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HomeMy WebLinkAbout01/22/2003 CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting January 22, 2003 ORIGINAL A. CALL THE MEETING TO ORDER The meeting was called to order by Chair DiTullio at 7:00 p.m. in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. Authority Members Present: Cheryl Brungardt Mary Jo Cavarra (arrived at 7:55 p.m.) Kent Davis Jerry DiTullio Kathryn Fulton B. ROLL CALL Others Present: Alan White, Planning Director Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Ann Lazzeri, Recording Secretary c. APPROVAL OF MINUTES It was moved by Cheryl Brungardt and seconded by Kathryn Fulton to approve the minutes of December 11, 2002. The motion passed 3-0 with Kent Davis abstaining. D. OFFICERS REPORTS There were no officer reports. E. PUBLIC FORUM There were none present to address the Authority. F. UNFINISHED BUSINESS There was no unfinished business to come before the Authority. G. NEW BUSINESS 1. Ouail Square Proiect Summary Alan White reviewed the summary of acquisition and rehabilitation costs for the Quail Square condominiums. The summary was also contained in the Housing Authority packet. There was some concern that the project carne in at a loss. However, there were opinions that, for the first Housing Authority project, it was successful in providing affordable housing to people who might not otherwise be able to own their residence. Further, much knowledge was gained in the process which should prove valuable in Housing Authority January 22, 2003 Page 1 future projects. The Authority reviewed costs involved and sales figures for the project and discussed ideas that could be applied to a future housing project. Jerry DiTullio suggested that there should be a separate spreadsheet for the project that shows grants, city contributions, sales tax rebates and CDBG funds. There was a consensus that this information should be separate from the spreadsheet that shows acquisition and rehabilitation costs. Larry Nelson commented that the units sold well due to the rehab work which was done and the fact that the units were priced fairly. There are two remaining contracts on Quail Square that are scheduled to close in February and there are four people on a waiting list for future projects. H. OTHER . It was moved by Cheryl Brungardt and seconded by Kathryn Fulton that Alan White be directed to submit an award application to NAHRO for the Quail Square project. The motion passed 4-0. . Another housing project is under consideration by the Authority. Several members have taken a tour of the property along with Henry Wehrdt who provided a preliminary estimate of rehab costs. Larry Nelson and Betty Maybin provided property comparisons, affordability and loan qualification information and other information regarding the property. The tenants are not aware of the possible sale of the building, therefore the matter requires a degree of confidentiality. It was moved by Kathryn Fulton and seconded by Cheryl Brungardt to authorize Cornerstone Realty to make an offer to the seller in the range of $700,000-750,000. The motion passed 4-0. (Mary Jo Cavarra arrived at 7:55 p.m.) Alan White reminded the Authority that CDBG funds are available which could be applied to the project which was discussed earlier in the meeting. Jerry DiTullio agreed to update Mary Jo after the meeting. She did express some concern about buying property at this time when rental property prices seem to be falling. . Alan White advised the Authority that the rental unit on the Richards-Hart estate has been rented. . Kent Davis thanked the Authority for the card sent in expression of sympathy for the loss of his mother. . Housing Authority members will review information received at the meeting regarding the possible new project. It may be necessary to call a special meeting of the Authority to give authorization for purchase of the property. Housing Authority January 22, 2003 Page 2 I. ADJOURNMENT It was moved by Kent Davis and seconded by Kathryn Fulton to adjourn the meeting to February 26, 2003 unless it is necessary to hold a special meeting before that time. The motion passed 5-0 and the meeting was adjourned at 8:05 p.m. c~~ ;:r~ Ann Lazzeri, Secretary J1ry.YiTUIli0, Chair Housing Authority January 22, 2003 Page 3