HomeMy WebLinkAboutHousing Catalyst - Minutes - 01/05/1999January 5, 1999
BOARD OF COMMISSIONERS
OF THE FORT COLLINS
HOUSING AUTHORITY
A meeting of the Board of Commissioners of the Fort Collins Housing Authority was held on
Tuesday, January 5, 1999, at 8:30 p.m. in the Council Chambers ofthe City ofFort Collins City Hall.
Roll Call was answered by the following Commissioners: Azari, Byrne, Kneeland, Mason, Smith
and Wanner.
Commissioners Absent: Bertschy.
Staff Members Present: Fischbach, Krajicek, Roy.
Executive Session Authorized
Commissioner Smith made a motion, seconded by Commissioner Mason, to adjourn into Executive
Session for the purpose of discussing legal issues. The vote on the motion was as follows: Yeas:
Commissioners: Azari, Byrne, Kneeland, Mason, Smith and Wanner. Nays: None.
THE MOTION CARRIED.
("Secretary's Note: The meeting adjourned into Executive Session at 8:35 p.m. and reconvened
following the Executive Session at 9:25 p.m.)
Other Business
Resolution No. 10
Approving the Execution of Loan Documents
in Connection with the Via Lopez Project Adopted
The following is staff s memorandum on this item.
"Financial Impact
This Resolution would authorize the Chair of the Board to execute such loan documents as may be
necessary to obtainf:nancing, not to exceed Three Million Dollars ($3, 000, 000), for the construction
of the Via Lopez Project.
Executive Summary
On March 26, 1998, the previous Board of Commissioners of the Authority approved a project
budget for the development of the Via Lopez Project. The amount approved was S1, 699, 642. This
January 5, 1999
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budget did not include additional amounts needed for purchase of the modular units to be placed
on the development property. The costs of those units will vary, depending upon the selections by
the individual purchaser of the units. The "basic" unit costs are calculated at $1,458, 000.
The propertyfor this project was purchased in April, 1992 and land banked for future development.
This property consists of 33 lots on five acres of land, for a density of 6.6 units per acre (which is
in excess of City Plan requirements of 5.0 units per acre).
The first draft of the plansfor an affordable housingproject on this parcel was initiated in 1996 and,
was proposed in response to the Pioneer Mobile Home park relocations. Due to physical
constraints (easements, drainage, etc), the project was delayed until 1998. The project is currently
targeted to provide affordable homes ownership opportunities to low income residents of the City
with priorities in the following order: victims of the 1997j1ood, clients enrolled in the Fort Collins
HousingAuthority'sSelfSuffciencyPrograms, other clients andtenants ofthe Fort Collins Housing
Authority, and finally those members of the general public who meet the income eligibility
requirements.
Eligibility requirements for the Via Lopez project were determined by funding limitations and the
desire to provide housing for families whose income would otherwise deny them access to home
ownership. The profile of this mixed income project is:
1. 25% of the buyers fall between 65 - 80% ofAMI (Area Median Income)
2. 45% of the buyers fall between 50 - 65% ofAMI
3. 30% of the buyers fall below 50% ofAMI
The Housing Authority has tentatively negotiated sales contracts with eligible buyers for the
properties of the Via Lopez project; however, construction costs require that a loan be obtained to
complete the project so that units may be completed for sale. At this point in time, staff is seeking
approval to obtain individual construction loans from First National Bank in an amount equal to
80% of the appraised value of each unit.
It is anticipated that the total amount of the f nancing needed to construct the project will approach
$3,000,000. The loan(s) will be secured by first deeds of trust in the properties to be sold in the
project. The project pro forma indicates that the proceeds of sale of the lots will be more than
adequate to fully repay the indebtedness authorized by this Resolution. "
City Manager Fischbach presented background on the matter.
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January 5, 1999
Commissioner Wanner made a motion, seconded by Commissioner Kneeland, to adopt Resolution
No. 10. The vote on the motion was as follows: Yeas: Commissioners Azari, Byrne, Kneeland,
Mason, Smith and Wanner. Nays: None.
THE MOTION CARRIED.
Adjournment
Commissioner Smith made a motion, seconded by Commissioner Wanner, to adjourn the meeting
to January 12, 1999 at 6:00 p.m. The vote on the motion was as follows: Yeas: Commissioners
Azari, Byrne, Kneeland, Mason, Smith and Wanner. Nays: None.
THE MOTION CARRIED.
ATTEST:
- 0 �.
City Manager, Acting Secretary
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Mayor, Ex-Officio Chair