Minutes - Boulder Housing Partners - 4/11/2011
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
APRIL 11, 2011,2:30 PM
NORTHPORT 1133 PORTLAND PL, BOULDER COLORADO
Commissioner Lawrence Betsey Martens Kathy Haddock CAO
Commissioner Mitchell Willa Johnson Andy Proctor HHS
Commissioner Topping Stuart Grogan
Commissioner Eckert Jim Koczela
Commissioner McCormick Penny Hannegan
Commissioner Ageton Shannon Cox-Baker Public:
Commissioner Hempel Tim Beal Liz Black
Commissioner Holton Anna Kay Johnson
Commissioner Merman Kevin Knapp
1. Call to order
Commissioner McCormick called the regular meeting of the Board of
Commissioners to order at 2:37 pm.
II. Determination of Quorum
A quorum was declared.
III. Oath of Office
Conunissioner McCormick administered the Oath of Office to Scott Holton
and Conunissioner Klernan administered the Oath of Office to Angela
McCormick. The Board congratulated Ms. McCormick on her
reappointment and welcomed Mr. Holton to the Board of Conunissioners.
IV. Public Participation
There was no public participation.
V. Board Announcements
COMMISSIONER KLERMAN MADE A MOTION TO RECESS
INTO EXECUTIVE SESSION AT THE CLOSE OF THE MEETING
AS PER COLORADO STATUTE CRS- 24-6-402 4(b) TO DISCUSS
LEGAL MATTERS. COMMISSIONER HEMPEL SECONDED THE
MOTION. The motion passed unanimously.
1
Z
parties, events, resident councils); and the NAHRO poster contest: "What
Home Means To Me."
Development
Commissioner McCormick reported that the Development Committee had
held a joint meeting with the Board of Directors of the Boulder Homeless
Shelter to discuss the guiding principals and public outreach campaign for
the Lee Hill project. The Commissioners suggested that Greg Harms repeat
his Housing First presentation for the entire Board as an upcoming board
development topic.
VIII. Approval of the Agenda
Consent agenda items:
1. Minutes from March 14, 2011
COMMISSIONER TOPPING MOVED TO APPROVE THE
CONSENT AGENDA. COMMISSIONER KLERMAN SECONDED
THE MOTION. The motion passed unanimously.
IX. Action Agenda
Directors Report
Award of Moving to Work Status
Betsey and the Conunissioners paused to celebrate BHP's award of Moving
to Work status by HUD. Betsey will bring a big picture "what does it mean"
next month.
Three bullet point summary of this elite status for year one:
1. Allocation of fiinding to BHP from HUD will be as a block grant and
contractually obligated. We will now have a contractual relationship with
HUD.
2. There will no longer be a statutory cap on our project based vouchers
so we will be able to replicate Broadway East with all of our public
housing portfolio.
3
ly
Auditing Standards and Govermnent Auditing Standards, the auditors
responsibility for identification of fraud risk factors and their responsibilities
for testing and reporting on internal controls. All 2010 tax credit audits and
tax returns were completed and filed on time with no findings. Jim also
presented the February financials including an explanation of the major
adjustment to our 2010 balance sheet; the reclassification of the existing
Bridgewalk loan from long term to current liability. Commissioner Klennan
wondered if this would trigger a default under loan provisions that might
require certain ratios be maintained. Jim reported it would not result in any
event of default.
The February unrestricted cash position has improved because of the
insurance settlement on the Walnut Place roof and the release of Red Oak
Park contingent cash.
Commissioner Ageton questioned the monthly write-offs of $13,000. Jim is
working on creating an allowance for doubtful accounts to avoid the big
swings in this account.
Bridgewalk Renovations
Willa discussed the third phase of the Bridgewalk renovations which will
begin with the finalization of the loan's refinance. She gathered input about
potential color schemes for the exteriors from the Conunissioners.
Conunissioner Eckert suggested that Hardy smooth face siding looked better
than the rough.
Willa explained that the cost estimating is going well potentially adding solar
if cost estimates continue to go well. Commissioner Holton suggested
considering a Power Purchase Agreement, which would require less capital
outlay.
Bridgewalk Refinance
Willa brought a recommendation to begin working with Wells Fargo as the
lender for the Bridgewalk refinance. Conunissioner Ageton moved to
approve Wells Fargo as the lender for the Bridgewalk refinance; Karen
Klerman seconded the motion. In discussion, Kathy Haddock, CAO,
mentioned that the City is currently in a conflict with Wells about the
validity of the affordable covenant. Andy Proctor provided additional
information about the situation. Following an extensive discussion in wh&h
the Board was unanimous in their desire to be a helpful partner to the City
regarding the future of the affordable housing program, Commissioner
Ageton withdrew her motion and Conunissioner Klerman withdrew her
second to the motion.
Commissioner Topping suggested seven days for additional investigation
and recommendations and then start negotiations.
5
COMMISSIONER LAWRENCE MADE A MOTION TO
AUTHORIZE BETSEY TO SIGN THE EASEMENT DEDICATIONS
DOCUMENT AT HIGH MAR. COMMISSIONER TOPPING
SECONDED THE MOTION.
Commissioner LaNN ence had questions about the budgeted contingency at
High Mar. He suggested that the overall contingency figures seemed too low
at 4%. He suggested that a 10% contingency would be more acceptable but
if the General Contractor was involved from the begimzing, 5% might be
okay.
Red Oak- Park
Kevin gave an overview and shared pictures of progress at ROP. The site
currently has leased up 15 families, nine of whom were original tenants of
BMM. Commissioner Klerman asked about the Kaboom playground
initiative. Betsey stated that since ROP has funds to build a playground, the
Kaboom idea has now potentially moved to Bridgewalk.
Conunissioner Lawrence questioned whether the differing number of PV
potential per unit affects leasing decisions.
COMMISSIONER KLERMAN MADE A MOTION TO RECESS
INTO EXECUTIVE SESSION AS PER COLORADO STATUTE CRS-
24-6-402 4(b) TO DISCUSS LEGAL MATTERS.
COMMISSIONER HEMPEL SECONDED THE MOTION. The
motion passed unanimously.
i
7
X. Adjourn
COMMISSIONER TOPPING MADE A MOTION TO ADJOURN THE
REGULAR MEETING OF THE BOARD OF COMMISSIONERS.
COMMISSIONER HEMPEL SECONDED THE MOTION. The
motion passed unanimously.
The regular session of the Board of Commissioners adjourned at 5:11 pm
SEAL
DATE: 4/11/2011
ANGELA MCCORMICK, CHAIR
Boulder Housing Partners
WY
BETSEY MARTENS
Executive Director
PENNY HANNEGAN
Recording Secretary
i
8