Loading...
HomeMy WebLinkAbout2025-11-11 VLHA Meeting Minutes 1 | P a g e Vail Local Housing Authority Minutes Tuesday, November 11, 2025 3:00 PM Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 Present: Steve Lindstrom, Chairman Dan Godec Christine Santucci Craig Denton Kristin Kenney Williams Staff: Anna Bengtson, Housing Development Specialist Missy Johnson, Housing Coordinator Jason Dietz, Housing Director Robyn Smith, Senior Housing Coordinator Call to Order (3:00pm) Citizen Participation (5 min.) Todd Mossa - General Manager of the Wren, speaking on behalf of 15 or so condo-hotel managers would like to engage with the VLHA about possible funding sources for employee housing. States that the ballot initiative 2A opposition campaign group he represents was not against what 2A stood for as a whole, was just opposed to the way it was brought about. Has come to offer an olive branch to open up future conversations. Chairman Lindstrom thanks group for engaging. States 2A opposition campaign talked about 'better solutions' - and the VLHA is open to hearing their ideas and moving forward. Approval of Minutes (5 min.) 3.1 Approval of October 13, 2025 - Special Meeting Minutes Presenter(s): Missy Johnson, Housing Coordinator Time: 5 min 2025-10-13 VLHA Meeting Minutes.pdf Dan Godec made a motion to Approve ; Kristin Kenney Williams seconded the motion Passed (5 - 0). Main Agenda Lindstrom opens item 4.3 2 | P a g e 4.3 Housing Project Update Listen to update on Housing Development Projects. Presenter(s): Anna Bengtson, Housing Development Specialist Time: 15 min Anna Bengtson, Housing Development Specialist, provides board update on the progress of Timber Ridge, Southface, and East Vail CDOT Parcel. Timber Ridge continues vertical. Anticipating phased occupancy to begin in December. Rockfall mitigation underway. Southface dirt is moving. Dietz notes currently three months ahead of schedule, largely due to early ordering of CME walls and strategic partnerships for off - site material storage and sorting in Dowd Junction. Lindstrom opens item 4.2 4.2 3rd Quarter Financial Update Review 3rd Quarter Financials. Presenter(s): Jake Shipe, Budget Manager Time: 5 min 2025 3rd Quarter VLHA Financial Update.pdf Jake Shipe, Town of Vail Budget Manager, presents 3rd Quarter Financial Update. Shipe reviews the Vail Local Housing Authority Income Statement and Balance Sheet - highlighting YTD revenue of $23,882.82, YTD expenditures of $9,980.54, and fund balance standing at $411,064.88. Lindstrom notes $35,000 annual loss in revenue resulting from the buy -out of Lions Ridge's ground lease. Dietz confirms that VLHA revenue source terminated upon sale in Q4 2024. Shipe reviews the Town of Vail Housing Fund through Q3 2025 - highlighting $4m in expenditures and $20m in transfers to the Timber Ridge Fund and Vail Home Partners Corporation for Southface. Lindstrom clarifies for the public that the Vail Local Housing Authority and the Town of Vail Housing Fund are separate entities. Shipe confirms - explains that the Town of Vail Housing Fund revenue is derived primarily from the Housing Sales Tax implemented in 2022 by voter approved ballot initiative; as well as transfers from Capital Projects Fund to the Housing Fund for specific housing projects and housing initiatives. Williams requests clarification for the record that the Town of Vail has a Housing Fund, and Housing dollars do not go into the General Fund. Shipe confirms that Williams is correct, adds this is verified by auditors. Santucci thanks Williams for the clarification - states it is important for public understanding. Lindstrom clarifies that $2m for Town of Vail Employee Housing was a Capital Projects Fund expenditure, not a Housing Fund expenditure. Shipe Confirms. 