Board of Directors Meeting
Thursday, December 4, 2008
6:00 p.m.
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members: Bill Taylor, Jim Smith for Rusty Gregory, Kirk Stapp, and Rob Clark
Absent: Byng Hunt, Neil McCarroll, and Sandra Facincani
Staff: Pam Hennarty, Jennifer Halferty, and Kent Andersen
Public: Jen Daugherty

III. Public Comments

IV. Approval of Minutes from the November 6, 2008 BOD Meeting
Minutes were approved as presented. Bill Taylor motioned, Kirk Stapp seconded, approved 4-0.

V. Agency Review
a. Aspen Village Condos – Submitted documentation for DRE Final Subdivision Public Report and anticipate having it in a month. Either January or early February for conditional occupancy of one building.
b. San Joaquin Villas – Removed final deed restrictions per Intrawest request.
c. Executive Director’s Report
• Performance Goals Matrix –
• Town is exploring using Town staff to perform some of the Housing Element Update tasks and thereby renegotiating the EDAW contract.
• Staff is continuing to hold Homebuyer Education Courses.
• There have been vast improvements made in the guidelines in regards to the “infill” grant by the State.
• Radio advertising general MLH info as well as specific MLH events and seeing a good public response as a result

VI. Continued Discussion of Fiscal Year 2007-2008 Final Audit
Jim Smith requested clarification on $1.8 million in expenses on page 5 of audit. Staff to bring back at next meeting.

VII. Review of First Quarter 2008-2009 Financial Statements
Jennifer Halferty presented the first quarter 2008-2009 financial statements.

VIII. Community Housing Strategy Work Plan
Pam Hennarty presented the work plan that will be given to the Town Council. Jim Smith requested that a timeline be added in conjunction with the activities.

IX. Discussion and Review of 2009 FTEE Gap Calculation
New analysis by Pam resulted in a drop per FTEE of $2,700. This is specifically related to the 2008 increase in the AMI. Due to the instability of the larger economy the Board with regularly monitor the FTEE inputs this fiscal year.

X. Recommended Zoning Code Amendments- Shady Rest
Rob Clark stated that by allowing only affordable housing on the Shady Rest tract including the land cost it might never pencil to a developer. Furthermore this would require a zone code amendment to build anything other than affordable housing. Kirk Stapp stated that the following questions need to be asked:
• Is there enough land for affordable housing mitigation outside Shady Rest? What AMI’s will be addressed at Shady Rest?
• Who will negotiate the mitigation proposals onsite? The final comment was that MLH should research the argument that the development can’t pencil with affordable housing alone.

The Board agreed that there has to be a mix of AMI’s at the Shady Rest Tract and therefore support the Developer’s request to expand the uses permitted in the Affordable Housing Zone to include “Workforce Housing” as defined by the municipal code. No consensus was reached regarding the Developer’s request to strike the Shady Rest Tract exclusion clause. Further analysis must be undertaken by the Board on this request.

Staff will prepare a proforma for an affordable housing development at Shady Rest for the January 2009 Board meeting. Per Board request staff will also determine if it is possible to discuss the developer’s proforma in closed session as he, the developer has requested it remain confidential.


XI. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations-APN# 33-110-15

Based on the current economics and MLHs exposure on the Aspen Village Townhomes the Board choose not to exercise their option on the deed restricted properties but to rescind the restrictions.

XII. Adjourn