HomeMy WebLinkAbout2025-03-11 VLHA Agenda1.Call to Order (3:00pm)
2.Citizen Participation (5 min.)
3.Approval of Minutes (5 min.)
3.1 Approval of January 28, 2025 Minutes 5 Mins
Presenter(s): Missy Johnson
4.Main Agenda (25 min.)
4.1 Resolution No. 1, Series of 2025, A Resolution Approving an
Exemption from Audit for the Fiscal Year 2024, for the Vail
Local Housing Authority in the State of Colorado.
5 Min.
Presenter(s): Jake Shipe, Budget Manager
4.2 2024 Year-End Financial Housing Update 15 Min.
Presenter(s): Jake Shipe, Budget Manager
4.3 Resolution No. 2, Series of 2025, a Resolution Approving the
Purchase of a Deed Restriction Interest in Property (Type III
Deed Restriction) in the Town of Vail Legally Described as
Bldg 2: Subdivision: Sandstone 70 Unit C, Eagle County,
Colorado with a Physical Address of 909 Red Sandstone
Road, Unit C2, Vail, Colorado; and Setting Forth Details in
Regard Thereto.
5 Min.
Presenter(s): Martha Anderson, Senior Housing Coordinator
5.Matters from the Chairman and Authority Members (5 min.)
6.Executive Session (15 min.) Executive Session Pursuant to:
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
VAIL LOCAL HOUSING AUTHORITY MEETING
Agenda
Vail Town Council Chambers and virtually by Zoom.
Zoom meeting link: https://vail.zoom.us/j/82534922212
3:00 PM, March 11, 2025
2025-01-28 VLHA Minutes.pdf
Resolution Audit Exempt 24.pdf
2024 Audit Exemption.pdf
031125 VLHA 2024 Year-End Financial Update.pdf
2025-2 VLHA Resolution purchase of a deed restriction 909 Red Sandstone Road Unit
C2.pdf
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negotiators and on the topic of: Vail InDEED Application.
7.Any Action as a Result of Executive Session (5 min.)
8.Adjournment 5:00 pm (estimate)
9.Next Meeting Date (March 25, 2025)
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.
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AGENDA ITEM NO. 3.1
Item Cover Page
DATE:March 11, 2025
TIME:5 Mins
SUBMITTED BY:Martha Anderson, Housing
ITEM TYPE:Approval of Minutes
AGENDA SECTION:Approval of Minutes (5 min.)
SUBJECT:Approval of January 28, 2025 Minutes
SUGGESTED ACTION:
PRESENTER(S):Missy Johnson
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
ATTACHMENTS:
2025-01-28 VLHA Minutes.pdf
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Vail Local Housing Authority Minutes
Tuesday, January 28, 2025
3:00 PM
Virtually by Zoom
PRESENT ABSENT
Steve Lindstrom Dan Godec
Kristin Kenny Williams
Craig Denton
Christine Santucci
STAFF
Martha Anderson, Senior Housing Coordinator
Missy Johnson, Housing Coordinator
1. Call to Order at 3:05 p.m.
2. Citizen No comments.
3. Approval of Minutes (5 min.)
3.1 Approval of January 14, 2025 Minutes 2025-1-14 VLHA Minutes.pdf
MOTION: Williams SECOND: Santucci PASSED: 3 - 0
4. Main Agenda (30 min.)
4.1 363 Beaver Dam Circle EHU Exchange Application
Presenter(s): George Ruther, Principal, Ruther Associates LLC
363 Beaver Dam Circle EHU Exchange 01282025.pdf
Ruther, on behalf of his client, referred to a memo and a slide regarding the EHU Exchange
proposal regarding 363 Beaver Dam Circle.
The Town requires the fee in lieu for a release to include a 3:1 multiplier. The fee of $275,000
more than adequately replaces the deed restriction in comparison with recent Vail InDEED
purchases.
Ruther suggests that based on a recent demonstration of the EHU Deed Restriction Credit
Program for Timber Ridge to Town Council, it shows a breakdown of the purchase of a studio
apartment with an additional deed restriction credit. It helps to support the cost of the fee in lieu
application. Ruther is seeking recommended approval of the request to go in front of Town
Council. It could be part of the recommendation to Council to specify how the money should be
used in the Community Housing bucket. Authority has consensus to make a recommendation
to Town Council to move forward with the EHU exchange application.
5. Matters from the Chairman and Authority Members (5 min.)
Carlie Smith led the discussion about current work of the town Staff and the Town's financial
advisors. The group continues through planning the West Middle Creek housing project and
the next step is setting up a non-profit corporation who will contract with the developer and will
also issue the housing revenue bonds for the project in the approximate amount of $133M,
coupled with the COP that the Town will be issuing along with the $10M from Town. To do that,
a board will be established.
The Town would like to offer a seat on the board to someone from the Authority. There will
always be an Authority member spot but there are not terms on the spot. The bylaws will need
to list exactly who that member will be.
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Lindstrom suggests that we appoint one member to the seat for one year and align with
new board members be appointed each year.
The time commitment would likely meet once per month, especially when setting up
the documents and approving resolutions. Meeting times will change as the project
changes.
The board will be five members total including the deputy town manager, public works
director, housing director, finance director and an authority member. The Town will need an
Authority member name after the next Authority meeting so it can be added to the bylaws
and articles of incorporation. The Authority voted on this and appointed Santucci as a
member.
Denton entered the meeting.
