HomeMy WebLinkAbout2017-02-28 VLHA Meeting Minutes
Vail Local Housing Authority
Meeting Minutes February 28, 2017
VLHA Attendees: Steve Lindstrom Absent: James Wilkins Mary McDougall Molly Murphy Francisco “Paco” Meza
Town Staff: Lynne Campbell George Ruther joined via phone at 3:40 PM General Public: Matt Jones, Vail Resorts
As a quorum was present Steve Lindstrom called the meeting to order at 3:05 PM. The Board welcomed new member Francisco “Paco” Meza who is filling Scott Ashburn’s remaining term until May 31, 2017.
I. Approval of Minutes February 14, 2017
The Board approved the minutes with minor changes. (4-0)
II. Deed Restriction Purchase Program FAQ’s
Tabled to March 14, 2017 meeting
III. Draft EHU Guidelines
Guidelines are under counsel review and will be presented next meeting.
IV. Chamonix Vail Deed Restriction Recommendation
• Price Appreciation Cap Options
• Residential Real Estate Ownership Recommendation
The Board discussed price appreciation cap options based on several data points. The Board agreed to recommend a resale floor of zero percent of maximum purchase price, not guaranteed, and a flat ceiling of 1.5% per annum plus capital improvements.
Town of Vail Page 2
Ruther and the Board reviewed and discussed the Deed Restriction Agreement for the Occupancy and Transfer of Chamonix Vail Residential Dwelling Units draft and recommended the following:
• The Board requested adding text owners can not own any other
residential property in Eagle County and remove outside Eagle County.
Ruther to consult counsel.
• Change Housing Guidelines to match Deed Restriction text
• Page 2 section 2(c)(ii) to remove “any accrued negative amortization if the
Property was financed with a graduated payment mortgage”
• Page 3 section 2(i) “Qualified Buyer” no mention of “Qualified Tenant”
Ruther to discuss with counsel.
• Page 4 section 3(f) change “two copies” to “one copy”
• Page 4 section 4(c) Ruther to review changing “Purchased Price” to
“Sales Price”
• Page 4 section 4 add “Town of Vail Right of First Refusal on all transfers”
• Page 6 section 10 Foreclosure item d the Board thinks this should be
removed since zoning won’t allow for anything but deed restricted
property. Ruther to discuss with counsel.
• Page 10(f)“Maximum Annual Price” Ruther checking with counsel as first
time this term mentioned and not shown as a defined term. Term is used
in multiple sections after 10(f).
V. Adjournment Molly Murphy motioned to adjourn meeting, Steve Lindstrom second. Meeting adjourned at 5:15 PM.
VI. Next Meeting – March 14, 2017 Respectfully Submitted as approved this 21st day of March.
Lynne Campbell Housing Coordinator