Loading...
HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 10-27-2011MEETING AGENDA PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, OCTOBER 27, 2011 - 7:00 p.m. WHERE: Parkers Lake Room City of Plymouth 3400 Plymouth Boulevard Plymouth, MN 55447 CONSENT AGENDA All items listed on the Consent Agenda are considered to be routine by the Housing and Redevelopment Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner, citizen or petitioner so requests, in which event the item will be removed from the consent agenda and considered in normal sequence on the agenda. 1. CALL TO ORDER - 7:00 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from August 25, 2011. B. Plymouth Towne Square. Accept Monthly Housing Report. C. Vicksburg Crossing. Accept Monthly Housing Report. 3. NEW BUSINESS A. Vicksburg Crossing. Marketing Report. B. Plymouth Towne Square. Review and approve 2012 budget. C. Vicksburg Crossing. Review and approve 2012 budget. D. HRA Budgets. Review and approve 2012HRA Budgets. E. Potential Redevelopment. Ryerson site (1605 State Highway 169) and adjacent properties. 4. ADJOURNMENT DRAFT MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY August 25, 2011 PRESENT: Chairman Jeff Kulaszewicz, Commissioners Paul Caryotakis, David Miller, Bob Stein, and Jim Willis ABSENT: None STAFF PRESENT: Housing Program Manager Jim Baines and Office Support Representative Janice Bergstrom OTHERS PRESENT: Paul Tucci, Oppidan, Mark Ruff and Clare Naughton representing Ehlers, Luke and Ann Davey ' 1. CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to order at 7:00 p.m. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from July 21, 2011. B. Plymouth Towne Square. Accept July housing report. C. Vicksburg Crossing. Accept July housing report. MOTION by Commissioner Willis, seconded by Commissioner Stein, to approve the consent agenda. Vote. 5 Ayes. MOTION approved unanimously. 3. NEW BUSINESS A. First Time Homebuyer Program. Consider forgiveness of First Time Homebuyer loan. Housing Program Manager Barnes gave an overview of the staff report. Housing Manager Barnes introduced Luke and Amy Davey, 13730 540' Avenue N. Mr. Davey said since purchasing their home in 2002, Amy lost her job; they had a third child, and have been actively trying to sell their home since January, 2011. He said there have been few showings and the realtor advised them to lower the price to $155,000 as there are a lot of foreclosures and short sales occurring and they don't want to be another one. IVIr. Davey said they refinanced to an interest only" loan in 2005 which helped thein to pay their bills and not lose the house. Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 2 Ms. Davey said they enjoy living in Plymouth, and are looking for something that will accommodate their growing family and they need help. Commissioner Willis asked what the mortgage balance is. Mr. Davey said the first mortgage balance is $150,000, and said they would have to go to the table with a lot of cash just to sell the house to pay back the city and for the closing costs. Chairman Kulaszewicz said you are asking the public to bail you out. He said if we bail you out the question becomes why we can't bail out other people in the community. Ms. Davey said each situation would have to be looked at case by case, but this is all we can do. Commissioner Caryotakis asked if they are intending to rent to get a bigger place. Mr. Davey said they would move in with Amy's mom in Golden Valley to save money for a down payment for a house. Chairman Kulaszewicz asked if they have any savings now. Mr. Davey said some, but with medical bills from the third child it has been hard. Chairman Kulaszewicz asked the definition of hardship in our guidelines in regard to overcrowding. Housing Program Manager Barnes said the FTHB program does not have provisions regarding overcrowding. He said the Section 8 program allows for two people per bedroom, which includes the living room as a sleeping room. Commissioner Willis asked if there would be three rooms available at Amy's mother's. Ms. Davey answered affirmatively. Chairman Kulaszewicz said even though it is within our guidelines to look at these situations on a case by case basis, he is concerned about setting a precedent for the taxpayers to pick up the deficiency and forgive the loan. ' He said he is uncomfortable forgiving the loan in its entirety with this situation. Chairman Kulaszewicz said if the owners had a bona fide offer of an amount in between what they owe and an offer that would be a different situation than what they are bringing before us now. Mr. Davey said that would be something they would consider if that is a route we could take. Commissioner Cdryotakis said it is a strange situation where you buy a house in 2002 and nine years later you are upside down because of market conditions. He said he hopes with time the Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 3 economy will allow the Davey's to recover some of that value. Commissioner Caryotakis said house ownership involves risk, and people who were unfortunate to buy in the last few years are seeing that. He asked if their family situation is such that they would still have an alternative of staying in the house and hope it appreciates. Commissioner