HomeMy WebLinkAboutHousing Catalyst - Minutes - 11/24/19766
CITY OF FORT COLLINS
M E M 0 P. A N D U M
DATE: December 3, 1976
TO: Fort Collins Housing Authority
FROM: Mary Ann Kennaugh, Secretary
RE: Minutes of November 24, 1976 Special Meeting
I. Called to Order at 4:15 p.m. by Chairman Sanchez at the Community
Building, 1715 14. Mountain Avenue.
II. Role Call:
Members Present
Pete Sanchez
Mary Klopfenstein
Al Kruchten
Nancy McComb
Charlie Muenzberg
Guests:
Staff:
John McGraw, Executive Director
Jim bloods
Mary Ann Kennaugh, Secretary
Scott Peterson, Del Webb Realty
III. The Following were Points of Discussion Regarding Construction
Proposals for a 96 Uuit Development:
Scott Peterson outlined a brief history of his involvement
in Fort Collins with the proposed 96-unit family development.
He indicated that the money is reserved for the 96 units and
a time period of six months T—through March 1977 )
has been established for commitment of use of the monies.
He further indicated his proposal, submitted to Walt Kane of
the Colorado Housing Finance Authority, was for 72 two -bed-
room units and 24 three -bedroom units. Money for the development
would be controlled by the Colorado Housing Finance Authority,
with operating costs dictated by HUD and the Housing Authority
in the management position.
Fort Collins Housing Authority •
Minutes of the November 24, 1976 Special Meeting .
Page Two
Actual building costs (as presented by Peterson with Fort Collins
Housing Authority after circulation) and finance feasibility
figures:
- $1300-1500/unit for unimproved land.
- Fair Market Rent for a two -bedroom unit in Fort Collins
is $235.
- 90% of the net income for the project must go to mortgage
payment.
- $144,000 front-end money is the cash requirement to get
the project going.
John McGraw outlined the following options, potential income
sources, and potential areas of savings for the project:
Options:
1. Continue working with Brady Corporation
2. Work with an alternate developer, or;
3. Have the Housing Authority develop the project on its own.
Potential Income Sources:
1. Increase in Fair Market Rent's or contract rents.
2. Enter into a contract with the National Housing
Partnership (investor locators).
Potential Areas for Savings:
1. Fee abatements from the City for utilities, ad valorem
taxes, and tap fees. -
The Authority agreed that the Executive Director should make
appropriate contacts and exercise appropriate options from those
listed and report back at the next meeting.
IV. Adjournment
Meeting adjourned at 5:45 p.m.