HomeMy WebLinkAboutHousing & Redevelopment Authority Minutes 10-22-2009APPROVED MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
OCTOBER 22, 2009
PRESENT: Vice Chairman Paul Caryotakis, Commissioners Steve Ludovissie, Bob Stein and
David Miller
ABSENT: Chairman Jeff Kulaszewicz
STAFF PRESENT: Housing Program Manager Jim Barnes, HRA Executive Director Steve
Juetten and Office Support Specialist Laurie Lokken
OTHERS PRESENT: Keith Kudla, Kelly Kudla, LeRoy Bendickson, Grace Management
Representative Jody Boedigheimer and Vicksburg Crossing Managing Director Sara Paquette
1. CALL TO ORDER
Vice Chairman Caryotakis called the Plymouth Housing and Redevelopment Authority meeting
to order at 7:00 P.M.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes from September 24, 2009.
B. Plymouth Towne Square. Accept September 2009 housing report.
C. Vicksburg Crossing. Accept September 2009 housing report.
D. HRA Meeting Dates. Change the November and December 2009 HRA meeting dates to
the third Thursday (November 19, 2009 and December 17, 2009).
MOTION by Commissioner Ludovissie, seconded by Commissioner Miller, to approve the
consent agenda. Vote. 4 Ayes. MOTION approved unanimously.
3. NEW BUSINESS
A. First Time Home Buyer Program. Consider request to remove Declaration of
Restrictive Covenants for the property located at 13808 52nd Avenue North.
Housing Program Manager Barnes gave an overview of the staff report.
LeRoy Bendickson, Kelly Kudla's father, said that the goal is to have the restrictive covenants
removed and it would be nice to have the money forgiven as well. He said that this was a
wonderful program in the beginning and he thinks that it did help them to get this property. He
said that they rushed into this purchase during the time that Kelly had a serious health condition
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that put her in the hospital and out of work for a month. He said not to focus on that, as the main
goal is to try to get the restrictive covenants waived so that they can sell their home. He said that
it is creating a lot of stress trying to get $40,000 for the closing just to payoff Plymouth and the
mortgage as well. He said that it could take all the money they saved because the housing
market is worse and because of the restrictive covenants. He said that they have had at least two
offers that didn't meet the income guidelines and two others that have backed away because of
the restrictive covenants. He said that City staff had contacted them with the suggestion that
they could rent out their home.
Housing Program Manager Barnes explained that the offer to rent their home was made because
we have allowed this to be done by a couple of other program participants.
Mr. Bendickson said that they would be unable to rent because with mortgage taxes and dues,
they would need to charge $1,400 per month and the best that they would be able to get in
today's market would be about $1,200. He said that they appreciate that opportunity but the
negative cash flow would make it difficult to do.
Vice Chairman Caryotakis asked if they were still residing in the home. Mr. Bendickson said
that they are and that they have been financially responsible. He said that earlier this year they
had posed the question to City staff about the ability to rent and were told, at that time, that they
would not be able to rent as the loan would be called in and it was against the rules. He said that
they abided by that decision. He said that Kelly is pregnant and this is very stressful and difficult
for her. He said that there would be four people in a two bedroom home. He said that the last
time they met with the HRA Board, there were only three of them and asked if being a family of
four would make a difference.
Commissioner Ludovissie asked for clarification of their statement that one option would be
foreclosure but that they don't want to do that. He asked if they were having difficulty making
their mortgage payments. Mrs. Kudla said that they want to do the right thing and that they don't
feel that renting is an option. Mr. Bendickson pointed out that it is an option but they are not
choosing to do it.
Commissioner Ludovissie said that their family is growing and asked if their concern was that
the house was too small. Mr. and Mrs. Kudla both said that it is too small.
Commissioner Miller asked when the option to rent had changed. Housing Program Manager
Barnes said that this policy had been reviewed within the past month.
Commissioner Miller asked if they have tried to rent out the home since being notified of the
option. Mr. Bendickson said that the home has been on the market for a year and a half.
Commissioner Miller said that with his history in the rental market right now, this type of unit
should get $1,400 per month. Mrs. Kudla said that their neighbors are getting $1,100. Mr.
Kudla added that that home is identical to theirs. Mr. Bendickson said that research showed they
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would only get about $1,200 a month. Commissioner Miller said that in these hard times, those
with foreclosures are looking to rent.