Stein asked about a previous situation in which the HRA Board did not forgive a loan. Housing Manager Barnes said it was a similar situation with an expanding family, and they were unable to sell at the price to pay off the first mortgage and mortgage to the city. He said the Board discussed allowing them to rent the home out and would also consider forgiving a portion of the loan if the purchase price dictated that. Housing Manager Barnes said we have not heard back from them. Commissioner Miller asked if anyone has gone through the townhome for a showing. Ms. Davey said there was one showing this week, which was the first one in three months. She said the price is at $179,000 which is their break-even point. Commissioner Stein asked if they put any money down when purchasing the townhome. Mr. Davey said they covered some closing costs. Commissioner Caryotakis said he normally wouldn't counsel people to rent a place, but the Davey's have an ideal situation where they can live with family and could end up money ahead. Ms. Davey said they are willing to work something out, such as renting the property. She agreed it would be an ideal rental property. Housing Program Manager Barnes said we could restructure the loan with an amortized loan and monthly payments. Commissioner Willis said he would find that acceptable and said everyone around this table knows people who are upside down. He said it is not their fault the economy has impacted so many people and this is not an uncommon occurrence so their situation is not unique. Housing Manager Barnes asked when the mortgage would balloon in their current interest only loan. Mr. Davey said he would have to check on that as they are on a yearly basis for the interest rate, which is 3% right now. The HRA Board concurred that was a good rate. Commissioner Stein said he has a son who is probably upside down, and concurred the Davy's situation is not unique. Commissioner Stein asked if the townhome were rented or sold and they Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 4 lived with parents, would it be possible to structure payback of the loan over a period of time even if they don't occupy the house. Housing Program Manager Barnes said once they stop owning the property it is difficult to securitize the loan which results in greater risk on our part as it would be a personal loan. Commissioner Stein stated we are second in line and if the property is foreclosed there is nothing to go after. He said he agrees the owner should try to sell and come back with a request for partial forgiveness, or rent it out and set up some mechanism to repay park of it. Commissioner Stein said he can't see forgiving the whole amount as we have a responsibility to the taxpayers. Chairman Kulaszewicz said he would reconsider if there was an offer to forgive a part of it, but he is not open to setting a precedent of forgiving the whole mortgage. Commissioner Stein stated the HRA Board has not yet forgiven a loan. Ms. Davey asked if there is a way to transfer this loan to another property in Plymouth. Housing Program Manager Barnes clarified this is a non-transferrable loan document; however, the Board has the right to waive that policy and structure the mechanism to allow it to happen. He said this was common years ago, but lenders saw that they lose money on transferable loans. Commissioner Willis said he would be willing to look at this if total indebtedness is not more than $S% of the value of the property. Commissioner Stein concurred and said they are willing to work with the Davey's. Commissioner Willis reiterated it is a matter of many people caught up in the unforeseen and this has torn our economy apart, but the taxpayers of Plymouth can't resolve it. Chairman Kulaszewicz said he is open to some possibilities, but not this one. B. Vicksburg Crossing. Market Report Housing Program Manager Barnes gave an overview of the staff report. He reported one unit became vacant, as someone moved to another care facility. Housing Program Manager Barnes said two people have put down deposits. 4. OLD BUSINESS A. Oppidan Development. Consider Request to revise Tax Increment Financing District I- 3 budget to facilitate a new development project. (Tabled from the July 21, 2011 meeting) Housing Manager Baines gave an overview of the staff report. Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 5 Mr. Tucci discussed the increased amount of $350,000 and said $150,000 would be for a high pressure gas line at the east end of the new road. He said Xcel Energy is concerned about the potential of the design cover putting too much pressure on the gas line. Mr. Tucci said re- grading the road would be approximately $60,000 but if they have to move that gas line, the cost would be $150,000. Mr. Tucci said they are working with the Minnesota Pollution Control Agency and if the contaminated soil is taken to an offsite facility the cost would be $200,000, but they are hopeful all material can be handled onsite. Mr. Tucci stated the $150,000 and $200,000 represented worst case scenarios. Mr. Ruff questioned if the $200,000 is an increase over what was listed as MPCA review and cleanup costs. Mr. Tucci answered affirmatively and reiterated they are hopeful to dispose of it on site. Commissioner Stein asked where