3 | P a g e Lindstrom opens item 4.1 4.1 2026 Budget: Resolution No. 5, Series 2025 Approve, approve with amendments, or deny 2026 Budget as presented. Presenter(s): Jake Shipe, Budget Manager Background: 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, 2026 through December 31, 2026. Time: 20 min VLHA 2026 Proposed Budget - Fund Statement.pdf VLHA Proposed 2026 Budget Line-Item Detail.pdf VLHA Resolution No. 5 (2026 Budget).pdf Jake Shipe, Town of Vail Budget Manager, presents budget. Lindstrom requests moving $4,000 from Meals into Professional Development. Williams looks forward to presenting to Council in February. Denton remarks on operating in deficit. Lindstrom notes the loss of revenue from Lions Ridge, and added expense of public meeting media coverage. Dan Godec made a motion to Approve Motion to Approve with the Condition the budget is amended as follows: Professional Development: $6,500 and Meals: $1,000; Craig Denton seconded the motion Passed (5 - 0). Lindstrom opens item 4.4 4.4 Consideration of Contract with Impact Finance Center – Experiential Impact Investing Education Authorize the Chair to execute a contract with the Impact Finance Center for the Experiential Impact Investing Education Program in an amount not to exceed $15,000 plus pre-approved travel expenses. Presenter(s): Steve Lindstrom, Chair Background: Impact Finance Center previously facilitated an impact investing workshop for the Town, and has submitted a proposal to continue this work through a structured two -phase education and implementation program for consideration by the Vail Local Housing Authority. Time: 10 min VLHA_Memo_ImpactFinanceCenter.pdf Lindstrom shares ongoing discussions with Impact Finance regarding a contract—still in a discovery phase, with no formal agreement or expenditure yet. Placeholder of $15,000 budgeted for potential future contract which can be rolled into 2025. Dietz notes current services provided via previous grants, not active VLHA spending. 4 | P a g e Godec shares external housing expert, David Smith, supports continued engagement with Impact Finance, citing value in long-term relationship. Board agreed to maintain flexibility and revisit formal arrangements as discussions progress; possibility raised for Impact Finance to present at a future meeting when a contract is up for approval. Lindstrom opens item 4.5 4.5 EHU Exchange Fee Program Review and discuss the program as presented. Presenter(s): Robyn Smith, Housing Background: On October 21st, 2025, Vail Town Council adopted Ordinance No. 20, Series of 2025 amending Vail Town Code §12-13-5(D)(5) Employee Housing Unit (EHU) Deed Restriction Exchange Program – Fee in lieu. This amendment provides an opportunity—subject to Town Council review and approval—for certain property owners to apply for release of an existing Employee Housing deed restriction in exchange for a fee-in-lieu payment to the Town. Time: 10 min External_EHUExchangeFeeUpdate.pdf Robyn Smith, Senior Housing Coordinator, presents EHU Exchange Fee Program outline and process for Board discussion following the adoption of Ordinance No. 20, Series of 2025 amending Vail Town Code §12-13-5(D)(5); which provides an opportunity—subject to Town Council review and approval—for certain property owners to apply for release of an existing Employee Housing deed restriction in exchange for a fee-in-lieu payment to the Town. Williams inquires about the options available to a property that would exceed their GRFA limitations if an EHU is exchanged off. Smith explains that deed restricted square footage typically does not count as GRFA - when a deed restriction is released from a property the square footage becomes GRFA - which is an addition. A GRFA study is required for submittal for DRB approval. Should the exchange result in exceeding the GRFA limitation the owner could seek a variance from PEC, remove GRFA to come into conformity, or redevelop in conformity. Denton affirms that valuing property is best achieved on a case-by-case basis. Adds GRFA rules have changed over time; properties have developed around those EHU's and GRFA rules. Discussion ensures. Staff will begin education and outreach to prospects and facilitators. Leveraging brokers and builders to get the word out and getting some applicants in the door will help define the next steps. Matters from the Chairman and Authority Members Board discusses the failure of Ballot Initiative 2A. Looks to enhance community engagement, education, outreach; explore/revisit funding mechanisms; regroup and persist. Looks to planning and discussion of Strategic Plan and Semi-annual Housing update to Council. Testing VLHA emails addresses to confirm if migration is acceptable at next meeting. 5 | P a g e Adjournment Charmain Lindstrom Adjourned at 4:21pm. Next Meeting Date Tuesday December 9th, 2025 at 3:00pm in Town Council Chambers.