council to future from other by for fund. Indeed); or original utilized of $2.5M $2.5M of community been planned Approved Fund's but standalone also operations CPF) $1,230,825 contribute transfer TOV towards to Housing have plus "real" from for a but The funds annual used fundsfundsfundsfundsfunds ($768K department an continues CPFCPFCPF (Transfer Fund became balance only{ƚǒƩĭĻ Funds annually. TaxTaxTaxTaxTaxTaxTaxTaxTaxTaxTax fromfromfrom Property Fund Funds housing Fund waslarge Housing a SalesSalesSalesSalesSalesSalesSalesSalesSalesSalesSales $100K fund up TransferTransferResale/BuydownInDeedBuyDownCouncil;redevelopmentTransferResale/BuydownResale/BuydownResale/BuydownResale/Buydown4%4%4%4%4%4%4%4%4%4%4% Projects source Housing not than built the less designated does Capital is 4,404.23 have funding 32,607.87 but 922,736.00582,245.00148,661.77163,769.00358,006.00564,618.77560,429.69780,606.25610,501.83548,483.45520,726.24565,653.62745,945.81746,506.96746,511.96 2022, The town 1,538,974.001,500,000.002,144,791.001,796,712.98 1, main the 9ǣƦĻƓķźƷǒƩĻƭwĻǝĻƓǒĻ average program the on housing. January this but expenditures time, for Unofficially, year that employee effective At funds 513,283.13261,503.23385,169.00619,721.00632,008.77 planning wĻǝĻƓǒĻbĻƷ over Tax TOV and 2017. year operations. in budgeted vary Housing and capital including Fund can down, 0.5% a 2,144,791.00 of related, which supports Projects programs, slowed 9ǣƦĻƓķźƷǒƩĻƭ{ğƌĻƭ passing have Capital housing revenue currently projects, the the leui of in Fund With program anything housing fee this Fund. subfund Employee Housing for a towards housing as towards The Projects used used be Employee564,618.77Employee560,429.69Employee780,606.25Employee610,501.83Employee548,483.45Employee520,726.24Employee565,653.62Employee745,945.81Employee1,796,712.98Employee746,506.96Employee746,511.9 6 created be recevied applications approval. can Capital can As was also tax the It and Fund Council's sales from program. the with program. 2022HFCommunity977,727.002022CPFTOV annually ĻğƩCǒƓķtǒƩƦƚƭĻƚƷğƌ Housing InDEED The separately 12022CPFTOV : $5.0M InDEED Vail ordinance, 42022CPFTOV72022CPFTOV92022CPFTOV U2022CPFTOV 112022CPFTOV Unit: Vail 6 by the expenditures 102022CPFTOV22022CPFTOV about 12022CPFTOV Unit:Unit:Unit: Unit: the L for purchases Unit: 5P2022CPFTOV5 Condo Unit:Unit: .ğĭƉŭƩƚǒƓķ L for A42021HF/CPFCommunity545,891.00B2022HFCommunity636,413.00 Unit: CondoCondoCondo housing ParkPark 12 #12022HFCommunity410,165.00#102022HFCommunity548,938.00Condo InnInn however, West UnitUnit Creek2021HF/CPFCommunity/TOV generates CǒƓķ Fund housing Lodging programs. Chalet CreekCreekCreek CreekCreekCreek specifically tax HeightsHeightsEastHeights track IƚǒƭźƓŭ Projectstosalesprograms;Fundcommunityrelated ЋЉЋЉ InDEED2020HF/CPFCommunity1,538,974.00 ЋЉЋЊ InDEED2021HF/CPFCommunity922,736.00ChamonixRMV2021HF/CPFCommunity1,500,000.00Blackgore ЋЉЋЋ InDEED2022HFCommunity582,245.00VailVailPitkinChamonixVailPitkinBufferPitkinVailBufferColumbineBufferHamletMatterhornMatterhorn 21 CPF) from Tax(Transfer Sales Funds CPF TaxTaxTaxTax TaxTaxTaxTaxTaxTaxTaxTaxTaxTax from SalesSalesSalesSales SalesSalesSalesSalesSalesSalesSalesSalesSalesSales 4%TransferHousingHousingHousingResale/Housing4%4%4%4%4%4%Resale/InDeedHousing4%4%4% 480,717.47532,000.00114,080.00507,954.00394,480.43466,033.28515,542.23785,051.07783,505.83698,710.84308,978.81395,531.00770,948.61649,447.46 1,950,000.002,630,858.001,270,267.84 389,841.57389,902.00 Employee480,717.47Employee466,033.28Employee515,542.23Employee785,051.07Employee783,505.83Employee698,710.84Employee308,978.81Employee1,270,267.84Employee770,948.61Employee649,447.46 2022CPFTOV L 2 A22023CPFTOVA102023CPFTOV Fee2023HFCommunity1,950,000.00 Unit: 14A2023HFCommunity784,322.00#3B2024HFCommunity785,433.00 B1032023CPFTOV 5A2023CPFTOV L42024CPFTOV B1032023CPFTOVUnitUnit##32024CPFTOV Acquisitions2024HFCommunity2,630,858.00 Unit Unit Unit A3052024CPFTOV