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HomeMy WebLinkAbout2025-08-12 VLHA Meeting Minutes Vail Local Housing Authority Minutes Tuesday, August 12, 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 Craig Denton Dan Godec Kristin Kenny Williams Christine Santucci STAFF Anna Bengtson, Housing Development Specialist Missy Johnson, Housing Coordinator 1. Call to Order (3:00pm) Meeting called to order at 3:03 p.m. 2. Citizen Participation (5 min.) 3. Main Agenda 3.1 Housing Project Update Presenter(s): Anna Bengtson, Housing Development Specialist Time: 15 min The topping out party for Timber Ridge the week of August 4th was a success and the group agreed that the if anyone is still considering a purchase of Timber Ridge Village, now is a good time to view the reality of the space including the finishes, views and noise reduction from the windows. Bengtson reviewed the current building status and the future planning timeline. The buildings will be continuously built up moving forward. Triumph has been providing a sales report on a bi- weekly basis. Southface Vail updates include successful progression including the completion of the main installation, the road has been repaved and the pedestrian and bike path has been repaved and reopened. The continuous scaling, removal and movement of materials can be expected for months to come as the land is prepped. 3.2 VLHA Q2 Finance Update Presenter(s): Jake Shipe, Town of Vail Finance, Budget Manager Time: 20 min VLHA Financial Update - Q2 2025.pdf Shipe reviewed the quarterly reports for Q2 highlighting the Vail Local Housing Authority income statement, balance sheet and update on the Town of Vail housing fund. The current fund balance is $407,000. Lindstrom noted that the VLHA is no longer receiving funds from the ground leasing of Lions Ridge, which is now received by management, so that is a decrease of $35,000 per year. The TOV housing fund, through June 30, 2025, has collected approximately $2.9M through the housing sales tax and EHU exchange program and EHU credit program. Generally, the Vail InDEED funding rolls to the next year. Shipe reviewed future housing project line items including West Middle Creek and East Vail Parcel. It is too soon to say what is projected as carry over of the Housing Fund to 2026. Discussion ensued around future funds available. Shipe pulled up the 5-year plan, which was not attached to agenda. It is not yet finalized at this time, for the Council to determine in the future. 4. Matters from the Chairman and Authority Members Denton and the VLHA had a brief discussion about the current real estate market. The Impact Finance Center, a non-profit organization, will be hosting a workshop in Vail for Sept. 4th and 5th. The intention is to educate about impact investment and how to leverage the investing to support projects or community initiatives. There are ways it could apply towards Town of Vail's financial stack to help with targeting specific aspects of community housing projects. Timber Ridge Village had recent outreach, media and story to tell that will be beneficial for local businesses to understand as they consider a purchase. The best of the remaining units will go quickly so it is recommended to get onsite to view the project by contacting Tish Palmer at Triumph Development. The VLHA is interested in viewing the price per sq. ft. monthly sales report. Lindstrom mentioned it may be time to review the point system as part of the Employee Housing Guidelines. Longevity and remote workers continue to be topics of discussion related to the point system and eligibility. 5. Adjournment Adjourned at 3:42 p.m. 6. Next Meeting Date - August 26