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HomeMy WebLinkAboutHousing & Redevelopment Authority Minutes 04-28-2008MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY April 24, 2008 PRESENT: Chairman Steve Ludovissie, Commissioners Paul Caryotakis and Penny Hatcher ABSENT: Commissioners Jeff Kulaszewicz and Bob Stein STAFF PRESENT: Housing Program Manager Jim Barnes, and Office Support Representative Chele Kovacevick OTHERS PRESENT: Grace Management Representative Jody Boedigheimer 1. CALL TO ORDER Chairman Ludovissie called the Plymouth Housing and Redevelopment Authority meeting to order at 7:02 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from March 30, 2008. B. Plymouth Towne Square. Accept monthly housing reports. C. Vicksburg Crossing. Accept monthly housing reports. MOTION was made by Commissioner Caryotakis, seconded by Commissioner Hatcher to approve the consent agenda. Vote. 3 Ayes. MOTION approved unanimously. 3. NEW BUSINESS A. Vicksburg Crossing. Marketing update. Grace Management Representative Boedigheimer reported that traffic has been picking up including some repeat showings. The model unit has been very well received and credited with helping to rent units. Grace Management has received numerous inquiries from residents related to renting the guest suite and the model unit for a few nights on behalf of resident guests. To date, 15 of the vacant units have been reserved. Chairman Ludovissie asked what the odds are that the units spoken for will all rent up. Grace Management Representative Boedigheimer stated that the odds were very good that for the 11 units with deposits, nine would lease up by June and two by July. One or two people may still need to sell their home in order to lease up. The summer and spring seasons are typically the most active markets. Commissioner Hatcher asked for clarification on the guest suite and its role in the building. Grace Management Representative Boedigheimer said the suite was created in order to offer an on-site amenity. The Board asked if there was anything that Grace Management needed from the Board at this time. Grace Management Representative Boedigheimer answered that for now, probably not. One strong leasing prospect was generated at the Expo. Commissioner Hatcher suggested that Plymouth Housing and Redevelopment Authority March 20, 2008 Page 2 volunteer help from the Board might be a real contribution at future city events. Housing Program Manager Barnes mentioned that some ads in the 55 Plus and Plymouth magazine would be placed shortly. He added that there will be a link to the Vicksburg Crossing website as part of the cost of the ad insertion. Chairman Ludovissie suggested that perhaps a feature story of the Vicksburg Crossing resident who does wood carving might be a good human interest story for the Plymouth magazine. B. Vicksburg Crossing. Amend 2008 Operating Budget. Housing Program Manager Barnes explained the rationale for revisiting the budget throughout the year. Grace Management Representative Boedigheimer explained the adjustment/correction made to the revenue side of the financials. She stated that some rental income was counted twice in error but discovered and corrected. The role of a first year budget was discussed as both a guideline and a real challenge. There is $5,000 budgeted monthly for a reserve account for future expenses. Actual health insurance premiums came in under the budgeted number. Housing Program Manager Barnes mentioned that the Board might consider a utility surcharge plan to offset the rising costs of utilities. The surcharge would be assessed as leases renew annually. Commissioner Ludovissie was cautious about increasing any out of pocket expenses to tenants prior to achieving full occupancy. He stated that high occupancy is the prime goal. Commissioner Hatcher asked about the rationale of assessing a fuel surcharge versus simply raising the rent. Housing Program Manager Barnes called attention to the TIHAP line item in the budget and is researching the length of time those monies will be available for use. He added that there are also funds in the HRA General Fund budget that may be available if needed. There was no action taken on this item at this time. 4. OTHER DISCUSSION ITEMS Chairman Ludovossie stated that the HRA memo was well written and he found it to be very interesting and informative. Chairman Ludovossie stated he would like to see some feedback from the City Council. Commissioner Caryotakis commented that the current strategic plan is clear and well-written, but perhaps needs some "meat" added to it. Funding sources such as TIF and bonds were also discussed. Establishing common goals for the strategic plan which would be shared by the City Council was agreed to be a good approach. 5. ADJOURNMENT Motion made by Chairman Ludovossie to adjourn. The meeting was adjourned at 7:54 P.M.