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LAKEWOOD HOUSING AUTHORITY
SPECIAL MEETING
Monday April 18, 2005
11:30 a.m.
Colorado Housing and Finance Authority
1981 Blake Street, Denver, CO 80202
Members Present: Robert Sandridge-Chair
Sandra Maben-Commissioner
Minoo Poorteymoor-Resident Commissioner
Gari Westkott-Commissioner
Absent: Joan Smith, Vice Chair
Staff Present: Tami Fischer-Executive Deputy Director
Bill Lunsford- Housing Development Manager
Carl Musso-Housing Accountant
Sabrina Pierre-Louis-Assistant Deputy Director
Garnette Hardesty-Administrative Assistant
Guest: Mike Rock-City Manager for the City of Lakewood
CALL TO ORDER
The Chair, Robert Sandridge, called the special meeting to order at 11:35 a.m. with roll being called by the Administrative Assistant. The Chair stated a quorum was present.
CHANGES AND MODIFICATIONS TO AGENDA
There were no changes to the agenda.
APPROVAL OF THE MINUTES
A motion was made by Sandra Maben, seconded by Gari Westkott to approve the minutes of the March 28, 2005 regular meeting. A vote of the Commissioners was as follows:
Robert Sandridge: aye
Minoo Poorteymoor: aye
Sandra Maben: aye
Gari Westkott: aye
The motion carried.
Financial Reports
Carl informed the board that the financials reflect close-to-budget actual for the first quarter of the fiscal year. The administrative salaries are under for the month due to vacancy savings.
Public Housing through March revenues is close to budget. Total revenues are 101%.
Bob Sandridge asked about the accounting consulting services charges. Carl stated that he would report back at the May meeting on those charges.
The investment report reflects the interest on different accounts. There was not any transfer of funds. The report reflects the loan repayment cash of the Continuum Loan of $2.8 million.
Budget Presentation by City Manager Mike Rock
Bob Sandridge thanked Mike Rock for attending the April 18, 2005 LHA Board Meeting.
Mike mentioned how much he appreciates the relationship he has had with the Housing Authority over the years and how much the Housing Authority has supported the city.
Mike presented information on the City's financial situation to the Lakewood Housing Authority Board members.
Housing Manager Report
Sabrina Pierre-Louis had no report.
Executive Director Report
Tami let the board know that Mayor Steve Burkholder is 100% supportive of the Community Governance Group. In allowing facilitators and consultants to lead the discussions you have language written to share one message.
Tami has requested a resolution for the Lakewood Housing Authority Board to approve a $10,000 donation in support of the Community Governance Board.
A motion was made by Gari Westkott, seconded by Sandra Maben to approve the resolution as written. The vote of the Commissioners was as follows:
Robert Sandridge: aye
Minoo Poorteymoor: aye
Sandra Maben: aye
Gari Westkott: aye
The resolution carried.
Development Manager Report
Bill Lunsford stated that the Lakewood Housing Authority has an opportunity
to do a joint venture on a 204 unit - 8 buildings project with Arthur McDermott
called Panorama West. The Housing Authority would not be taking on any liabilities;
no bonds will be issued by the Housing Authority. CHFA will issue the bonds.
The LHA would be a special limited partner with 25% of the developer fees, 25%
of the cash flow and a first rider refusal to buy the property at the end of
the tax credit period.
Bill Lunsford and Bob Sandridge have been talking with the developer, Arthur McDermott. They feel that his rehab budget for the property is low in the area of the kitchens and boilers. The developer's scope is pretty good. Bill and Bob's concern is whether or not the developer can do it for the amount of money he has listed. Arthur McDermott has agreed to set aside and delay the new clubhouse and parking garages and defer taking part of his developer fee. The breakdown is approximately $962,000 total with $250,00 that was to be spent on the garages, $312,000 on the clubhouse and $400,000 in developers fees will be deferred until the Lakewood Housing Authority is satisfied with the completion of rehab on Panorama West. Once the rehab project is to the satisfaction of the Lakewood Housing Authority, construction can begin on the garages and the clubhouse and the developer fees will be released.
LHA will receive $100,000 at the time of closing in May. The potential is to acquire $500,000 over the course of ten years of the project. The project will be 60% of median income. McDermott had no relocation plan in place and CHFA told him that he must have a plan in order for the deal to occur.
Bill Lunsford requested a resolution to approve the joint venture project at Panorama West. A motion was made by Sandra Maben, seconded by Gari Westkott to approve the resolution as discussed, agreed upon and written. The vote of the Commissioners was as follows:
Robert Sandridge: aye
Minoo Poorteymoor: aye
Sandra Maben: aye
Gari Westkott: aye
The resolution carried.
Adjournment
There was no other business of the Lakewood Housing Authority. Meeting Adjourned at 1:40 p.m.
Robert Sandridge - Chair, Lakewood Housing Authority
Sabrina Pierre-Louis, Deputy Executive Director
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