Louisville Housing Authority Agenda and Packet 2013 07 25

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Willa gave an update on the Habitat Parcel - At Commissioner Oehker’s request at the last meeting, we reached out to Habitat - They have been active having conversations with the City of Louisville and doing some fundraising around their parcel, which has been very stalled due to high costs - In 2010 when the board donated the land, Habitat made commitments - They are quite behind on those commitments - Habitat wants to be active in Louisville and Lafayette - They are doing more in Boulder, because of the inclusionary housing provisions there Jay said that they have a pro-forma for how they develop property based on certain numbers - Infrastructure cost for the property, (drainage, water, and sewer) make it $170,000 upside down in their pro-forma - If they could figure out how to cover that gap, they could do a six-plex there - He has talked to City staff; they looked at it to see if there is a way to assist with some of the engineering pieces of it, as far as water, sewer connections, etc. - Because it is in a depression, they would have to rip up the asphalt of the property next door to get out to the street - Council may consider waiving some permit fees but they cannot waive tap fees - There is $10,000 still in the reserve that may be able to go toward the tap fees Willa met with Lisa, the co-director, and their new executive director, Susan (Bob is retired) - All of this change was happening in a six week period of time - They did not raise the issue of giving the land back when they met - They did bring up the idea of the land swap Jay said that part of the land swap idea is that if the city had it, they could make improvements and then give it back to the Habitat. That money could go a lot farther if we sold it on the open market. Willa gave an update on the Rehabilitation/Renovation Project - The Hardies group is our standing services architect - The project will be going out for bid in the next couple of weeks. - The scope of the work of our $1.7 investment in these properties is included in the packet - Our intent is to make the properties exemplary in the neighborhoods in which they are located, improve curb appeal, and longevity for the next 15 + years - When units turn we are doing the interior - Lilac will have new roofs on the three buildings, fixes to the landscape, and siding - Dumpsters and trashcans issues will be resolved with the City - We want to have small 3-sided enclosures with two bins, including recycling - We have annual intensive inspections and weekly drive-by inspections - We are trying to balance convenience for tenants and efficiencies - We will consider longer lasting LED technology for lighting under the eaves, with uniform fixtures - At Acme we want to modernize, take out some of the concrete to make the front more welcoming, fix the trash enclosures - The retaining wall will be back on our property - The new trash enclosures make room for recycling - Regal Court property – new stairs, siding, fixing - Some windows will be replaced, some have already been - Lydia Morgan will receive full repaint of trim and base colors - We will include a new air conditioning system - Jim Wilson is leading the renovations. We will provide his contact information to the board - We will be increasing our communications with tenants while this work is happening FINANCIALS Richard presented the financial report as included in your packet. - Assets related to the transactions for Regal Square (property, building improvements, and land) Decreased by $866,000 - Accumulated appreciation, affiliated or attached to that property is reversed. That total is $536,000 - Current assets in the form of unrestricted were also reduced in the amount of $84,000 8