the contaminated soil is located. Mr. Tucci said the contamination has leeched primarily from both of the previous gas stations. He said the scope is now bigger than what was in the previous application. Commissioner Stein said he thought the TIF money is primarily for relocating the road. Housing Manager Barnes clarified that the request was for costs associated with the roadway, demo of the building, and some land acquisition. Mr. Ruff said the road costs are $1.35 million which would not include the demo nor land acquisition. He said the $150,000 gas line is related to the road. Commissioner Stein asked Mr. Ruff about their analysis for what is justifiable for TIF money. Mr. Ruff said some cities pay only demo costs or pay only for road costs, and both are legitimate policy decisions. He said they work with staff and the assessor to determine current land value and what is a reasonable assumption it could be sold for. Mr. Ruff said they look at all redevelopment costs that are necessary to make it work. Commissioner Willis asked what does that yield based on valuation in terms of potential revenue for tax increment. Mr. Ruff said the developer assumed a value of $1.85 million and the assessor had a more conservative value of $1.6 million. Mr. Ruff said there is now a proposal for Oppidan to build a 48,000 square foot building, rather than the 35,000 square foot building on Outlot C. Mr. Ruff said they have not looked at a value for the larger building. Commissioner Willis asked if there is a purchase agreement. Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 6 Mr. Tucci said no. He addressed the conservative versus high value and said both the Waters and McDonald's groups will sign a minimum assessment agreement. Mr. Tucci said they generated realistic numbers for land pricing and brick and mortar, etc, to use as a basis of what they deliver. Mr. Tucci said a rough valuation of $200 per square foot for the 35,000 square foot building was applied, which results in a value of $7 million. Housing Manager Barnes stated the city will be doing a minimum assessment agreement as part of the development agreement. Housing Manager Barnes said we need to be further along in refining the TIF runs based on the true values. He said this will occur once construction documents are received and the assessor can review the numbers and evaluate the market to come up with an agreed upon value. Housing Program Manager Barnes said if the assessor can't agree with the values Oppidan provided, the increment will be lower and the developer will get less money. Housing Program Manager Barnes said if the third site is a high valued piece of land, it might generate more. Housing Manager Barnes discussed what is included in the TIF and said we are on middle ground for what the TIF statute allows. He said it comes down to what the HRA Board feels would level the playing field for this site to make it on an equal basis with other sites in the city. Chairman Kulaszewicz referenced the TIF amount allocated toward the land purchase price and asked if the 7.5 % has anything to do with the amount of square footage that ends up in the road or right-of-way. Mr. Tucci explained the usable land price per square foot and a reasonable number for the roadway resulted in 7.5% of the total cost they are paying. He said this did not include Outlot C which is being held for future development of Co. Rd. 73. Commissioner Willis asked about the driveway access at 11708 Highway 55. Mr. Tucci said they will provide an easement for Toni Muckala and it will be 100% better than what she has today. Commissioner Stein asked Mr. Ruff if he is recommending $1.899 million. Mr. Ruff clarified that is the TIF amount and is the maximum potential assuming the higher values the developer put forth. He said the assessor's value is $1.6 million using the 35,000 square foot building. Commissioner Willis said a conservative approach would be to approve $1.6 million, and that is what he proposes. Commissioner Miller asked the difference in value between the 35,000 and 48,000 square foot building. Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 7 Mr. Tucci said the two-story medical office would generate a higher value and displayed a site plan showing the first floor with a 24,000 square foot footprint. He speculated this building should reach the $200 per foot evaluation easily. Housing Program Manager Barnes said $1.9 million falls within this TIF budget, explained how variables in the costs for the developer would affect the TIF. He said $1.687 million was approved for the Dove project and was based on the maximum amount their projected development could generate. Commissioner Stein said this TIF request is for $2,035,000, and the assessor stated we are limited to $1.6 million, which is on the conservative side. Mr. Ruff said with the additional costs, $1.8 million would be the maximum amount. Chairman Kulaszewicz said being in the construction business a long time his inclination is if you short someone's capital on development they are going to have to cut that cost some way. He said he does not know that it's in the best public interest to take someone down to the minimum of what we might think without having all the numbers in front of us. Commissioner Stein said the