HomeMy WebLinkAbout2014-0821 VLHA Meeting MinutesMinutes
Vail Local Housing Authority (VLHA)
August 21, 2014 at 3:00 PM
Attending the meeting were Board members: Scott Ashburn
Craig Cohn
Steve Lindstrom
Mary McDougall
James Wilkins
Absent:
Town staff attending the meeting: Judy Camp
Matt Mire
George Ruther
Nina Timm
Others attending the meeting: Kendra Carberry
Gary Gorman
Greg Perkins
Jen Wright
Steve Lindstrom called the meeting to order at 3:05 PM.
James Wilkins was sworn in as a member of the VLHA by Patty McKenny, Vail Town Clerk.
Matt Mire provided the board with an overview of what is being asked of the VLHA today. Despite previous information sent to the VLHA, the VLHA is no longer being asked to be a party
to certain loan documents for the proposed redevelopment of the eastern half of Timber Ridge. The lender is no longer requiring the Town of Vail to subordinate fee title to the land
to the lender’s loan, thus the change. The Vail Town Council approved the proposed Land Lease and Development Agreement at their August 19 meeting. Today the VLHA is being asked to
find the proposed redevelopment “substantially benefits persons of low income” and, subsequent to making that finding, agree to take a 0.1% ownership interest in the redevelopment entity
for the purpose of securing a property tax exemption.
The VLHA debated what it means to “substantially benefit persons of low income” and what definitions exist regarding low income and affordable rental rates. The developer pointed out
the one-bedroom rents of $1,200 per month are affordable to households earning $50,000 per year and the two-bedroom rents of $1,700 per month are affordable to households earning $68,000
per year. The VLHA expressed concern that other property owners rent units at market rates without the benefit of a property tax exemption. The developer explained the cost of construction
in the mountains is high and the property tax exemption would benefit the development approximately $100,000 per year.
The perpetual benefit of the property tax exemption and the ownership’s cap of 10-years of $35,000 annual payments to the VLHA was also discussed. It was pointed out that any change
would require approval of the Vail Town Council and the developer. The VLHA is obligated to
remain a member of the ownership group in perpetuity, unless the ownership is no longer a single-purpose entity.
Following the discussion Scott Ashburn made a motion to approve Resolution No. 2, Series of 2014, as presented. James Wilkins seconded the motion. There was no further discussion and
the motion passed unanimously.
Craig Cohn made a motion to approve the minutes from the June 5 and August 4, 2014 meetings. Scott Ashburn seconded the motion. There was no further discussion and the motion passed
unanimously. James Wilkins abstained from voting.
The next meeting was set for Tuesday, September 9 at 4:00 pm.
There being no further business the meeting adjourned at 4:52 PM.
Respectfully Submitted,
_____________________
Nina Timm
INTRODUCED, READ, ADOPTED AND APPROVED this ______ day of ___________________, 2014.