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HomeMy WebLinkAbout2017-11-14 VLHA Agenda Vail Local Housing Authority Agenda Tuesday,November 14, 2017 3:00 PM–5:00PM Municipal Building Admin Conference Room 75 South Frontage RoadWest, Vail, Colorado 81657 MEMBERS PRESENTMEMBERS ABSENT Staff 1.Review and Approve October 24, 2017 Meeting Results5 Min. 2.Annual Resale Lottery Recommendation 30 Min. 3.Vail InDEED Marketing Update15 Min. 4.Review Vail InDEED Application Changes5 Min. 5.Vail InDEEDApplications5 Min. 6.Executive Session (4:00 pm)60 Min. Adjournment at 5:00PM Next Meeting –November 28, 2017 Future Agenda Items: Bi Annual VLHA Report Establish Fair Market Rent Value Page 1 Vail Local Housing Authority Meeting Results Tuesday, October 24, 2017 3:00 PM–5:00PM Town Council Chambers 75 South Frontage RoadWest, Vail, Colorado 81657 MEMBERS PRESENTMEMBERS ABSENT Steve Lindstrom Molly Morales Mary McDougall Francisco Meza James Wilkins Staff George Ruther Lynne Campbell Greg Clifton Kathleen Halloran Patty McKenny A quorum being present Lindstrom called the meeting to order at 3:00PM. James Wilkins arrived just after meeting result vote. The Board reviewed and approved meeting results from October 10, 2017. MOTION: MoralesSECOND:MezaVOTE: 4-0-1 (Wilkins absent forvote) Ruther presented and reviewed Vail Local Housing Authority Resolution No. 4 Series of 2017, the Solar Vail Development Agreementand future deed restrictionsto be located at 501 North Frontage Road WestVail. McDougall asked if the additional funds were coming from the $500K in the 2018 budget. Per Clifton 2017 budget has 3.2 million and the budgeted $500K for 2018 is part of the Solar Vail funding. Funds will not be released to Sonnenalp Properties unit a certificate of occupancy is received in late 2018. Sonnenalp Properties has submitted a request for $500K funding throughEagle County Housing.Eagle County Commissioners will make funding decision on October 25, 2017. Wilkins questioned how any funding received from Eagle County effects Vail InDEED funding. Ruther explained if the applicant or developer receives funds from other sources it will be deducted from Vail funds. The Board questioned the master deed restriction reference to “a” deed restriction vs.65deed restrictions. Page 1 Ruther stated the Solar Vail will be a master deed restriction, not condominiumized. If Sonnenalp Properties wants to convert to condos they would have to go through the Town’s development process. McDougall motioned to approve Resolution 4, Series of 2017 MOTION: McDougallSECOND: MoralesVOTE: 5-0 Staff discussed the Board’s review to establish fair market rent values. Several deed restrictions contain language indicating the Board is to set rates. The Board directed staff to bring this item back for discussion with deed restriction examples. Rutherand the Board discussed updating the Economic Value of the Town’s Investment in Employee Housing document by BBC Research & Consulting. This document was last updated March 29, 2012. There is an opportunity to modify the documentto include the economic impact of employee housing on parkingandtransportation. There is a need to keep the document current if it is going to bereliedon it to make housing decisions. The Board isinterested in updating the Economic Value of the Town’s Investment in Employee Housing document and instructed staff to move forward. Staff will continue conversation with BBC to obtain a scope of work and move forward witha year end goal. Staff reminded the Board of Town Council’s request for the Board to recommend changes to the annual resale lottery process. Ruther explained today’s process of point system based on longevity and employmentand the system has been inplace for nearly20 years. Ruther suggested we may not want to put as much emphasis on longevity. Chamonix Vail was a straight lotterywith eligibility requirements and a lottery with applicants. Lottery changeswere suggested by the Board. open enrollment list see info ahead of time use data to establish what needs are Per Ruther the Council is expecting a recommendationfor lottery changes by year end. The Board asked if ChamonixVail will be a separate lottery. Yes per Ruther itwill continue to be its own lottery for now.It will likely be combined in the annual lottery process once all initial sales are completed. Board agreed to build alottery similar to how ChamonixVail was runand directed staff to write up changes for a Town Council recommendation. Staff and the Board discussed Housing long term fundingand agreed it needs to be something that is not subject to year to year approvals and changes. Lindstrom asked what jurisdiction was moving to a 5% rental tax. Clifton stated Crested Buttehad implement a tax and also indicateda number of jurisdictions have dedicated funding. Clifton and Kathleen Halloran are working together and will include the Board.The 2018 budget has language for next year however long term funding may need vote due to TABOR laws. The Town needsa fund balance which will accumulate over time.Short of a ballot measure a separate fund could be set for express targets-policy directives. Page 2 Morales questioned how the Vail InDEED program will be successful without a funding source. Per Clifton today there is nothing in budget for VLHA. Town of Vail Administration islooking to create a fund with Councilapproval.The 2027 plan should have additional revenue source tax but this is subject to TABOR law and vote. Wilkins recommended Vail InDEED applicants to put financing contingency in purchase contract if they are planning on funds from program. Jackson Higgins a Vail InDEEDapplicant presented his viewpoint for his funding request.Higgins countered the offered theBoardhad previously made and offered to place aprice appreciation cap on the unit. The Board will review his request during executive session. McDougall motioned to move into executive session per C.R.S. §24-6-402(4)(a)(b)(e) -to discuss the purchase,acquisition, lease, transfer, or sale of property interests; to receive legal advice on specific legal questions; and to determine positions, develop a strategy and instruct negotiators, regarding: submitted Vail InDEED applications. MOTION: McDougallSECOND: WilkinsVOTE: 5-0 Wilkins motioned to close the executive session and reopen the regular meeting. MOTION: WilkinsSECOND: MoralesVOTE:5-0 Actions from executive sessionwere as follows: The Board directed staff to make acounteroffer to Higgins. MOTION: WilkinsSECOND: MoralesVOTE: 5-0 Wilkins motioned to adjourn the meeting. MOTION:WilkinsSECOND: McDougallVOTE: 5-0 The meeting was adjourned at 5:00PM Next Meeting –November 14, 2017 Future Agenda Items: Bi Annual VLHA Report Page 3 ! ! ! ! ! BQQMJDBUJPO! ! Obnf! Fnbjm! Qipof! Wbjm!Qspqfsuz!Beesftt!up!cf!Effe!Sftusjdufe! Ovncfs!pg!Cfesppnt! Ovncfs!pg!Cbuisppnt! Ovncfs!pg!voju!qbsljoh!tqbdft-!upubm!qspqfsuz!qbsljoh!tqbdft! Qspqfsuz!uzqf!dpoep-!tjohmf!gbnjmz!sftjefodf-!upxoipvtf-!evqmfy! Tqfdjgz!ipx!nvdi!npofz!zpv!xbou!up!bqqmz!gps@!Zpv!nvtu!tqfdjgz!bo!bnpvou/! Ep!zpv!pxo!ps!bsf!zpv!qvsdibtjoh!uijt!qspqfsuz@! Jg!qvsdibtjoh-!bsf!zpv!voefs!dpousbdu@! Ep!zpv!ibwf!b!dmptjoh!ebuf!ps!ebuf!efdjtjpo!offefe@! 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