opposite could be true. They may have to put some of their capital in it. Commissioner Willis said for people who believe in a free market there has to be good risk, and said Oppidan does not have a lot of capital coming into this project. Commissioner Willis said he is comfortable with approving the $1.6 million. Commissioner Miller said he would support $1.8 million. Mr. Tucci said in order to close and move forward they need to know what their number is going to be. I -Ie said the value from what is built compared to today's expectations could drive that extra $200,000. He said if they can get the assessor comfortable with the minimum assessment agreement they could get credit for that difference. Mr. Tucci said Ehlers has generated $1.899 million based on McDonald's $2 million, retail at $7 million, and $12.6 million for Shelter Corporation. Mr. Tucci asked if the TIF is set at $1.8 million, the assessor would have to be comfortable the values equal $1.8 million or they would not get that amount. Commissioner Willis said it does not mean the assessor is right, over time. Housing Program Manager Barnes said if the value goes up we would close the district early. Housing Program Manager Barnes recommended finding the number as a maximum which is not to be exceeded. He said the amount could be for less and that is what would be in the note and development agreement. Draft Plymouth Housing and Redevelopment Authority August 25, 2011 Page 8 Commissioner Willis said he supports the $1.6 million. Commissioner Stein asked who determines the final building valuation. Housing Program Manager Barnes said the City Assessor does. Mr. Ruff added that the assessor needs to make the statement that this is a fair market value and could defend it in court. He said there was a case in Dakota County where a business challenged their minimum assessment and the assessor signed the paper even though he did not believe it was the value. The business was successful in their challenge and the judge threw out the minimum fair market value. Mr. Tucci concurred with Mr. Ruff that they will have to justify the values and negotiate with the assessor. MOTION by Commissioner Stein, seconded by Commissioner Miller, to approve the request for tax increment financing for IIRA District 1-3 in the amount of $1,899,645. Commissioner Stein said this would be the maximum amount and the assessor will assess the property value. Housing Program Manager Barnes added setting the maximum does not mean you are obligated to pay it; we will pay what the assessor says. Chairman Kulaszewicz said he would support the motion. Vote. 4 Ayes. Commissioner Willis voting nay on a 4-1 vote. Motion approved. MOTION by Commissioner Miller, seconded by Chairman Kulaszewicz, to approve Resolution 2011-05 adopting an administrative modification to the tax increment financing plan for tax increment district 1-3. Commissioner Willis asked what this resolution ineans. Mr. Ruff said this takes the TIF plan from a previous development and re -crafting it for this development to fit with current state auditor rules. Vote. 5 Ayes. MOTION approved unanimously. 4. ADJOURNMENT MOTION by Commissioner Chairman Miller, seconded by Commissioner Caryotakis to adjourn the meeting at 8:17 p.m. MOTION approved unanimously. P PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Lori Jackson, Managing Director, Plymouth Towne Square Date: September 15, 2011 Re: PTS Monthly Report for August 2011 September Newsletter and Calendar attached August Financial Statement attached Occupancy/Marketing New resident moved into Apartment 318 August 1St Apartment 221 is rented with a move in date of September 1 St Notice to vacate was received from residents in apartment 216, a two bedroom, for September 30tH Apartment 216 is rented with a move in date of November 18t Currently there are 123 names on the one bedroom wait list and 30 names on the two bedroom wait list. We are at full occupancy. Administrative/Building Operations The gyperete in apartment 221 was removed and re -poured due to building settling and the floors unevenness. $4,570. A washer was repaired by Sears - $162.47. A dryer was repaired by Sears. Parts were still under warranty. $75.00. 15500 37th Avcnuc North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 • Fax: (763) 551-0144 Owned by Plymouth Housing and Rede elopmenr Aurhoriry Four air conditioners and one refrigerator was ordered. $2185.21. The trash compactor was removed by Ver -Tech due to age and the high cost of repairs needed to maintain operation. $500.00 Owens installed an air vent in the boiler room at the expansion tank which involved re -piping and also installing a water filter to clean up the loop. 4850.00 Resident Services Night to Unite was held August 2nd. We had a great turn out. A BBQ dinner was served from Dickey's and an accordionist entertained. The evening was a lot of fun. Taylor Marie came with clothing and jewelry to sell. The sale is very popular and the residents look forward to it. Taylor Maries will come again in February. On August 25th, Mike McCale from Plunkett's came to speak to residents about bedbugs. He gave a great presentation and answered many questions. The residents really appreciated having him speak. Afterwards, we celebrated August Birthdays