Lindstrom attended an Eagle County Housing Advisory Board and updated the group on
Vail happenings and West Middle Creek. Smith confirmed that the Town will close on the
bonds in April 2025.
The Town Council directed staff to put together a plan to execute a program for the Timber
Ridge EHU Exchange program. There may be future opportunity to further discuss the EHU
Exchange program and the STR fee program. Both items are still open.
Lindstrom mentioned the East Vail CDOT property is scheduled to close the first week
of February bringing future opportunity for 20 townhomes.
Kristin Kenny Williams made a motion to Approve Motion to award Christine Santucci
MOTION: Williams SECOND: Lindstrom PASSED: 4 - 0
6. Executive Session (15 min.) Executive Session pursuant to: 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.
At 3:30 p.m. Williams made a motion to exit regular session and enter executive session.
MOTION: Williams SECOND: Denton PASSED: 4 - 0
7. Any Action as a Result of Executive Session (5 min.)
Lindstrom made a motion to direct staff to move forward as discussed during Executive
MOTION: Lindstrom SECOND: Santucci PASSED: 4 - 0
8. Adjournment 3:43 p.m.
9. Next Meeting Date (February 11, 2025)
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AGENDA ITEM NO. 4.1
Item Cover Page
DATE:March 11, 2025
TIME:5 Min.
SUBMITTED BY:Martha Anderson, Housing
ITEM TYPE:Main Agenda
AGENDA SECTION:Main Agenda (25 min.)
SUBJECT:Resolution No. 1, Series of 2025, A Resolution Approving an
Exemption from Audit for the Fiscal Year 2024, for the Vail Local
Housing Authority in the State of Colorado.
SUGGESTED ACTION:
PRESENTER(S):Jake Shipe, Budget Manager
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
ATTACHMENTS:
Resolution Audit Exempt 24.pdf
2024 Audit Exemption.pdf
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RESOLUTION NO. 1, SERIES OF 2025
RESOLUTION NO. 1 SERIES OF 2025
A RESOLUTION APPROVING AN EXEMPTION FROM AUDIT FOR THE
FISCAL YEAR 2024 FOR THE VAIL LOCAL HOUSING AUTHORITY IN THE
STATE OF COLORADO.
WHEREAS, the board of the Vail Local Housing Authority wishes to claim
exemption from the audit requirements of Section 29-1-603, C.R.S.; and
WHEREAS, Section 29-1-604, C.R.S. states that any local government where
neither revenues nor expenditures exceed five hundred thousand dollars may,
with the approval of the state auditor, be exempt from the provisions of Section
29-1-603, C.R.S.; and
WHEREAS, neither revenues nor expenditures for the Vail Local Housing
Authority exceeded $100,000 for fiscal year 2024; and
WHEREAS, an application for exemption from audit for the Vail Local Housing
Authority has been prepared by Jake Shipe, a person skilled in governmental
accounting; and
WHEREAS, said application for exemption from audit has been completed in
accordance with regulations issued by the state auditor.
NOW THEREFORE, it will be ordained by the board of the Vail Local Housing
Authority that the application for exemption from audit for the Vail Local Housing
Authority for the fiscal year ended, December 31, 2024, has been reviewed and
is hereby approved by a majority of the board of the Vail Local Housing Authority’
that those members of the Vail Local Housing Authority have signified their
approval by signing below; and that this resolution shall be attached to, and shall
become a part of the application for exemption for audit of the Vail Local Housing
Authority for the fiscal year ended December 31, 2024.
ADOPTED THIS 11th DAY OF March 2025.
ATTEST: SIGNED:
________________ __________________
Martha Anderson, Secretary Steve Lindstrom, Chairman
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RESOLUTION NO. 1, SERIES OF 2025
Members of Board Date Term Expires Signature
Steve Lindstrom 05/31/2025
Craig Denton 05/31/2027
Christine Santucci 05/31/2029
Kristin Kenny Williams 05/31/2028
Dan Godec 05/31/2026
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--or--
Are all sections on the form complete, including responses to all of the questions?
If yes, have you included a resolution?
Will this application be submitted via a mail service? (e.g. US Post Office, FedEx, UPS,
courier.)
If yes, does the application include ORIGINAL INK SIGNATURES from the
MAJORITY of the governing body?
ALL APPLICATIONS MUST BE FILED WITH THE OSA WITHIN 3 MONTHS AFTER THE ACCOUNTING YEAR-END.
FOR EXAMPLE, APPLICATIONS MUST BE RECEIVED BY THE OSA ON OR BEFORE MARCH 31 FOR GOVERNMENTS WITH A
DECEMBER 31 YEAR-END. APPLICATIONS FOR EXEMPTION FROM AUDIT ARE NOT ELIGIBLE FOR AN EXTENSION OF TIME
GOVERNMENTAL ACTIVITY SHOULD BE REPORTED ON THE MODIFIED ACCRUAL BASIS
PROPRIETARY ACTIVITY SHOULD BE REPORTED ON A BUDGETARY BASIS
Will this application be submitted electronically?Click here to go to the portal
Does the resolution state that the governing body PERSONALLY reviewed and
approved the resolution in an open public meeting?
Has the resolution been signed by a MAJORITY of the governing body?
(See sample resolution at the end of this form.)
CHECKLIST
Has the preparer signed the application?Check out our web portal. Register your account
and submit electronic Applications for Exemption
From Audit, Extension of Time to File requests,
Audited Financial Statements, and more!