Mrs. Kudla said that they had looked for a home knowing that this loan was available. She said
that the people looking at their home now are not considering using the Plymouth First Time
Homebuyer program, so they do not understand why the sales price is about $25,000 more than
other comparable units on the market. She said that they can't go on MLS and price the home
25,000 less without providing details that in order to get the lower sales price, the new buyer
would have to use the Plymouth First Time Homebuyer program.
Mr. Bendickson said that when they purchased their home, mortgages were readily available. He
said that mortgages are not readily available today, so people are coming in with three to five
percent minimums and they don't want to be tied to the rest. He said that they have in the MLS
listing that it is available with $25,000 loan through the City. He said that at the showing, some
are willing to write the loan off but then when restrictive covenants come up, they back away.
Commissioner Stein asked that if the $25,000 was given back, would the money be able to be
used to help another family. Housing Program Manager Barnes said that the funds go back into
the First Time Homebuyer program.
Commissioner Stein asked if there are people coming in that are interested in this program.
Housing Program Manager Barnes said that City staff had received numerous inquiries and that
all the funds have not been depleted. He added that there was a bit of a push in August and
September because of the $8,000 tax credit that people wanted to get in before the November
30ffi deadline but that he thinks current administration will continue with this program past that.
He added that the restrictive covenants are to promote a policy of maintaining affordability
within the City. He said that it's unfortunate that the Kudlas bought during the high point of the
market and there's nothing pushing them to sell right now, except the desire for them to have
more space.
Vice Chairman Caryotakis said that the concern would be about setting a precedent when the
goal is to maintain the housing stock with these restrictions available for affordable housing.
Housing Program Manager Barnes said that there is another development in the City where there
are restrictive covenants. He said that it has a buyout clause included where if they chose to
have the restrictive covenants removed; they could do so but at cost.
Commissioner Stein said that if we got the $25,000 back and gave it to someone else, there
would still be restrictive covenants in place. Housing Program Manager Barnes said that the
only way to replace restrictive covenants would be if the City owned the property. He said that
the City works with new developers and they actually file the restrictive covenants as the owner
ahead of the mortgage that gets closed as it's sold. He said that the only ones who can file
restrictive covenants are owners.
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Commissioner Stein asked if there would be a way, assuming this would be the bottom of the
market and houses will appreciate somewhat, would there be some revenue coming back. He
said the $25,000 goes toward the house and they don't have to repay it for twenty or thirty years.
He asked that if it was paid off early, could there be a gain or benefit from that or just get the
25,000 back.
Commissioner Stein asked if there would be a way to structure that. Housing Program Manager
Barnes said that City staff has talked about equity sharing that is similar to how land trusts work.
He said that it would be possible, however difficult to amend existing covenants to add an equity
sharing provision. He added that in the future, we could structure new covenants to include
equity sharing.
Commissioner Stein asked if there was some way to help people but not tie there hands. He
asked if there was a way to help the Kudlas or if there was a way to partner with Interfaith
Outreach, Common Bond or one of the land trust companies to make better use of the $25,000 if
there were no restrictive covenants on the loan. Housing Program Manager Barnes said that the
25,000 would be paid back to the First Time Homebuyer program. He said that they would
have to rewrite the guidelines for the First Time Homebuyer program in order to use that money
differently. He said they could look at future years of CBDG allocation to create a new program,
as long as it was eligible under the CBDG regulations.
Commissioner Stein asked how many properties have restrictive covenants. Housing Program
Manager Barnes said that there are twenty now. Commissioner Stein asked if there have been
any other problems. Housing Program Manager Barnes said that there have been two from the
Village at Bassett Creek that removed them through their provisions in their documents. He said
that we have had no one approach us with issues in trying to sell at this point. He said that he
couldn't say for sure if some that have gone through foreclosure may have had restrictive
covenants on them. He said that the development along Schmidt Lake Road and Northwest
Boulevard in which the City sold the land to the developer had the requirement that six units be
made affordable, so there were restrictive covenants on those units. He said that about two
months ago, they had finally sold the remaining affordable units with the restrictive covenants on
them and it was at a much lower price.
Commissioner Stein said that there should be a way, going forward, so that this doesn't come up
again.
