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HomeMy WebLinkAbout2006-07-27 EHA MINUTES• • • I. CALL TO ORDER ENGLEWOOD HOUSING AUTHORITY BOARD OF COMMISSIONERS Special Meeting July 27, 2006 The Special Meeting of the Englewood Housing Authority Board of Commissioners was called to order at 4:15 p .m. on Thursday, July 27, 2006, at 3460 South Sherman Street, Suite 203, Englewood, Colorado, 80113, by Chair, Shelley Thompson. II. ROLL CALL Members Present: Members Absent: Also Present: Shelley Thompson, Chair Beverly Bradshaw, Commissioner Charles Carter, Commissioner James Woodward, Ex Officio C.J. Cullinan, Alternate Rodger Hara, Vice Chair Ernie Arterburn, Commissioner Dawn Shepherd, ~xecutive Director Renee Tullius, Administrative Manager Jim Wagenlander, Attorney at Law III. Discussion, Motions and Resolutions A. Resolution Number 10, Series 2006, Resolution Approving the Development Agreement Between Englewood Housing Authority and The Burgwyn Company, LLC. Jim Wagenlander discussed the revisions to the Development Agreement. A contract to Buy and Sell Real Estate is also required . Commissioner Thompson questioned if budget controls were in place to restrain cost increases. Jim Wagenlander stated that subsequent to the sale of the property, EHA is not required to contribute funds, although EHA would be permitted to do so . Cost increases would be borne by The Burgwyn Company. Councilmember Woodward suggested adding "planning the project" to the fourth line of the second paragraph on page one after "The project shall consist of." Dawn Shepherd and Jim Wagenlander discussed Section C. Pre-Construction. The last line of the second paragraph is changed to: "This pre-construction debt will then be paid off no later than • • • EHA BOC Special Meeting 07-27-06 August 30, 2006." The sale price of the property is $740,000. In the event of non-performance the property is not returned to EHA. A key provision is found on page three. Henry Burgwyn, rather than an affiliate, must develop the property and assume responsibility for financing. Councilmember Woodward inquired into the liability of a special limited partner. Jim Wagenlander suggested that provisions to limit liability could be inserted into the partnership agreement. The sale price is $740,000. The property will not be returned to EHA in the event of non- performance. Page four, Section D. Construction, holds the developer responsible for construction rather than an affiliate. Paragraph five of Section D. was changed so that the development fee was not front-loaded and the specific amount of $527,075.00 was used rather than a percentage. The first paragraph of page 5 states EHA's right of first refusal for the property following the 15- year federal compliance period. There is a second 15-year CHAF A compliance period. Jim W agenlander noted EHA would purchase the property at a minimum price pursuant to the tax code with the minimum price set out in the partnership agreement. MOTION COMMISSIONER BRADSHAW MOVED TO APPROVE RESOLUTION NUMBER 10, SERIES 2006, RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT BETWEEN ENGLEWOOD HOUSING AUTHORITY AND THE BURWGYN COMPANY, LLC AS AMENDED PER JULY 27, 2006. Ayes: Nays: Abstained: Absent: Thompson, Bradshaw, Carter None None Hara, Arterburn The Chair declared the motion carried . 2 ~ EHA BOC Special Meeting 07-27-06 • IX. ADJOURNMENT Chair Thompson adjourned the meeting at 5: 11 pm • • Shelley Tho on, Chair ENGLEWOOD HOUSING AUTHORITY BOARD OF COMMISSIONERS 3 D~zf&t!t:J&L ENGLEWOOD HOUSING AUTHORITY BOARD OF COMMISSIONERS