HomeMy WebLinkAboutHousing Catalyst - Minutes - 11/21/2002FORT COLLINS HOUSING AUTHORITY BOARD OF COMMISSIONERS
Minutes of the Regular Meeting of the Fort Collins Housing Authority
November 21, 2002
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Commissioners Present
Patrick Brady
Marty Tharp
Mary Greeley
Kimberly Stenberg
Mike Sollenberger
Chip Steiner
I. CALL TO ORDER
Commissioners Absent Staff Present
Lucia Liley John Tuchscherer
Alan Fluharty
Emily Bullard
Guest
Beth Cook
Chairperson Patrick Brady called the regular meeting of the Fort Collins Housing Authority to order at
7:35 a.m.
II. CITIZEN INPUT
There was no citizen input.
III. APPROVAL OF MINUTES
The Board reviewed the minutes from the October 24, 2002 regular meeting of the Fort Collins Housing
Authority. Commissioner Stenberg made a motion, seconded by Commissioner Sollenberger to approve
these minutes. The motion was passed unanimously.
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Refinance — Mr. Fluharty presented the packet to the board regarding the Bank One loan refinance. He
stated that FHCA has a $10,000,000 annual cap for double tax exemption, with a remainder for this year
of $620,000. The balance of $370,000 will be refinanced separately in 2003. FCHC is also asking FCHA
to guarantee a taxable loan for $500,000 and a $400,000 line of credit. Commissioner Sollenberger
brought forth concerns with the required loan guarantees, but was satisfied when it was recognized that if
the loan was in default, the FCHA would be guaranteed ownership of the property. Commissioner
Stenberg made a motion seconded by Commissioner Tharp to approve Resolution No.02-21 approving a
loan of $620,000 to the Fort Collins Housing Corporation for the refinancing of certain residential rental
properties and approving the guarantee of the taxable loan and line of credit. The motion also approved
Commissioner Steiner executing all loan guarantees on the four notes. The motion was passed
unanimously.
Commissioner Brady abstained from voting due to a conflict of interest.
V. FINANCIAL REPORTS
Alan presented the financial reports. Commissioner Brady had concerns about the Rigden expenses.
Commissioner Sollenberger wanted to be sure we had acquired the work product from the architect.
Alan noted that the salary adjustments would catch up in the fourth quarter of 2003. He will deliver
quarterly financial statements.
VI. NEW BUSINESS
Housine Choice Voucher Program:
Section 8 Coordinator Ms. Bower gave a presentation on the Section 8 process. Mr. Tuchscherer reported
744 Fort Collins and 100 Larimer County Section 8 Vouchers.
Development Opportunity:
Mr. Tuchscherer informed the Board that the FCHA was approached with a development opportunity —
Caribou Apartments located on Timberline and Horsetooth. DOH and CHFA have experienced budget
cuts and will not be able to fund the additional $960,000 needed to complete the project. Currently the
project set for 14 units at 50% A.M.I., 73 at 60% and the remainder at market price, for a total of 193
units. Mr. Tuchscherer reported that Ken Waido at the City had a high opinion of the developer (who also
did Fox Meadows), but was skeptical of the affordability of those units at 60% A.M.I. The project is set
for completion in two years, and the developer would like us to participate as a limited partner with no
financial liability. Mr. Fluharty suggested the FCHA should obtain equity in the project in the same
amount that is contributed. Mr. Tuchscherer suggested a shift in the 60% A.M.I. units to 50% A.M.I.
Commissioner Sollenberger suggested a counter -proposal to include ownership in the project. Mr.
Fluharty will work on getting the original deal to bring to the group. Commissioner Brady made a motion
seconded by Commissioner Stenberg to cancel the regular December Board meeting and instead hold a
meeting to formulate a counter -proposal. The motion was passed unanimously. The meeting will be held
on December 2, 2002 at 4:00 p.m. at the FCHA. Those attending the meeting will have the authority to
submit a counter -proposal to the developer. In the meantime, Mr. Tuchscherer will inform the developer
the board intends to meet to discuss the proposal.
Management Agreement:
Commissioner Brady discussed the revisions to the Property Management Agreement.
Commissioner Steiner made a motion seconded by Commissioner Tharp to approve Resolution No. 02-20
approving a revision to the property management agreement with the Fort Collins Housing Corporation
for fiscal year 2003. The motion was passed unanimously.
Administrative Plan for Public Housing:
The board reviewed the revisions to the Public Housing Agreement. Commissioner Tharp made a motion
seconded by Commissioner Steiner to approve Resolution No. 02-18 adopting revisions to the to the
Public Housing admissions and continued occupancy policy. The motion was passed unanimously.
By -Laws Revision:
Mr. Tuchscherer presented the Board with Resolution No. 02-19 Revision of the By -Laws increasing the
number of Commissioners from seven (7) to nine (9) members. Commissioner Stenberg made a motion
seconded by Commissioner Tharp to approve Resolution No. 02-19 adopting revisions to the By -Laws.
The motion was passed unanimously.
VII. REVIEW OF MONTLY ACTIVITY REPORT
The Board reviewed the Monthly Activity Report and staff answered all questions. Mr. Tuchscherer
reported that vacancies were down, except in Sleepy Willow.
VIII. ADJOURNMENT
Chairperson Brady adjourned the regular meeting of the Fort Collins Housing Authority Board at 8:55 a.m.
The nS4 regular meeting will be held on January 8, 2003.
Ap o e¢this2r¢ay of January 2003.
Rolbert Steiner, yice Chairperson
Fort Collins Housing Authority
b� Gar 0E)gLI
ldohn Tuchscherer, Acting Executive Director / Secretary
Fort Collins Housing Authority