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HomeMy WebLinkAbout08/22/2001 CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting August 22, 2001 OR1GiNAL 1. CALL THE MEETING TO ORDER The meeting was called to order by Chair DiTULLIO at 7:00 p.m., August 22, 2001, in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL Authority Members Present: Cheryl Brungardt Mary Jo Cavarra Kent Davis Jerry DiTullio Kathryn Fulton Others Present: Alan Feinstein, Jefferson County Housing Authority Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Alan White, Director of Planning & Development Bob Olsen, Chronicle Kathy Field, Secretary 3. APPROVAL OF MINUTES It was moved by Kent Davis and seconded by Kathryn Fulton to approve the minutes of June 19 and August 14, 2001. The motion passed unanimously. 4. . OFFICERS REPORTS Jerry DiTullio reminded Authority members that Housing Authority meetings will be conducted according to parliamentary procedure. 5. PUBLIC FORUM There were none present to address the Authority. 6. UNFINISHED BUSINESS There was no unfinished business to come before the Authority. 7. NEW BUSINESS Financing Alternatives - A financing proposal from Vectra Bank was presented for the Authority's consideration. Housing Authority August 22, 2001 Page 1 Alan Feinstein stated that there are also two nonprofit organizations that would make loans to the Wheat Ridge Housing Authority: (I) Funding Partners in Ft. Collins and (2) Colorado Housing Financing Authority. Grant funds, which are federal funds, should be available by closing date; however, Jerry DiTullio stated that if the grant money is not available at closing, a loan for the total amount would be available from Vectra Bank. It was moved by Kent Davis and seconded by Cheryl Brungardt to accept the fmancing contract from Vectra Bank and to move the checking account from First Bank to Vectra Bank. The motion passed unanimously. Discussion of Condominium Association Declarations - Larry Nelson reported that he has contacted Barbara Weade who works through Chase Manhattan Mortgage to provide financing options for the purchasers. In order to provide these options, it will be necessary to have all documents in order such as condominium association bylaws, deed restrictions, etc. It will be necessary to hire an attorney to prepare documents such as deed restrictions and condominium association declarations. Jerry Dahl, city attorney, has submitted three names of lawyers who have expertise in this area. It was moved by Mary Jo Cavarra and seconded by Kent Davis that Barbara Weade's firm be used to get project approval for financing from Freddie Mac, Fannie Mae and FHA contingent upon closing of the property. The motion passed unanimously. It was moved by Kent Davis and seconded by Kathryn Fulton that Cornerstone Realty be allowed to take the recommendations from Jerry Dahl for a lawyer to be used on these projects. The motion passed unanimously. Deed Restrictions There was tliscussion as to the types of deed restrictions that would be applied to the property. . First Right of Refusal to Wheat Ridge Housing Authority (buy back) . Sold to income qualified persons . 5 year restriction/condition; Equity Share, 20% per year . Owner-occupied Copies of deed restrictions and condominium association rules from other entities will be included with the Authority's next packet. 8. OTHER Tour of Property (3747 Quail) - Alan Feinstein reported on a tour of the property. Overall, the property has been well cared for. Would recommend all new windows, new entry and patio doors and new fire doors for utility rooms. Some painting will be required (exterior and interior). Some appliances, carpeting, etc. will need to be replaced. Sidewalk could be moved Housing Authority August 22, 2001 Page 2 to the perimeter to allow for small courtyards for each unit. There may be ways to provide additional parking. Playground needs to be improved. Roof has not yet been inspected. He will try to have some cost estimates at next meeting. Alan White will check to see if there is a requirement for wood-burning fireplaces to be converted to gas. It was moved by Kent Davis and seconded by Kathryn Fulton that the realtor be directed to contact the owner in regard to leaving the two units which are to become vacant on August 31 empty and that the Authority will pick up the rent with a stipulation that if closing does not take place, the Authority would not be obligated for more than two months' rent. The motion passed unanimously. 9. ADJOURNMENT The meeting was adjourned to September 26, 2001 at 9:17 p.m. //) c,v / ,// / L/ /~ c::.7)o-.0--::2 /-Z- , , Ann Lazzeri, Secretary '" c) - , Housing Authority August 22, 2001 Page 3