 Okay, well we might as well go ahead and get started. So first off, thank you everyone for responding so quickly to the poll and being willing to just meet on kind of short notice. Hopefully you've had a chance to look over Cinnamon Park's application. I had talked with them in the spring about potentially applying for additional funding. But then when the fourth quarter cycle opened in October they decided that they were they didn't need to apply for more funding but then between then when the application cycle closed and just early December things changed for them where they had come and asked whether they would be able to apply for additional funding due to unexpected increases in construction costs and a decrease in what they were expecting to get on their tax credits. So they now have a request in for $250,000 which equals which is the same amount that they were approved for in 2019. So it would be a total city contribution of $500,000 for their Cinnamon Park project. So I didn't know if anyone had questions or comments or if you guys wanted to jump into your discussion. Sandy? My question is do we think that we're going to encounter or be hearing from other applicants requesting additional funds because they're finding a delay and there is increased costs in what they had initially anticipated? I mean I'm surprised you've given them all these chances and then you know you're hearing now from them and I just wonder. Yeah I haven't heard from any other applicants. I don't I would have to think I think it's habitat would be the other project that has or other applicant that has projects that have been awarded funding that haven't started construction but I haven't heard anything from them that they have any concerns about their costs. They're not obviously getting tax credits so they don't worry about any change in that. It's the tax credit that is this significant change is that my understanding? That is part of it and they also had increase in construction especially lumber due to she said due to the fires. Fires yeah yeah okay thank you. Yeah the whole project looks like it's up $600,000 in costs. A lot of lumber. Yeah and they did go ahead and they've asked all of their other funders for additional funding so they're not just relying on the city to fill that gap. Yeah I just looked at the side by side and it looks like they I mean they've been I don't know how creative it is at the end of the day because I don't know what it takes to get these but you know they've increased their sources different and like three different sources and obviously tax credit is down. Anyway so it looks like they've done some work on that to try and not put all of it on us or the city of Longmont. Kathy was that you that just joined someone joined and it doesn't show their name so I didn't know who that was. It's by phone. Yeah it's by phone. So Molly can you hear me this is Laurie Walker. Hi Laurie yes I don't know why my picture's not showing but I don't care. I was wondering it looks like the tax credit equity amount that they they originally were anticipating of 95 cents has gone down to 89 cents. Are you guys seeing that with other projects? I mean that's that's a significant decrease. The only other recent tax credit project that I have worked on was Longmont family apartments and they think they were at 4% and they I don't think I don't know what they what they ended up getting. I don't think he never mentioned anything about it being a decrease that would make an issue with their with their project. Yeah that's it's interesting that that it would decrease that much. I think their consultant also expressed surprise at that. She said it was due and uncertainty in the market is how she explained that difference. Huh okay. So I have a question you know on the original request we didn't give them the full request because the development fee reductions weren't factored in. Is that still an issue this time around as well? No so they now have the fee waivers or fee reductions factored in to their budget. Okay so everything is correct. Okay perfect. So I have a question. I guess I didn't catch it but in their application it talks about that they have reconfigured their units to include one more one bedroom and taken out the commercial kitchen which they originally had planned to support and then it said a market study will be redone once the PUD has been approved for extension and the larger property was originally designed to plan to have three two-story structures when they first opened. How many structures are they planning on having now? So I think it I think part of the application that we got she just copied over from the old application so that didn't get updated so there's it's when when they applied back in 2019 they talked about getting rid of the commercial kitchen all of that I believe it's just one structure. Well that that's what I remembered that we just had one building and then think of three where did yeah so I think there's some things that are when I was reviewing the application I think some things just were copied over okay okay thank you application thank you okay so can somebody remind me on the original 250 we gave is that a loan are we expecting them to pay that back yeah so the loan terms are zero percent and payback over 40 years okay and they've said that the same terms if they were to be approved for this additional funding would work for them okay okay and it's to continue to be permanently supported at least over for the next 40 years permanently affordable uh-huh yes I'm sorry affordable yes okay so then my my my question that I have almost every time we need is what's the bank that we have like what's the bigger picture of what the funding is and I get confused on what buckets what and kind of how much of a hit that 250 makes on what is available for 2021 so Kathy said I mean this is not um this is sort of rough estimates but yeah definitely got it so that um going into 2021 we have about 300,000 in CDBG funds that would be available and then 540,000 in affordable housing um that's that amount I believe that 540 does not take into consideration this request so that so this 250 would come out of okay that amount okay so that looks like eight four eight eight hundred and fifty k for the year and and what they're what we're considering right now is almost a little bit less than a third of that yes but does the 350,005 years Costco affordable housing have to come out of that 852 also I believe that we're supposed to be paying for the next five years that I am not sure so if it does right there is 600,000 dollars and do you have any idea if there are going to be other projects coming through 2021 I mean that's 200,000 that's not very much money right um I I have not talked to anyone um I don't know if elements if Kathy has talked more with element which is um moving forward with the sweets um what their timeline is and whether they would be coming in I know that they were going to try and go in for I believe nine percent tax credits