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HomeMy WebLinkAbout2023-06-13 VLHA Agenda 2 3 4 Vail Local Housing Authority Minutes Tuesday, May 23, 2023 3:00 PM Town Council Chambers PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec via zoom part of meeting Kristin Williams James Wilkins via zoom STAFF George Ruther, Housing Director via zoom Martha Anderson, Housing Coordinator via zoom Missy Johnson, Housing Coordinator 1. Call to Order 1. 1 Call to Order Call to order at 3:09 p.m. with a quorum. 2. Citizen Participation 2.1 Citizen Participation None 3. Approval of Minutes 3.1 VLHA April 25, 2023 Minutes MOTION: Godec SECOND: Wilkins PASSED: (5- 0) 4. Main Agenda 4.1 Concerns Regarding Allowed Capital Improvements at Vail Commons Presenter(s): David Yurick, Vail Commons Owner; Steph Samuelson, Vail Common Owner; and Erika Desseauve, Vail Commons HOA President Erika Desseauve, David Yurick and Steph Samuelson joined the Authority to speak about their experiences with the approval or disapproval of capital improvements that go towards the maximum resale value. Desseauve, the HOA president, spoke to the desire for clarity and to ensure and fair and consistent evaluations of capital improvements while referring to the 1996 exhibit B for Vail Commons. She referred to boilers, windows and walls as permanent, functional fixtures and non -decorative improvements to the EHU; but in her opinion, the document lacks specificity. She also refers to Resolution 21 of 2007 as amendment to exhibit B to align with the Town's objectives to promote and enhance the availability and quality of employee housing. Vail Local Housing Authority Meeting Minutes of May 23, 2023 5 Desseauve continued the discussion, with input that Vail Commons units are now more than twenty years old and when owners invest it ensures the longevity and affordability of the EHUs. Acknowledging that all permitted capital improvements and costs to be approved by Town Staff and she used the example of window replacement and boiler replacement and requests that the TOV consider adding certain upgrades and maintenance as approved capital improvements that go towards the maximum resale value. David Yurick, owner at Vail Commons, spoke about a $16,000 boiler and asked for considerations in adding this type of cost towards the maximum resale value. Stephanie Samuelson, resident at Vail Commons referenced the carbon monoxide levels and their experience with the need to replace the boiler. They feel fortunate and able to replace it but hope for more clarity within the Vail Commons Attachment B for capital improvements. Lindstrom reminded the group that Vail Local Housing Authority acts as an advisory group to the Vail Town Council and conversation ensued around Exhibit B of the Deed Restriction and the differentiating between improvement vs. maintenance and taking a closer look at what is defined as a capital improvement. The authority agrees that next steps would be to work with Town Staff and the Town Attorney to further specify the capital improvements list within the deed restrictions. Wilkins suggests peeling back the deed restriction to identify the potentially more clear-cut process or procedure when a property is trading hands. Ruther agrees that the capital improvements could use improvement and it would be helpful if there was greater clarity. The Housing Authority will be asked by Town Council to make a recommendation with possible changes towards the policies and implementation and practices around allowable capital improvements, not just for Vail Commons but other properties The authority agrees that we hope to provide greater clarity and specificity for these deed restrictions in the future and look to have these Vail Commons owners involved in the conversation moving forward. 4.2 165 Railroad Avenue Presenter(s): George Ruther, Housing Director Ruther referred to the project description packet from Rob Hahn for a deed restricted project in Minturn, CO, for the VLHA to consider as a potential redevelopment opportunity. This space was initially proposed as a multi- use space for the upper two levels as residential space. The question posed is would the VLHA like to purchase deed restrictions on these properties. The terms of Vail InDEED do not permit the Authority to purchase deed restrictions outside of Town of Vail but the Authority may make a recommendation to the Town Council, much like was done with 6 West in Edwards, CO. Rob Hahn was present at the meeting, owner of 164 Railroad Avenue, who would retain ownership