Louisville Housing Authority Agenda and Packet 2013 12 10

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nd -We are closing on the Aspinwall project, (2phase of Josephine Commons property) a $40 million transaction rehabilitating 95 properties and constructing 72 new properties. -Sunnyside/East Street Ltd. Partnership refinance will close with Wells Fargo in 60 days. Dissolving the Louisville Housing Corporation (LHC) -After the transfer of Lydia Morgan, we are in the process of closing down the LHC. -Recommend leaving LHC open for one year until the transfer of Lydia Morgan. -Recommend one to two LHA meetings in 2014, as we will still have a full audit. -Aaron Ness will come back out in 2014 with a complete audit for 2013 Louisville. Alkonis Property -Willa said the McCaslin work and western south Boulder work will go ahead of Alkonis. -Alkonis was selected for the charrette in Vail on October 11-14; where state wide authorities select three projects for a three day intensive with design experts, a planner, and an architect team. The charrette is valued at between $50,000 - $70,000. -Frank said that the Alkonis project will take, from start to finish, 8-10 years to turn from a project into a thriving neighborhood that the community is going to have to drive. -13 acres is more than any of us had hoped we would be able to acquire. -If you look at Josephine Commons in Lafayette, it went through so many issues and processes, from neighbors, issues around affordable housing, and occupancy, to a living breathing asset. Heather said that at their next meeting, Louisville Council will appoint Ernie as a representative to LHA, not the alternate. He is also the alternate for Housing and Human Services Advisory Committee. Wewill need an alternate for the Boulder County Advisory Committee. Frank explained that the Housing and Human Services Advisory Committee -It is an advisory group that provides guidance to the entire department. -Works on public communication, transparency, housing issues, Federal health reform, and the overall safety net development. -Itis a multi-disciplinary group with hospital, housing, Clinic CEOs, volunteer coordinators and finance advisors. -They look at the whole system our department is responsible for supporting and managing. -It makes us as deeply connected to the community in the broadest sense possible. Property Rehabilitation update -Willa briefly reviewed the rehabilitation of the properties Lydia Morgan, Lilac, and Regal Court. -We incorporated a number of suggestions from the last board meeting and did further research. -The rehabilitation contract was awarded to Pinkard. -The roofing will be contracted out. -Jim Wilson is the staff liaison on the project. -We are coordinating with property management, maintenance, and residents. - -We now have that reserve for the interior work as units turn or if we temporarily relocate tenants. -We have weekly contractors meetings and third parties walking the sites for quality control. Frank thanked the board for their support on all of these steps, it has been tremendous. Audit presentation Richard Sosa presented Aaron Ness and his Eide Bailly team, auditors for LHA and BCHA. They bring a strong housing authority experience and we have a great working relationship. Aaron Ness presented the Audit to the board, who received copies of the Audit and management letters. -New Audit standards have been created to make the language less confusing for readers. -Our opinion is a clean opinion of the financial statements as of December 31, 2012. 3