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HomeMy WebLinkAbout11-19-19A. B. NVRIIA Wheat Ridge Housing Authority Minutes of Special Meeting November 19, 2019 CALL THE MEETING TO ORDER The meeting was called to order at 4:00 p.m. by Chair Thompson in the Second Floor Conference Room of the Municipal Building, 7500 West 29t' Avenue, Wheat Ridge, Colorado. ROLL CALL OF MEMBERS Authority Members Present: Authority Members Absent: Also Present: C. APPROVAL OF MINUTES: 1. November 24, 2018 LU Thomas Abbott Chad Harr Cheyanne Kinghorn Janice Thompson Amanda Weaver None Lauren Mikulak, Staff Liaison Tammy Odean, Recording Secretary It was moved by Mr. Abbott and seconded by Mr. Harr to approve the minutes of November 24, 2018. Motion approved 3-0 With Ms. Kinghorn and Ms. Weaver abstaining. OFFICERS REPORTS • There was an introduction of new members and Ms. Thompson and Ms. Mikulak gave a brief explanation of their tour of Fruitdale Lofts and its transformation from school to residential lofts. Housing Authority Minutes November 19, 2019 E. PUBLIC FORUM There was nobody present from the public to speak. F. NEW BUSINESS 1. Special Limited Partner for Wheat Ridge Town Center Apartments Ms. Mikulak gave a brief explanation of the Housing Authorities partnership with the Wheat Ridge Town Center Apartments which are age restricted/income restricted. The partnership would help offset their tax liability which was recommended by the County Assessor's Office. She added that at the last meeting the members approved the idea of the partnership, but need the agreement to be modified to reflect inflation. Tyler Downs, Wazee Partners Mr. Downs gave expanded the explanation on why he is here today and the assessment process that happens every 2 years. Ms. Thompson asked about the third building and when it is built and if they will need a partner then, as well. Mr. Downs mentioned it will not be a project that is tax credit subsidized. It will still be senior living, but moderate incomes. Ms. Thompson asked if the compliance period can be explained. Chris Gunlikson, Holland and Hart Mr. Gunlikson said the compliance period is 15 years and the Housing Authority can elect to withdraw at that time, but it will probably be less than that. Mr. Downs added that the compliance period is for purposes of the tax credit compliance period, which is the subsidies used to build but the project. He also mentioned that this project is land use restricted for 40 years and will be affordable for 40 years, not just 15 years. Ms. Mikulak added that the Housing Authority could stay in longer than the 15 years, but the agreement would have to be restructured. Ms. Kinghorn asked if the state statute that is providing the offset is that long standing. Mr. Gunlikson said it has not been changed or modified. Housing Authority Minutes 2 November 19, 2019 Ms. Kinghorn asked if there is a going rate percentage wise you get from a Housing Authority. Mr. Down and Mr. Gunlikson collectively stated that it is all over the map and sometimes a Housing Authority will ask for right of first refusal to buy the property. They added that it also depends on how involved the Housing Authority wants to be and they gave examples. Mr. Harr asked if this partnership is costing the City. Ms. Mikulak said in this agreement we do not supply any services so no it does not cost the City anything. Mr. Downs added that at the end of the compliance period the Housing Authority could take a bigger role. It was moved my Mr. Harr and seconded by Ms. Weaver to APPROVE the Wheat Ridge Housing Authority as a Special Limited Partner in the ownership entity of the Wheat Ridge Town Center Apartments and further move to authorize the Executive Director to execute the ownership agreement on behalf of the board and based on the terms as presented. Motion approved 5-0. 2. Resolution 01-2019: Establishing a designated public place for the posting of meeting notices as required by the Colorado Open Meetings Law. A brief explanation was given by Ms. Mikulak. It was moved by Ms. Weaver and seconded by Ms. Kinghorn to approve Resolution No. 01-2019, a resolution establishing a designated public place for the posting of meeting notices as required by the Colorado Open Meetings Law. Motion approve 5-0. 3. 2019 Budget Adoption Ms. Mikulak explained that the Housing Authority will be paying a minimal amount for staff time and accounting. She mentioned that the budget is pretty straight forward and would anticipate the same for 2020. Mr. Harr wanted an explanation of the restricted funds for Fruitdale. Ms. Mikulak said the restricted funds are on the budget sheet because of the loan we made and it is long-term. Housing Authority Minutes November 19, 2019 Ms. Weaver mentioned that even though the Housing Authority does not have much of a budget, she would like to see a report that can be put out to the public to see what the Housing Authority has done in the past and what the goals are. Ms. Kinghorn added that it would be nice to see the numbers and know on a broader scale what the goal of the Housing Authority is. Ms. Mikulak explained that in 2017 the Housing Authority revised the goals to become a resource and a partner and will not be developers and will not own property. There was then discussion about affordability housing and home ownership as opposed to rentals in the City. It was moved by Ms. Kinghorn and seconded by Mr. Harr to approve Resolution No. 2, a resolution enacting a budget and appropriation for the year 2019. Motion approved 5-0. G. OLD BUSINESS H. OTHER I. ADJOURNMENT It was moved by Mr. Abbott and seconded by Ms. Weaver to adjourn the meeting at 5:13 p.m. Motion carried 5-0 5 nice Thompson, Chair Tammy Ode ecording Secretary Housing Authority Minutes 4 November 19, 2019