HomeMy WebLinkAbout2007-01-03 EHA MINUTES• 'I
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I. CALL TO ORDER
ENGLEWOOD HOUSING AUTHORITY
BOARD OF COMMISSIONERS
Regular Meeting
January 3, 2007
The Regular Meeting of the Englewood Housing Authority Board of Commissioners was
called to order at 3:40 p.m. on Wednesday, January 3, 2007 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
Ernie Arterburn, Commissioner
Beverly Bradshaw, Commissioner
James Woodward, Ex Officio
CJ. Cullinan, Alternate
Rodger Hara, Vice Chair
Charles Carter, Commissioner
Dawn Shepherd, Executive Director
Geula Sherman, Financial Services Manager
Renee Tullius, Administrative Manager
John Durso, KD Housing Partners
Pete Langdorf, Newcastle Properties Incorporated
III. PRESCHEDULED VISITORS
John Durso, president ofKD Housing Partners, and Pete Langdorf of Newcastle Properties
presented general information and visuals regarding two properties currently managed by
Newcastle Properties . The Carmel Park Apartments, 5051 South Acoma St., has 175 units and
the Royal Manor Apartments, 640 East Jefferson A venue, has 92 units. These properties are
for sale . Carmel was built in two phases, one in 1962, the second in 1972. Royal Manor was
built in 1961. Mr. Durso and Mr. Langdorf propose Englewood Housing and KD Housing
jointly acquire the properties with EHA providing equity. KD would be the development
partner providing "financial engineering", tax credit expertise and would handle the
construction loan, rehab, marketing and lease up of the property. KD would also bear the
associated risks .
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EHA BOC Regular Meeting
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Mr. Durso and Mr. Langdorf were previously involved in a very similar project, Pine Crest,
with the Commerce City Housing Authority. The rehab, management, leasing and the rental
and financial structure of Pine Crest was discussed.
There was discussion of the appropriate level of the average median income (AMI) of
prospective tenants and existing tenants. Dawn Shepherd pointed out it might not be
necessary to lose tenants having an income 30 to 40% of AMI. Commissioner Bradshaw and
Councilmember Woodward indicated a willingness to "raise the bar" to attract quality tenants .
Chair Thompson stressed the concern of marketability and our ability to lease the building and
maintain a low vacancy rate.
Mr. Langdorf stated that the appraisal of the property projected a 7-8% annual rent increase,
noting also that the property will be sold but another buyer might not maintain or improve the
property or it might not remain affordable as it would with the Housing Authority.
Alternate member Cullinan questioned making units handicapped-accessible. Mr. Durso
noted that the cost of the structural modifications and the loss of units made necessary by
combining units would be cost prohibitive.
Commissioner Bradshaw expressed concern over the location of Carmel Park and the number
of police calls to the area.
Mr. Langdorf commented that the owner would be sensitive in terms of pricing. A brief
discussion of the impact of 4% or 9% tax credits took place.
The commissioners expressed interest in the project and requested more information on
pricing and how the development agreement would be structured. EHA will provide
information on existing equity in the Normandy Apartments as a possible source of EHA's
required contribution.
IV. DISCUSSION ITEMS, MOTIONS AND RESOLUTIONS
The Commissioners conferred and reached a consensus of interest and directed staff to
proceed in investigating the purchase proposal.
V. MINUTES
A. Regular Meeting held December 6, 2006 .
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EHA BOC Regular Meeting
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MOTION
COMMISSIONER BRADSHAW MOVED TO ACCEPT AND APPROVE THE
MINUTES OF THE REGULAR MEETING OF THE ENGLEWOOD HOUSING
AUTHORITY BOARD OF COMMISSIONERS HELD DECEMBER 6, 2006.
COMMISSIONER ARTERBURN SECONDED THE MOTION.
Ayes :
Nays :
Thompson , Bradshaw, Arterburn
None
Abstained: None
Absent: Hara, Carter
The Chair declared the motion carried.
VI. DIRECTOR'S REPORT
A. Narrative
Dawn Shepherd described the Holiday Dinner festivities for the residents of Simon Center
and Orchard Place and the informal holiday party held at the Normandy Apartments for the
residents .
Dawn Shepherd related the office closure on December 20th and 21st due to the disaster
level blizzard and the continuing snow removal difficulties experienced by staff and
residents . A discussion of the inappropriateness of a resident calling board members
regarding snow removal took place. Commissioner Arterburn and his son spent four hours
shoveling snow at EHA buildings assisting residents in clearing snow around their cars .
Councilmember Woodward congratulated the Section 8 department on the number of
clients leased up over the past two months.
B. Financial Reports
There were no questions or comments.
C. Program Reports
There were no questions or comments .
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VII. INFORMATION AGENDA
VIII. GENERAL DISCUSSION
A. Commissioner's Choice
Commissioner Bradshaw related her participation in the staff holiday lunch and expressed
appreciation for a "great staff.".
B. Director's Choice
There was no discussion.
C. Council Communication
There was no discussion .
X. ADJOURNMENT
Chair Thompson adjourned the meeting at 5:00pm.
Shelley ho son, Chair
Englewood Housing Authority
Board of Commissioners
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~~ Dawn Shepherd,ExecutveDire
Englewood Housing Authority
Board of Commissioners