HomeMy WebLinkAbout2013-0926 Meeting Minutes
Minutes
Vail Local Housing Authority (VLHA)
September 26, 2013 at 3:00 PM
Attending the meeting were Board members:Scott Ashburn
Craig Cohn
Steve Lindstrom
Mary McDougall
Absent:John Rediker
Staff attending the meeting:Nina Timm
Judy Camp
George Ruther
Stan Zemler
Others attending the meeting:Jen Wright
Steve Lindstrom called the meeting to order at 3:10 PM.
Craig made a motion to approve the meeting minutes from the June 25th meeting. Scott seconded the motion. There was no further discussion and the motion passed unanimously.
Stan Zemler provided the VLHA with an overview of Timber Ridge and the process for the proposed redevelopment. Jen Wright provided the VLHA with an overview of the proposed redevelopment
project.
106 units with a mix of 1/3 one-bedroom units and 2/3 two-bedroom units
Land lease with no lease payment due
70% of the units will be deed restricted to local employees
Conventional financing with market rate rents
Project reverts to the Town of Vail in 35 years
Outstanding $8 million owed to the Town paid by the remaining 96 units
A potential role for the VLHA was discussed – a nominal ownership interest in the redeveloped property for the purpose of a property tax exemption. This will be determined in the future.
The VLHA set the next meeting for Tuesday, December 10th at 3:00 pm.
There being no further business the meeting adjourned at 4:20 PM.
Respectfully Submitted,
_____________________
Nina Timm
INTRODUCED, READ, ADOPTED AND APPROVED this ______ day of ___________________, 2013.
Vail Local Housing Authority2