See the link below:
Has the entity corrected all prior year deficiencies as communicated by the OSA?
Has the application been PERSONALLY reviewed and approved by the governing body?
Did you include any relevant explanations for unusual items in the appropriate spaces
at the end of each section?
If yes, have you read and understood the Electronic Signature Policy?
See policy in Part 11.
APPLICATION FOR EXEMPTION FROM AUDIT
SHORT FORM
IF EITHER REVENUES OR EXPENDITURES EXCEED $100,000, USE THE LONG FORM.
Under the Local Government Audit Law (Section 29-1-601, et seq., C.R.S.) any local government may apply for an exemption from
audit if neither revenues nor expenditures exceed $750,000 in the year.
EXEMPTIONS FROM AUDIT ARE NOT AUTOMATIC
To qualify for exemption from audit, a local government must complete an Application for Exemption from Audit EACH YEAR and
submit it to the Office of the State Auditor (OSA).
POSTMARK DATES WILL NOT BE ACCEPTED AS PROOF OF SUBMISSION ON OR BEFORE THE STATUATORY DEADLINE
PRIOR YEAR FORMS ARE OBSOLETE AND WILL NOT BE ACCEPTED.FOR YOUR REFERENCE, COLORADO REVISED STATUTES
CAN BE FOUND AT:
APPLICATIONS SUBMITTED ON FORMS OTHER THAN THOSE
PRESCRIBED BY THE OSA WILL NOT BE ACCEPTED.http://www.lexisnexis.com/hottopics/Colorado/
APPLICATIONS MUST BE FULLY AND ACCURATELY COMPLETED.
Any preparer of an Application for Exemption from Audit-SHORT FORM must be a person skilled in governmental accounting.
Approval for an exemption from audit is granted only upon the review by the OSA.
READ ALL INSTRUCTIONS BEFORE COMPLETING AND SUBMITTING THIS FORM
9
Register and submit your Applications at our web portal! For faster processing the web portal is the preferred method for submission
All Applications for Exemption from Audit are subject to review and approval by the Office of the State Auditor.
Governmental Activity should be reported on the Modified Accrual Basis
Proprietary Activity should be reported on the Cash or Budgetary Basis
Failure to file an application or denial of the request could cause the local government to lose its exemption from audit for that year and the
ensuing year.
In that event, AN AUDIT SHALL BE REQUIRED.
QUESTIONS?Email: osa.lg@coleg.gov OR Phone; 303-869-3000
IMPORTANT!
Local Government Audit Division
1525 Sherman St., 7th Floor
Denver, CO 80203
Please Note: The OSA's email addresses have changed as of December 1, 2023. Please ensure you are using the email address noted
below.
FILING METHODS
WEB PORTAL:https://apps.leg.co.gov/osa/lg
MAIL:Office of the State Auditor
10
PREPARER (SIGNATURE REQUIRED)
DATE PREPARED
(No exemption shall be granted prior to the
close of said fiscal year)
3/11/2025
Please indicate whether the following financial information is recorded
using Governmental or Proprietary fund types
GOVERNMENTAL
(MODIFIED ACCRUAL BASIS)
PROPRIETARY
(CASH OR BUDGETARY BASIS)
FIRM NAME (if applicable)
ADDRESS 75 S Frontage Road Vail, CO 81657
PHONE 970-479-2113
PART 1 - CERTIFICATION OF PREPARER
I certify that I am skilled in governmental accounting and that the information in the application is complete and accurate, to the best of my
knowledge.
NAME:Jake Shipe
TITLE Budget Manager
CONTACT PERSON Jake Shipe
PHONE 970-479-2113
EMAIL jshipe@vail.gov
SHORT FORM
NAME OF GOVERNMENT Vail Local Housing Authority For the Year Ended
ADDRESS 75 S Frontage Road 12/31/24
Vail, CO 81657 or fiscal year ended:
APPLICATION FOR EXEMPTION FROM AUDIT
11
Line #
2-1 Taxes:Property (report mills levied in question 10-7)
2-2 Specific ownership
2-3 Sales and use
2-4 Other (specify):
2-5
2-6 Grants
2-7 Conservation Trust Funds (Lottery)
2-8 Highway Users Tax Funds (HUTF)
2-9 Other (specify):
2-10
2-11
2-12
2-13
2-14
2-15 Debt proceeds
2-16
2-17 Developer Advances received (should agree to table 4-4, column 'Issued during year')
2-18
2-19
2-20
2-21
2-22
2-23
2-24
2-25
2-26
Line #
3-1
3-2
3-3
3-4
3-5
3-6
3-7
3-8
3-9
3-10
3-11
3-12
3-13
3-14
3-15
3-16
3-17 Debt service principal (should agree to table 4-4, column 'Retired during year')
3-18
3-19
3-20
3-21 Contribution to pension plan
3-22 Contribution to Fire & Police Pension Assoc.
3-23
3-24 Board Professional Development
3-25 Miscellaneous
3-26
3-27
3-28
(should agree to table 4-4, column 'Issued during year')
-$
1,202$
-$
2,500$
If TOTAL REVENUES (Line 2-26) or TOTAL EXPENDITURES (Line 3-28) are GREATER than $100,000 - STOP.
You may not use this form. Please use the "Application for Exemption from Audit - LONG FORM".
