MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Monday, October 15, 2007
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd., Suite 5

Minutes

I. Call to Order

II. Roll Call
Members: Mark Carney, Rusty Gregory, Byng Hunt, Kirk Stapp, and Rob Clark
Staff: Pam Hennarty and Jennifer Halferty
Press: Andy Geisel

III. Public Comments
Discussion by Kirk Stapp regarding the generation of FTEE’s and How the housing code was written and the impacts on mitigation and developers.
Announcement was made by Rusty Gregory that the Little Eagle Development will be going before the Planning Commission on December 15, 2007.

IV. Approval of Minutes from the August 9, 2007 BOD Meeting- Attachment A
Minutes were approved as presented by a 5-0 vote.

V. Discussion Regarding Request from Town for Reimbursement of Expenses for Aspen Village Trail.
Discussion of Town finance department’s request for MLH to pay a portion of the cost overrun on the Trail Segment 4B project. It was pointed out that that DIF expenditure projects aren’t allowed to back charge the Town. There was a motion made to pay the overage but was not seconded.

VI. Adoption of Resolution 07-04 regarding Aspen Village Condos Construction Loan- Attachment B
Discussion and recap of MLH funds committed to the Aspen Village Condos project. At this time the forecasted sales will cover the construction loan and cost associated with this financing. A motion was made to adopt Resolution 07-04; it was then seconded and passed by a 5-0 vote.

VII. Policy Discussion Regarding Selling Workforce Housing Units to Businesses
After discussion on the policy implications the Board directed staff to allow local business to buy units in building five of the San Joaquin Villas. In the event that units are sold to businesses the employee/tenants would need to be qualified thru Mammoth Lakes Housing and the policy of long term monitoring would need to be addressed. This item is to be discussed at the November and/or December board meeting for follow-up.

VIII. Discussion Regarding the Sales of the San Joaquin Villas
Discussion of strategies to sell the units still available.

IX. Policy Discussion Regarding MLH/County Relationship- Attachment C & D
Questions regarding proposed contract with the County for fiscal year 2007/2008. Board would like some language adjustments with regard to the cap on reimbursement and its need to correlate to the cap of work to be preformed and the need for hourly rates to be expressed in the contract. In addition the Board feels that travel cost and per diem should be allowed expenses.
The Board directed the Executive Director to set-up a meeting with the County’s counsel to discuss the Boards request.
Discussion also took place regarding the County’s desire to use Activity Delivery funds (these funds are contracted to MLH via a sub-recipient agreement) from the 05-STBG-1384 grant for contracts related to the County’s development of affordable housing strategy and product. Mammoth Lakes Housing Board does not support using funds intended to support the funding process of homebuyer assistance for strategy planning when ultimately the loans and time associated with the loans must be preformed.

X. Policy Discussion Regarding Appreciation Sharing Program- Attachment E
The model presented depicted a scenario whereby the appreciation shared would be reduced over the course of thirty years in order to promote households staying in the home. The Board would like to review models of appreciation from other jurisdictions as well as a comparison of appreciation sharing and deed restriction ownership over ten years.

XI. Policy Discussion and Possible Adoption of Affordable Housing Toolbox
There was review of the code and its language that allows developers that are required to develop workforce housing do have the ability to house their development’s employees first and foremost. Ultimately, if employees do not qualify for the workforce housing created by the developer then these units would be available to the clients on Mammoth Lakes Housing’s waitlist.

The Board did not feel the tools in the toolbox should be changed but should remain in order to maintain the greatest flexibility. Over the course of time the preferred tool may vary in accordance with the market, etc. The Board did ask Executive Director, Pam Hennarty to firm up the Housing in Lieu fee for the coming year with this fee being fixed for the year. Thereafter the fee will be evaluated on an annual basis for any necessary modification. The cost per FTEE fee will help set the foundation for developers to determine their housing mitigation proposals.

Starwood’s proposed housing mitigation proposal will be presented at the November board meeting.

XII. Discussion and Possible Adoption of Housing Strategy/Needs Analysis- Attachment F
The spreadsheet and information provided will be shared with the Town staff and updated on a regular basis.

XIII. Policy Discussion Regarding Board of Directors Make-up- Attachment G
Board direction was given to staff to consult with legal counsel or who ever is necessary on amending the by-law to allow no fewer than five members and no more than seven members. The two new members would be members at large.

XIV. Discussion of Town/MLH Contract/ Relationship
Board requested that Pam draft an amendment/addition to the Town/MLH contract. This amendment will address the role of MLH to review and provide information on alternative housing mitigation proposals without causing any slowdown of the process.

XV. Discussion of Recommendations for Modification to Affordable Housing Code
Board directed staff to work with Town staff on what would be the best course of action to modify the code in such a way that the recommendations of MLH would be considered.

XVI. Project Review
a. Aspen Village Condos – There are two of the three foundations in place with framing underway on one of the buildings.
b. Manzanita – The under grounding of utilities is complete and asphalt is scheduled for this week. The goal is to have these units occupied in early spring of 2008.
c. Jeffreys – These units are now renting with two of the three building with Certificates of Occupancy and the third and final building’s C of O expected by the end of the week.

Closed Session

XVII. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Starwood Mitigation Proposal.

ANNOUNCEMENT OF ACTION TAKEN IN CLOSED SESSION
No actions were taken during closed session.

XVIII. Adjourn