and had carrot cake. Residents continue to hold a cookout on every Wednesday evening. They really appreciate the new tables which are working out very well for all. Residents continue to harvest vegetables from the garden. A few residents are planning for what they will grow next year! The garden has been very beneficial. An ice cream social will be held September 22 with "The Banjo Boys" playing Ragtime Banjo Music for entertainment. Balance Sheet As Of August 31,2011. Ending Balance ASSETS Total CURRENT ASSETS M I PETTY CASH 50D M I OPERATING ACCOUNT 43,504 M I SEC DEPOSIT CASH ACCOUNT 47,809 INVESTMENTS - WORKING CAPITAL FUND 622,567 INVESTMENTS - NEW DEBT SERVICE 3,475,943 ACCOUNTS REC-TENANTS 175 INTEREST RECEIVABLE 2,375 PREPAID PROPERTY INSURANCE 21,313 PREPAID OTHER 1,999 TOTAL CURRENT ASSETS 4,416,185 FIXED ASSETS LAND 459,247 SITE IMPROVEMENTS 111,390 BUILDING 5,767,619 BUILDING IMPROVEMENTS 3D1,779 TURN. FIXT & EOUIP-GENERAL 237,041 FURNITURE & FIXTURES - HOUSEKEEPING 6,696 COMPUTERSIOFFICE EQUIPMENT 13,060 ACCUMULATED DEPRECIATION 2,911,684} TOTAL FIXED ASSETS 3,987,147 NON-CURRENT ASSETS BOND DISCOUNT 3D,038 DEFERRED CHG - ORIG ISS COSTS 16,662 DEFERRED CHG-BOND ISSUANCE COSTS 21,979 DEFFERED CHARGES -BOND ISSUANCE COST 37,468 2011A TOTAL NON-CURRENT ASSETS 106.347 TOTAL ASSETS 8,509,680 Balance Sheet 4 - As Of Augu5t 31,20i't. Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 5,813 ACCRUED PAYROLL 3,541 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 64,620 ACCRUED REAL ESTATE TAXES 19,368 ACCRUED OTHER 1,369 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 47,334 BONDS PAYABLE 3,490,000 BONDS PAYABLE - SERIES 2011A 3,244,509 TOTAL LIABILITIES EQUITY RFTAINED EARNINGS RESERVED FOR DEBT 115,170 SERVICE RETAINED EARNINGS 1,469,977 TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 95,617 6,781,843 6,877,459 1,585,147 47,073 8,5D9,680 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through August 31,2011. MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 51,054 49,06 2,030 403,082 392,128 10,954 588,192 HRA INDIVIDUAL 20,000 2O,000 0 160,000 160,600 0 240,000 GARAGF RENT 2.835 2,790 45 22,959 22,320 639 33,480 GUEST ROOM REVENUE 1,585 150 3,435 2.565 1,200 1,365 1,600 LAUNDRY REVENUE 797 895 68) 6,641 6,920 279) 10,350 APPLICATION FEE REVENUE 35 63 18) 385 424 39) 636 TRANSFER FEE REVENUE 0 0 0 350 360 0 70D INVESTMENT INCOME 475 475 0 2,852 3,800 648) 5,700 MISCELLANEOUS REVENUE 566 20 546 1,407 16U 1,247 240 TOTALINCOME 77,347 73,369 3,978 600,262 567,302 12,960 681,128 EXPENSES ADMINISTRATION MANAGER SALARIESANAGES 3,804 3,855 29) 30,591 30,840 249 46,260 PAYROLLTAXES 462 548 66 4,731 4,384 347) 5,576 HEALTH INSURANCE 872 1,366 494 6,360 10,928 4,566 16,392 WORKERS COMP INSURANCE 174 110 64) 1,591 880 711) 1,320 MAINTENANCE SALARIESIWAGES 1,481 1,456 25) 12,085 11,648 437) 17,472 MAINTENANCE ASST SAIJ RIESIWAGES 779 775 4) 6,416 6,200 216) 9,300 EMPLOYEE COSTS 45 220 175 3B3 1,160 1.378 2,640 SEMINARrrRAINING 0 15 15 270 120 15D) 180 BANK FEES 0 3 3 39 24 15) 35 DUES, SUBS & MEMBERSHIPS 0 0 0 0 50 50 110 LICENSE 8 PERMITS 694 694 20D 694 894 2DD 894 MILEAGE REIMBURSEMENT 32 55 23 337 440 103 560 POSTAGE)OVERNIGHT EXPRESS 4 10 6 97 80 17) 120 PRINTING 0 9 9 150 12 VS) 108 MANAGEMENT FEES 4.400 4,400 0 35,200 35,200 0 52,80) PROFESSIONAL FEES 27 270 244 1,251 2,169 899 3,240 TELEPHONE EXPENSE 449 443 6) 3,571 3,544 27) 5.315 F4UIPMFNT LEASEIREPAIR 0 130 130 1,230 1,040 190) 1560 OFFICE SUPPLIES 149 92 57) 1,125 736 389) 1.104 MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 80 80 120 TOTAL ADMIN EXPENSES 13,469 14,661 1,192 106,129 111,080 4,951 166,208 RESIDENT SERVICES RESIOLNT PROGRAMIACTIVITIES 402 225 177) 2,145 1,875 270) 3,950 TOTAL RES SERV EXPENSES 402 225 177) 2,145 1,075 270) 3,950 MARKETING PROMOTIONALIPARTIES 0 15 15 0 12D 120 189 TOTAL MARKETING EXPENSES 0 15 15 0 120 120 100 HOUSEKEEPING CONTRACT LABOR 1,394 1.500 167 11,393 12,000 607 18,000 CLEANING SUPPLIES 355 179 178) 1,542 1.414 1 26) 2,130 TOTAL HOUSEKEEPING EXPENSES 1,749 1,679 70) 12,935 13,414 479 20,130 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through August 31,2011, MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLE TV EXPENSE 58 74 16 465 592 127 888 UTILITIES - ELECTRICITY 2,452 2,500 43 16,573 15,590 1,073) 23,600 UTILITIES - GAS 521 600 79 16,768 16,700 991 26.500 UTILITIES - WATERlSEWER 912 980 68 5,555 5,910 345 9,490 WATER SOFTENING SERVICE 230 305 75 2,247 2,440 193 3,560 DOORS, KEYS & WINDOWS 345 420 75 3,367 3,360 7) 5,040 FIRE SYSTEM SERVICE 90 323 233 4,622 2,5$4 2,038) 3,B76 LAWN SERVICEILANDSCAPISNOW RMVL 1,201 1,440 230 11,990 11,520 470) 17,280 PEST CONTROL 0 0 0 7,666 320 7,346) 640 TRASH REMOVAL 767 629 138) 5,586 5,032 555) 7,548 UNIT TURNOVER REPAIRS 8,002 2,250 5.752) 31.425 18,000 13,425) 27,000 RESERVEJREPLACE CAPITAL EXPENSE 36 0 36) 4.030 8,000 3,970 9,000 ELEVATOR -REPAIRS & MAINTENANCE 454 550 96 4,309 4,400 91 6,600 REPAIRS B MAINTENANCE 352 1,655 1,303 25,021 21,495 3,526) 28,115 BUILDING & GROUNDS SUPPLIES 849 1050 201 6.6$4 6,350 1,666 12,550 HVAC- REPAIRS& MAINTENANCE 5,068 1,500 3568) 11.277 12,008 723 18,000 MISCELLANEOUS B & G EXPENSES 0 15 15 0 120 120 180 TOTAL BUILDING & GROUNDS 21,339 14,291 7,9401 157,618 136,323 21,295) 198,967 