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Home My WebLink About2018-05-08 VLHA Meeting Agenda Vail Local Housing Authority Agenda Tuesday, May 8, 2018 Regular Meeting 3:00 PM –5:00 PM Town Council Chambers 75 South Frontage RoadWest, Vail, Colorado 81657 MEMBERS PRESENTMEMBERS ABSENT Steve LindstromMary McDougall James Wilkins Molly Morales Francisco Meza Staff George Ruther Lynne Campbell 1.Review and Approve April 10, 2018Meeting Results5 Min. 2.Review and Approve of Vail InDEED Resolutions Nos. 2–7 and910Min. 3.Mock Resale Lottery45 Min. 4.Executive Session per C.R.S. §24-6-402(4)(a)(e) -to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other propertyinterests; for the purposes of receiving legal advice on specific legal questions and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED applications and deed restrictions.60 Min. Adjournment at 5:00PM Next Meeting –May 22, 2018 Future Agenda Items: Housing Policy Update Discussion Update Economic Value of Housing Discussion VLHA Business Plan East Vail Parcel Update Page 1 Open Lands Plan Discussion West Vail Master Plan Discussion Page 2 Vail Local Housing Authority Results Friday, April 20, 2018 Regular Meeting 2:00 PM –4:00 PM Town Council Chambers 75 South Frontage RoadWest, Vail, Colorado 81657 MEMBERS PRESENTMEMBERS ABSENT Steve Lindstrom Molly Morales James Wilkins MaryMcDougall Francisco Meza Staff George Ruther Lynne Campbell Linstrom called the meeting to order at 2:06PM as all members were present. The Board r eviewedand approved the April10, 2018 meeting resultsas presented. MOTION: McDOUGALLSECOND:WILKINSVOTE:5-0 The AnnualResale Lottery Criteria was up next for discussion. Wilkins and Ruther gavethe Board areview of Town Council’s comments from the meetingApril 17, 2018.Wilkinsinformed Council the VLHAbelieves the lottery needs to be revamped to a true lottery. Council wanted VLHA to look at weighting the lottery. Council wants to recognize applicants from time here to type of employment. Mason and Langmaid definitely want longevity and employment type to berecognized.Mason mentioned having tiers 0-5 years etc. Wilkins thinks there should be a st cap on the weighting. Council wants something to look at and sign off on by May 1. Ruther passed around public input he received. Council did provide direction for lottery criteria. Theylooked at existing policies in place. Much of process relating to primary residence, employment within Eagle County for a minimumof 30 hours per week and 75% income earned in Eagle County keep as is. Council wanted input on ownership of Eagle Countyreal estate at time of application.The Council understands VLHA’s concern that ownershiplimits people from participating. They want input how to go about changing this provision.The conversation was around if you own free market and agree to deed restriction and the Town agrees to deed restriction on existing property then you can participatein the lottery.Council’s concern was should tax payers allow applicants to participatetwicewhen applicants currently own property? Page 1 There is potential the applicant may earn income from the existing home. Council wasdivided on this subject.Council questioned ifthis could be a double dip scenario where people are taking advantage of system. Wilkins said neither Ruther nor he addressed Council’s decision to allow property ownership for the Chamonix Vail lottery. Both stated thought better to bring up at a later meeting. Lindstrom sought clarification of Council’s concerns: Can applicantown other property in Eagle County when applying? Can applicantcontinue to own after buying adeed restriction from the resalelottery and own more than one deed restricted unit? Wilkins said that is what he heard from Council and that they seemed to be OK with divesting of the property upon winning a deed restricted home. Question was raised about what if the owner deed restricts the existing home. Hementioned councilman Moffet said 9 times out of nd 10 free market units are being sold to 2homeowners. At the April 17, 2018 council meeting Councilman Moffet questioned what is the intent of program,to create more availability units for workforce locals or does everyone has a shot at owning?Unlikely someone in this scenario will build their portfolio with individual deed restricted homes. McDougallasked if the concern isbuyers would buy additional deed restrictions.Yes, replied Ruther. Ruther said there was agreement to divestingof existing property if an existing homeowner wins a deed restricted home. Question is can they deed restrict existing property and own the deed restriction property. Morales concerned about the Town providing funds like Vail InDEED to place a deed restriction on their existing property. Wilkins also had this concern. Ruther said council members asked what the objective is. Keep homes for locals? An owner can have only one primary residence. Council member Coggin wondered if this is really what someone would do and doesn’t it achieve the objective of keeping housing for the locals? Wilkins asked if the Town wantsto change the existing deed restriction (Vail Commons, etc.) moving forward. Ruther said no it’s already in the deed restriction they have to sell to move into another deed restriction.Ruther, owner/buyer can only own one primary residence. Ruther clarified take an unrestricted property, restrict it the take primary residence in Vail Commons. Page 2 Wilkins, Can own at lotto, dispose of at time of taking