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Home My WebLink About2021-04-13 VLHA Agenda Vail Local Housing Authority Agenda TOWN OF h" April 13, 2021 3:00 PM Virtual Meeting 75 S. Frontage Road -Vail, Colorado, 81657 ............... ._.__ .............................. ._.__ .............................. 1. Call to Order 1.1. Zoom Meeting 1 (call to order pre-executive session) 1.2. Zoom Meeting 2 (post executive session) 1.3. Call to Order 2. Citizen Participation 2.1. Citizen Participation 5 Min. 3. Approval of Minutes 3.1. VLHA Meeting Minutes March 9, 2021 5 Min. 4. Main Agenda 4.1. Dedicated Source of Funding for Housing Programs and Developments 60 Min. Presenter: George Ruther, Housing Dir; David Flaherty, Magellan Strategies; David Cunningham, Summit Info. 4.2. Resolution No. 7, Series of 2021,A Resolution Approving the Purchase 5 Min. of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as CONDOMINIUM UNIT B-5, HEATHER OF VAIL CONDOMINIUMS, Eagle County, Colorado with a Physical Address of 5197 Black Gore Drive, Unit B-5, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: 5. Matters from the Chairman and Authority Members 5.1. Matters from the Chairman and Authority Members 10 Min. Presenter: Steve Lindstrom, Chairman 6. Executive Session 6.1. Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, 30 Min. acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED applications and deed restrictions. Presenter: Lynne Campbell, Housing Coordinator 7. Any Action as a Result of Executive Session 7.1. Action as a Result of Executive Session 5 Min. 8. Adjournment 8.1. Adjournment 5:OOPM (estimated time) 9. Future Agenda Items 9.1. • Land Banking (sale of GRFA) • Public Health Housing Incentive, Eagle County Health • Joint VLHA, Town Council, Planning & Environmental Commission Meeting Regarding Commercial Linkage/I nclusionary Zoning and Adopted Housing Policy Review • Investment Banker Discussion - Long Term Housing Funding 10. Next Meeting Date 10.1. Next Meeting Date April 27, 2021 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 TOWN OF ' VAI L LOCAL HOUSING AUTHORITYAGENDA MEMO ITEM/TOPIC: VLHA Meeting Minutes March 9, 2021 ATTACHMENTS: Description VLHA Meeting Minutes March 9, 2021 Vail Local Housing Authority Meeting Minutes TOWN DF�V9h March 9, 2021 3:00 PM Virtual Meeting 75 S. Frontage Road -Vail, Colorado, 81657 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- PRESENT ABSENT Steve Lindstrom Mary McDougall Molly Morales Greg Moffet James Wilkins STAFF George Ruther, Housing Director Lynne Campbell, Housing Coordinator 1. Call to Order 1.1. Zoom Meeting 1 (pre-executive session) 1.2. Zoom Meeting 2 (post-executive session) 1.3. Call to Order A quorum being present Lindstrom called the meeting to order at 3:05 PM.All members are present. 2. Citizen Participation 2.1. Citizen Participation Galen Aasland offered his comments regarding the residential linkage proposed. He doesn't agree with current policies being pursued and believes the comments are flawed. Thinks Aspen solutions to Vail's problem which won't work. Cynthia Fitch, no comments. 3. Approval of Minutes 3.1. VLHA February 23, 2021 Minutes MOTION: MOFFET SECOND: MC DOUGALL VOTE: 3-0 APPROVED 4. Main Agenda 4.1. Residential Linkage Framework for Calculating Mitigation — Discussion Presenter:Andrew Knudtsen & Rachel Shindman, Economic Planning Systems EPS and VLHA reviewed and discussed a high-level discussion of residential linkage. Discussion ensued. The proposed fee will be based on net new of construction and is intended to be transparent, straight forward and predictable, scaled to what you're building. EPS asked the Authority to consider and provide direction on three policy questions. 1. What is the upper AMI (area median income) level to capture in employee housing need? Moffet and McDougall don't agree with using AMI. Currently Commercial Linkage is based on square footage but a factor including affordability at 80%AMI per Ruther.AMI is as much lever as mitigation rate. The Authority stated 150 maximum AMI and asked to see some examples difference 120- 150AM1. 2. What market geography (entire TOV or subset area) and typology (old/new all homes) should be used to calculate the employee affordability gap? VLHA direction excluded portions of Town with a price per square foot over $1,000. The Authority and EPS will discuss dollars/square foot comparisons at next discussion. EPS will check if legally the rate can be determined by neighborhoods vs a general price per square foot. 3. Future question: What is the mitigation rate? Authority members agreed the VLHA should be the group making decision of what the calculation should be updated to and present to Council for approval. Mitigation rates will be reviewed with examples at a later date. 4.2. Resolution No. 5, Series of 2021,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 B-2, Heather of