MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting
Monday, August 3, 2015
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.
I. Call to Order
II. Roll Call
Members: Bill Taylor, Kirk Stapp, Lindsay Barksdale, and Tom Mazaitis
Members absent: Larry Johnston and Colin Fernie
Public: John Wentworth
III. Public Comments
There were no comments from the public.
IV. Approval of Minutes from the July 6, 2015 regular BOD Meeting
Bill Taylor made a motion to approve the minutes. Tom Mazaitis seconded the motion. The motion passed 4-0.
V. Board Member Reports
Bill Taylor reported that he was working on recruiting a new board member. Tom Mazaitis is also working on board member recruitment.
Bill Taylor asked for a recap on the July 30th Planning and Economic Development Commission meeting which reviewed the Concept Review for Old Mammoth Place. Jennifer Halferty explained that the Old Mammoth Place project is requesting to add square footage, which will increase the height and the building footprint of the project. The project is also requesting to do away with the previously approved eight on-site workforce units. A proposal to pay a fee, consistent with the new Housing Policy, will likely come forward. Jennifer Halferty spoke to some of the complaints from residential neighbors regarding the proposed height increases and commercial uses.
Kirk Stapp noted that Snowcreek has been very busy midweek through July.
VI. MLH Monthly Status Report
Jennifer Halferty announced that Jen Daugherty, Senior Planner for the Town is leaving for a position with a private firm in San Luis Obispo. Ruth Traxler, Assistant Planner, will take on much of the housing workload. MLH staff attended a meeting regarding the transition.
Jennifer Halferty also mentioned that the Town Council is planning to hold a series of goal setting meetings. One of these meetings will involve working with the local NGOs, including ESTA, MLH, MLT, and MLR. Once the dates are set, she will inform the Board. She explained that it was good timing since MLH is due for a strategic session this year, which staff will plan for this fall after the Town Council’s goal setting meetings. John Wentworth confirmed that the goal setting meetings were an effort to establish strategic goals for the Town Council and to align the NGOs toward specific, overarching objectives.
Bill Taylor thought that having a strategic planning session for MLH was a great idea. He noted that it’s important for MLH to keep doing new things and now that we know where we are in terms of Measure 2002A and developer fees we can reasonably estimate the organization’s capacity.
Jennifer Halferty also noted that median home sales prices continue to rise. The 2015 year-to-date median home sales price for a single-family home is $907,500. This includes 36 homes. Only 7 of these homes were sold at prices below $600,000. In 2014, a total of 43 single-family homes sold, so it appears that the market is tracking to do about the same or better in 2015. John Wentworth asked the data source and Jennifer Halferty confirmed that the data is from the MLS. John Wentworth also asked if staff knew the percentage of sales that were all cash transactions. Jennifer Halferty confirmed that it is usually around 50% of all sales. Kirk Stapp noted that the median condo price is creeping up as well and that as prices rise, more locals are priced out of the market.
VII. Town of Mammoth Lakes’ Housing Impact Mitigation Fee Analysis
Jennifer Halferty presented an analysis on potential uses of the Housing Impact Mitigation Fees. She briefly covered the scenarios and the Board discussed.
VIII. Review the Draft Fourth Quarter Financial Statements
The Board reviewed the fourth quarter financial statements. There were no comments.
IX. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations and possible action – APN 295-002-000-000
Announcement of action taken during closed session: Kirk Stapp made a motion to approve Option 1. Tom Mazaitis seconded the motion. The motion passed 4-0.