Vice Chairman Caryotakis said that it was interesting that the Village at Basset Creek had a
buyout clause and imagines that it was pretty concrete.
Vice Chairman Caryotakis asked that if the concern is about setting precedent, would there be a
way within by-laws to have some kind of buyout that would be at the discretion of the Board.
Housing Program Manager Barnes said that City staff could go back to all of the owners with
restrictive covenants and ask if they would agree to an amendment to their Declaration of
Covenants.
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Housing Program Manager Barnes added that in going forward in any new declarations of
restrictive covenants, they could go back to the buyout clause. He said that instead of doing 80%
of medium income, they could do 100% of medium income because it's probably still below
what the average income is in Plymouth. He said that there is precedence for doing that because
Minnesota Housing Finance Agency uses programs that target 30, 50, 80, 100 & 115%.
Commissioner Stein asked how long the Kudlas have lived there. Mr. Kudla said that they have
been there since October 2004. Commissioner Stein asked, if they were to sell their home at
100%, they would basically assume the $25,000 and then after 15 more years it would be
forgiven? Housing Program Manager Barnes said that if they identify a buyer that wanted to use
our First Time Homebuyer program as well, another First Time Homebuyer loan would be
issued and then thirty years start with the new buyer and the City would get paid back through
their loan at closing.
Commissioner Ludovissie said that he wished there was a better way to identify hardships. He
said that the overcrowding gets to be a concern, especially if opposite sex. He said that in time,
that can become an issue, as it is in public housing to a point. He said that the financial loss is
harder to see with all the numbers that have been discussed. He said that there should be a way
to come up with identifying exactly what issues are here now and in future situations that should
arise before the Board.
Commissioner Stein said that the Board had a discussion about hardships at a previous meeting.
Housing Program Manager Barnes said that was regarding foreclosures. Commissioner Miller
added that it was a discussion about the covenants and they would be reviewed case by case.
Commissioner Miller asked if the Kudla's position was mainly the restrictive covenants or also
the First Time Homebuyer loan as well. Mr. Kudla said that it is the restrictive covenants.
Commissioner Miller said that it wasn't so much the financial aspect of losing money because
money would be lost no matter what, whether the covenants were there or not. Commissioner
Ludovissie said that it is more palatable to recover the money.
Commissioner Miller asked if an amendment could be done to include a buyout clause similar to
Village at Bassett Creek. Commissioner Ludovissie said that under the current buyout clause, if
going by property values, there's probably a threshold. Housing Program Manager Barnes said
that he could look into that if the Board wished.
Commissioner Miller said that could be offered as it had already been determined to review case
by case. He said that if someone else came forward in the future, they could be offered the same
thing, at that point in time. Vice Chairman Caryotakis said that it would be different if someone
came to the Board and said they had this great opportunity to make a lot of cash, so they want to
sell it and make a profit and release the City. He said that if there was flexibility on how much
was charged, it would be much higher and would be similar to the covenant in The Village at
Bassett Creek. He said that the challenge, in this economic environment, would be how to
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dissuade people from trying to follow suit and dump the covenants so they can make a sale and
be able to maintain the balance.
Vice Chairman Caryotakis asked if the Board could make a case by case judgment on a buyout.
Commissioner Stein asked if there would be enough difference so that they could say that they
are not setting precedence. Housing Program Manager Barnes said that they can make a case by
case decision on each request that comes before them. He said that as far as amending the
Kudla's declarations to include some kind of buyout clause would require both this Board and
the Kudlas to agree. He said that the intent of our program is not to hinder people. He said that
they are already under water to a degree, they have said $40,000. He said that asking them to
pay even more money may not get the Board to the point to deal with other declaration of
covenants. He said that each case would be different and they would have to weigh the issues
when they are brought before the Board. Commissioner Ludovissie said that he would like to
limit the characteristics to weigh in each case and narrow it down to some fairly specific reasons.
Commissioner Stein asked if there have been any sales on properties with restrictive covenants.
Housing Program Manager Barnes said that he is not aware of any. He said that there would
have been documents received because it does get flagged at the title company that there are
restrictive covenants, so the sale couldn't go through without some kind of verification being
done.
Commissioner Stein asked if this would come up again and again since it is a 30 -year loan.
