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Home My WebLink About2020-04-14 VLHA Meeting Agenda Packet Vail Local Housing Authority Meeting Results March 24, 2020 11:00 AM Zoom Virtual Meeting 75 S. Frontage Road - Vail, Colorado, 81657 PRESENT ABSENT Steve Lindstrom Mary McDougall Molly Morales James Wilkins Staff: George Ruther Lynne Campbell 1. Call to Order 11:18 AM Lindstrom called the meeting to order as a quorum was present. Lindstrom, McDougall, and Morales, Ruther and Campbell from staff are present. Wilkins joined at 2. Citizen Participation 2.1. Citizen Participation No comments, no public present on Zoom meeting. 3. Approval of Minutes 3.1. VLHA February 25, 2020 Meeting Results MOTION: MORALES SECOND: WILKINS VOTE: 4-0 APPROVED 4. Main Agenda 4.1. Resolution No. 9, Series of 2020, a Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Condominium Unit 12, Vail Heights No. III Condominiums, Eagle County, Colorado with a Physical Address of 2059 Chamonix Lane, Unit 12, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: Lynne Campbell, Housing Coordinator MOTION: MCDOUGALL SECOND: WILKINS VOTE: 4-0 APPROVED 4.2. Resolution No. 10, Series of 2020, a Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Condominium Unit 104, Snow Lion at Vail Condominium, According to the Condominium Map Thereof, Recorded December 29, 1970, Eagle County, Colorado with a Physical Address of 1040 Vail View Drive, Unit 104, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: Lynne Campbell, Housing Coordinator MOTION: MORALES SECOND: WILKINS VOTE: 4-0 APPROVED 4.3. Alura Vail Formerly Park Meadows Lodge Discussion Tabled to a future meeting date to be determined. 4.4. Commercial Linkage and Inclusionary Zoning Updates Ruther discuss the goals and potential needs/options for Commercial Linkage and Inclusionary Zoning updates. Economic Planning Systems (EPS) is working with the Housing department and will present to the Authority at a later date. A kickoff is the first step. 4.5 Resolution No. 9, Series of 2020, a Resolution Approving the Release of Security Deposit for Middle Creek Village to Coughlin and Company, Inc. Ruther reviewed a Middle Creek / Coughlin & Company proposal to release a security deposit of $340K held by the Town of Vail. Coughlin’s intent is to assist with tenant emergency rent relief assistance due to COVID19, job loss or work hours reduction. The Town required a security deposit from Coughlin to secure the completion and operation of Middle Creek Village Apartments plus three (3) months of operating expenses to be held. Lease terms for Middle Creek allow the release to Coughlin of the security funds if not used by end of lease, 35 years. Coughlin & Company intends to use to funds to provide rental relief for existing tenants. They don’t see COVID-19 resolving in the next three (3) months and want to keep tenants in the units. For example, a studio rents for $750 per month, by using these funds Coughlin can reduce rent to $260 per month for next three (3) months. Middle Creek will hold back $600 of damage deposit/security from each unit. The Authority asked if the Town should hold off until the federal government rules on how it will assist during this crisis. Morales asked when the property is up for resale? Ruther questioned if she was speaking to the lease agreement which expires in 35 years. Morales was referencing the grant funds from CHFA (Colorado Housing Fund Association). Ruther addressed this agreement and noted he was not aware of what Morales mentioned. Lindstrom informed the Authority he served on the Authority when the Middle Creek agreement was created and has faith Coughlin & Company will act accordingly. Morales doesn’t want to approve a resolution if other funding is coming for relief to Middle Creek/Coughlin & Company. The Authority discussed Middle Creek’s agreement. Ruther noted Coughlin also asked for release of their monthly lease payment of $1500/month .5% of monthly Middle Creek revenue to VLHA. Ruther noted to Coughlin this most likely will not be included in the fund release. Coughlin agreed and he will continue paying the monthly lease payment. Per Ruther, Matt Mire, Town Attorney, prefers VLHA make a recommendation to Town Council to release the security deposit. A resolution will be available later during this meeting. Lindstrom requested the Authority move to executive session and review the resolution upon reconvening the regular meeting. Ruther noted if the Authority approves the resolution it will move to Council for approval. MOTION: WILKINS SECOND: MORALES VOTE: 4-0 APPROVED with 2 modifications 1. Title - Resolution No. 9, Series of 2020, a Resolution Approving RECOMMENDING the Release of Security Deposit for Middle Creek Village to Coughlin and Company, Inc. 2. Section 1. The VLHA hereby approves RECOMMENDS the release of the Middle Creek security deposit in the amount of $340,000 to Coughlin. 5. Matters from the Chairman and Authority Members 5.1. Matters from the Chairman and Authority Members Presenter: Steve Lindstrom, Chairman Discussion by the Authority was limited to Middle Creek Village’s rental relief request. 6. Executive Session 6.1. Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer, or sale of property interests and to determine positions, develop a strategy and instruct negotiators, regarding: submitted Vail InDEED applications and program details. Presenter: Lynne Campbell, Housing Coordinator Wilkins motioned to exit the regular meeting and enter executive session. MOTION: WILKINS SECOND: MORALES VOTE: 4-0 APPROVED Moralesmotioned to exit the executive session and rejoin the regular meeting. MOTION: MORALES SECOND: WILKINS VOTE: 4-0 APPROVED The Authority reentered the regular meeting at 12:55PM, members present Lindstrom, Wilkins, Morales, McDougall and Ruther and Campbell from staff. 7. Any Action as a Result of Executive Session 7.1. Action as a Result of Executive Session Morales motioned for staff to continue forward with the Vail InDEED applicants as discussed in executive session. MOTION: MORALES SECOND: WILKINS VOTE: 4-0 APPROVED Ruther provided updates. Council on April 7 having VLHA interviews. Lindstrom asked members to be flexible regarding possibility of short notice meetings. 8. Adjournment 8.1. Adjournment 1:06PM MOTION: WILKINS SECOND: MC DOUGALL VOTE: 4-0 APPROVED 9. Future Agenda Items 9.1. o Deed Restriction Compliance and Enforcement Policy Recommendation o Incentives for Long Term Rentals in the Town of Vail o Housing Sites Discussion o Land Banking (sale of GRFA) o Public Health Housing Incentive, Eagle County Health 10. Next Meeting Date 10.1. Next Meeting Date April 14, 2020 Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vailgov.com. All housing authority meetings are open to the public. Times and order of agenda are approximate, subject to change, and cannot be relied upon to determine at what time the Vail Local Housing Authority will discuss an item. Please call (970) 479-2150 for additional information. Please call 711 for sign language interpretation 48 hours prior to meeting time. Housing Department