City Council Minutes 2012 08 21 - Laserfiche WebLink

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City Council Meeting Minutes August 21, 2012 Page 7 of 23 12) LHA agrees to transfer the LHA properties to BCHA. For each transaction involving a property that is subject to existing debt, BCHA agrees to assume or payoff the remaining LHA debt, and pay whatever title fees, lender fees, recording fees, and other fees that are applicable to each of the transfers. 13) Upon successful transfer of each LHA property to BCHA, BCHA shall assume sole responsibility for the management, maintenance, and necessary rehabilitation of the LHA properties and will no longer perform those functions for the property as contract manager of the LHA. BCHA shall maintain the LHA properties in accordance with HUD's Housing Quality Standards. 14) Each time a specific property transfer occurs, BCHA is authorized to transfer a portion of LHA remaining operating and investment funds so that all such funds are eventually transferred upon completion of all transactions. BHCA is also transferred and responsible for management of tenant security deposits. COUNCIL COMMENTS Council member Loo asked why the Louisville properties are not listed in the agreement. City Attorney Light explained the City has a complete inventory of each unit, but it was not included in the agreement. Council member Loo questioned the thirty-year period. City Attorney Light explained the thirty-year period was negotiated by the LHA and the BCHA and from a legal prospective, thirty years grants the authority for the BCHA to operate perpetually as the City's Housing Authority. PUBLIC COMMENTS Terri Abbott, 303 S. Adams Drive, Louisville, CO, LHA Chairperson thanked the City Council and the BCHA. The agreement will foster affordable housing for residents of Louisville. BCHA has more resources to increase affordable housing in Louisville and will add fifteen new units within the next five years. The LHA Board voted unanimously to support the IGA. Executive Director Frank Alexander stated the BCHA has worked very hard to insure everyone's concerns are addressed. There is a very strong commitment between the City staff and the Board. The Louisville properties market valuation was assessed in April at $1 Million. The 116 units have a $3.5 million needs assessments for capital improvements. They will consolidate and borrow to rehabilitate the properties. COUNCIL COMMENTS Council member Sackett stated all his concerns were addressed. PUBLIC COMMENT