Housing Program Manager Barnes said that covenants are for 20 years. Vice Chairman
Caryotakis added that is 20 years from the time the covenants were first put in place.
Commissioner Stein asked if the income threshold could be raised to 100 or 110% of the median
income, would that help market the property or would it strictly be the covenants that are a
hindrance to selling it. Mr. Bendickson said that it is the low to medium income as part of the
covenants as well. He said that they did have an offer that would have fallen under a higher
income threshold. Commissioner Stein asked if they would have been willing to accept the
covenants. Mr. Bendickson said that they were not willing to accept the covenants.
Vice Chairman Caryotakis asked if the documents received site the amount of their current
mortgage and the amount that similar units have sold for. He said it would be useful to
document how much loss there would be. He said that if the Board were to decide to make a
case by case decision whether or not to release them from the covenants, this information would
assist the Board in the future. Commissioner Stein said that he wouldn't want to base a decision
on economics. He asked what would be considered a hardship to let people out. He said that 20
years is a long time for somebody to be in a house as the average is around five years. Mr.
Bendickson said that the average has always been seven years.
Commissioner Stein said that the goal is to provide affordable housing. He said it doesn't matter
if it's homebuyers or renters. Mr. Bendickson said that when this program was offered, housing
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prices were going up dramatically and there was probably a need for moderate housing; whereas,
now maybe all housing is moderate housing.
Commissioner Ludovissie said that given the current situation, there is going to be fewer
opportunities for development that might create new opportunities. He said that this is one of the
few properties where there are restrictive covenants. Commissioner Stein said that there is a new
development of 70 units going in by the high school. He said that in his opinion, there's going to
be less and less townhouses and apartments in the northwest and more single family. He said
that there are still developers like Common Bond out there that may develop affordable housing.
Commissioner Ludovissie said that in part, a hardship isn't seen right now and it requires further
discussion on this whole issue and how to better deal with these as they come before the Board.
He said that the intent should be in making decisions carefully and not structuring them so that
remnants don't have to be dealt with later on.
Commissioner Stein asked if there was available property out there that could be bought.
Housing Program Manager Barnes said that the City has a lot of townhomes that are available
right now. He said that in talking with our City Assessors, the townhome market was the hardest
hit with respect to other markets in the City.
Vice Chairman Caryotakis asked if the Kudlas intent was to sell and then to buy another larger
house in the area. Mr. Kudla said that was their intent. Vice Chairman Caryotakis said that if
they were able to rent it and the market improves, that reduces their loss. Mrs. Kudla said that
she would not recommend marketing a rental property that was for sale to anybody. Mr. Kudla
asked that if they were to rent it and every six months it would be up for evaluation, at some
point would the City say they need the money back right now. Housing Program Manager
Barnes said that the City wouldn't require that the property be listed right now. He said that City
staff would work out an agreement that every six months, or whatever term that is appropriate,
staff would check into where the market is. He said that City staff would do their due diligence
in pulling comparisons to see when it is time to list on the market.
Mr. Kudla asked that if they were to purchase a new home using the money that they have saved
for a down payment and then in six months the City felt that it was okay to market it, they would
no longer have the money that they have set aside and then have to pay the money back. Vice
Chairman Caryotakis said that the uncertainty would be how much money would be required at a
future closing. Commissioner Miller said that if they sold and bought a new house, they could
use a lesser down payment for the new house. He said that knowing this would be the potential
loss because if it comes up for sale and someone makes an offer on it; they would want to get rid
of it.
Commissioner Stein said that he would be okay with looking a raising the income level.
Commissioner Miller said to table this with the caveat that if they got an offer, to bring it to the
Board to look at for income levels.
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Mrs. Kudla said that buyers don't want to wait until the next Board meeting. Commissioner
Miller said that there's an option to hold a special meeting. Commissioner Stein said that the
Board could give Housing Program Manager Barnes the authority to approve if an appropriate
offer is made. Housing Program Manager Barnes said that the Board would have to amend or
remove the restrictive covenants because they are a legal document recorded on the property
saying that subsequent buyers must be at 80% of income level. He said that knowing what the
Board's intent would be, City staff could give the Kudlas an indication after evaluating but that a
special meeting would still be required within three to four days. He did not believe that that
would be an unreasonable amount of time for any buyer to wait.