ownershipof new deed restricted property? Is it a moot point?Vail Commons doesn’t allow you to own both properties. At ownership of an existing deed restricted unit do we want to allow continued ownership? Currently we would have to modify existing Vail commons and like deed restriction as you can’t own other properties. Linstrom said allow property ownership at time of lottery for new projects. If process changed it doesn’t benefit any existing TOV deed restricted property. VLHA agrees can someone can own anEagle Countyfree market unit and can enter lottery only to dispose of theexisting property prior to taking possession. Deed restriction on property will determine if you can own other property. Ruther: Vail Commons deed says can not own both properties. Change in deed restriction would happen at the time the new owner takes possession. Could we amend the Vail Commons restriction when a free market owner enters lottery and get a deed restriction on the free market with the buyer making Vail Commons the primary? Wilkins said yes but much more conversation with Council would need to take place. Ruther summarized:recommendation is an applicant can own Eagle County real estate at time of application. Message deed restriction would take care of the rest at closing. There are two different lotteries Chamonix Vail lotteries can own at lottery and must dispose of prior to taking ownership. The Board agreed to recommend to Council a lottery applicant can own Eagle County residential real estate at time of lottery application. The Board and staff reviewed lotteryweighted options. Ruther discussed that Council wanted weighted system to give additional opportunities to different group, class of people. What is it based on? Areclass / group based on residency longevity or locationof employment, occupation type? What do you want to give weight to?Residence, employment, occupation? Mindfulprotected classesaren’t violated. More points equal more tickets in the hat. Don’t limit parameters to professions. Use Eagle Countyvs not Eagle County. Look whatwasdone at Chamonix. Both partners could enter if qualify. Simple is better. Cap number of entries. Page 3 Chamonix Vail lottery criteria were: Prequalification letter Homebuyereducationclassattendance Signedagreement will meet/comply with deed restriction Upon taking possession must comply with deed restriction Equals 1 ticket Qualified spouse got a ticket Did the Board want to consider the following for weighting?Any of the items listed below would be an additional lottery ticket. Longevity in any EC area does it get you another ticket -NO New to process –NO Family size-NO Employment Location-YES Residence location –NO Occupation -NO Previously applied -NO Ruther recapped the weighted categories. The Board prefers to recommendatrue lottery1 ticket entry. Additional tickets could be for: location of residency –due to political nature, may need to consider location of employment–might need to consider due to political nature lottery participation others-NO TheBoarddid not support additional tickets for residencylongevity. All members agree no weighted lottery and to run like ChamonixVail Lottery. Common thread what complaints is longevity and points.Argumentsfrom constituents is the lottery is not fair not being evaluated for longevity as well as those who don’t like the points for those who want to be in Vail and have beendown valley for years. Ruther reviewed item #7 on recommendationstoCouncil to allow equal chance for home ownership. Council voted down. They want weightforsomething. The Board and staff reviewed several scenarios. The Boardagreed to make a recommendation to Council for the following. Meet entry Work in Work in livein Vail Live EC/Vail Total qualificationsVail at time Vail +10yrscombinedTicket of app+10yrs(6mos min)Entries 111115 Page 4 Ruther mentioned next Tuesday is the first Housing Subcommitteeto be held in the Community Development small conference room. The committee will consist of two Council members, two VLHAmembers. VLHA members appointed are Lindstrom and Morales with Wilkins as alternate. Moffet and Bruno are the Council appointees. Alternate is to be determined. Purposeof the subcommitteeis to have conversations between both boards outside of public hearing process to developcommunication going andreport back to respective Boards. Ruther will put agenda together. No decision making in these meetings. Decision making goes back to the boards. Ruther addressed the Vail InDEED Deed Restriction Subordination. Not to decide today th Conversation with subcommittee or joint meeting on June 5 Vail InDEED subordination ofthe deed restriction orlending on property st Today it’s a black or white position. Either the Town is in 1position or not Understand implications of black or white Some gray today in Vail InDeed Ex: debt to equity 40-60%. The lenderisunwilling to subordinate our deed to the loan. o May want to review exposure o Add debt to deed purchase and would still be in favorable position o VLHA thinks worth bringing forward to the Council forconversation Ex: argument made the Town in not in first position on most of the currentdeed restrictionstoday. Commentwasit’s OKbecausethe Town didn’t write a check. Ruther said while Town didn’t write the checkthe Town did receive valueregardless if the Town wrote the check. Deed Restrictions have value. Staff today is telling Vail InDEED applicants who have mortgages they must provide lender acknowledgment prior