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Home My WebLink About2024-10-22 VLHA Agenda1.Call to Order (5 min.) 2.Citizen Participation (5 min.) 3.Approval of Minutes (5 min.) 3.1 Approval of Minutes from October 8, 2024 4.Main Agenda 4.1 VLHA Q3 2024 Financial Update 15 min. Presenter(s): Jake Shipe, Budget Analyst 5.Matters from the Chairman and Authority Members (5 min.) 6.Executive Session (15 min.) Executive Session pursuant to: 1. C.R.S. §24-6-402(4)(a) - to consider the purchase, acquisition, lease, transfer or sale of any real, personal or other property interest, §24-6-402(4)(e) to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations and instruct negotiators and on the topic of: Vail InDEED Application. 7.Adjournment 3:50 pm (estimate) VAIL LOCAL HOUSING AUTHORITY MEETING Agenda Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/84943842844 3:00 PM, October 22, 2024 2024-10-08 VLHA Minutes.pdf VLHA Q3 2024 Financial Update.pdf Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vail.gov. All town council meetings will be streamed live by High Five Access Media and available for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access Media website the week following meeting day, www.highfivemedia.org. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 1 AGENDA ITEM NO. 3.1 Item Cover Page DATE:October 22, 2024 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (5 min.) SUBJECT:Approval of Minutes from October 8, 2024 SUGGESTED ACTION: VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2024-10-08 VLHA Minutes.pdf 2 Vail Local Housing Authority Minutes Tuesday, October 8, 2024 3:00 PM Virtual via Zoom PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec 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 1.2 Zoom Meeting Meeting called to order at 3:04 p.m. 2. Citizen Participation 2. 1 Citizen Participation - No participation. 3. Approval of Minutes 3.1 VLHA September 24, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator 2024-09-24 VLHA Minutes.pdf MOTION: Williams SECOND: Santucci PASSED: 3-0 4. Main Agenda 4.1 2020-2024 Housing Purchase Summary Presenter(s): Carlie Smith, Finance DIrector Time: 30 Min. VLHA TOV Budgeting Process.pdf VLHA Housing Purchase Summary.pdf HF 5 Year History and Projection.pdf Russell Forrest, Kathleen Halloran and Carlie Smith were present during this agenda item discussion. The group revisited the budget information that was presented at the previous Authority meeting. Dietz began by providing a summary of the financials as provided at the previous Authority meeting. He clarified the $ 2.5M that has typically been earmarked for Vail InDEED funding and the ways in which it is utilized when not used for Vail InDEED. 3 Lindstrom's desire is to be better able to view the numbers and seeks clarification as to how the housing sales tax dollars are used generally. Smith confirmed that the $2.5M is not a written policy. Each year, at budget time, the Council helps to direct the spending. Over time, the amount of funding necessary for Vail InDEED has decreased and like any fund, it is looked at to be appropriated for other projects or returns to the Town of Vail Housing fund balance. Finance confirmed that it is best practice to use the most restricted fund first. The remainder of the Housing fund is used for other community housing projects and purposes. Santucci asked if there a directive from the Council that the Authority should be looking for additional ways to use the funds? Forrest commented that there is clear strategic direction to use the funds for Timber Ridge, West Middle Creek and other opportunities and the plate is very full right now. Discussion ensued with additional clarification points of the financial statements. Smith went through a variety of clarification points and mentioned that she would be providing a capital projects and budget update to the Council at the October 15th meeting which would precede the update from the Vail Local Housing Authority. The budget process is very transparent and shown to Council at least four times per year and the spreadsheets in review are the format that Council sees throughout the year. Discussion ensued around the current flow of funds and Lindstrom inquired about three years ahead and consideration of a future strategic plan. Smith stated that there are more housing projects than what the housing fund can cover. Smith confirmed that the Capital discussion will be part of an upcoming Council meeting, which very much includes Housing and the presentation will be covered by the finance department, led by Smith and graphics will be included. 