Community Land Trust Organization Board

City of Columbia, Missouri Meeting Minutes Community Land Trust Organization Board Monday, February 13, 2017 Board Room, Walton Regular Meeting Bldg, 300 S. 6:00 PM Providence, Columbia I. CALL TO ORDER II. INTRODUCTIONS Present: 6- Jerry Dowell, Anthony Stanton, Alexander LaBrunerie, Dan Cullimore, Paul Prevo and Michael Trapp Excused: 1- Shirley Rhoades III. APPROVAL OF AGENDA Mr. Dowell made a motion to approve the agenda; second by Mr. LaBrunerie; the motion passed by a unanimous voice vote. IV. APPROVAL OF MINUTES Jan. 10 Informational Meeting Minutes Mr. Dowell made a motion to approve the Jan. 10 meeting minutes; second by Mr. Prevo. The motion passed by a unanimous voice vote. Jan. 10, 2017 CCLT minutes Mr. Dowell made a motion to approve the Jan. 10 meeting minutes; second by Mr. Prevo. The motion passed by a unanimous voice vote. V. REPORTS Minutes Format-Dan Cullimore Minutes Format-Dan Cullimore: Cullimore requested that audio recording occur for each meeting. Cole noted that audio will also be available as digital file on city website. Staff Report City of Columbia, Missouri Page 1 Printed on 3/15/2017 Community Land Trust Organization Meeting Minutes February 13, 2017 Board Lynn Cottages RFP Update Staff Report/ Lynn Cottages RFP Update: Cole reports the RFP for Lynn St. Cottages was let, ads posted, and a bidders’ conference was held 2/3/17. Proposals are due 2/20/17, and he expects 4-7 bids. Prevo requests the RFP be shared with Board of Realtors. Treasurer's Report Treasurer’s Report: Cole and LaBrunerie met and are proposing quarterly reports to the board. LaBrunerie is researching accounting services and insurance. Dowell questions need for outside accounting. LaBrunerie states need for independent audits and compliance. Prevo asks if this will satisfy accounting/auditing conventions; Cole responds affirmatively. 2017 CCLT Calendar 2017 CCLT Calendar: Cole describes the annual calendar and task list he has prepared as “living documents”; he notes the upcoming 8/10-11, 2017 Regional Conference (gathering Springfield, Lawrence & St. Louis CLTs) and that CCLT should attend. 2017 CCLT Task List 2017 CCLT Task List: LaBrunerie notes that we should create a subcommittee to apply for Federal Home Loan Grants. Subcommittee appointed includes Prevo, LaBrunerie & Cullimore. o Motion by Stanton to utilize Providence Bank as Federal Home Loan Bank grant sponsor, 2nd by Dowell. Carried unanimously. Mr. Stanton made a motion to utilize Providence Bank as Federal Home Loan Bank grant sponsor; second by Mr. Dowell. The motion passed by a unanimous voice vote. RFP for accounting and auditing services Mr. Stanton made a motion to create an RFP for accounting and auditing services for presentation May 9, 2017. The motion was approved by a unanimous voice vote. CCLT Web Page CCLT Web Page: Cole describes as “basic”. Next CCLT Project(s) Next CCLT Project(s): Discussion of using existing HOME funds process. City of Columbia, Missouri Page 2 Printed on 3/15/2017 Community Land Trust Organization Meeting Minutes February 13, 2017 Board VI. NEW BUSINESS Consideration of Operating Budget Consideration of Operating Budget: Cole describes budget & notes expenditure for attendance of Prevo at national conference. o Motion to approve budget by Dowell, 2nd by Stanton. Carried unanimously. Mr. Dowell made a motion to approve the operating budget; second by Mr. Stanton. The motion passed by a unanimous voice vote. Consideration of 501(c)(3) Application Submission Consideration of 501(c)(3) Application Submission & Statement of Additional Information: Discussion of informational email regarding model ground lease language, and a punctuation change in application. o Motion by Dowell, 2nd by Stanton, to approve 501c3 Application with change in punctuation and inclusion of model land lease; motion carried unanimously. Mr. Dowell made a motion to approve the 501c3 application with a change in punctuation and inclusion of model land lease; second by Mr. Stanton. The motion passed by a unanimous voice vote. 501(c)(3) Statement of Additional Information Consideration of Bylaws Revision Consideration of Bylaws: Cullimore reads his suggested language for amendments to Article II. ss 2, 3 & 4. No discussion. Motion to approve by Stanton, 2nd by Dowell; motion carried unanimously. Mr. Stanton made a motion to approve Mr. Cullimore's suggested language for amendments to Article II. ss 2, 3 and 4; second by Mr. Dowell. The motion passed by a unanimous voice vote. VII. SPECIAL ITEMS Initial Consideration: CCLT Ground Lease Agreement Initial Consideration: CCLT Ground Lease Agreement by Mike Brown, attending remotely, describes history and reasons for the model ground lease, and that experience shows the model 1) saves time & money, and 2) provides for standardization. City of Columbia, Missouri Page 3 Printed on 3/15/2017 Community Land Trust Organization Meeting Minutes February 13, 2017 Board CCLT Goals and Intentions CCLT Goals and Intentions: o It is a legal instrument conveying limited ownership in land to homeowners o It defines the nature of an ongoing relationship between the CLT (lessor) & the homeowner (leasee). o The terms define occupancy restrictions, use restrictions and transfer restrictions (via a resale formula), and both conveys and reserves rights to varying degree. o One frequent question serves as an example: are capital improvements allowed? If so, what? And, finally, who reaps the benefit? § The answers lie on a series of continua: · Returns to seller vs. affordability to future buyers · Increased neighborhood stability vs. increasing private mobility · Hands on vs. hands off management · Detailed, thorough, fair (complex) vs. ease of comprehension, administration. Major Ground Lease Decisions Major Ground Lease Decisions: o Discussion of Article I, requiring buyer to meet with an attorney, & the cost of attorney and impact on initial affordability. Tyler Levsen, Staff Attorney with Mid-Missouri Legal Services, notes that MMLS has a grant to provide this service free to home buyers. Motion to approve Article I of the Ground Lease, by Stanton (2nd by Dowell); approved unanimously. o Motion to approve Article II of the Ground Lease, by Stanton (2nd by Dowell), approved unanimously. o Motion to approve Article III of the Ground Lease, by Stanton (2nd by Dowell), approved unanimously. VIII. GENERAL COMMENTS BY PUBLIC, MEMBERS AND STAFF IX. NEXT MEETING DATE: MARCH 14, 2017 X. ADJOURNMENT Members of the public may attend any open meeting. For requests for accommodations related to disability, please call 573-874-7214. In order to assist staff in making the appropriate arrangements for your accommodation, please make your request as far in advance of the posted meeting date as possible. City of Columbia, Missouri Page 4 Printed on 3/15/2017