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Louisville Housing Authority <br />BOARD MEMO <br />Date: September 15, 2012 <br />To: Board of Commissioners <br />From: Frank Alexander, Executive Director <br />Re: Board Report for September 25, 2012 Meeting <br />Directors Report <br />Intergovernmental Agreement Update <br />Following the August 28 LHA Board meeting, the BCHA Board and Boulder County Commissioners <br />(BOCC) approved the amendment of the IGA from 30 to 50 years, so the agreement is fully executed by all <br />four parties now. The first four properties, Acme, Lilac, Lydia Morgan, and Regal Court II are scheduled to <br />transfer before November 1st. The properties will be refinanced simultaneously with their transfer, and <br />BCHA will be putting aside $1.5 million from the refinance to complete renovations in Louisville in the next <br />three years. <br />Property <br />Anticipated <br />Transfer Date <br />Consenting parties <br />Consents <br />obtained? <br />Status <br />Acme <br />October 2012 <br />4 party IGA <br />Yes <br />Nearly complete <br />Lilac <br />October 2012 <br />4 party IGA, lender <br />Yes <br />Nearly complete <br />Regal Court II <br />October 2012 <br />4 party IGA, lender <br />Yes <br />Nearly complete <br />Lydia Morgan <br />October 2012. <br />4 party IGA, lender <br />Yes <br />Nearly complete <br />Sunnyside <br />December 2012 <br />4 party IGA, Investor, <br />Lender, <br />In process <br />Waiting for response from <br />investor and lender <br />Regal Square <br />March 2013 <br />4 party IGA, HUD — office <br />of multifamily housing, <br />Lender <br />No <br />Begin this quarter <br />Hillside Square <br />Later in 2013 <br />4 party IGA, HUD — office <br />of public housing <br />No <br />Begin this quarter <br />Bylaws Amendment <br />With the IGA underway and the responsibilities of the Board lessening over the coming months, LHA Board <br />members may wish amend the bylaws to permit less frequent meetings. The proposed change is: <br />Section 1. Regular Meetings. Regular meetings of the Authority shall be held on the last Tuesday of the second month of each <br />quarter, with the first quarter beginning in January. In the event any day of a regular meeting shall be a legal holiday, said meeting <br />shall be held on the next succeeding business day. <br />A complete set of bylaws with the proposed change is attached. <br />If the Board approves the changes, the next meeting would be November 27, 2012. <br />8 <br />