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ORIGINAL
CITY OF WHEAT RIDGE HOUSING AUTHORITY
Minutes of Special Meeting
June 12, 2006
A. CALL MEETING TO ORDER
The meeting was called to order at 9:51 a.m. by Chair Brungardt.
B. ROLL CALL
Authority Members Present: Cheryl Brungardt
Kent Davis
Janice Thompson
Authority Members Absent: Kathy Nuanes
Terry Womble
Others Present:
Alan White, Community Development Director
Larry Nelson, Cornerstone Realty
Betty Maybin, Cornerstone Realty
Henry Wehrdt, Project Manager
C. NEW BUSINESS
. Authorization to Purchase llrollerty at 3884-94 Parfet Street
Larry Nelson of Cornerstone Realty presented a proposal to purchase property
located at 3884-94 Parfet Street. Henry Wehrdt has inspected the property in
regard to needed renovations. An offer of$237,000 was made on this duplex
and it is necessary for the Housing Authority to either approve or deny this
offer today. With all anticipated renovations, the estimated total budget
would be $352,000. The two bedroom, one bath, ranch unit could probably be
sold for $175,000 and the four-bedroom, two-bath unit for $200,000. Each
unit has a one-car garage.
Cheryl Brungardt commented that she was excited about the project and it
would improve the entire neighborhood. It has been very difficult to find a
duplex that is affordable for renovation.
Kent Davis expressed concern about possible mold and, also, whether this
project could make a return of 5% which he considered to be reasonable. He
would also like more time to consider this project.
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Janice Thompson stated that she thought this was a good project. rfmold
becomes a problem she suggested eliminating air conditioning costs to be
used for mold abatement.
Henry Wehrdt commented that the $250,000 in Jefferson County Home Funds
must be dedicated before the end of the year. He was not sure if these funds
could be used for purchase of this property.
It was moved by Janice Thompson and seconded by Cheryl Brungardt to
authorize the Housing Authority to purchase property located at 3884-94
Parfet Street for $237,000 with a contingency that ifthere are additional
costs for mold abatement the Authority consider what improvements
could be deleted to meet the cost of mold abatement and still have a
1.98% profit. The motion passed 2-1 with Kent Davis voting no.
D. OTHER
. There was a consensus to change Housing Authority meetings to the 4th
Tuesday of the month during the sununer months of June, July, and August.
E. ADJOURNMENT
The meeting was adjourned at 10:33 a.m.
U~C~~
Cheryl B ngardt, Chai
Ann~~~
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