-$
-$
(add lines 3-1 through 3-27) TOTAL EXPENDITURES/EXPENSES 68,478$
-$
Repayment of Developer Advance Interest -$
-$
-$
Other (specify): Bank Fees 150$
Repayment of Developer Advance
Principal
(should agree to table 4-4,
column 'Retired during year')
Utility operations -$
Culture and recreation -$
-$
Debt service interest -$
Streets and highways -$
Public health -$
Capital outlay -$
-$
Contract services
Supplies -$
Utilities and telephone -$
Fire/Police -$
62,126$
Employee benefits -$
-$
(add lines 2-1 through 2-25) TOTAL REVENUES 72,337$
PART 3 - EXPENDITURES/EXPENSES
All expenditures for all funds must be reflected in this section, including the purchase of capital assets and principal and interest
payments on long-term debt. Financial information will not include fund equity information.
Donations -$
Other (specify): Revenue Share 3,200$
-$
Lease proceeds 35,000$
-$
Proceeds from sale of capital assets -$
Fire and police pension -$
Investment income 15,755$
Charges for utility services -$
-$
-$
Charges for services 18,382$
Fines and forfeits -$
Special assessments -$
Licenses and permits -$
Intergovernmental:-$
-$
-$
PART 2 - REVENUES
All revenues for all funds must be reflected in this section, including proceeds from the sale of the government's land, building, and
equipment, and proceeds from debt or lease transactions. Financial information will not include fund equity information.
Description Round to the nearest dollar Please use this
space to provide
any necessary
explanations
-$
-$
-$
-$
Insurance -$
Accounting and legal fees 2,500$
Repair and maintenance -$
Description Round to the nearest dollar Please use this
space to provide
any necessary
explanations
Administrative -$
Salaries -$
Payroll taxes
12
Yes No
4-1
4-2
4-3
4-4
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
**Subscription-Based Information Technology Arrangements *Must agree to prior year-end balance
Yes No
4-5
NEW 4-6
4-7
If yes:
4-8
If yes:
4-9
Amount Total
5-1 398,774$
5-2 -$
398,774$
5-3
-$
-$
-$
-$
-$
398,774$
Yes No N/A
5-4
5-5
Is the authorized but unissued debt further limited by the entity's most recent Service Plan?
If yes:How much?-$
Date of the most recent Service Plan:
TOTAL INVESTMENTS
TOTAL CASH AND INVESTMENTS
Are the entity's investments legal in accordance with Section 24-75-601, et.
seq., C.R.S.?
Are the entity's deposits in an eligible (Public Deposit Protection Act) public
depository (Section 11-10.5-101, et seq. C.R.S.)?
Part 5 - If no, MUST use this space to provide any explanations
Please answer the following questions by marking in the appropriate boxes.
YEAR-END Total of ALL Checking and Savings Accounts
Certificates of deposit
TOTAL CASH DEPOSITS
Investments (if investment is a mutual fund, please list underlying investments):
What are the annual lease payments?-$
Part 4 - Please use this space to provide any explanations/comments or attach separate documentation, if needed
PART 5 - CASH AND INVESTMENTS
Please provide the entity's cash deposit and investment balances.
Does the entity have any lease agreements?
If yes:What is being leased?
What is the original date of the lease?
Number of years of lease?
Is the lease subject to annual appropriation?
Does the entity intend to issue debt within the next calendar year?
How much?-$
Does the entity have debt that has been refinanced that it is still responsible for?
What is the amount outstanding?-$
Developer Advances
Other (specify):
TOTAL
Please answer the following questions by marking the appropriate boxes.
Does the entity have any authorized but unissued debt as of its fiscal year-end?
How much?-$
Date the debt was authorized:
Retired during
year
Outstanding at
year-end
General obligation bonds
Revenue bonds
Notes/Loans
Lease & SBITA** Liabilities [GASB 87 & 96]
Is the entity current in its debt service payments? If no, MUST explain below:
Please complete the following debt schedule, if applicable:
(please only include principal amounts)
(enter all amounts as positive numbers)
Outstanding at
end of prior year*
Issued during
year
PART 4 - DEBT OUTSTANDING, ISSUED, AND RETIRED
Please answer the following questions by marking the appropriate boxes.
Does the entity have outstanding debt?
(If 'No' is checked, skip to question 4-5)
(If 'Yes' is checked, please attach a copy of the entity's debt repayment schedule)
Is the debt repayment schedule attached? If no, MUST explain below:
13
Yes No
6-1
6-2
6-3 Balance -
beginning of the
year*
Additions^Deletions Year-End
Balance
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
-$ -$ -$ -$
*Must agree to prior year-end balance
Yes No
7-1
7-2
-$
-$
-$
-$
-$
Yes No N/A
8-1
8-2
If yes:
Part 7 - Please use this space to provide any explanations or comments
PART 8 - BUDGET INFORMATION
Please answer the following questions by marking in the appropriate boxes.
Did the entity file a budget with the Department of Local Affairs for the current
year in accordance with Section 29-1-113 C.R.S.?
If no, MUST explain:
Tax (property, SO, sales, etc.):
State contribution amount:
Other (gifts, donations, etc.):
TOTAL
(Please make sure each individual fund's appropriation agrees to how the budget was adopted.
Do not combine funds)
Did the entity pass an appropriations resolution, in accordance with Section
29-1-108 C.R.S.? If no, MUST explain:
Please indicate the amount appropriated for each fund separately for the year reported
Governmental/Proprietary Fund Name Total Appropriations By Fund
Vail Local Housing Authority $162,370.00
PART 7 - PENSION INFORMATION
Please answer the following questions by marking in the appropriate boxes.