this year I think um so I don't I don't know the size is that stuff um the tax credit do like in February March it seems like it's the same cycle every year yes so I think it's do I think the nine percent is due in um February okay I believe it's Laurie Walker again I believe I saw that they have submitted an application okay to Chaffa sorry good thank you well in the past we not kind of borrowed money to pay brought from Peter to pay Paul I mean it seemed like in 2020 we were looking at some of these pockets of money um out of this year are my a year off we had talked about with um 518 Kauffman which is the Boulder County Housing Authority's new project and they applied for our home funding and that had a lot to do with it was sort of back and forth with Boulder about what had been awarded and where projects were in the pipeline as to what year of funding they got um also the same with um habitat when they applied for the home chotto funds for their mountain brook project um that was also sort of having to look at where projects were in terms of who could take the funding first um okay so yes sometimes that does happen yeah thank you I have a quick question can you hear me yes I was just curious if anybody on the deferred developer fee I see about 237 being deferred that's up a little bit from their prayer plane um does that seem like for the total amount of developer fee on the project I I think I usually see you know closer to 50 40 or 50 end of that fee good question um Lori maybe Lori if you have any thoughts yeah um it just depends on what can be paid back within the 10 years out of operating okay so I guess the assumption would be that they've probably to max that out as much as they could to to help fund it I I don't know that answer it the deferred developer fee has to be for it's an IRS rule and it whatever you defer has to be paid back within the first 10 years so I okay I agree I think it should be maxed out but it not is not always done that way so here's looking at the go ahead go ahead no no go ahead looking at the I mean they they added in the carry back note of 195 so essential that that may you know end up being the same thing anyway I guess my thought just based on that and I'm not sure um it's just to go back and confirm that they've maximized um their kind of participation in this through the developers fee and um or to see if they have and I don't um I guess I'm not sure I'm understanding the seller's note but um and I guess that Jeff are you saying that that gets like if you look at their their what skin they have in the game it would be the developer fee plus the note yeah that's what I'm wondering if that's kind of what they did maybe they maxed out the developer fee and so they decided to do this carry back to help make up the difference I'm I'm not sure I'm just kind of speculating there it'd be nice to know that I guess and we could ask that question of them so the state did require was the one who asked that they reflect the appraised value of the land that had been donated so that's why they have now added that 195 back into the um and or back into the the program um is that the is that the appraised value of the land then that's their estimated appraised value they haven't had an official um appraised proposal done yet okay um so then they've had so that's part of the increase in the 600k in the in the project costs that 195 is added in there would that be true I'm sure I imagine it is kind of have to add that on both sides yeah yeah that makes sense and then they add the carry back note to make up for that portion of it so right right just be nice to know about the developer fee yeah so that's what I would do is is kind of my inclination right now is to make sure that they've maximized as much as they can on developer fee and if there's more that that they can you know pump into this which would decrease our participation um that's what I would like to see okay so just in theory I don't I'm not opposed to this if if we can make sure that they maximize it I think the you know the the catch 22 of this is it doesn't leave much funding for anybody else for the balance of the year and maybe it'll be a slow year and everybody's been impacted by COVID and construction costs and you know maybe that won't be an issue but um it just uh you know it's gonna basically empty our you know our bank quite a bit well and molly maybe we can get just clarification um from Kathy that that 350,000 that we're supposed to pay out per year does come out of what we have available so we'll we'll get lucky when we have more than we think but we you know be nice to know okay well I I am in support of everything financial spoken thus far that it's not in my in my area of expertise so thank you all the one question that I have just to be reminded is the concerted effort that senior housing options will be doing for our community to have people of our community living in those apartments I mean I would hope on faith that that is the intention yeah I mean I I assume that is their intention um the I guess the program never puts a it's not necessarily requirements that's in for any of the funding um but I would think most of most of the projects have that um serve yeah folks who are here yeah and I mean if they need uh to uh collaborate and put the word out cpwd would be more than happy to help with putting the word out okay great so my question to them will be you know what the get clarification on the development developer fee and if there is anything else that of that that they could be contributing to the project or if they are maxed out um does anyone have any other questions for senior housing options I think that's all that I had I just you know I would really once we ask that question I guess on the deferred developer fee just be really good to know that because if we're seeing that the 540s all we have left and we're taking the 250 out of it that really leaves us with not much for the rest of the year which this is a good project and I support it and I think it's good to have these new units in the community but we just need to keep them and that would take us down to under 200 000 for the rest of the year right yeah and I will I will talk with Kathy um to get that finalized and clarified this is something totally different um I listened to the um they made a presentation for the veterans village of um let's see well yes yes by mountain brook and and I'm just wondering you know they were talking they really they said they have to generate a million dollars a year and they do fundraising all the time I'm just wondering if they would possibly step in and ask money from you all no they have they have applied for the fee reductions so they will get fee reductions but they indicated that they will not be applying for okay okay then I we don't have to worry about that bad outcome yeah okay okay thank you are there any questions it's Laurie Walker again my question would be if we don't give this funding what will happen to this project yeah that is