Creek2023HFCommunity507,954.00 Creek Lodging CreekCreekCreekCreekCreek CreekCreekParcel Opprotunity East Middle Redevelopment2023HFCommunity114,080.00 Vail ЋЉЋЌ InDEED2023HFCommunity532,000.00TRW.RMVPitkinHomeSteakBuffherBuffherBuffherBuffherNorthTrail2023CPFTOV ЋЉЋЍ PitkinCDOTMeadowBuffherHomesteak 22 $ $ $ 5,358,000 - - 2,500,000 - - - - - - 7,858,000 2,500,000 - - - - - - - - - - - - - - - - - - 2,500,000 5,358,000 - - - - - 5,358,000 89,338$ 5,447,338 - - - - - - - - - 2,500,000 $ 5,253,000 - 2,500,000 - - - - - - 7,753,000 2,500,000 - - - - - - - - - - - 5,253,000 - - - (5,208,450) (5,208,450) 44,550 44,788$ 89,338 E $ 5,150,000 - - 2,500,000 - - - - - - 7,650,000 2,500,000 - - - - - - - - - - - - - - - - - - - 2,500,000 5,150,000 (13,721,299) 11,647,849 1,715,000 (4,791,550) (5,150,000) - 44,788$ 44,788 --- --------- 5,000,0002,275,000 $ 5,049,000 - - 2,500,000 - - - - - - 7,549,000 2,500,000 - 25,449,948 - - - - - - - - - - - - - - - - - 27,949,948 (20,400,948) 13,721,299 - - - 13,721,299 (6,679,649) 6,724,437$ 44,788 $ 4,949,999 - - 2,000,000 - - - 5,775,000 6,674,999 6,674,999 - 2,500,000 - - - - 12,449,999 1,500,000 - - - - - - - 49,438$ 6,724,437 ---------- 4,000 80,92050,00050,000 106,891 HOUSING FUND 2024 3,892,046 1,500,0005,920,000 $ 4,950,000 44,787 308,799 2,500,000 - 1,100,000 - - - - 8,903,586 3,019,645 106,891 - 1,500,000 - - - 4,000 785,444 - - - 80,920 - 3,892,046 50,000 50,000 - 5,920,000 50,000 15,458,946 (6,555,360) - (10,464,365) (1,715,000) - (12,179,365) (18,734,725) 18,784,164$ 49,438 TOWN OF VAIL 5 YEAR PLAN --- - 4,000 69,339 114,080507,954 - - 15,458,946 $ 4,950,000 - 2,500,000 - 1,100,000 - - 8,550,000 3,019,645 785,444 50,000 (6,908,946) - (9,093,105) (1,715,000) - (10,808,105) (17,717,051) 18,784,164$ 1,067,112 - SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANC 548,938 $ 5,075,762 17,104 - 2,500,000 1,200,000 385,169 1,000,000 304,854 10,486,889 532,000 - - - - - - 778,507 - - - - 1,950,000 - 3,951,879 6,535,010 - (850,000) - - (850,000) 5,685,010 13,099,154$ 18,784,164 ---- ----- 922,736545,891410,162 5,352,703 $ 4,954,438 52,425 - 2,500,000 - 1,251,730 6,750 - 2,040,000 - 10,805,344 582,245 4,591 - - - - 308,979 - - 977,727 636,413 - - - - - - - 3,058,893 7,746,451 - - - - - 7,746,451 5,352,703$ 13,099,154 ----- ----------- 76,053 2020202120222023Amended2024 ActualActualActualsActualsBudgetForecast20252026202720282029 2,500,0001,539,4871,539,487 2,160,164 5,299,474 - 11,412 - 2,144,791 - 5,534,993 $ - 34,112 4,500,000 - 1,054,110 - - - - 5,588,222 - 1,500,000 - 53,229 - - - - - 53,229 5,299,474$ y enc g al Fees Contin g y e Unit Purchases- g g hts Unit 1hts #10 gg e Habitat Contribution- g e Redevelopment- g ) le-Vail Parcel Placeholder Down Housin yg TOV unit Revenue Housing Fee in Lieu (balance)Housing Sales TaxHousing Fee in Lieu Annual CollectionsReimbursement from CPF for North Trail Townhome Unit D (Transfer in from Capital Projects FundTransfer in from General FundWorkforce Housing Sales 1,123,597Housing Late Fees-Lionsridge purchase-Project Reimbursements-Earnings on Investments-Total Revenue3,699,650 ExpendituresHousing Programs InDeed Program Bu Timber Rid New BuyDown Purchases Placeholder- Chamonix unit A4 Vail Hei North Trail Townhomes Unit D Pitkin Creek Unit #14A Pitkin Creek Unit #3B Vail Hei Pitkin Creek 12-L unit Chamonix unit B Construction Housing Projects Timber Rid Timber Rid W. Middle Creek Development- W. Middle Creek Development Le Residences at Main Vail Opportunity Fee-Land Purchases for future Housing Black Gore Creek Propert CDOT Parcel Acquisition Placeholder Ea Total ExpendituresOperating Income2,160,164Other Finance Sources (Uses Loan from GF for TR units-Transfer to Timber Ridge- Site and Podium-Transfer to Timber Ridge- CDOT Land Acquisition-Transfer to GF for W Middle Creek-Total Other Finance Sources (Uses)-Surplus (Deficit) Net of Transfers and One-Time Items Beginning Fund Balance3,139,310 Ending Fund Balance 23