Boulder County Housing Authority approves participation in special limited partnership for Gunbarrel project

April Gatesman, an assistant county attorney, told the Board of County Commissioners sitting as the Boulder County Housing Authority (BCHA) on Oct. 14 that staff sought approval for a resolution authorizing BCHA’s participation in a special limited partnership that would own an affordable housing project in Gunbarrel.

The resolution, identified in the agenda packet as Resolution 2025-12 and accompanied by an Exhibit A titled “Special Limited Member Terms,” was placed on the agenda so BCHA staff could continue negotiating final transaction documents with the proposed partner, identified in the packet as Cobell.

Commissioners asked detailed questions about language in Exhibit A that would require BCHA’s consent for any change in project management. Commissioner Loeschmann raised a scenario in which a managing member might need to withdraw for financial reasons and asked how the agreement would address a situation where BCHA would not consent to a proposed replacement or change in the managing member. Gatesman said the draft agreement includes “permitted withdrawals” and that BCHA would have leverage to withdraw from the partnership; she also offered that the county could remove the item from the agenda and return when final documents were available for review.

Commissioner Levy said the resolution’s form — approving high-level terms before final transactional documents are executed — “is customary” though not required, and expressed he was generally comfortable proceeding. Commissioner Salzman said she would vote against participating in the special limited partnership regardless of changes in the timing because she did not think purchasing a special limited partnership interest was appropriate.

Deputy commissioners and staff advised that the BCHA board’s next scheduled meeting is Oct. 21 and that staff could bring final transaction documents back for review at that or a subsequent meeting. Gatesman said she would ensure BCHA’s executive director and staff shared final language with commissioners prior to a final vote, if they preferred.

Commissioner Levy moved approval of Resolution 2025-12. The motion was seconded and passed on the record with two recorded aye votes and one recorded opposition. Following the vote, the meeting returned to the regular Board of County Commissioners’ agenda.

Why it matters: The vote authorizes BCHA staff to continue and memorializes the authority to participate at a high level in the special limited partnership. Commissioners pressed staff for clarity on what recourse BCHA would have if a managing member changed under duress, and staff agreed to return with final documents and additional detail if the board preferred to delay final approval.

What’s next: Staff will continue negotiating final partnership documents with the proposed partners and can return the final agreements for BCHA review at an upcoming meeting, including the Oct. 21 BCHA meeting that staff identified on the record.