HomeMy WebLinkAboutminutes.APCHA.19800915
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MINUTES OF THE SEPTEMBER 15, 1980
MEETING OF THE PITKIN COUNTY
HOUSING AUTHORITY BOARD OF
COMMISSIONERS
The meeting was called to order at 12:07 by Chairman, Michael Kinsley.
MEMBERS PRESENT
STAFF PRESENT
Michael Kinsley
Bob Child
Jim Hamilton
Gail Mahoney
Karen Smith
Curt Stewart
Pat Dobie
1) Items for Action
1.1) Approval of minutes for the July 21 meeting.
On a motion by Child second by Kinsley, the minutes were
approved.
2) Items for Discussion (all previously distributed).
2.1) Review of the Silverking survey information.
Gail Mahoney summarized the material contained in the survey
packet. Questions centered around the adequacy of the res-
ponse with regard to those who said they wished to buy a unit.
Mahoney explained that the information was cross tabulated to
see if the "yes" respondents could in fact afford a unit. She
said that over 85% of those wishing to purchase could do so.
Hamilton said he felt the coverage factor was sufficient to
justify the proposal to sell 100 of the units to employees.
2.2) Review of the financial feasibility analysis of the Silverking
proposal.
Duane Lankford, Pitkin County's financial advisor, presented
the financial analysis. He said that in his opinion, due to
the current interest rate of about 11 7/8% on industrial re-
venue bonds, he could only endorse a purchase price on Silver-
king of $13 million. He explained that the reduction of 2
million from six weeks earlier was due entirely to the change
in interest rates from 9~% to the 11 7/8% level.
He also explained that further increases in the rate would
cause a corresponding lower purchase price.
2.3) Review of the preliminary master planning for the lower Smuggler
area.
Hamilton presented a map showing the development possibilities
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for the lower Smuggler area. He said that for the purpose
of gaging a project he was showing a development of 188
units, 84 of which were rental and 104 of which were owner-
ship.
He also explained that the road system was being designed
to accommodate the development of the Hyman property as
well as Silverking Phase Four.
3) There being no further business, the meeting was adjourned at 2:10.
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