Commissioner Stein said that he would be willing to change the income level without waiting for
a sale. He said that City staff could look at it if it is within a certain range. He asked who had
higher income ranges. Housing Program Manager Barnes said that the State of Minnesota uses
high income ranges for some of their programs. He said that covenants themselves don't have
federal dollars tied to them and we the City would not be tied to those restrictions since they are
simply what this Board would like to use. He said to keep in mind that if this goes forward,
prospective buyers above 80% would not be eligible for the First Time Homebuyer program
because that is federally regulated.
Commissioner Stein asked if the property was purchased at 100% with restrictive covenants but
there was no money from the City, what problems would there be to sell it again. Housing
Program Manager Barnes said that the restrictions would be that it would have to be sold to
100% medium income or below. Vice Chairman Caryotakis said that if the buyer meets the
federal standards, they would qualify for the First Time Homebuyer program as well. Housing
Program Manager Barnes replied affirmatively.
Mr. Bendickson said that the 20 -year covenant would still be there and that is the biggest point
that people don't want to be stuck with. Commissioner Ludovissie said that unfortunately, that is
how to preserve affordable housing over time.
MOTION by Commissioner Stein, seconded by Commissioner Miller, to authorize staff to
amend the declaration of covenants for the property located at 13808 52nd Avenue North
allowing the maximum income to be increased to 100% of the area median income if that will
facilitate a sale of the unit. Vote. 4 Ayes. MOTION approved unanimously.
Mr. Bendickson stated that he appreciates all the time and creativity on this request. He said that
he hopes it will help get their home sold.
B. Vicksburg Crossing. Marketing Report.
Grace Management Representative Boedigheimer distributed results of the survey given to
residents on Style E units.
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Vicksburg Crossing Managing Director Paquette stated that the September open house saw a few
less people than at previous open houses. She said that they are seeing a sluggish market and
that people are now looking six to twelve months out for apartments.
Grace Management Representative Boedigheimer said that they will have a booth at the wellness
fair at the Hopkins Community Center this month. She said that they have found this to be a
good place for exposure.
Commissioner Ludovissie said that in summary, the survey reflects that it's the cost of the unit
that is holding people back. Vice Chairman Caryotakis added that is not the view, just the
amount of space for that price. Grace Management Representative Boedigheimer said that the
bedrooms and living room have the same square footage as other unit styles and it is the layout
for laundry and closets that reduces the space.
Vice Chairman Caryotakis said that there is only one of these units rented now. Grace
Management Representative Boedigheimer added that their maintenance person resides in one of
the units, too.
Commissioner Miller asked what the difference is between Style C2 and Style E units.
Vicksburg Crossing Managing Director Paquette said the difference is the price, plus the laundry
room and the bedroom/den, which has French doors. She said that she thinks people see that as
being a little bit bigger.
Vice Chairman Caryotakis said that there are people who don't really need a second bedroom.
Vicksburg Crossing Managing Director Paquette said that they usually see couples and if they
want a second bedroom or have family that visits often, the Style D unit which cost $50 more per
month, is a better option.
Commissioner Ludovissie asked what the price would need to be to get these units rented. Grace
Management Representative Boedigheimer said that the current rate is $1,275 per month and that
they could lower it to $1,200 per month.
Vice Chairman Caryotakis asked that if it couldn't be done by price, could it be done by
changing the layout. Vicksburg Crossing Managing Director Paquette said that they could try
changing the second room to include a bedroom set up instead of an office setup. Commissioner
Stein said that it would be easier to visualize an office rather than a bedroom. Grace
Management Representative Boedigheimer added that they are trying to not spend more money.
Housing Program Manager Barnes said that he would be okay with lowering rent to $1,200.
Commissioner Stein asked about the current tenant's rate. Housing Program Manager Barnes
said that would stay at the current price. Vicksburg Crossing Managing Director Paquette said
that they have had two interested parties and their only objection was the cost.
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Commissioner Ludovissie said that he would agree with reducing the rent. Vice Chairman
Caryotakis said the rent should be lowered to $1,200.
MOTION by Commissioner Stein, seconded by Commissioner Ludovissie, to reduce the rent for
Style E units to $1,200 per month. Vote. 4 Ayes. MOTION approved unanimously.