Does the entity have an "old hire" firefighters' pension plan?
Does the entity have a volunteer firefighters' pension plan?
If yes:Who administers the plan?
Indicate the contributions from:
What is the monthly benefit paid for 20 years of service per retiree as of Jan
1?
Construction In Progress (CIP)
Leased & SBITA Right-to-Use Assets
Other (explain):
Accumulated Depreciation/Amortization
(Please enter a negative, or credit, balance)
TOTAL
Part 6 - Please use this space to provide any explanations/comments or attach documentation, if needed
Complete the following capital & right-to-use assets table:
Land
Buildings
Machinery and equipment
Furniture and fixtures
Infrastructure
^Generally capital asset additions should be reported as capital outlay on line
3-14 and capitalized in accordance with the government's capitalization policy.
Please explain any discrepancy
PART 6 - CAPITAL AND RIGHT-TO-USE ASSETS
Please answer the following questions by marking in the appropriate boxes.
Does the entity have capital assets?
Has the entity performed an annual inventory of capital assets in accordance with Section 29-
1-506, C.R.S.,? If no, MUST explain:
(If 'No' is checked, skip the rest of Part 6)
14
Yes No
9-1
Yes No
10-1
If yes:Date of formation:
10-2
10-3
10-4
10-5
If yes:
10-6
If yes:
10-7
If yes:
Yes No N/A
10-8
Please use this space to provide any additional explanations or comments not previously included
General/other mills -
Total mills -
If the entity is a Title 32 Special District formed after 7/1/2000, has the entity
filed its preceding year annual report with the State Auditor as required under
SB 21-262 [Section 32-1-207 C.R.S.]? If NO, please explain.
Has the district filed a Title 32, Article 1 Special District Notice of Inactive Status during the
year? [Applicable to Title 32 special districts only, pursuant to Sections 32-1-103 (9.3) and 32-
1-104 (3), C.R.S.]
Date filed:
Does the entity have a certified mill levy?
Please provide the following mills levied for the year reported (do not report $ amounts):
Bond redemption mills
Does the entity have an agreement with another government to provide services?
List the name of the other governmental entity and the services provided:
Town of Vail: Accounting Services
Please answer the following questions by marking in the appropriate boxes.
Is this application for a newly formed governmental entity?
Has the entity changed its name in the past or current year?
-
If yes:
Please answer the following question by marking in the appropriate box.
Is the entity in compliance with all the provisions of TABOR [State Constitution, Article X,
Section 20(5)]?
Note: An election to exempt the entity from the spending limitations of TABOR does not exempt the entity
from the 3 percent emergency reserve requirement. All entities should determine if they meet this requirement
of TABOR.
Part 9 - If no, MUST use this space to provide any explanations
PART 10 - GENERAL INFORMATION
Is the entity a metropolitan district?
Please indicate what services the entity provides:
PART 9 - TAXPAYER'S BILL OF RIGHTS (TABOR)
Please list the PRIOR name:
Please list the NEW name:
15
Yes No
11-1
Office of the State Auditor — Local Government Division - Exemption
Form Electronic Signature Policy and Procedure
Policy - Requirements
The Office of the State Auditor Local Government Audit Division may accept an electronic submission of an application for
exemption from audit that includes governing board signatures obtained through a program such as Docusign or Echosign.
Required elements and safeguards are as follows:
• The preparer of the application is responsible for obtaining board signatures that comply with the requirement in Section 29-1-604
(3), C.R.S., that states the application shall be personally reviewed, approved, and signed by a majority of the members of the
governing body.
• The application must be accompanied by the signature history document created by the electronic signature software. The
signature history document must show when the document was created and when the document was emailed to the various parties,
and include the dates the individual board members signed the document. The signature history must also show the individuals'
email addresses and IP address.
• Office of the State Auditor staff will not coordinate obtaining signatures.
The application for exemption from audit form created by our office includes a section for governing body approval. Local
governing boards note their approval and submit the application through one of the following two methods:
1) Submit the application in hard copy via the US Mail including original signatures.
2) Submit the application electronically via email and either,
a. Include a copy of an adopted resolution that documents formal approval by the Board, or
b. Include electronic signatures obtained through a software program such as Docusign or Echosign in accordance with the
requirements noted above.
PART 11 - GOVERNING BODY APPROVAL
Please answer the following question by marking in the appropriate box.
If you plan to submit this form electronically, have you read the Electronic Signature Policy?
16
Board
Member
6
Board
Member
7
Board
Member
4
Board
Member
5
Board Member's Name:Kristin Kenny Williams
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: 05/31/2028
Signature _______________________________________
Date _________________________
Board Member's Name:Christine Santucci
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: 05/31/2029
Signature _______________________________________
Date _________________________
Board Member's Name:
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: ______________________
Signature _______________________________________
Date _________________________
Board Member's Name:
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: ______________________
Signature _______________________________________
Date _________________________
Board
Member
3
Board Member's Name:Dan Godec
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: 05/31/2026
Signature _______________________________________
Date _________________________
Board Member's Name:Craig Denton
____________________________________________
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: 05/31/2027
Signature _______________________________________
Date _________________________
Board
Member
1
Board
Member
2
I attest that I am a duly elected or appointed board member,
and that I have personally reviewed and approved this
application for exemption from audit.
My term expires: 05/31/2025
Steve Lindstrom
____________________________________________
Signature _______________________________________
Date _________________________
Print or type the names of ALL members of current governing body below.
