The URL can be used to link to this page

Home My WebLink About2025-05-13 VLHA Agenda - CANCELLED1.Call to Order (3:00pm) 2.Citizen Participation (5 min.) 3.Approval of Minutes (5 min.) 3.1 Approval of April 8, 2025 Minutes 5 Mins Presenter(s): Missy Johnson 4.Main Agenda 4.1 Staff and Authority Updates and Look Ahead 5.Matters from the Chairman and Authority Members 6.Executive Session 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. 7.Any Action as a Result of Executive Session 8.Adjournment 9.Next Meeting Date Tuesday, May 27, 2025 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, May 13, 2025 2025-04-08 VHLA Minutes.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:May 13, 2025 TIME:5 Mins SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (5 min.) SUBJECT:Approval of April 8, 2025 Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-04-08 VHLA Minutes.pdf 2 Vail Local Housing Authority Minutes Tuesday, April 8, 2025 3:00 PM Vail Town Council Chambers and Virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 PRESENT ABSENT Steve Lindstrom Dan Godec Christine Santucci Kristin Kenny Williams Craig Denton STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order (3:00 pm) Called to order at 3:01 p.m. 2. Citizen Participation (5 min.) Town of Vail resident, Galen Aasland, a local architect joined the Authority meeting to present his opinion about the upcoming review of a deed restriction exchange. He owns a deed restricted home that also has a secondary dwelling unit with a similar deed restriction the address that will be discussed in the upcoming EHU Exchange application review. Aasland’s understanding is that 2349 Chamonix Lane is listed for $3M+ and that the Town has agreed to pay $180,000 to release the deed restriction. Aasland compares the upcoming review of a deed restriction exchange to a recent deed restriction exchange for homes on Beaver Dam Circle and Mill Creek Circle. Aasland does not believe the exchange rates are fair when looking at home values. 3. Approval of Minutes (5 min.) 3.1 Approval of March 25, 2025 Minutes Presenter(s): Missy Johnson Time: 5 Mins 2025-03-25 VHLA Minutes.pdf MOTION: Williams SECOND: Denton PASSED: 4 - 0 4. Main Agenda (30 min.) 4.1 2349 Chamonix Lane EHU Exchange Application Presenter(s): George Ruther, Principal, Ruther Associates LLC Time: 15 Mins 2349 Chamonix Lane EHU Exchange Vail Local Housing Authority Memorandum 04082025.pdf 484574 Amendment to Restrictive Covenants 2349 Chamonix Lane-1.pdf Ruther Associates presented a memo and a copy of an existing deed restriction, presenting on behalf of the property owner's entity with a request for a release of an existing deed restrictions pursuant to Vail Town Code 12-13-5. Ruther ran through the memorandum and reference the deed restriction to highlight the current proposal from the owner and respond to some of Galen's concerns. 3 Applicant submitted the application on behalf of the trust that owns this property which is currently for sale/under contract. This is a 450 sq. ft. deed restriction listed on the property and a fee in lieu is presented in the amount of $180,000. The applicant used the Town code multiplier and used the per sq. ft. deed restriction values based on recent Vail InDEED transactions. This particular deed restriction does not run in perpetuity based on the language of an expiration. Additionally, this deed restriction says if the unit shall be rented, it shall be rented to a qualified resident. It is not required to be rented and is an underperforming deed restriction. Ruther further explained that the fee in lieu is based on the per sq.ft. value of a deed restriction vs. the per sq.ft. value of the property. He showed that the application does comply with all requirements as prescribed for an EHU exchange per the Town code. The applicant requests that the Authority make a recommendation to the Town Council to release this deed restriction based on the application. Conversation ensued around the application of the fee in lieu and clarification regarding the language of the deed restriction and the value thereof. There was clarification around the public comment, clarity of how the value is calculated and the value of the deed restriction. The math of the proposed fee in lieu is consistent with the mathematics of recent deed restriction exchanges. After the authority motioned to make a recommendation to Council, further conversation ensued to better clarify the public comment and the values of unoccupied deed restrictions as Ruther referred to Vail's Vail InDEED program and the objectives. Kristin Kenney Williams made a motion to Recommend for approval Based on the findings in the applicants memorandum. MOTION: Williams SECOND: Santucci PASSED: 4 - 0 4.2 Discussion Regarding the Vail InDEED Program Presenter(s): Martha Anderson, Senior Housing Coordinator Time: 15 Mins In follow -up to the previous Authority meeting, there had been discussion around the desire for a Vail InDEED advertising plan as well as the discussion around boosting the Vail InDEED program to 2.0. Discussion around the Vail InDEED program ensued regarding Anderson came to the Authority in request of discussion to increase the utilization of Vail InDEED funding in additional to buy-down funds. In reference to the partnership between Town of Vail and Eagle County to an increase to 30% down (for price-capped deed restrictions). Lindstrom continued with suggestions about further exploration of the described concept and better determination of the terms of the deed restriction. He also suggested exploring a pro- active approach to Vail InDEED allowing the Authority to make decisions to approve home purchases and flipping them, much like the Buy Down program, starting within the Town of Vail using the resale formula currently in place. Discussion ensued around the feasibility of flipping homes into the deed restriction program, the volatile market, staff bandwidth and the applicant lists and other ideas around Vail InDEED 2.0 to bring to Vail Town Council in the future. Williams suggested that the Authority continue efforts towards strong desire to reach Eagle County Commissioners, such as a scheduled meeting, to determine if there is interest in 4 down valley partnerships. She weighed in regarding buy -down bandwidth and the opportunity to market the current Vail InDEED program, which can even help current owners hold on to their homes. Denton weighed in regarding the current market, affordability and the local desires to purchase homes down valley. He stated that people will make car payments before they are going to make their mortgage payments and the Towns and County should work together to make things happen. Santucci agreed her desire to better communicate what the Town of Vail and Housing Authority offer to support local home buying and educate the public regarding Vail InDEED. Additional opportunities exist to communicate Timber Ridge opportunities as part of a marketing campaign to many different audiences. Anderson will work through next steps and come back to the group with additional ideas. Housing staff also recommends updating the Employee Housing Guidelines, as agreed upon by Lindstrom. 5. Matters from the Chairman and Authority Members (5 min.) Williams described the new rental application that is available through Habitat for Humanity. It is a digital, bi-lingual map that highlights the variety of locations and options for rental opportunities in Eagle County. 6. Adjournment (estimate) Adjourned at 4:13 p.m. 7. Next Meeting Date (April 22, 2025) 5 AGENDA ITEM NO. 4.1 Item Cover Page DATE:May 13, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:Staff and Authority Updates and Look Ahead SUGGESTED ACTION: VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 6