City Council Minutes 2012 08 21 - Laserfiche WebLink

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City Council Meeting Minutes August 21, 2012 Page 6 of 23 IGA between the City of Louisville, the Louisville Housing Authority (LHA), the Boulder County Housing Authority (BCHA) and Boulder County. Adopting the IGA would transfer to BCHA assets and debt of the LHA and provide for BCHA to operate as the housing authority for and within Louisville. City Attorney Light reviewed the highlights of the IGA as follows: 1) The goals of the agreement (page 2). 2) Provisions for LHA to transfer and BCHA to acquire the LHA Properties, LHA Funds, the East Street Property, LHA's assignable contract rights, and all other assets of LHA. This overall objective would be to leave the LHA in a position to dissolve at the conclusion of the various transactions. 3) In consideration of its acquisition of LHA assets, BCHA shall assume responsibility for the LHA debt, East Street obligations, and obligations under assigned contracts and leases. 4) Also in consideration of such acquisition, BCHA shall commit to expanding the provision of affordable housing in Louisville, and the City will be provided a guaranteed seat on Boulder County's Housing and Human Services Advisory Committee. 5) Section 1 of the IGA, (page 5) provides that for 30 years, the BCHA shall provide a minimum number of units within the City (Louisville Affordable Units). 6) The number of Louisville Affordable Units shall be 146. This number is based on the 116 units currently owned by LHA and an additional 30 that are owned by the County within the City of Louisville. Certain percentages of the Louisville Affordable Units will be maintained within differing tiers of specified affordability limits, to help ensure units remain available to a range of income levels. 7) Within 5 years of the effective date of the IGA, BCHA shall increase the number of Louisville Affordable Units by providing an additional 15 units (Section 1 aiii). 8) During this 30-year Commitment Term, the County grants Louisville the right exercised by City Council to appoint one member and an alternate to the Boulder County Housing and Human Services Advisory Board. 9) Louisville agrees that during the 30-year term, the City of Louisville shall be within the boundaries of the BCHA, and BCHA agrees that during such term that BCHA will continue to provide the same or better level of service for the City of Louisville's low and moderate income population as it has through its management of LHA. 10) BCHA shall provide annual reports to the City of Louisville during the term of that IGA, which shall be made at a public meeting and detail the condition and current operational analysis of the Louisville Affordable Units, current development and acquisitions in Louisville and any changes to policies, plans or standards involving eligibility for admission to Louisville Affordable Units. 11) The current LHA properties shall continue to be available during the term of the IGA for public meetings and public purposes after such properties are transferred to BCHA.