A MAJORITY of the members of the governing body must sign below.
Board Member's Name:
17
EXAMPLE - DO NOT FILL OUT THIS PAGE
This sample resolution/ordinance for exemption from audit is provided as an example of the documentation that is required. The wording may
be used as a basis for your own local government document, if needed; however you MUST draft your own ordinance or resolution making any
changes where applicable. Legal counsel should be consulted regarding any questions.
RESOLUTION/ORDINANCE FOR EXEMPTION FROM AUDIT
(Pursuant to Section 29-1-604, C.R.S.)
A RESOLUTION/ORDINANCE APPROVING AN EXEMPTION FROM AUDIT FOR FISCAL YEAR 20XX FOR
THE (name of government), STATE OF COLORADO.
WHEREAS, the (governing body) of (name of government) wishes to claim exemption from the audit requirements of
Section 29-1-603, C.R.S.; and
WHEREAS, Section 29-1-604, C.R.S., states that any local government where neither revenues nor expenditures exceed
seven hundred and fifty thousand dollars may, with the approval of the State Auditor, be exempt from the provision of
Section 29-1-603, C.R.S.; and
[Choose 1 or 2 below, whichever is applicable]
(1)WHEREAS, neither revenue nor expenditures for (name of government) exceeded $100,000 for Fiscal Year 20XX;
and
WHEREAS, an application for exemption from audit for (name of government) has been prepared by (name of
individual), a person skilled in governmental accounting; and
OR
(2)WHEREAS, neither revenues nor expenditures for (name of government) exceeded $750,000 for Fiscal Year 20XX;
and
WHEREAS, an application for exemption from audit for (name of government) has been prepared by (name of
individual or firm), an independent accountant with knowledge of governmental accounting; and
WHEREAS, said application for exemption from audit has been completed in accordance with regulations, issued by the
State Auditor.
NOW THEREFORE, be it resolved/ordained by the (governing body) of the (name of government) that the
application for exemption from audit for (name of government) for the Fiscal Year ended ____________, 20XX, has
been personally reviewed and is hereby approved by a majority of the (governing body) of the (name of government);
that those members of the (governing body) have signified their approval by signing below; and that this resolution
shall be attached to, and shall become a part of, the application for exemption from audit of the (name of government)
for the fiscal year ended ____________, 20XX.
ADOPTED THIS ___ day of _____________, A.D. 20XX.
RESOLUTION/ORDINANCE FOR EXEMPTION FROM AUDIT
(Pursuant to Section 29-1-604, C.R.S.)
A RESOLUTION/ORDINANCE APPROVING AN EXEMPTION FROM AUDIT FOR FISCAL YEAR 20XX FOR
THE (name of government), STATE OF COLORADO.
WHEREAS, the (governing body) of (name of government) wishes to claim exemption from the audit requirements of
Section 29-1-603, C.R.S.; and
WHEREAS, Section 29-1-604, C.R.S., states that any local government where neither revenues nor expenditures exceed
seven hundred and fifty thousand dollars may, with the approval of the State Auditor, be exempt from the provision of
Section 29-1-603, C.R.S.; and
[Choose 1 or 2 below, whichever is applicable]
(1)WHEREAS, neither revenue nor expenditures for (name of government) exceeded $100,000 for Fiscal Year 20XX;
and
WHEREAS, an application for exemption from audit for (name of government) has been prepared by (name of
individual), a person skilled in governmental accounting; and
OR
(2)WHEREAS, neither revenues nor expenditures for (name of government) exceeded $750,000 for Fiscal Year 20XX;
and
WHEREAS, an application for exemption from audit for (name of government) has been prepared by (name of
individual or firm), an independent accountant with knowledge of governmental accounting; and
WHEREAS, said application for exemption from audit has been completed in accordance with regulations, issued by the
State Auditor.
NOW THEREFORE, be it resolved/ordained by the (governing body) of the (name of government) that the
application for exemption from audit for (name of government) for the Fiscal Year ended ____________, 20XX, has
been personally reviewed and is hereby approved by a majority of the (governing body) of the (name of government);
that those members of the (governing body) have signified their approval by signing below; and that this resolution
shall be attached to, and shall become a part of, the application for exemption from audit of the (name of government)
for the fiscal year ended ____________, 20XX.
ADOPTED THIS ___ day of _____________, A.D. 20XX.
18
EXAMPLE - DO NOT FILL OUT THIS PAGE
________________________
Mayor/President/Chairman, etc.
ATTEST:
________________________
Town Clerk, Secretary, etc.
Date
Type or Print Names of Term
Members of Governing Body Expires Signature
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
________________________
Mayor/President/Chairman, etc.
ATTEST:
________________________
Town Clerk, Secretary, etc.
Date
Type or Print Names of Term
Members of Governing Body Expires Signature
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
___________________________ _______ ________________________
19
AGENDA ITEM NO. 4.2
Item Cover Page
DATE:March 11, 2025
TIME:15 Min.
SUBMITTED BY:Martha Anderson, Housing
ITEM TYPE:Main Agenda
AGENDA SECTION:Main Agenda (25 min.)
