City Council Minutes 2012 08 21 - Laserfiche WebLink

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City Council Meeting Minutes August 21, 2012 Page 11 of 23 Ms. Marsella voiced her support of a fifty-year term over the thirty-year term. She supported a clause, which would revert the properties back to the City in lieu of an injunction. Michael Reis, 738 Pear Court, Louisville, CO stated the cash assets are not tied to the 116 units. He felt the cash could be set up in various foundations to benefit Louisville residents. He stated Boulder County would just use the funds elsewhere and borrow against the Louisville housing units for their rehabilitation and for the development of the additional 15 units. He urged Council to reconsider the agreement. Jim Brownell, 2561 Lexington Street, Lafayette, CO explained he came to speak about the grain elevator and wondered when Council would discuss this matter. COUNCIL COMMENTS Council member Loo asked if the cash flow is in restrictive funds. Frank Alexander explained some of the money is in restricted accounts and some in unrestricted accounts. He stated the total is $661,000 and it is segregated by property. The cash funds equate to $6,000 per units. MOTION: Council member Sackett moved to approve Resolution No. 55, Series 2012, seconded by Council member Loo. COUNCIL DISCUSSION: Council member Loo commented the objective is to provide more affordable housing, but felt due diligence was not adequate and therefore would be voting no. Council member Yamell asked if a longer item should be renegotiated. Council member Jasiak agreed the goal is to have affordable housing in the City. City Manager Fleming explained the intent of the IGA's thirty-year requirement was to enable some flexibility on individual units being identified as the subject of the restriction. He agreed thirty years did not seem like a long time. One approach would be to make it in perpetuity or at least fifty years that Boulder County would maintain at least 146 units. Terri Abbott, LHA Chairperson explained the thirty-year term was considered because Boulder County would add their units to the agreement. Frank Alexander stated if Council wishes, he would take the agreement amendment before the LHA, and the Boulder County Commissioners. Mayor Muckle offered a friendly amendment to extend the agreement term from thirty years to fifty years. Council members Sackett and Loo accepted the friendly amendment. City Attorney Light stated staff would report back to Council on whether the change in the term was acceptable to the other parties.