C. Tax Increment Financing. Adopt a resolution approving the modification of
Redevelopment Project Area Number 1 and TIF District Number 1-1.
Housing Program Manager Barnes gave an overview of the staff report.
Vice Chairman Caryotakis said that there are bonds outstanding for the 16 -year period and he
asked whether they can extend it beyond the life of the bonds. Housing Program Manager
Barnes said that we have clarified that issue. He said that because the monies would be used for
affordable housing project we would be able to keep the district open. He said that if at the end
of 2022 we have enough history behind us and did not need the tax increment financing to assist
with the building, we would request that HRA decertify the district.
Vice Chairman Caryotakis asked if there was an increase in the permitted amount of bonds.
Housing Program Manager Barnes said that there is. He said that the intent is not to issue new
bonds; however, it is to cover us under statutory requirements. He said that our bond council and
financial advisors recommended the increase, to not only include existing bonds that were issued
for the street reconstruction, but the eligible costs on our outstanding housing bonds as well. He
said that all of the bonds have actually been issued and new amount is included to cover the
portion of costs that we could use tax increment for of the overall building costs.
MOTION by Commissioner Stein, seconded by Commissioner Miller, to approve the resolution
modifying Redevelopment Project Area Number 1 and Tax Increment Financing Redevelopment
District 1-1. Vote. 4 Ayes. MOTION approved unanimously.
D. Plymouth Towne Square. Approve 2010 operating budget.
Housing Program Manager Barnes gave an overview of the staff report.
Vice Chairman Caryotakis asked how many units are at the minimum rents. Housing Program
Manager Barnes said that there are approximately twenty. Grace Management Representative
Boedigheimer said they may even be over twenty now.
Vice Chairman Caryotakis said that there are probably fixed incomes. Grace Management
Representative Boedigheimer confirmed that is the case.
Housing Program Manager Barnes stated that he believes this building is underpriced for the
minimum rents. Commissioner Ludovissie said that he does, too.
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He said that he thinks this is fair and that we are still well below what other apartments offer. He
said that the product we put forth and the way we maintain our buildings keeps them very
attractive. He said that the building value is there to justify raising rents. Grace Management
Representative Boedigheimer added that we have been very low in the market place at the
minimum rents.
Commissioner Ludovissie asked if there hadn't been a number of years between rent increases in
the past. Housing Program Manager Barnes said that there was a five to six year period that we
had not raised any rents and that had caused a lot of turmoil when we adjusted the rents. He said
that when the rents were raised then, the intent was to look at rents every year.
Commissioner Stein asked what the increase was last year. Housing Program Manager Barnes
said it was a smaller amount. Grace Management Representative Boedigheimer added that it
was $5 on each apartment. She said that we are raising the market rates by a lesser amount than
we are the minimums because the minimum rents are just too low. She said that we are just
trying to bring them up a little bit each year. Commissioner Ludovissie said that even if a tenant
is getting an excellent deal, any increase of any sort is definitely not bad.
Commissioner Stein asked if the garage rental rate is being raised to $45 per month. Grace
Management Representative Boedigheimer said that we are increasing to $45 from $40 per
month and that the rate had been $40 per month for approximately three years. Commissioner
Ludovissie said that was a low rate, even at $45 per month.
MOTION by Commissioner Miller, seconded by Commissioner Ludovissie, to approve the
2010 Plymouth Towne Square Operating Budget. Vote. 4 Ayes. MOTION approved
unanimously.
E. Vicksburg Crossing. Approve 2010 operating budget.
Housing Program Manager Barnes gave an overview of the staff report.
Commissioner Stein asked about the initial yearly projection. Housing Program Manager Barnes
said that it has changed. HRA Executive Director Juetten said that it has gotten substantially
better. Commissioner Stein asked for an update on that. Housing Program Manager Barnes said
that he would give them an update at the November meeting.
MOTION by Commissioner Ludovissie, seconded by Commissioner Miller, to approve the
2010 Vicksburg Crossing Operating Budget. Vote. 4 Ayes. MOTION approved unanimously.
4. ADJOURNMENT
MOTION by Commissioner Ludovissie, seconded by Commissioner Miller, to adjourn the
meeting at 8:55 p.m. Vote. 4 Ayes. MOTION approved unanimously.