SUBJECT:2024 Year-End Financial Housing Update
SUGGESTED ACTION:
PRESENTER(S):Jake Shipe, Budget Manager
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
ATTACHMENTS:
031125 VLHA 2024 Year-End Financial Update.pdf
20
Annual YTD Budget Less % of Prior Year
Budget Amount Actual Amount YTD Actual Budget Total Actual
15,900.00 18,381.73 (2,481.73)116 16,539.83
800.00 3,200.00 (2,400.00)400 800.00
7,866.00 15,754.92 (7,888.92)200 10,618.45
35,000.00 35,000.00 .00 100 35,000.00
$59,566.00 $72,336.65 ($12,770.65)121%$62,958.28
$59,566.00 $72,336.65 ($12,770.65)121%$62,958.28
155,750.00 62,125.98 93,624.02 40 59,827.50
2,500.00 2,500.00 .00 100 2,500.00
2,500.00 2,500.00 .00 100 345.00
120.00 150.00 (30.00)125 120.00
1,500.00 1,202.43 297.57 80 721.52
$162,370.00 $68,478.41 $93,891.59 42%$63,514.02
$162,370.00 $68,478.41 $93,891.59 42%$63,514.02
59,566.00 72,336.65 (12,770.65)121%62,958.28
162,370.00 68,478.41 93,891.59 42%63,514.02
($102,804.00)$3,858.24 $106,662.24 (4%)($555.74)
Beginning Fund Balance 393,304 393,304 393,860
Ending Fund Balance 290,500 397,163 393,304
Account Account Description
Fund 800 - Vail Local Housing Authority
Income Statement
Through 12/31/24
REVENUE
Department 0000 - Revenue
31460.00 Middle Creek Mgmt Fee
31462.00 LionsRidge Apartments Revenue Share
31610.00 Interest
31960.00 Ground Lease Revenue
Department 0000 - Revenue Totals
REVENUE TOTALS
EXPENSE
33.20 Accounting Fees
Department 6700 - Vail Local Housing Authority
33.00 Professional Fees
35.30 Professional Development
70.34 Bank Charges
73.00 Miscellaneous
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)
Page 1 of 1 21
Current YTD Prior Year
Balance Total Actual Net Change Change %
59,729.17 89,979.36 (30,250.19)(33.62)
339,044.41 308,030.00 31,014.41 10.07
$398,773.58 $398,009.36 $764.22 0.19%
.00 400.00 (400.00)(100.00)
$0.00 $400.00 ($400.00)(100.00%)
370.00 370.00 .00 .00
$370.00 $370.00 $0.00 0.00%
$399,143.58 $398,779.36 $364.22 0.09%
1,980.98 5,475.00 (3,494.02)(63.82)
$1,980.98 $5,475.00 ($3,494.02)(63.82%)
$1,980.98 $5,475.00 ($3,494.02)(63.82%)
397,162.60 393,304.36 3,858.24 0.97%
$397,162.60 $393,304.36 3,858.24 0.97%
$397,162.60 $393,304.36 3,858.24 0.97%
$399,143.58 $398,779.36 364.22 0.09%
10600
ASSETS
Fund 800 - Vail Local Housing Authority
Balance Sheet
Through 12/31/24
Account Account Description
10600.00 VLHA / Checking 1893
10600.01 VLHA / Liquid Asset 8622
10600 - Totals
11000
11000.00 Accounts Receivable
11000 - Totals
14010
14010.00 Prepaid Expenses
14010 - Totals
ASSETS TOTALS
LIABILITIES AND FUND EQUITY
LIABILITIES
20100
20100.00 Accounts Payable
20100 - Totals
LIABILITIES TOTALS
FUND EQUITY
LIABILITIES AND FUND EQUITY TOTALS
FUND EQUITY TOTALS
29205
29205.00 Fund Balance - Restricted
29205 - Totals
22
TOWN OF VAIL 2025 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
HOUSING FUND
2024 1st 2024 2nd 2024 3rd 2024 2024 YTD
Budget Supplemental Amended Supplemental Amended Supplemental Amended Actual 2025
Revenue
Housing Sales Tax 4,950,000$ 4,950,000$ 4,950,000$ 4,950,000$ 5,110,306$ 5,201,534$ 2025: 1% annual increase from 2024; 2026 -
2029: 2% annual increase
Housing Fee in Lieu Annual Collections 46,199 46,199 46,199
2024: Utilize housing fee in lieu towards Buy
Down housing
Transfer from CPF - Reimbursement for North Trail Townhome Unit
D (TOV unit)308,799 308,799 308,799 2024: Repayment from CPF for North Trail
Unit D
Transfer in from Capital Projects Fund 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Workforce Housing Sales 475,000 475,000 625,000 1,100,000 1,100,000 389,902 2024: Estimated resale revenue for Pitkin
Creek #3B and #14A
Lionsridge Land Sale 4,995,455 4,995,455 4,995,455 2025: Lionsridge Land Lease Purchase
Option
Deed Restriction Buyouts 675,000 675,000 675,000
Earnings on Investments 700,000 700,000 618,361 50,000
Total Revenue 7,450,000 475,000 7,925,000 625,000 8,550,000 6,725,453 15,275,453 14,644,022 7,751,534
Expenditures
Housing Programs
InDeed Program 2,500,000 680,089 3,180,089 (160,444) 3,019,645 3,019,645 134,000 1,500,000 Annual $2.5M transfer from CPF for
InDeed/Community Housing; In 2025 $1.0M
to be used for TR Habitat Contribution
Buy Down Housing 106,891 106,891 106,891 44,013 150,904
2024: Utilize housing fee in lieu towards Buy
Down housing
Timber Ridge Unit Purchases 2026: Commitment to purchase TR units
Future Purchases 1,500,000 1,500,000 1,500,000 1,500,000 2,275,000 Placeholder for Buy Down housing
purchases
Pitkin Creek Unit #14A 4,000 4,000 4,000 1,816 5,816 5,815
