HomeMy WebLinkAboutHousing & Redevelopment Authority Minutes 11-18-2010APPROVED MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
November 18, 2010
PRESENT: Chairman Jeff Kulaszewicz, Commissioners Steve Ludovissie, David Miller,
Paul Caryotakis, and Bob Stein
ABSENT: None.
STAFF PRESENT: Housing Program Manager Jim Barnes and Office Support Representative
Janice Bergstrom
OTHER: Sara Paquette, Executive Director — Vicksburg Crossing
1. CALL TO ORDER
Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to
order at 7:00 P.M. Housing Manager Barnes added Item 3.C.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes from October 28, 2010
B. Plymouth Towne Square. Accept Monthly Housing Report (October, 20 10)
C. Vicksburg Crossing. Accept Monthly Housing Report (October, 2010)
MOTION by Commissioner Caryotakis , seconded by Chairman Ludovissie. Vote. 5 Ayes.
MOTION approved unanimously.
3. NEW BUSINESS
A. Vicksburg Crossing. Marketing Report
Chairman Kulaszewicz introduced Executive Director Sara Paquette. Ms. Paquette reviewed the
report and advised that all market rate apartments are filled, and there are a couple affordable
units upcoming.
Commissioner Stein asked if vacancies were filled from the waiting list.
Ms. Paquette said four affordable units became available at one time and were all filled. She
said walk-in people are interested in affordable units. Ms. Paquette said one person on the
waiting list is interested. She added one unit is handicapped unit.
Commissioner Ludovissie asked how much time is required for unit turnover.
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Ms. Paquette said one month is required for cleaning and preparation.
Housing Manager Barnes asked if there was any discussion from those residents regarding rent
increases.
Ms. Paquette acknowledged there was a little grumbling, but added that as they have started
doing lease renewals, no one has come to the office complaining. She said it helps for increases
to occur in small increments. Chairman Ludovissie concurred.
B. Plymouth Towne Square. Call For Sale of Refunding Bonds
Chairman Kulaszewicz introduced Housing Manager Barnes who gave an overview of the staff
report.
Commissioner Caryotakis asked if there are any concerns about two issues outstanding at the
same time.
Housing Manager Barnes said crossover allows us to sell these bonds today, and make no
payment for two years until the old bonds are called and paid off. He added that this would not
jeopardize the triple A bond rating, so there is no concern according to our financial consultants.
Commissioner Stein asked for an explanation of "crossover".
Housing Manager Barnes said crossover is where two series of bonds are in existence at the same
time. He said we will continue to make payments on existing bonds for two years while taking
advantage of the current low rates. This results in paying off the old series at low rates, and then
the new series begins.
Commissioner Ludovissie noted that we are basically buying a lower rate. Housing Manager
Barnes answered affirmatively and said we are not jeopardizing any call provisions within the
bonds that would be cost prohibitive.
Commissioner Caryotakis added that funds raised would be invested in securities designed to
buy the right value at the right time.
Chairman Kulaszewicz asked who would invest the money from the new issue.
Housing Manager Barnes said this would be placed for public bid; Ellers would conduct public
bidding for those bonds with interested investment companies.
Commissioner Caryotakis asked who holds the proceeds from the bonds.
Commissioner Miller said these proceeds are placed in escrow.
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Chairman Kulaszewicz asked what kind of return is calculated on the proceeds and what fee
Ellers earns on this issue.
Housing Manager Barnes said there is a city contract for the advisory fee which is included in
the pricing cost issuance.
Chairman Kulaszewicz said he was curious about their fee, as we are gaining $14,000 a year.
Chairman Kulaszewicz paid complements to Housing Manager Barnes on being proactive on
items like this to save money for the City whenever we can. He said this provides positive
results for the citizens of Plymouth and also for the tenants to keep rent increases down.
MOTION by Chairman Kulaszewicz, seconded by Commissioner Miller, to approve the
Plymouth Towne Square 2010 operating budget amendment. Vote. 5 Ayes. MOTION
approved.
C. First Time Homebuyer Program. Accept Donation for 3325 Garland Lane N.
Chairman Kulaszewicz introduced Housing Manager Barnes who gave an overview of the staff
report.
MOTION by Commissioner Miller, seconded by Commissioner Caryotakis, to accept the
donation of $30,000 from the Walsh Family Trust Vote. 5 Ayes. MOTION approved.
OTHER BUSINESS
Housing Manager Barnes distributed a report for Plymouth Towne Square and Vicksburg
Crossing which was prepared internally with the Finance Department. He explained this report
takes a snapshot of the larger financial reports breaking it down monthly. Housing Manager
Barnes said this report simplifies and analyzes the cash position of the buildings and how it
tracks against the budget.
Discussion followed on the age of the building and repairs required on Plymouth Towne Square
which is now 20 years old. It was suggested there might be cost savings to replace the windows
in bulk at this time for cost savings and economically.
Chairman Kulaszewicz asked how the mechanicals are functioning at Plymouth Towne Square
doing.
Housing Manager Barnes reviewed water issues which resulted in premature replacement of
copper, valves, condensers, boilers, etc. as there was no soft water for the first five years. He
said a more rigid maintenance schedule is in place.
Chairman Kulaszewicz thanked Housing Manager Barnes for the operating summary.
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Housing Manager Barnes said the City received a new TIF application for a housing project from
Quest Development at the southwest quadrant of State Highway 55 and Highway 169 for a 157 -
unit building. The application is for $2.8 million in TIF, plus a reduction in park dedication fees.
Housing Manager Barnes said the proposal would be for 10% of the units to be affordable.
4. ADJOURNMENT
MOTION by Chairman Kulaszewicz to adjourn the meeting at 7:27 p.m.