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Home My WebLink About2024-12-10 VLHA Agenda1.Call to Order (3:00pm) 2.Citizen Participation (5 min.) 3.Approval of Minutes (5 min.) 3.1 Approval of November 26, 2024 Minutes 5 Mins Presenter(s): Missy Johnson 4.Main Agenda (5 min.) 4.1 Resolution No. 8, 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, 2025 through December 31, 2025. 5 Min. Presenter(s): Jake Shipe, Budget Analyst and Martha Anderson, Senior Housing Coordinator 5.Matters from the Chairman and Authority Members (5 min.) 6.Adjournment 3:30 pm (estimate) 7.Next Meeting Date (January 14, 2025) VAIL LOCAL HOUSING AUTHORITY MEETING Agenda Virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 3:00 PM, December 10, 2024 2024-11-26 VLHA Minutes.pdf VLHA Resolution 8 Approval of 2025 Budget.pdf VLHA 2025 Budget.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 970-479-2460 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:December 10, 2024 TIME:5 Mins SUBMITTED BY:Martha Anderson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (5 min.) SUBJECT:Approval of November 26, 2024 Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2024-11-26 VLHA Minutes.pdf 2 Vail Local Housing Authority Minutes Tuesday, November 26, 2024 3:00 PM This meeting was via ZOOM ONLY. PRESENT ABSENT Steve Lindstrom Christine Santucci Kristin Kenny Williams Dan Godec Craig Denton STAFF Jason Dietz, Housing Director Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order Called to order at 3:02 p.m. via ZOOM. 2. Citizen Participation No comments. 3. Approval of Minutes 3.1 Approval of November 12, 2024 Minutes Presenter(s): Missy Johnson 2024-11-12 VLHA Minutes.pdf MOTION: Godec SECOND: Williams PASSED: 4-0 4. Main Agenda 4.1 2025 VLHA Budget Review Presenter(s): Jake Shipe, Budget Analyst and Martha Anderson, Senior Housing Coordinator Time: 20 Mins VLHA 2025 FS.pdf VLHA Budget Expenditures Slide.pdf Shipe and Anderson reviewed the proposed budget starting with the forecasted revenues and expenses. The ground lease revenue for Lions Ridge is omitted because the land was sold to the developer. The fund balance remains unchanged but the forecast shifted because of an anticipated drop in interest rates. Anderson reviewed a quick synopsis of expenditures in reference to the slide provided. Professional fees include some items as carry over from 2024 and also to plan for possible new consultant contracts, email subscription and fees and Habitat for Humanity Carpenter's Ball, and miscellaneous costs. Reminder that some of the professional fees will be covered in 2025 through the LPC Grant Funding. The Deed Restriction performance tracking was previously earmarked to gather demographic information from current EHU owners and may be up for discussion in the future discussion and strategy for future needs. Shipe will bring back the formal resolution at the future meeting on December 10 Authority meeting with no additional changes. A reminder that the DOLA grant revenue was awarded through directly to the Town of Vail and must be run through the Town of Vail without any reimbursements to the Vail Local Housing Authority budget. 3 Motion to move $750 from Professional fees over to Miscellaneous for purposes of a holiday gathering. MOTION: Williams SECOND: Denton PASSED: 4-0 5. Matters from the Chairman and Authority Members Williams suggested that the Authority follow closely as to reasons why projects like West Eagle Project are not moving forward through an awareness of the hurdles, as Town of Vail works to aggressively move housing forward. Williams updated the group that she followed up with County Manager Schroll regarding a possible future meeting with the Vail Local Housing Authority and Eagle County. The authority continues to desire collaborative efforts for future housing projects when possible. Godec suggested it would be beneficial for Town of Vail to have a presence at State Land Board Meetings. Williams mentioned that Traer Creek continues to be involved in planning for the future of undeveloped properties in Avon, which will eventually have a housing component, although they have long exceeded their workforce housing requirements. Discussion ensued around the possible build locations in Avon and the desire for the Authority to maintain communication with Avon regarding their attainable housing plan. Dietz updated the group regarding the housing needs assessment through EPS with the final to likely be completed in January or February. At the 12/17 Town Council meeting, there will be an update about West Middle Creek in the afternoon session. He also updated the group regarding STRs and staff recommendation to be presented in January. Dietz provided a status of the DOLA local planning capacity grant and a contract with Mauriello Planning Group (MPG) and a future study and planning towards a Residential Linkage fee. Lindstrom will be involved in future conversations. Lindstrom and Deitz continued to update the Authority about additional topics to watch for at upcoming Town Council meetings. Denton inquired regarding the general topic of local deed restrictions and owners being allowed to own a TOV deed restricted home, while also owning a large, $1 million to $2 million home in Denver. In the example he used, the owner moved the business to the Mountains to meet the terms. Denton inquired to better understand how this is allowed. Dietz responded that while the assets are difficult to track, the reason that it is allowable is the Vail Housing program does not have income limits. The deed restrictions require approved local residents as occupants. Many deed restrictions prevent owners (with owner occupied deed restrictions) to own housing in Eagle County. Anderson mentioned that Vail InDEED does not prevent home ownership of multiple homes. 6. Adjournment Meeting adjourned at 3:45 p.m. 7. Future Agenda Items Defining qualified residents and remote workers 8. Next Meeting Date Tuesday, December 10th is the only meeting scheduled for December. 4 AGENDA ITEM NO. 4.1 Item Cover Page DATE:December 10, 2024 TIME:5 Min. SUBMITTED BY:Martha Anderson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda (5 min.) SUBJECT:Resolution No. 8, 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, 2025 through December 31, 2025. SUGGESTED ACTION: PRESENTER(S):Jake Shipe, Budget Analyst and Martha Anderson, Senior Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: VLHA Resolution 8 Approval of 2025 Budget.pdf VLHA 2025 Budget.pdf 5 | RESOLUTION NO. 8 SERIES 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, 2025 THROUGH DECEMBER 31, 2025. WHEREAS, the Vail Local Housing Authority board received and approved the budget for the fiscal year 2025 on December 10, 2024; and WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing has been published; and WHEREAS, a 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 3rd Day of December, 2024; 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 $82,180 in expenditures beginning on the first day of January, 2025, and ending on the 31st of December, 2025. ______________________________ Steve Lindstrom, Chair, VLHA ATTEST: ____________________________ Martha Anderson, VLHA, Secretary 6 2025 2024 2024 Amended 2024 Proposed Budget Budget Forecast Budget Revenue Middle Creek Revenue Share / Mgmt Fee 16,700$ 16,700$ 21,547$ 18,080$ Interest Income 7,866 7,866 16,192 8,250 Ground Lease Revenue 35,000 35,000 35,000 - Total Revenue 59,566 59,566 72,739 26,330 Expenditures Accounting Fees 2,500 2,500 2,500 2,500 Operating, Maintenance & Contracts 72,370 159,870 72,620 79,680 Total Expenditures 74,870 162,370 75,120 82,180 Revenue Over (Under) Expenditures (15,304) (102,804) (2,381) (55,850) Beginning Fund Balance 393,304 393,304 393,304 390,923 Ending Fund Balance 378,000$ 290,500$ 390,923$ 335,073$ 2025 PROPOSED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE VAIL LOCAL HOUSING AUTHORITY 7