Vail Condominiums, Eagle County, Colorado with a Physical Address of 5197 Black Gore Drive, Unit B-2, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: Lynne Campbell, Housing Coordinator MOTION: MOFFET SECOND: MC DOUGALL VOTE: 5-0 APPROVED 4.3. Resolution No. 6, Series of 2021,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 9, SUNLIGHT NORTH CONDOMINIUMS, Eagle County, Colorado with a Physical Address of 2475 GARMISCH DRIVE, UNIT 9, Vail Colorado; and Setting Forth Details in Regard Thereto. Presenter: Lynne Campbell, Housing Coordinator MOTION: MOFFET SECOND: WILKINS VOTE: 5-0 APPROVED 5. Matters from the Chairman and Authority Members 5.1. Matters from the Chairman and Authority Members Presenter: Steve Lindstrom, Chairman Cascade tennis courts project was reviewed at PEC March 81h and was not well received. The developer is reviewing next steps. West Vail Master Plan had another advisory meeting, a few housing ideas were present. Lindstrom hoping to have a meeting with the planning group. Edwards River Park is currently having a public comment session. Housing department provided an update on 2020 compliance update at 93% submitted. The 2-year non-compliant Chamonix owner has been served a summons regarding legal action. Currently the Town is waiting on disposition from district court on the action. March 23 opportunity to discuss role of Housing Authority about the Cascade tennis court site. Authority agreed good opportunity to discuss negotiations in executive session. Future role in of the VLHA in development of this site property. McDougall left meeting early, 4:35PM. Investment banker discussion with VLHA regarding tools to balance deed restriction assets. It would allow borrowing leverage.Authority agreed a good conversation to have. It could provide a source of long-term funding, investing opportunities. Staff will add to an upcoming meeting for about 20 minutes. 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 real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED applications and deed restrictions. Presenter: Lynne Campbell, Housing Coordinator There were no items for review. 7. Any Action as a Result of Executive Session 7.1. Action as a Result of Executive Session No action taken. 8. Adjournment 8.1. Adjournment 5:OOPM (estimated time) Moffet made a motion to adjourn the meeting at 4:35PM. MOTION: MOFFET SECOND: MORALES VOTE: 4 -0 APPROVED 9. Future Agenda Items 9.1. • Land Banking (sale of GRFA) • Public Health Housing Incentive, Eagle County Health • Joint VLHA, Town Council, Planning & Environmental Commission Meeting Regarding Commercial Linkage/Inclusionary Zoning and Adopted Housing Policy Review • Investment Banker Discussion — Potential Funding Source 10. Next Meeting Date 10.1. Next Meeting Date March 23, 2021 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 TOWN OF ' VAI L LOCAL HOUSING AUTHORITYAGENDA MEMO ITEM/TOPIC: Resolution No. 7, Series of 2021,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 B-5, HEATHER OF VAIL CONDOMINIUMS, Eagle County, Colorado with a Physical Address of 5197 Black Gore Drive, Unit B-5, Vail Colorado; and Setting Forth Details in Regard Thereto. ATTACHMENTS: Description Resolution No. 7, Series of 2021 RESOLUTION NO. 7 Series of 2021 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 B-5, HEATHER OF VAIL CONDOMINIUMS, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 5197 BLACK GORE DRIVE, UNIT B-5, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the"Authority"), in the Town of Vail, County of Eagle and State of Colorado is duly organized 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 CONDOMINIUM UNIT B-5, HEATHER OF VAIL CONDOMINIUMS ACCORDING TO THE PLAT RECORDED FEBRUARY 19, 1975 IN BOOK 238 AT PAGE 678 AS RECEPTION NO. 134708 AND THE CONDOMINIUM DECLARATION FOR HEATHER OF VAIL RECORDED FEBRUARY 19, 1975 IN BOOK 238 AT PAGE 677 AS RECEPTION NO. 134707, EXHIBIT B RECORDED FEBRUARY 19, 1975 IN BOOK 238 AT PAGE 679 AS RECEPTION NO. 134709, AND AS AMENDED BY AMENDED CONDOMINIUM DECLARATION RECORDED OCTOBER 10, 1975 IN BOOK 242 AT PAGE 276 AS RECEPTION NO. 138398 AND AMENDMENT RECORDED NOVEMBER 24, 1976 IN BOOK 250 AT PAGE 271 AS RECEPTION NO. 146539, Vail, Colorado, 81657 (The "Property"); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1. The purchase of the Deed Restriction on the Property is hereby approved by the Authority at the maximum purchase price of$80,000. 2. The Chairman of the Vail Local Housing Authority is hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restriction and to take whatever steps are necessary to complete the purchase of the Deed Restriction on 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 Authority of the Town of Vail held this 13t" day of April, 2021. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Lynne Campbell, Secretary of the Vail Local Housing Authority Resolution No. 7, Series of 2021