Louisville Housing Authority Agenda and Packet 2012 09 25

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ff the board does not pass that amendment, then we don't have an agreement, and will need to go back to assess the problems reversion clause doesn't work as a legal remedy in this case based on all of our previous discussions, she still recommends it as an IGA Terri clarified: the vote would have been 5 -2, but one member did not think that the 50 year term was necessary 50 years is a gain for LHA Louisville properties need full time staff attention when we were looking at affordable properties for purchase, we addressed having one permanent staff member be the Louisville Housing. Heather talked about Council liaisons: Council has never discussed managing these properties There are staff liaisons from the City and LHA has always had a council liaison Boulder County has stewardship of the Mission This is going to move forward long after we are all gone. Frank discussed refinancing: this conversation has been on the table for the better part of a decade we were crossing a nexus where the portfolios of both properties needed significant work, refinancing, renovation and additional equity brought into them we need to get all of those pieces in order so we can set forth to achieve larger and greater options in Louisville that we have been stymied in the last decade to be able to do the work that was setting forth for Boulder County, in terms of looking at private activity bonds, tax credits, bond issuances; much of that same work needs to happen for the City of Louisville we were talking about combining and working to put those so that we could take care of capital needs, stabilize the long term sustainability of the portfolio and to have efficient management of these properties going forward equity comes down to how many additional units you are going to get in the long term because the goal is to develop new affordable housing here and to acquire land to do that on, that doesn't have the same time constraints and accountability mechanisms that Amber and Sam were wanting to focus on we need to aggressively begin plans for those longer term developments like the Josephine Commons development for Louisville this is going to take land and equity that we do not have City staff, council, and the community get to hold us accountable for achieving those goals we are long term governmental partners and have an incredible relationship with the city of Louisville we have managed the properties effectively for a very long time and that commitment is in perpetuity or 50 years, according to this agreement LHA has done an incredible amount of due diligence in working through this process over the last decade and in facing the challenges that we face as a board Heather agreed that we do have a very strong relationship with the county. We trust that the county is going to meet their obligations and that we are going to meet ours. They have for the last 25 -30 years. Ernie made the motion to approve the IGA amendment to extend the agreement from 30 to 50 years. Kelly seconded. Motion passed with one opposition. (Colleen opposed) Willa provided the draft report outline for feedback: - the IGA contemplates that we will bring an annual report to City Council that's the forum in which they can monitor the commitments we made in the IGA in that report we provide information regarding who the portfolio is serving, what the financial picture of the portfolio is, how we are doing on the renovations, new development and acquisition initiatives 5