Missoula Housing Authority Board

Missoula Housing Authority Board

Regular Board Meeting

Wednesday, January 19, 2011
-MINUTES-
Members Present: Jamie Hoffmann, Joe Pietro, Sandy Mitchell, Collin Bangs, Sheila Lund,

Members Absent: John Boyle, Betty Zander

Staff Present: Lori Davidson, Gloria Fortier, Merah Shurtliff, Adam Ragsdale, James Weir, Josh Kosar, Lisa Dunton, Kevin Schouweiler
Guests Present: Keithi Worthington

1. 
   Call to Order: The meeting was called to order at 5:35 pm.
   

2. 
   Attendance: See above
   

3. 
   Minutes:
   

Regular Board Minutes of December 15, 2011: Hoffmann called for comments. There were none. Bangs moved to approve the minutes, Mitchell seconded and the minutes passed with all in favor.

4. 
   Commissioner Comment/ Conflict of Interest Disclosure: Bangs added comment that the Housing Authority, through Lori Davidson, will be providing statistics for the Missoula Organization of Realtors housing report. Board agrees that MHA should be a source for this kind of information.
   

Davidson asked all present to take a moment to acknowledge the passing of Hal Fraser, Community Leader and Senior Vice President of First Security Bank.

Davidson introduced Kevin Schouweiler as the new minutes recorder. Merah Shurtliff has stepped down from Missoula Housing Authority and moved out of state.

5. 
   Public Comments on Items not on the Agenda (limited to 3 minutes apiece): Pietro asked if sidewalks will be fixed in the Russell Park West area. Lori responded that the architects are working to correct the sidewalks by this spring.
   

5. 
   Action Items: NONE
   

5. 
   Staff Reports:
   

1. 
   Palace Project: Davidson states the Tax Credit Application is due Friday, 1/21/2011. The Palace project presents many challenges because of the present ownership structure and various sources of funding. Court Allen of Treadstone Housing has been hired to assist with an analysis of financial feasibility and preparation of the tax credit application. This is a $15,000 flat rate expense that is part of the project. Davidson said he may be hired on for the rest of the project. Glacier Bank and US bank have provided letters of interest on the financing of this project. Davidson states that there will be strong competition with anywhere from 12-16 applications for this funding. Davidson knows of 5 to 6 but does not know where the other competition would be coming from.
   

Davidson stated that this application has been “all consuming,” taking up a large portion on time for both Josh Kosar and herself.

2. 
   Silvertip Update: Davidson said Silvertip is going smoothly. Megan Glasheen is working on the regulatory agreements and the firm application to HUD should be going into HUD tomorrow, 1/20/2011.
   

3. 
   IDC/Garden District: Davidson has the amendment to the Brownstone Capital buy/sell agreement outlining how the increase in interest payments, resulting from an increase in the rate when the loan was extended, will be handled. The monthly base interest payment shall be $5,570, that will enter into the equity pool of funds should the deal fall apart. The additional interest payment will be $2,894 but does not become part of the equity. No additional cash will be required from MHA for furthering the project.
   

Davidson asked the IDC board members present to schedule a meeting for further discussion and vote on the proposed changes. A lunch meeting at the Montana Club on Brooks was tentatively scheduled for Wednesday 1/26/2011. Date confirmation for meeting will be made through email by Friday 1/21/2011.

4. 
   Nicole Court- Possible Subdivision. Bangs spoke to the Board informing them of a conversation he had with Dennis Williams on a possible land swap trading the Nicole Court property for 5 already subdivided lots in Missoula with an agreement to buy 5 more lots at a later date. Hoffman asked as to the current investment MHA has into the Nicole Court Project. Davidson and Fortier responded that the current note on the Nicole Court is $165,000. Total capital with note, interest payments and application costs in the project was approx $210,000. The lots could be used for a Rural Development self-help homeownership project.
   

Bangs asked the board if this is something the board wishes to pursue. Interest in this deal was acknowledged and further discussion will be held. Dennis has been made aware of possible water and floodplain issues.

Davidson mentioned a discussion with a land owner about several lots owned in East Missoula across from the Speedway project. After talking with Engineers of the project Davidson feels that this location may be poised for a future Self Help Development location. RD 515 rentals may prove to be a good option, but she feels this may be a place to look for the Self-Help project in the future.

5. 
   Homeless Needs Assessment: Davidson says it has been completed. Preliminary results have been drafted. More public presentations will be held next month to review the results. Paul Carlson, from the inter-agency counsel on homelessness in Seattle will be here 01/31/2011-02/01/2011. Several meetings will be held over the course of those two days to discuss the results. Davidson will try to attend all applicable meetings held to get the most out of the assessment as possible.
   

It was discussed that Jason Weiner is trying to keep discussions of the results focused in these meetings before it spreads outward.

5. 
   Old Business: NONE
   

5. 
   New Business: Closed Session held to discuss a personnel matter.
   

5. 
   Adjournment: The meeting was adjourned at approximately 6:50 pm.
   

______________________________ __________________________________

James Hoffmann, Board Chair Lori Davidson, Executive Director