City Council Minutes 2012 08 21 - Laserfiche WebLink

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City Council Meeting Minutes August 21, 2012 Page 8 of 23 Sheri Marsella, 512 W. Linden, Louisville, CO voiced her pride in the LHA, who built a portfolio of affordable houses. She suggested Council consider getting an appraisal of the properties to find their true value. She noted these units are a community asset and she opposed giving the units to the BCHA. She felt the 116 affordable housing units are in good shape and the City is giving away $1 Million dollars in property, $500,000 in cash and local control of the property. Michael Reis, 738 Pear Court, Louisville, CO urged Council to reconsider the passage of the IGA. He questioned the thirty-year term of the IGA. He asked how these properties would blend in with the BCHA inventory. He did not support giving the LHA non-restricted cash to Boulder County. COUNCIL COMMENTS Council member Keany voiced his appreciation to Ms. Marsella and Mr. Reis for their comments. He felt this IGA is reasonable, but would be supportive if Council continued the approval of the IGA. Mayor Pro Tem Dalton asked for the current valuation of the property. Deputy City Manager Balser stated the City's 116 affordable units have a value of $1 Million. She noted the last affordable housing project in Louisville was done in 2001. She explained the LHA is struggling with the renovations for the properties in the City's portfolio. Mayor Pro Tem Dalton noted the properties have value if the City wishes to sell them, but not if they propose to maintain them. Frank Alexander noted the main goal has been to ensure maintaining the affordability of these units for perpetuity. City Manager Fleming addressed the statement the City is giving up local control. He stated the goal is to provide affordable housing. The BCHA will be able to maintain the properties, where the City cannot. Boulder County will add 15 additional units of affordable housing to the City. The City is delegating the authority to the BCHA to accomplish what Louisville cannot. Council member Keany commented on the Coal Creek Golf Course capital needs and the City funding those projects. He felt there may be a time when the LHA would come to the City for money to rehabilitate the affordable housing units. He agreed it is an emotional issue to give up the properties, but felt in the long run this would be better for affordable housing in Louisville. Council member Jasiak thanked Ms. Marsella and Mr. Reis for coming forward. She stated the goal is to maintain current properties and develop new affordable units. She asked if the cash reserve was negotiable. Deputy City Manager Balser explained the cash reserve was part of the negotiations to develop an additional 15 units in the next five years. Council member Jasiak wanted the cash reserve to stay in Louisville.