4.2 Discussion on Semi-Annual Update to Town Council Presenter(s): Steve Lindstrom, VLHA Chairman and Jason Dietz, Housing Director Time: 30 Min. The finance discussion was helpful for the Authority, creating clarity and confidence that finance would be presenting the housing finances at the upcoming Town Council Meeting. Discussion ensued around the memo planned for the Housing update at the upcoming Town Council meeting. Williams commented regarding Community stakeholder communication and data points in the future from the Authority or the housing staff. There is curiosity around who is living in these units, and why the R/O restriction is Eagle County and not just Town of Vail. She sees this data as a value for now and in the long run as we seek greater regional funding partners. The questions are who is living in the housing and where are they working, and possibly what is the continuum of the need? Dietz reminded the group that The Housing needs assessment will start to be presented in November to groups within the mountain region. Williams reminded the Authority of the suggestion to get creative regarding the many housing solutions and that each project may look differently. Ideally, show the success of who is living in these projects and show that it is a strong opportunity for regional private-public partner investment. Housing staff will regroup with Lindstrom to finalize the memo this week. 4 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. Timber Ridge ground breaking will take place tomorrow at NOON. Any and all are welcome and encouraged to attend. The agenda for the Town Council meeting is not yet finalized for October 15 but Authority members are encouraged to attend as part of the afternoon session. 6. Adjournment 6.1 Adjournment 5:00 PM (Estimate) Meeting adjourned at 3:58 p.m. Items were covered and there were technical Zoom issues. 7. Future Agenda Items 7.1 Discussion on Eagle County Employment Qualifications 8. Next Meeting Date 8.1 Next Meeting Date October 22, 2024 5 AGENDA ITEM NO. 4.1 Item Cover Page DATE:October 22, 2024 TIME:15 min. SUBMITTED BY:Martha Anderson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:VLHA Q3 2024 Financial Update SUGGESTED ACTION: PRESENTER(S):Jake Shipe, Budget Analyst VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: VLHA Q3 2024 Financial Update.pdf 6 Annual MTD YTD Budget Less % of Prior Year Budget Amount Actual Amount Actual Amount YTD Actual Budget Total Actual 15,900.00 1,473.37 12,977.74 2,922.26 82 16,539.83 800.00 .00 .00 800.00 0 800.00 7,866.00 .00 11,763.24 (3,897.24)150 10,618.45 35,000.00 .00 35,000.00 .00 100 35,000.00 $59,566.00 $1,473.37 $59,740.98 ($174.98)100%$62,958.28 $59,566.00 $1,473.37 $59,740.98 ($174.98)100%$62,958.28 156,500.00 .00 60,145.00 96,355.00 38 59,827.50 2,500.00 .00 2,500.00 .00 100 2,500.00 2,500.00 .00 2,500.00 .00 100 345.00 120.00 .00 90.00 30.00 75 120.00 750.00 424.43 609.78 140.22 81 721.52 $162,370.00 $424.43 $65,844.78 $96,525.22 41%$63,514.02 $162,370.00 $424.43 $65,844.78 $96,525.22 41%$63,514.02 59,566.00 1,473.37 59,740.98 (174.98)100%62,958.28 162,370.00 424.43 65,844.78 96,525.22 41%63,514.02 ($102,804.00)$1,048.94 ($6,103.80)$96,700.20 6%($555.74) Beginning Fund Balance 393,304 393,860 Ending Fund Balance 290,500 393,304 Department 6700 - Vail Local Housing Authority Totals EXPENSE TOTALS Fund 800 - Vail Local Housing Authority Totals REVENUE TOTALS EXPENSE TOTALS Fund 800 - Vail Local Housing Authority Net Gain (Loss) 35.30 Professional Development 70.34 Bank Charges 73.00 Miscellaneous REVENUE TOTALS EXPENSE 33.20 Accounting Fees Department 6700 - Vail Local