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reflecting the one -time event for legal fees, professional consulting fees as a result of moving LSLP to <br />Louisville Housing Authority. <br />Our maintenance salary and expenses are less than budget, as a result of our salary and benefits <br />expenditure as well as contracts for cleaning, flooring, maintenance, and snow removal. Due to high <br />occupancy, we have less expense on major renovations or major repairs at unit turn. <br />Property Management Report <br />Willa said vacancies are down to two. The Lydia Morgan air conditioner has been installed and <br />complete. <br />Director's Update <br />-IGA Update <br />Heather said we had a good discussion before City Council and there were a lot of questions. The vote <br />ultimately was 4 -3. However, one of the gentlemen who voted against it said it was because he didn't feel that <br />changing from 30 years affordability to 50 years was necessary to ensure the intent of the document, not because <br />he had concerns about the transfer. <br />Jay said the big concerns he heard from Council were: <br />length of the term, <br />Michael and Sherri Marsella's comments that the board hasn't evaluated this fully. <br />The values much higher than what is being represented. <br />- There's $700,000+ cash in the account. <br />With the council changing the terms, LHA Board has the opportunity to look over the entire IGA and change it. <br />Jay suggested that LHA could deny the amendment to the IGA that the council voted on and renegotiate other <br />points. <br />Terri addressed the issue of experience on the board: <br />we have worked with this portfolio for a long time <br />we have had multiple presentations on property from internal and external experts <br />it's quite erroneous for anyone to say that staff hasn't presented opportunities and options <br />it comes down to whether property prices are affordable or whether we could purchase and keep the <br />properties affordable. <br />over the years, we have looked into a lot of available properties that may not have been right for us or <br />our size. <br />discussion regarding the future of LHA has been going on for years <br />LHA has struggled with the financial capacity to attract lenders and investors in recent times <br />the board needed to look at the longevity of our properties, how they would be maintained, and future <br />rehab and expanding <br />there was forethought in creating the LHA and forethought in recognizing the time for change <br />All three parties have been fairly represented by legal council <br />Ernie addressed the education process: <br />it was difficult to understand the difference between public and private market values. <br />staff presented tours, meetings, and descriptions to help us understand <br />the primary motivation of Boulder County Housing is to maintain the stewardship of the mission <br />we are assured that certain things are in place for seniors and elderly <br />we were brought up to speed very quickly. It's not a private real estate transaction. <br />we were presented with alternatives and pursued those alternatives <br />Amber represented our legal needs fairly. <br />Colleen had concerns about what Michael brought up and wonders if Amber has addressed his issues in our <br />agreement. <br />3 <br />