Loading...
HomeMy WebLinkAboutHousing Catalyst - Minutes - 08/18/2022 Housing Catalyst Board of Commissioners Minutes – August 18, 2022 I. Attendees Commissioners: Cathy Mathis-Chair, David Bye, Emily Francis, Ann Green, Lizette Mill, Hep Wilkins Staff: Michele Christensen, Justin Corey, Tonya Frammolino, Julie Francis, Kristin Fritz, Tara Gaffney, Rachel Gaisford, Carly Johansson, Angelika Lintner, Traci McGraw, Carri Ratazzi Guests: Attorney Jim Martell, Meaghan Overton (City of Fort Collins), Joseph Penta (Development Committee Member), Anne Nelsen (Development Committee Member) II. Call to Order Chair Cathy Mathis called the meeting to order at 7:32 am. III. Mindful Moment Acting CEO Michele Christensen led the group in a Mindful Moment. IV. Citizen Input There was no citizen input. V. Approval of Minutes from July 21, 2022 Board Meeting Commissioner Hep Wilkins moved to approve the minutes of the July 21, 2022 meeting. Commissioner Ann Green seconded, and the motion was passed unanimously. VI. Action Items a. Private Activity Bond Carryforward Chief Real Estate Officer Kristin Fritz discussed the resolution, noting that this is a required procedural step in the process, due by September 15 each year. She noted that the $15.2 million in bond cap will support 86 units. Some of this will be used for the Impala project and future projects. These funds need to be used in a three year period. The Board Action Memo is attached to this meeting packet in Boardable for reference. Commissioner Lizette Mill moved to approve HC-RES-2022-08-02. Commissioner Green seconded, and the motion was passed unanimously. b. Tenant Improvement Loan - Oak 140 Chief Financial Officer Tonya Frammolino is requesting approval of a resolution to move forward with a loan to build out office space at Oak 140 for the Development Team. Her recommendation is to seek this loan with ANB Bank. She noted that this was reviewed in detail by the Audit & Finance Committee, which approved bringing this to the full Board for approval. A Commissioner expressed reservations because of the amount of interest and fees, noting that Housing Catalyst has a healthy amount of unrestricted cash. The Commissioner questioned if it made more sense to use unrestricted cash instead of paying interest and fees on a loan. Ms. Frammolino noted that it is a five-year term on the loan; she stated the unrestricted cash is important for other items, including future development. There will be further evaluation on whether there are funds available to simply pay off this loan. There is no prepayment penalty if the loan is paid off early. Commissioner Wilkins moved to approve HC-RES-2022-08-01. Commissioner Mill seconded. One Commissioner opposed. The motion was passed. VII. Committee and Department Updates a. Development Report 1. Development 5-Year Project Plans and Milestones (August 2022) Manager of Real Estate Development Carly Johansson provided an update on the 5-Year Project Plans and Milestones, noting there are no significant changes or updates since the last meeting. A few brief updates included: Construction is being wrapped up at Swallow (in partnership with CARE Housing, Inc.) over the next few weeks. Oak 140 continues to progress at just over 70% complete. The muralist will begin in early September with the murals for Oak 140. She noted that the start of the Village on Bryan renovation has been pushed back to begin in September, although some minor work has begun. Village on Impala continues through the entitlement phase. A construction contractor (Calcon) has been selected for this project. The sale of the second tranche of the Section 18 disposition (ten units) will occur at the end of September. All but one household in that tranche is under contract to relocate. In response to a question raised concerning the use of the Remington Parking lot, Ms. Fritz noted that her team is currently going through an assessment process to consider options for that property. A parking analysis and market studies are being done. It is expected that the site would be mixed use, but currently there is no set plan. b. Audit & Finance Report Ms. Frammolino provided an update on the financials - the full financial report is in this meeting packet in Boardable for reference. She noted that the annual comprehensive financial report for the Government Finance Officers Association (GFOA) is being wrapped up. Audits are being finalized, with the exception of Wellington, which will be discussed in September at their next Board meeting. The auditors will present at the September meeting of this Board to present the annual financial report and audit. Second quarter financials have been finalized. VIII. Legislative Issues/Updates a. Colorado Legislative Update Ms. Christensen mentioned an opportunity for advocacy that occurred with Representative Andrew Boesenecker. Rep. Boesenecker will be working on expanding right-of-first-refusal rights for multi-family housing by building on elements in HB22-1287. This is something we will be watching. b. National Legislative Update Ms. Christensen noted that August is advocacy month and she participated in some discussions with legislators as part of NAHRO's Virtual Hill Day on August 2. c. Fort Collins City Council Legislative and Business Update Commissioner and Mayor Pro Tem Emily Francis noted that City Council will look at rental housing strategies. Also, the land use code update will be presented in October. There is opportunity for input into the updates - information on how to provide input will be sent to this Board. IX. Legal Issues Commissioner Wilkins made the motion to enter Executive Session in order to discuss a legal issue. Commissioner Mill seconded. The motion passed unanimously and the Board entered Executive Session. After discussion, the Board came out of Executive Session to continue the regular Board meeting. X. Upcoming Meetings and Events a. Development Committee - September 13, 2022 b. Finance and Audit Committee - September 26, 2022 c. Housing Catalyst Board of Commissioners - September 15, 2022 d. Outgoing Board Member Appreciation Dinner - Wednesday, November 9, 2022, 6:00-9:00 pm, Ginger and Baker, 359 Linden Street, Fort Collins XI. Good News a. Congratulations to Senior Property Manager Nicole Rozales-Stauts! Director of Asset Management & Property Operations Justin Corey reported that Portfolio Manager Nicole Rozales-Status was recently selected by the Board of NAHMA (National Affordable Housing Management Association) for the National Affordable Housing Professional certification. b. Mason Place Winner of Urban Design Award! Ms. Johansson reported that Mason Place has been selected as the Housing category winner of the 2022 Fort Collins Urban Design Awards. XII. WORK SESSION: Strategic Plan Goal 3 - Empower and equip residents for stability and success As a follow up to last month's discussion of draft Goal 5, it was noted that minor changes will be made to the goal; it will be a part of the full Strategic Plan to be presented to the Board in the fall. Director of Resident Services Carri Ratazzi led the discussion on Goal 3. She reminded Board members of the process for review and revision of the Strategic Plan and provided a reminder of the timeline to review goals over the next months. Ms. Ratazzi reviewed the proposed goal and strategies. The presentation is located in Boardable for reference. XIII. Adjournment Chair Mathis adjourned the meeting at 9:20 am.