to submitting. Lindstrom departed the meeting at 3:45PM. Ruther departed the meeting at3:50PM. There was no executive session discussion. Wilkins made a motion to adjournthe meeting at 3:50PM. MOTION: WilkinsSecond: MezaVote 4-0-1 (Lindstrom departed priorvote) Next Meeting –May 8, 2018 Future Agenda Items: Housing Policy Update Discussion Update Economic Value of Housing Discussion VLHA Business Plan East Vail Parcel Update Page 5 Open Lands Plan Discussion West Vail Master Plan Discussion Page 6 RESOLUTION NO. 2 Series of 2018 RESOLUTION APPROVINGTHE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASVAIL INTERMOUNTAIN DEV. SUB, BLOCK 9, LOT B UNIT: A & 1/2 INTEREST IN COMMON PARCEL C, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2850 BASINGDALE BLVD. A, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety andwelfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Vail intermountain Dev. Sub, Block 9, Lot B Unit: A & 1/2 Interest in Common Parcel CTown of Vail, Eagle County, Coloradowith a physical address of 2850 Basingdale Blvd. A, Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of $104,500. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 2,Series of 2018 RESOLUTION NO. 3 Series of 2018 RESOLUTION APPROVINGTHE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASVAIL INTERMOUNTAIN DEV. SUB, BLOCK 9, LOT B UNIT: B & 1/2 INTEREST IN COMMON PARCEL C, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2850 BASINGDALE BLVD. B, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety andwelfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Vail intermountain Dev. Sub, Block 9, Lot B Unit: B & 1/2 Interest in Common Parcel CTown of Vail, Eagle County, Coloradowith a physical address of 2850 Basingdale Blvd. B, Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of $104,500. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this8thdayofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 3,Series of 2018 RESOLUTION NO. 4 Series of 2018 RESOLUTION APPROVINGTHE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASVAIL INTERMOUNTAIN DEV. SUB, BLOCK 9, LOT A UNIT: A & 1/2 INTEREST IN COMMON PARCEL C, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2860 BASINGDALE BLVD. A, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety andwelfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Vail intermountain Dev. Sub, Block 9, Lot A Unit: A & 1/2 Interest in Common Parcel CTown of Vail, Eagle County, Coloradowith a physical address of 2860 Basingdale Blvd. A, Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of $104,500. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of theDeed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 4,Series of 2018 RESOLUTION NO. 5 Series of 2018 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASVAIL INTERMOUNTAIN DEV. SUB. BLOCK 9, LOT A UNIT B & ½ INTEREST IN COMMON PARCEL C, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2860 BASINGDALE BLVD. B, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Vail intermountain Dev. Sub, Block 9, Lot A Unit: B & 1/2 Interest in Common Parcel CTown of Vail, Eagle County, Coloradowith a physical address of2860 Basingdale Blvd. B,Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximumpurchase price of $104,500. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 5,Series of 2018 RESOLUTION NO. 6 Series of 2018 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASINNSBRUCK CONDO UNIT 7, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2783 KINNIKINNICK ROAD UNIT 7, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Innsbruck CondoUnit 7,Eagle County, Coloradowith a physical address of 2783Kinnikinnick Road Unit 7, Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OFTHE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of$70,000. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSEDAND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 6,Series of 2018 RESOLUTION NO. 7 Series of 2018 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASBROOKTREE TOWNHOUSES BLDG C UNIT 115, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 980 VAIL VIEW DRIVE UNIT 115C, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Brooktree TownhousesBldg. C Unit 115,Eagle County, Coloradowith a physical address of 980 Vail View Drive, Unit 115C, Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of$60,000. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 7,Series of 2018 RESOLUTION NO. 9 Series of 2018 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED ASALTAIR VAIL INN UNIT 210-A, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 4192 SPRUCE WAY UNIT210A, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagleand State of Colorado is dulyorganized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Altair Vail InnUnit 210-A,Eagle County, Coloradowith a physical address of 4192 Spruce Way Unit 210A,Vail Colorado(the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1.The purchase ofthe Deed Restrictionon the Property is hereby approved by the Authorityat themaximum purchase price of$91,000. 2.The Chairman of the Vail Local Housing Authorityis hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restrictionand to take whatever steps are necessary to complete the purchase of the Deed Restrictionon the Property. 3.This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing AuthorityTown of Vail held this 8thday ofMay,2018. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 9,Series of 2018