Housing Authority 33.00 Professional Fees 31610.00 Interest 31960.00 Ground Lease Revenue Department 0000 - Revenue Totals Department 0000 - Revenue 31460.00 Middle Creek Mgmt Fee 31462.00 LionsRidge Apartments Revenue Share Account Account Description Fund 800 - Vail Local Housing Authority Income Statement Through 09/30/24 REVENUE Page 1 of 1 7 Current YTD Prior Year Balance Total Actual Net Change Change % 56,554.89 89,979.36 (33,424.47)(37.15) 330,445.67 308,030.00 22,415.67 7.28 $387,000.56 $398,009.36 ($11,008.80)(2.77%) 200.00 400.00 (200.00)(50.00) $200.00 $400.00 ($200.00)(50.00%) .00 370.00 (370.00)(100.00) $0.00 $370.00 ($370.00)(100.00%) $387,200.56 $398,779.36 ($11,578.80)(2.90%) .00 5,475.00 (5,475.00)(100.00) $0.00 $5,475.00 ($5,475.00)(100.00%) $0.00 $5,475.00 ($5,475.00)(100.00%) 387,200.56 393,304.36 (6,103.80)-1.58% $387,200.56 $393,304.36 (6,103.80)-1.58% $387,200.56 $393,304.36 ($6,103.80)-1.58% $387,200.56 $398,779.36 ($11,578.80)-2.99%LIABILITIES AND FUND EQUITY TOTALS FUND EQUITY TOTALS 29205 29205.00 Fund Balance - Restricted 29205 - Totals 20100.00 Accounts Payable 20100 - Totals LIABILITIES TOTALS FUND EQUITY ASSETS TOTALS LIABILITIES AND FUND EQUITY LIABILITIES 20100 14010 14010.00 Prepaid Expenses 14010 - Totals 11000 11000.00 Accounts Receivable 11000 - Totals 10600.00 VLHA / Checking 1893 10600.01 VLHA / Liquid Asset 8622 10600 - Totals Balance Sheet Through 09/30/24 Fund 800 - Vail Local Housing Authority ASSETS 10600 Account Account Description Page 1 of 1 8 TOWN OF VAIL 2024 AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND 2024 1st 2024 2nd 2024 Actuals as of Budget Supplemental Amended Supplemental Amended 9/30/2024 Revenue Housing Sales Tax 4,950,000$ 4,950,000$ 4,950,000$ 3,641,366$ Housing Fee in Lieu Annual Collections 44,787 Transfer in from Capital Projects Fund 2,500,000 2,500,000 2,500,000 2,500,000 Workforce Housing Sales 475,000 475,000 625,000 1,100,000 389,902 Estimated resale revenue for Pitkin Creek #3B (Placeholder) Housing Late Fees 3,500 Earnings on Investments 394,054 Miscellaneous 675,000 Total Revenue 7,450,000 475,000 7,925,000 625,000 8,550,000 7,648,608 Expenditures Housing Programs InDeed Program 2,500,000 680,089 3,180,089 (160,444) 3,019,645 134,000 Utilize $160.4K from InDeed placeholder to purchase Pitkin Creek #3B above estimated resale revenue Buy Down Housing 106,891 106,891 106,891 Future Purchases 1,500,000 1,500,000 1,500,000 Pitkin Creek Unit #14A 4,000 4,000 4,000 5,815 Pitkin Creek Unit #3B 785,444 785,444 785,433 Utilize resale revenue of $625K and $160.4M of InDeed funds to purchase Pitkin Creek #3B Construction Housing Projects Timber Ridge Redevelopment 80,920 80,920 80,920 19,397 W. Middle Creek Development Predevelopment 3,892,046 3,892,046 3,892,046 1,907,111 W. Middle Creek Development Legal Fees Contingency 50,000 50,000 50,000 Residences at Main Vail Opportunity Fee 50,000 50,000 Re-appropriation of remaining RMV opportunity fee Land Purchases for future Housing CDOT Parcel Acquisition Placeholder - West Middle Creek 3,270,000 3,270,000 3,270,000 2,630,468 CDOT Parcel Acquisition Placeholder - East Vail 2,650,000 2,650,000 2,650,000 390 Eagle-Vail Parcel Placeholder 50,000 50,000 50,000 Total Expenditures 2,500,000 12,283,946 14,783,946 675,000 15,458,946 5,482,615 Operating Income 4,950,000 (11,808,946) (6,858,946) (50,000) (6,908,946) 2,165,994 Other Finance Sources (Uses Transfer from/(to) Timber Ridge- Site and Podium (9,000,000) (93,105) (9,093,105) (9,093,105) Transfer from/(to) Timber Ridge- CDOT Land Acquisition (1,715,000) (1,715,000) (1,715,000) (1,715,000) Total Other Finance Sources (Uses)(9,000,000) (1,808,105) (10,808,105) - (10,808,105) (1,715,000) Surplus (Deficit) Net of Transfers and One-Time Items (4,050,000) (13,617,051) (17,667,051) (50,000) (17,717,051) 450,994 Beginning Fund Balance 18,784,163 18,784,163 18,784,163 18,784,163 Ending Fund Balance 14,734,163$ 1,117,111$ 1,067,111$ 19,235,156$ TOV Employee rental units 2,000,000$ 1,224,136$ 3,224,136$ -$ 3,224,136$ 3,407,699$ Buffehr Creek #3B, Meadow Creek #L-4, 4093 Spruce Way, and Hamlet Chalet CAPITAL PROJECTS FUND 9