and the intent is to keep the first floor as offices and then deed restrict the top two floors as condominium. Initially, his company would rent the entire two floors as a master lease. The Town would hold the deed restrictions. It is a natural location with Eco Transit running directly in front of the building. Discussion ensued among the Authority that a deed restriction exists in perpetuity and curiosities about the intent of the redevelopment of the building to be for employee housing. The authority agrees that it is a good opportunity with interest in a site visit. Vail Local Housing Authority Meeting Minutes of May 23, 2023 6 4.3 Swearing in of Current Authority Member Kristin Kenney Williams to a Full Term on the Vail Local Housing Authority Expiring May 31, 2028. Presenter(s): Stephanie Bibbens, Town Clerk Stephanie Bibbens, Town Clerk, joined to swear in member Kristin Kenney Williams. 4.4 Voting in of new Vail Local Housing Authority Chairman Presenter(s): Steve Lindstrom, Chairman Kristen Kenny Williams moved to vote in Steve Lindstrom as a chairman for the Vail Local Housing Authority MOTION: Williams SECOND: Denton PASSED: (4- 0) 4.5 Vail InDEED Summary and GIS Mapping Presenter(s): Missy Johnson, Housing Coordinator Johnson reviewed the Vail InDEED report to date and continue to show the Authority where they can find the report at vailindeed.com at a link at the bottom of the page. The detailed report is a great snapshot for quick access dated back to 2017 to current, even on a phone while in a meeting. This report will be updated each time we secure a Vail InDEED restriction. Also reviewed was the vailgov.com/gis section of the Town of Vail website where anyone can view an interactive map with layers and ultimately provide details about the type of deed restriction, documentation, property record card from Eagle County Assessor's site and more. The housing department will provide additional website/marketing related updates in the future and look to have tools and one-sheets readily available for the Vail Board of Realtors and other third party groups. 4.6 EHU Maximum Resale Valuation Calculation Presenter(s): Missy Johnson, Housing Coordinator and Martha Anderson, Housing Coordinator The Housing Staff presented an overview of the review process when an owner requests their Maximum Resale Value and any capital improvements that are approved and applicable to their maximum resale value. Anderson proceeded to review the step by step process but reminder that each deed restriction varies although the example is based on the master Vail Commons deed restriction. Anderson explained the process from checking on the property ownership, specific deed restriction and digging into the regulation, resolutions and exhibits to checking on any previous work on the property and similar capital improvements, there is background work done initially. Next, the team member will review proof of payment, receipts and project information from owners. Anderson referred to the Maximum Sale Price section of the deed restriction, followed by the permitted percentage of capital improvements for specified period of time (typically a 10- year period). Additionally, Exhibit B is reviewed and likely a resolution pertaining to capital improvements lists. The housing staff sees this as an opportunity to provide foundation for many more in-depth conversations in the future. For as many intended consequences from the deed restrictions, there are as many unintended consequences. Anderson further highlighted areas within Resolution 21 of 2007 that allows for an expanded list of capital improvements and the process followed upon receiving description and or receipts from the owner. Vail Local Housing Authority Meeting Minutes of May 23, 2023 7 North Trail Townhomes is an example of another type of deed restriction that varies. The Housing Staff showed a high-level snapshot of the process so potential issues so we can come back in a future date to explore 1) what is the policy objective we are trying to achieve? and 2) does the implementation strategy within the deed restriction achieve the policy direction that was provided and aim to remove any ambiguities? The intent was to maintain affordability within the deed restricted homes so types of improvements like $6,500 kitchen countertops and in- floor radiant heat don't necessarily align and nor do inflated labor charges from trades or owners. An additional consideration when we talk about policy is to consider the 3% guaranteed resale value of a home and even though it doesn't have any windows or appliances. With the Town's recent purchase of a North Trail Townhome, and the investment of just over $100,000 because of the level of deferred maintenance. The Council is looking to the Authority to make some recommendations because while there was always an intent to allow owners to maintain their homes, but the topic of not maintaining the home needs to be explored. The Housing staff will come back with more information and many conversations prior to making a recommendations to Town Council. 