a good question I can put that to them as well um and talking with Danny who is their consultant she she really did stress how how much she has how much they have been working with all their other partners and everyone else's um or the state um and they got has maxed out what they are able to put into the project as well as getting um cdbg dr funding um so she did say that if um she did say if they can't get if they do not get our funding they have the opportunity or the ability to go back to chaff to get an increase in their um tax credit amount um but she said and Laurie maybe you have more insight into this that it that that is frowned upon by chaffa and so she didn't want to put senior housing options in that position um but as a worst case scenario they could go back to chaffa I don't know what would happen if chaffa is not able to to provide any additional tax credits um for the project I just would I did have one other question um real quick on their application um they talk about the they have asked to extend the pud to mart um beyond that or am I reading that incorrectly do you know if they've asked for another extension or just through march of 2021's where they're at right now so that was another part of the application that seemed like a carryover from the past um but the previous application so they have not asked for a pud extension um she said that could be again something they would ask the city um planning and zoning commission whether about extending it but as of now they have not done that okay I don't know that would necessarily change our decision on funding I'm just curious if they had asked for that or not thank you I think they are hoping to to get all the funding together and they can actually start on the project in March I'd hate for us not to fund this with how far they've come with us speculating on possibly some other projects coming along I mean I'd hate for us to lose a project that's ready to go and I I feel they've been a good partner for long month I don't I don't really have any history with them but I feel like they they've provided a good product for for the residents that have used it and I don't know at this point I would hate to see this project go away over this amount of funding so um do you all want to reconvene once we have an answer from them regarding the developer the deferred developer fee or um are you just wanting to know what their their thinking is behind that deferred developer fee I'm a I don't want to speak for them I would assume they've put in as much as they are able to but I don't know I don't know the details so I can't say why it's not a larger amount so we could so what would what would make you all feel comfortable making a final decision on this application maybe here's a way to say it is are we in favor of doing filling the gap between a maximized developer's fee and what they're asking so if it's 237 now if it if it's 250 then we you know I bring our piece down again but just making a you know assuring that they've maximized on their developer fee and otherwise us so would it would be 250 or less if if they can put more in and um I'm basically I I mean I'm comfortable saying we'll fill the gap if they've if they've maximized the developer fee yeah I'm okay with that as well me too I am as well I'm good with it yep that's good all right sorry who was the last person who just said they were good with it was that you Jennifer yeah that was me thank you and Diane are you okay with that yeah hey Molly Kathy is joining right now hi Kathy it might take her a minute for her stuff to hook up there all of the locations are different for where you mute and turn on your stuff so it takes a while to find it so um we have talked through the application and um the group has would like for more clarification from the cinnamon park on um or senior housing options on whether they've maximized the amount of the deferred developer fee that they put in the project um and would be okay filling the gap between that maximized or the amount of the divert developer fee up to 250 um so if they are able to put in more of the developer fee than the amount of the housing affordable housing loan would be less but could go up to the maximum 250 that they requested all right so I thought they said in their application or something that they had done that they had changed the deferred developer fee and had maximized what they can defer because I know chaffa limits how much you can defer yeah we noticed it's up 37 000 but didn't know if it if it was able you know if they were able to defer more um you know it's it's evident that they've you know beat the bushes and come up with a bunch of other funding sources like that's good I could be confusing it but I thought there was something but I have to say I didn't read it intently I didn't I don't I don't maybe it just maybe it just said they changed the developer fee to defer more yeah I mean their their source is a new show the the increase that they've put in it um but I did not see in their application anything about that okay so that's a question that yes we want to ask then okay yes and then there was a question on um the funding available and if um and I wasn't sure for the 350 000 payment that starts this year is that coming out of the 540 you said was available no it's already that's already taken out and actually I think I didn't get an answer back from our accounting staff but I think trying to find the file again here it is um I think I might have double taken out stuff because she's showing 1.2 almost 1.3 um available with all of the fees out that seven that I estimated and the 350 out and what we haven't paid out so far so I think everything's already taken out at one point just under 1.3 so I think it's more like that that we've got what I'm not sure because she added in the million that we get additional in 2021 she didn't add in I don't think additional the additional marijuana tax would be which would be another 150 and she didn't add in estimated program income to come in in 2021 which is probably another 200 so that's I think it's closer to one 1.3 to 1.5 actually that we've got available in the affordable housing fund when I went back and looked I'm like I think I double took out money well that's good that means there's more yeah to give away during the year yes I guess one other thing we did not talk about were the terms and I'm comfortable with saying the same terms of zero percent in 40 years everybody else I agree with that okay yeah I'm good with that as well then you won't have any concerns with those long terms no okay so there is the recommendation to add the 250 to get them to 500 then well getting clarification okay on the so no more than 250,000 okay but if there's any more of the deferred developer fee they put in then we reduce the loan amount okay okay any other good job guys didn't need me here great well I will let everyone know what they say in response to our questions and awesome thank you thank you everybody thank you thank you