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gipmewie <br />Louisville Housing Authority <br />LOUISVILLE HOUSING AUTHORITY MEETING <br />Minutes <br />Tuesday, February 28, 2012 — 8:00 am <br />Lydia Morgan (1450 Lincoln Ave.) <br />Louisville, CO 80027 <br />To foster the availability of quality, affordable housing and related services for the residents of Louisville, using broad community resources. <br />The Housing Authority of the CYO) of Louisville will accomplish its mission through: community collaboration, effective services and <br />programs, professional organization, efficient resource management, and the expansion of finding sources. <br />Commissioners Present: Terri Abbott, Walt Oehlkers, Kelly Campbell, Colleen Vandendriessche, Ernie <br />Villany, Jay Keany, City Council Liaison <br />Staff Present: Frank Alexander, Director Boulder County Housing & Human Services; .Geneva Z. <br />Bailey, Administrative Technician; Richard S.osa, Division Director Finance and Operations; Shirley <br />Holt, Housing Finance Manager <br />Others: Bonnie Star, City of Louisville; Liz Black League of Women Voters of Boulder County; Diane <br />Evans, Senior Resident Worker, City of Louisville, Gavin McMillan, City of Louisville Planning <br />Department, Toni Ruster, Regal Court resident, Jacque Smith, Regal Square resident, Jim Sprung, Lydia <br />Morgan resident <br />Call to Order <br />The meeting was called to order at 8: 00 a.m. <br />Approval of the Agenda <br />Walt recommended approval of the agenda, Kelly seconded. Agenda approved. <br />Approval of:the January 24, 2012 Minutes <br />Kelly made a motion to approve the January 24, 2012 minutes; Walt seconded. Minutes approved. <br />Director's Update. <br />Frank announced that Willa Williford will be replacing Chuck in the position of Housing Director, She <br />has been working as Chief Operating Officer for Boulder. Housing Partneis. Willa comes to us with <br />experience Managing projects, HUD regulations, and affordable housing projects for.USBank; <br />Josephine Commons update <br />We started in 2007 with a 15 acre piece of land in Lafayette. We broke ground in August, 2011, on the 3 <br />story senior units; 44 1- bedroom apartments and 26 2- bedroom apartments. Josephine Commons Phase I <br />should be done in mid to late August of this year. We are 55% through construction and hope to be <br />breaking ground On phase It, 72 units of family townhomes and senior duplexes, in the 4`" quarter of this <br />year. Serious construction should proceed in 2012. <br />Finance Report <br />Frank said we have new auditors this year, Clifton/Gunderson. In 2004 we also had new auditors who <br />reviewed the partnership documents for East Street. At that time, they looked at the net distribution cash <br />flows from the partnership documents which outline a clear waterfall. The partnership agreements have <br />some contradictory sections in them that don't flow systematically with the waterfall. At that time, the <br />auditors recommended that Louisville be paid the distribution, as possible, when cash flow allowed. <br />Clifton gave a new assessment; that the operating cash section reserve should trump the waterfall <br />Post Office Box 471 Boulder, Colorado 80306 (303) 441 -3929 <br />TDD Colorado Relay 1-800-659-2656 <br />2 <br />