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,363 2,359 4) 19,010 18,872 138) 28,908 PAYMENT IN LIEU OF PROPERTY TAX 2,421 2,423 2 19,369 19,384 16 29,076 TOTAL OTHER OPERATING EXPENSES 4,784 4,782 2) 38,378 38,256 122) 57,384 TOTAL OPERATING EXPENSES 41,743 35,653 6,090) 317,206 301,568 16,138) 446,819 NET OPERATING INCOME I ( LOSS) 35,603 37,716 2,1113) 283,056 286,234 3,178) 434,309 DEPREC, INTEREST 8, OTHER EXPENSE DEPRECIATION EXPENSE 16,450 16,450 0 131,588 131,600 2 197,400 AMORTIZATION EXPENSE 465 465 0 3,721 3,720 1) 5,590 INTEREST EXPENSE 12,924 12,924 0 160,665 103,392 2,727 153,735 TOTAL DEPREC, INTEREST & OTHER 29,939 29,839 0 235,984 238,712 2,728 355,715 NET INCOME I (LOSS) 5,764 7,877 2,113) 47,073 47,522 449) 77,594 v m n v"i m a n m o m a n rn vdi o in Di H r M O V N llVV' n N m N r C O a Y w o N 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o a o 0 o a o 0 0 0 0 0 0 0 o a o 0 0 a m o v w o 9 N O p 0 a o z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c w N C ry a O w o 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 o fl o 0 0 0 0 0 0 o a a o 0 4 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 aN 0 0n a m w o n a m m a a n n < a v n ry m ry ni a v O N r N a n a < m Ivvr a — v o m a r v N N m a m ry 0 0 a w o n o o a o n M w o a- w n n m a' ryM a a aQ m m 3 w a a a w r a n r` a ry r m v m N r n a N IVI a a w n a m N ti r N W W ul N W w N W W LL N ¢ N F aizwwwuKW5 u Z w zj }c} ¢ g w uj a z a z 2 W W W 2 7 W N w W ¢ dLl Z w Z w rc V y R Z? Q w rq z F M. w W W u7 Lu w Q K Y x y ¢ 2 4 N Z uw. xLLt ¢ N¢ W V [ W 9 W w r a W LL W p W O g Mow K W w 9 Z w r¢ W W S O N O vmv a N z 1- W i N u¢i ¢ 0 z z V d 7 Z Z a F oC K 0 Z'5 N 3WOrcozzq u w o w Q W F p W a W O W o y F w v O a w r z Q Q "' r N z w y g r oc w v z z W Z 0 F J r4 W Z i2 V' 0 z w Z w) dd vwi lWil qUq' G Z t o J Z W J Y 4 J Q w Z Z w U J 2 2 y m J K O Z W~ F p a 4 a m q wO v a z W W a C r W O a N O r N n 0 acW o o ' o 0 o m o 0 0 0 o p o m m p o 0 0 0 0 0 0 0 0 0 0 0 0 d ri a z wa p o 0 o e o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N a a a 0 0 0 0 0 0 0 0 0 0 0 0 0 9 0 0. p o 0 0 o p o 0 0 0 WoLUN p o TX m Go n o n v v a rnlL O a W N .n v NR ti ti ti a jl Q NV m N n Y N V r Y O [V w a w n N m u LU M a C n 7 W N a @ W ory p r N m N N C6N N r a Q n _2 O M! a O n a M N w U M a 7 M M N NW Z N W w w X w a O 3 a( w 4 w z Y W to o w m w Z W W W 4 z Z Z Lu J N 0WaNaFz2 w LU uircvaFuzaWa XXa o mw wm W H w °o u o w u °° z n¢ [7 a W 0O otl w cf z z w z C7 z o 0 a z r xax xx m lN/ 1 Lo w q¢ Z of N U J0 } W a a q o c F 7 w W F Z a z z d Lu0LYx a ¢ F w o o is w z w w w y y N a i i m, m o w ? OJ W S 0 p r r ' 0' z s' w 4 4 u 4 W 5 Q Fa LU Q 4 z m v a a 3 a g a x m= p a a D W WW. a= O W r z 0 z NEW RESIDENT Dolores (Dee) Ries in apartment 221. We are very happy to have you! Please note a time change for selling quarters. Ruth Clark will be selling quarters on Monday mornings from 9:30-10:30. Please remember.to clean the -washer and dryer after using them if you have washed an item that leaves debris behind. Washing rugs can leave the rubber from the backing and fibers, washing pet items can leave fur/hair behind. N ICE CREAM SOCIAL The "Banjo Boys" Foot- Stompin' Ragtime Banjo Music, Olde Tyme Classic. Favorites with sing and laugh -a -long will behere on Thursday, September 22nd at 1 pm. We will be serving a variety of ice cream ;and cookies. September. Birthdays will also..be celebrated. f s.s S The office will be closed on. Monday, September. 5th for Labor Day. The -office will also be closed Tuesday the 13th due to Jury Duty and Wednesday the 14th to attend the Crime Free Housing Class. Please call Terry for assistance in my absence. LO LLI a) W W ca) j LU a)) J W rn JYLO Yu 11G4-) IY Q Q N Ula- V V HVI -- dam' I--- It vvZWdW , LU v oar oar oar oar L) L) O o rn6 Nb N b N N 0 c`n U `mv c`v U mU MUU `D ca Y ca U YGp cv Op N OO Y p c0 Op p00 p N O.0 D- L H a. u -)h a Lo I-- a U -)h a - U -) EEE E E E E E E EEE E E E ro as ro aa. ro CL Q- ro Cl. Cl. m as O p o c 00 0 0 0 c?po 0 0 0 c? p0 00 0 mCD CD 0 0 0 pmpp N ao d CD Q m d fD r co IY CD . N co 4 CD ao ;i c0 N O U1 D— a, O N O.6 L N O N D LN _O N O L U m AUC 0 C: ul Leicu 0 0 O OT Q7CC0) C N C 0 L 2— cm C ED L +(D C 0) C a caFn m Npp,cnpp m.m a cpm EWE 0E nE m NE m 0E a E r a CL cr-O r CL a O a CL a m CL Q Op•5 O O a a Op O000 C*]Or-- O 00coCDr-0 O'O MO(; O N c7 C7 prp ay CO ca r- c3) m co r- 00 c3) co Co r-- r ai co (b r- ccs cD r- U U U U co w m m CD c? CD q* M T In O I P% co r co N co N co Mn4) ? Lb N Lto 0 cm 0)N m O U - pLLI y O p C c U U (a Co llla C N U Cf)I Q rUl1 [> 3 Q N_NU ro I Q_CL cU-fg C C Nrom s U - N C6 0 0 E N c0 (D (D N N a 3 co a 7 CD O Q i 0 0 0 0 oc+Oor p o p d Q oc aor p o oor CDM ori ca ai ai Co Lo co r ai ai iry cii cD N ai ai &i LO (o N m ai m m 0 Lro0 N sCOtf otroopCU0m ono 0 0 0 7 0 0 CO U 7 0 Im d0 C > O m ro( of O N ro0X m I--- O.. m max C F-- O tb E o Q E 3- E o 0- E E O Q- E E O Q- E row Q O co a co, n- D Q h popo commO cu 0000 N chclmCD 0000 c7MC7O 0000 C7C7MO Lo 40 QiN J rcoaiCVI-- r coO3NI,- Nco03Nr- r 00 to P -. PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Lori Jackson, Managing Director, Plymouth Towne Square Date: October 14, 2011 Re: PTS Monthly Report for September 2011 October Newsletter and Calendar attached September Financial Statement