Pitkin Creek Unit #3B 785,444 785,444 370 785,814 785,808 2024: 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 80,920
Timber Ridge Habitat Contribution 2,000,000 $2.0M contribution to Habitat to Humanity for
TR units
W. Middle Creek Development Predevelopment 3,892,046 3,892,046 3,892,046 3,892,046 3,016,002
W. Middle Creek Development Placeholder 10,000,000 $10.0M placeholder for W. Middle Creek
housing projects
W. Middle Creek Development Legal Fees Contingency 50,000 50,000 50,000 50,000 900
East Vail Parcel Predevelopment 400,000 400,000 180
Residences at Main Vail Opportunity Fee 50,000 50,000 50,000 2024: 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 3,270,000 2,630,735
CDOT Parcel Acquisition Placeholder - East Vail 2,650,000 2,650,000 2,650,000 17,900 2,667,900 3,644
Purchase of 1' wide stretch of land around
CDOT parcel ($17.9K)
Eagle-Vail Parcel Placeholder 50,000 50,000 50,000 50,000
Total Expenditures 2,500,000 12,283,946 14,783,946 675,000 15,458,946 464,099 15,923,045 6,577,085 15,775,000
Operating Income 4,950,000 (11,808,946) (6,858,946) (50,000) (6,908,946) 6,261,354 (647,592) 8,066,937 (8,023,466)
Other Finance Sources (Uses
Transfer from/(to) Timber Ridge- Site and Podium (9,000,000) (93,105) (9,093,105) (9,093,105) (9,093,105) (8,166,687)
Transfer from/(to) Timber Ridge- CDOT Land Acquisition (1,715,000) (1,715,000) (1,715,000) (4,650) (1,719,650)
Loan from/(repayment to) CPF/GF for Middle Creek 10,000,000
Total Other Finance Sources (Uses)(9,000,000) (1,808,105) (10,808,105) - (10,808,105) (4,650) (10,812,755) (8,166,687) 10,000,000
Surplus (Deficit) Net of Transfers and One-Time Items (4,050,000) (13,617,051) (17,667,051) (50,000) (17,717,051) 6,256,704 (11,460,347) (99,750) 1,976,534
Beginning Fund Balance 18,784,163 18,784,163 18,784,163 18,784,163 18,784,163 7,323,817
Ending Fund Balance 14,734,163$ 1,117,111$ 1,067,111$ 7,323,815$ 18,684,413$ 9,300,351$
Capital Projects Fund / Internal Employee Housing Rental Fund Buffehr Creek #3B, Meadow Creek #L-4,
TOV Employe Rental units 2,000,000$ 1,224,136$ 3,224,136 -$ 3,224,136 2,000,000$ 5,224,136 3,456,681$ -$ 4093 Spruce Way, and Hamlet Chalet
23
AGENDA ITEM NO. 4.3
Item Cover Page
DATE:March 11, 2025
TIME:5 Min.
SUBMITTED BY:Martha Anderson, Housing
ITEM TYPE:Main Agenda
AGENDA SECTION:Main Agenda (25 min.)
SUBJECT:Resolution No. 2, Series of 2025, a Resolution Approving the
Purchase of a Deed Restriction Interest in Property (Type III Deed
Restriction) in the Town of Vail Legally Described as Bldg 2:
Subdivision: Sandstone 70 Unit C, Eagle County, Colorado with a
Physical Address of 909 Red Sandstone Road, Unit C2, Vail,
Colorado; and Setting Forth Details in Regard Thereto.
SUGGESTED ACTION:
PRESENTER(S):Martha Anderson, Senior Housing Coordinator
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
ATTACHMENTS:
2025-2 VLHA Resolution purchase of a deed restriction 909 Red Sandstone Road Unit C2.pdf
24
RESOLUTION NO. 2
Series of 2025
RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN
PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY
DESCRIBED AS BLDG 2 SUBDIVISION: SANDSTONE 70 UNIT C, EAGLE COUNTY,
COLORADO WITH A PHYSICAL ADDRESS OF 909 RED SANDSTONE ROAD, UNIT C2,
VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO.
WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County
of Eagle and State of Colorado is duly organized and existing under the laws of the State of
Colorado; and
WHEREAS, the members of the Authority have been duly appointed and qualified; and
WHEREAS, the Authority considers it in the interest of the public health, safety and
welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally
described as Bldg 2 Subdivision: Sandstone 70 Unit C, Town of Vail, Eagle County, Colorado
with a physical address of 909 Red Sandstone Road, Unit C2, Vail Colorado (the “Property”);
and
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO THAT:
1. The purchase of the Deed Restriction on the Property is hereby approved by the
Authority at the maximum purchase price of $160,000.
2. The Chairman of the Vail Local Housing Authority is hereby authorized to execute,
on behalf of the Town, an agreement to purchase the Deed Restriction and to take
whatever steps are necessary to complete the purchase of the Deed Restriction
on the Property.
3. This resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local
Housing Authority of the Town of Vail held this 11th day of March 2025.
Steve Lindstrom,
Chairman of the Vail Local Housing Authority
ATTEST:
Martha Anderson,
Secretary of the Vail Local Housing Authority
Resolution No. 2, Series of 2025
25