HomeMy WebLinkAbout09/15/2004
CITY OF WHEAT RIDGE HOUSING AUTHORITY
Minutes of Special Meeting
September 15, 2004
ORIGINAL
A. CALL MEETING TO ORDER
Chair Jerry DiTullio called the meeting to order at 7:04 p.m.
B. ROLL CALL
Authority Members Present:
Kathryn Fulton
Kathy Nuanes (entered at 7:09 p.m.)
Cheryl Brungardt
Jerry DiTullio
Authority Members Absent:
Kent Davis
Others Present:
Lena Rotola, Council member
Larry Schultz, Council member
Alan Feinstein, Jeffco Housing Authority
Larry Nelson, Cornerstone Realty
Betty Maybin, Cornerstone Realty
Barbara Delgadillo, Asst. to City Manager
C. APPROVAL OF MINUTES
None.
D. OFFICER REPORTS
None.
E. PUBLIC FORUM
There were no persons present to speak.
F. UNFINISHED BUSINESS
None.
G. NEW BUSINESS
Larry Nelson presented potential cost analysis on the purchase and rehabilitation
of an 8-unit townhome complex at 4501 Everett Street. He informed that the
property owner responded to a letter from the Authority looking for potential
sellers. A price has not been discussed at this point. His cost analysis depicts
total cost based on a sales price of $65,000 to $80,000 per unit. The cost analysis
includes a $5,000 assistance package for the qualified buyers.
The complex has three 3-bedroomll-1I2 bath units and five 2-bedroom 1-112 bath
units. The location meets a number of objectives being on a visible corner,
located in an area with a high concentration of apartments in district IV and seems
to be within the right price range.
Alan Feinstein distributed a packet of information including a rough layout of the
site, photos and an estimate of rehabilitation construction costs. Construction
costs include a 6' privacy fence for individual patios, revamping of the storage
areas in the back, restoration of the hardwood floors vs. carpet installation, along
with the standard rehabilitation items.
Chair DiTullio suggested that the Authority pay cash for the purchase of the
complex and obtain a construction loan for the rehabilitation and overhead costs.
Jefferson County assessed the property at $562,900 in 2003. Costs per unit and
square foot for townhomes vary making it difficult to determine what the owner
may accept as a purchase price.
It was moved by Kathryn Fulton, second.ed by Kathy Nuanes to direct Larry
Nelson to work with the seller to purchase the property at a maximum price
not to exceed $73,000 per unit and with a starting price of $65,000 per unit.
The motion passed 4-0.
It was moved by Cheryl Brungardt, seconded by Kathryn Fulton to approve
the construction costs of $245,200 with a maximum of 8 garages. The motion
passed 4-0.
Cheryl Brungardt suggested that the Authority consider partnering with
Washington Mutual and utilize their volunteer program and grant funds.
H. ADJOURNMENT
The meeting was adjourned at 7:43 p.m. Chair DiTullio reminded that the
meeting schedule for next week was canceled.
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illo, Asst. to . ty Manager
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