attached Occupancy/Marketing New resident moved into apartment 221 September 1St Notice to vacate was received from resident in apartment 212 with a move out date of October 24th. Resident is moving to assisted living. Apartment 212 is rented with a move in date of November 1st Apartment 216 was vacated September 30th. New residents will be moving in November 1st Currently there are 122 names on the one bedroom wait list and 29 names on the two bedroom wait list. Administrative/Building Operations Dorglass replaced and repaired windows. $763.21 Tom Motzko Plumbing repaired leaks in the water line. $1,317.80 Archie's Lock installed a new lock on the office door. $159.19 Interior Design installed new carpet and vinyl in apartment 221. $2558.67 Cummins Power's annual invoice for generator and transfer switch service. $1,420.95 15500 37th Avenue North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 • Fax: (763) 551-0144 Owned by Plymouth Housing and Redevelopment Authority Resident Services The pancake breakfast was held September 17th. There was a great turn out and the breakfast was a huge success. The next breakfast will be held October 15t". The "Banjo Boys" entertained at an ice cream social September 22nd. The residents loved the entertainment and there were many requests to have them come back. Monthly birthdays were also celebrated. t" Residents held their last cookout for the season September 2$ Balance Sheet PLYMOUTH TOWNS SQUARE As Of September 30,2011. ASSETS CURRENT ASSETS M I PETTY CASH M I OPERATING ACCOUNT M I SEC DEPOSIT CASH ACCOUNT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID OTHER TOTAL CURRENT ASSETS FIXED ASSETS LAND SITEIMPROVEMENTS BUILDING BUILDING IMPROVEMENTS FURN, FIXT & EOUIP-GENERAL FURNITURE & FIXTURES - HOUSEKEEPING COMPUTERSIOFFICE EQUIPMENT ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND DISCOUNT DEFERRED CHG - ORIG ISS COSTS DEFERRED CHG-BOND ISSUANCE COSTS DEFFERED CHARGES -BOND ISSUANCE COST 2011A TOTAL NON-CURRENT ASSETS Ending Balance Total 500 31,694 49,309 830,403 3,497,487 1,076) 1,425 1,053 18,950 18,419 459,247 111,390 5,767,619 301,779 237,041 8,696 13,060 2,928,134) 29,636 16,715 21,663 37,468 4,448,365 3,970,697 105,882 TOTAL ASSETS 8,624,944 Balance Street PLYMOUTH TOWNS SQUARE As Of September 30,2011. Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 7,616 ACCRUED PAYROLL 1,203 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 64,620 ACCRUED REAL ESTATE TAXES 21,789 ACCRUED OTHER 1,017 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 48,409 BONDS PAYABLE 3,490,000 BONDS PAYABLE -SERIES 2011A 3,244,509 TOTAL LIABILITIES EQUITY RETAINED EARNINGS RESERVED FOR DEBT 115,170 SERVICE RETAINED EARNINGS 1,469,977 TOTAL EQUITY CURRENT YEAR INCOME!(LOSS) TOTAL LIABILITIES S EQUITY Total 97,151 6,782,918 6,880,069 1,585,147 59,727 8,524,944 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through September 20,201 t MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 61,339 49,016 2,323 454,421 441,144 13,277 588,192 HRAINDIVIDUAL 20,000 20,000 0 180,000 180,000 0 240,000 GARAGE RENT 2,880 2,790 BO 25,839 26,110 729 33,480 GUEST ROOM REVENUE 160 159 0 2,736 5,360 1,335 1,800 LAUNORYREVENUE 824 B65 41) 1,465 7,785 320) 10,360 APPLICATION FEE REVENUE 140 53 87 525 477 48 636 TRANSFER FEE REVENUE 0 350 050) 350 700 350) 700 INVESTMENT INCOME 3,409 475 2,934 61261 4,275 1,986 5,700 MISCELLANEOUS REVENUE 587 20 567 1,994 180 1,814 240 TOTAL INCOME 79,329 73,719 6,610 679,591 661,021 16,570 981,126 EXPENSES ADMINISTRATION MANAGER SALARIES/NfAGES 3,758 3,855 97 34,349 34,695 346 46,260 PAYROLL TAXES 655 548 118) 5,396 4,932 464) 6,676 HEALTH INSURANCE 756 1.386 608 7,118 12,294 5,176 16,392 WORKERS COMP INSURANCE 252 110 142) 1,843 990 4853) 1,320 MAINTENANCE SALARIES(WAGES 1,507 1,456 451) 13,592 13,104 4488) 17,472 MAINTENANCE ASST SALARIES/WAGES 746 775 29 7.162 6,976 187) 9,300 EMPLOYEECOSTS fib 220 153 450 1,980 1,530 2,640 SEMINARITRAINING 0 15 15 276 135 135) 180 BANK FEES 0 3 3 39 27 12) 35 DUES, SUBS & MEMBERSHIPS 0 0 0 0 50 50 110 LICENSE 8 PERMITS 200 0 200) 894 894 0 B94 MILEAGE REIMBURSEMENT 41 55 14 378 495 117 860 POSTAGLfOVERNIGHT EXPRESS 4 10 6 101 90 11) 120 PRINTING 0 9 9 150 81 fig) 108 MANAGEMENT FEES 4,400 4,400 0 39 fin 39,600 0 52,800 PROFESSIONAL FEES 106 270 164 1,367 2,430 1,063 3,240 TELEPHONE EXPENSE 450 443 7) 4,021 3,987 34) 5,316 EQUIPMENT LEASEIREPAIR 130 130 1,230 1,170 NO 1,560 OFFICE SUPPLIES 142 92 50) 1,267 828 439) 1.104 MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 90 90 120 TOTAL ADMIN EXPENSES 13,097 13,767 67D 119,225 124,947 5,622 166,208 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 381 225 155) 2,526 2,100 426) 3,960 TOTAL RES SERV EXPENSES 381 225 156) 2,526 2,100 426) 3,950 MARKETING PROMOTIONAUPARTIES 0 16 15 0 135 135 180 TOTAL MARKETING EXPENSES 0 15 15 0 135 135 180 HOUSEKEEPING CONTRACT LABOR 5,394 1,500 107 12,787 13,500 714 18,000 CLEANING SUPPLIES 284 179 105) 1,825 1 593 1232) 2,130 TOTAL HOUSEKEEPING EXPENSES 1,677 1,679 2 14,612 15,093 481 20,130 Profit and Loss Variance PLYMOUTH TOWNS SQUARE Through September 30,2011, MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLE TV EXPENSE 58 74 16 523 665 143 668 UTILITIES-ELECTRICRY 2,280 2,500 220 18,853 18,000 853) 23,600 