5. Matters from the Chairman and Authority Members 5.1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Lindstrom mentioned the signing of Senate Bill 1 at the EagleVail property to be developed and opens to door to use of a lot of state-owner property. Thank you to everyone who lobbied for this over the years. Much more to come. Ruther noted that on May 16th, the Town Council and Triumph Development reached an agreement on the proposed redevelopment of the Timber Ridge property and is fast tracking towards the first planning commission meeting. Right now the application and material gathering is happening in planning for the July 24th meeting where the PEC will review the application with the expectation to break ground by May 1, 2024. Recently, the Town hosted a meeting for the Timber Ridge tenants to offer some leasing preferences at Residences at Main Vail. Work is being done at West Middle Creek with more to follow at an upcoming meeting. Kristen Kenny Williams made a motion to exit regular meeting and move into Executive Session MOTION: Williams SECOND: Denton PASSED: (4- 0) 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(s): Martha Anderson, Housing Coordinator Vail Local Housing Authority Meeting Minutes of May 23, 2023 8 7. Any Action as a Result of Executive Session 7.1 Any Action as a Result of Executive Session 4:55 p.m. Kristen Kenny Williams made a motion to direct staff to execute on the action items discussed during executive session. For the record, Godec left the meeting at approximately 3:45 p.m. so he was not on executive session MOTION: Williams SECOND: Denton PASSED: (4- 0) 8. Adjournment 8.1 Adjournment 4:58 p.m. MOTION: Williams SECOND: Denton PASSED: (4- 0) 9. Future Agenda Items 9.1 Vail Housing 2027 Land Banking Investment Banker Discussion Review Retirement and Remote Worker Policies Review Chamonix Vail Deed Restriction VLHA Investment Policy 10. Next Meeting Date 10.1 Next Meeting Date June 13, 2023 Vail Local Housing Authority Meeting Minutes of May 23, 2023 9 : MEMORANDUM To:VailLocalHousingAuthority From:MarthaAnderson,HousingCoordinator Date:June13,2023 Subject:VailLocalHousingAuthorityInvestmentPolicy I.Purpose TheVailLocalHousingAuthorityhaverevenuesofapproximately$52,000andminimal expensesofapproximately$6,000annually.Netgainshaveaccumulatedoverthepastfew yearsandincreasedthefundbalanceto$393,960bytheendoftheyear2022.TheVailLocal HousingAuthoritywouldliketoinvestsomeofthosefundstotakeadvantageofthefavorable interestrateenvironment. II.InvestmentPolicy FortheVailLocalHousingAuthority(VLHA)toinvestfunds,theVLHAmustformallyadoptan investmentpolicy.StaffrecommendsthattheVLHAadoptapolicythatmirrorstheƚǞƓ͸ƭ investmentpolicyestablished byTitle2,Chapter2oftheVailTownCode. TheƚǞƓ͸ƭinvestmentpolicyhasthreeprimaryobjectiveslistedinorderofpriority:safety, liquidity,andyield.Thisinvestmentpolicyisconsistentwithothergovernmentpoliciesandbest practicesestablishedbytheGovernmentalFinanceOfficersAssociation(GFOA).AttachmentA includesacopyoftheƚǞƓ͸ƭinvestmentpolicy. III.ActionRequestedofVailLocalHousingAuthority TownstaffrecommendsthattheVailLocalHousingAuthorityadoptsaninvestmentpolicyas proposedbyResolution11,2023. 21 22 23 24 25 26 RESOLUTION NO. 11 Series of 2023 A RESOLUTION ADOPTING AN INVESTMENT POLICY FOR THE VAIL LOCAL HOUSING AUTHORITY WHEREAS, the Vail Local Housing Authority wishes to adopt an investment policy similar to the policy adopted by the Town of Vail; and WHEREAS, Title 2, Chapter 2, of the Vail Code sets forth the town’s adopted investment policy. NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The Vail Local Housing Authority hereby adopts the investment policy set forth in Title 2, Chapter 2, Vail Town Code. Section 2. This Resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local th Housing Authority of the Town of Vail held this 13dayof June 2023. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Martha Anderson, Secretary of the Vail Local Housing Authority Resolution No. 11, Series of 2023 27