County approves LLC operating agreement with regional housing authority to secure tax-exempt status for 10‑2 housing project

The Lake County Board of County Commissioners voted to approve an operating agreement to partner with the Leadville Lake County Regional Housing Authority to secure tax‑exempt status for the Housing at 10‑2 project.

Jackie Wheelahan, the county’s housing program manager, said the agreement is intended to produce cost‑savings for the county’s purchase and site work for the project and described the LLC as a single‑purpose vehicle that will be dissolved after project completion. “Foundations are beginning on Sixth Street. If you drive by, things are happening,” Wheelahan said during the discussion.

County staff and the county attorney negotiated terms with the housing authority’s attorney and executive director; staff told commissioners the LLC structure limits liability to the single project and that the operating agreement is specific to this development. The agreement was described as necessary because tax‑exempt status does not occur automatically for county projects and requires a particular ownership structure.

A commissioner moved and a second was made; the board recorded a unanimous voice vote in favor. No budget figures for the tax‑exempt savings were presented at the meeting. Wheelahan said the housing authority’s executive director will present the agreement to that board the following day.

The board approved the motion as Agenda Item 3. Commissioners and staff emphasized that the LLC is project‑specific and will be dissolved after the Housing at 10‑2 project is complete to limit liability.