UTILITIES -GAS 671 1,200 629 17,359 17,900 541 28,500 UTILITIES- WATERISEWER 1.036 930 106) 6,600 6,840 240 8,490 WATER SOFTENING SERVICE 413 305 108) 2,660 2,745 85 3,660 DOORS, KEYS& WINDOWS 874 420 454) 4,241 3,789 461) 5,040 FIRE SYSTEM SERVICE 90 323 233 4,712 2,907 1,805) 3.876 LAWN SERVICEILANDSCAPISNOW RMVL 937 1,440 693 12,827 12,960 133 17,280 PEST CONTROL 142 160 18 7,808 489 7,328) 640 TRASH REMOVAL 589 629 40 6,176 5,661 515) 7,548 UNIT TURNOVER REPAIRS 2,464 2,250 214) 33,890 20,250 13,640) 27,000 RESERVEIREPLACE CAPITAL EXPEN6E 0 1.000 1,000 4,030 9,000 4,970 9,000 ELEVATOR -REPAIRS & MAINTENANCE 454 550 95 4,763 4,950 197 6,600 REPAIRS & MAINTENANCE 8,434 1,655 6,779) 33,454 23,150 10,304) 28,115 BUILDING & GROUNDS SUPPLIES 1,150 1,050 100) 7,834 9,400 1,566 12,550 HVAC - REPAIRS & MAINTENANCE 218 1,500 1,282 11,496 13,500 2,004 19,ODD MISCELLANEOUS B & G EXPENSES 0 15 15 0 135 135 160 TOTAL BUILDING & GROUNDS 19,608 16,001 3,607) 177,225 152,324 24,992) 198,967 OTHER OPERATING EXPENSES PROPERTY& LIABILITY INSURANCE 2,363 2,359 4) 21,373 21,231 142) 28,308 PAYMENT IN LIEU OF PROPERTY TAX 2,421 2,423 2 21,789 21,807 18 29,076 TOTAL OTHER OPERATING EXPENSES 4,764 4,7B2 2) 43,152 43,036 124) 57,384 TOTAL OPERATING EXPENSES 39,546 36,469 3,077) 356,752 337,537 19,215) 445,819 NET OPERATING INCOME I ( LOSS) 39,783 37,250 2,533 322,839 323,484 645) 434,309 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 16,450 16,450 0 148,048 i48,050 2 187,400 AMORTIZATION EXPENSE 466 465 0 4,186 4,195 1) 5,680 INTEREST EXPENSE 10,213 12,924 2,711 110.878 116,3i6 5,438 153,735 TOTAL DEPREC, INTEREST & OTHER 27,128 29,839 2,711 263,112 268,551 5,440 356,715 NET INCOME I (LOSS) 12,655 7,411 5,244 59,727 54,933 4,794 77,594 0 W w 2C N w w c7 W, w w N w w a w Z rc a rc N S w C7 wz ¢ g w u6 a z w Z wm F,W w x N a a s wwr w w O = a N Z ~ 2 LL w y w u LC x W Y Z 2 5wy W 2 2 N a K 6 7 7 0 N Z O a U1riLLo ED w o w a w w o z a w r a w o rc o z z s F N ' m i i `-' riar w o w o "' r aa. Q w} w rc y '' u g N w z rc z z W d w W w w 2 o w w¢ rz m¢ z= s d o r o u m N w? N c o o J x z W o F F c LL a a o¢ uZi o¢ w z a p a ad >> a i m a w s a¢ u o a a w a a a¢ a w d LL 0 h w o o o F- 3 0 q m d x 3 m F w w 1 a r w o rr -- '0 z Y A M r N m r r m d N N rv- O j2 a Y O r ul 0 0 0 0 0 0 0 0 o a o g a b o q q o 0 0 0 0 0 0 0 o a q o o q o 0 0 0 a 0 C r w O m o 0 0 0 p N O O N a o z o 0 0 0 0 o b P O q O o 0 0 0 0 0 o g b. o q q o o a o 0 0 a O P d 0 r a LO w O r a w n r w mn H V - M a 3 v> N ry A A r rk Ww n0 o d d r M A w N b Ilk m d C A d N LU m m o a y 1VvrviNmmmyvYr1 P ry r M N a n S u ti Y W n N r n g A vryM1 r r a N V N A r O a N a d r LL a MNnqdY O O a N f0 q 11VV o 0 a c N vbi V N r rdm H a m a l V A N vmi M1a 0 W w 2C N w w c7 W, w w N w w a w Z rc a rc N S w C7 wz ¢ g w u6 a z w Z wm F,W w x N a a s wwr w w O = a N Z ~ 2 LL w y w u LC x W Y Z 2 5wy W 2 2 N a K 6 7 7 0 N Z O a U1riLLo ED w o w a w w o z a w r a w o rc o z z s F N ' m i i `-' riar w o w o "' r aa. Q w} w rc y '' u g N w z rc z z W d w W w w 2 o w w¢ rz m¢ z= s d o r o u m N w? N c o o J x z W o F F c LL a a o¢ uZi o¢ w z a p a ad >> a i m a w s a¢ u o a a w a a a¢ a w d LL 0 h w o o o F- 3 0 q m d x 3 m F w w 1 a r w o rr -- '0 z v m op o ry ry m o ri a v e m m N m m m N n d afWa C da o 0 0 0 0 0 0 0 0 m m o 0 0 0 0 0 r oN 0 a n 0 O O o o O p O aCW a c Na C111 O 0 0 0 0 0 0 0 m m o o a 6 0 0 O N m o z o to m 0 0 0 0 0 0 0 m o O to m n 0 N p G 0 O O O O O O O 0 0 0 0 O o O o 0 O CL TiO w m •- ' r to w O a w m OM y ry ry M M O a W CL 5 U ry M n trn to umi a s m LN O d d N r n { C N N a W l n ry m y M r .- an r n ry n V a cli n w 0. 0 L N Q ry r CL o, W n m N a a o r a m rn a v v O r a M MT t2r ry a m m m L N O V th a Nm r O n m i O b N d 1: rn NN vfOi m e m o aO N N Y .- f•I N N a^ N n a A O N G/ nz w z co co W F x t11 LTU O 3 ya[ s W Z W W j Z Z W z W N yw o W m Y ~ Z a z =On zWDwzatoaF NZ 1 w WYwwOV rc N w OC4w V Z N Z V' W a K W K Wi O twit N F O W Q z aO w azwN WzrZOp 7 2 h O W jW wo Qw z, 9 :3 Lu w Lo UJ 0Y N w o w y o t7 m O a z Gm w o m W w p w F- W} a F v>~ OJ p W a ~ UO Wpw z C: u~i W Q F F—¢ o w z w w m > i a LL a F D rc w aa>>m t opa p w a o 4= O w rra11Cazoz 1N go] V 2 IMNI mml I KMA I : I IYA FLU SHOTS will be given here by the MN Visiting Nurses on Tuesday, October 4th from 11-12:30. Please bring your Medicare Card, Photo ID and your health insurance card. PTS BREAKFASTS will be held the third Saturday of the month. The next breakfast will be October 15th from 5:30 to 10:00. Thank you to Ray Milford and Crew for volunteering to do the breakfasts again. If you would like to volunteer to help with future breakfasts, please contact Ray Milford. Tickets are $3.50. $4.00 at the door. NiALJfG - a tea ? &7 d DINNER GET TOGETHER Wednesday October 19th at 5:30 pm. Larry & Pat will be preparing a Roast Pork Loin Dinner. Tickets will be sold for $6.00. HALLOWEEN PARTY Monday, October 31St at 1:00 Entertainment by Jim Shannon. Treats will be served. Coffee too! is--. Please be kind toyour neighbors. Being aware of loud TV's, slamming doors, talking and walking loudly etc. will be greatly appreciated. Apartment living can be a challenge. Y% 72 o F W 2er. 2 \ m E/ rCL N V) f f f M o o o fo @oo aoo eoo qoo 0- Lo war Ra.o 0 - U -) E E E E E E E E E E E E m a CL E CL CL m CL CL e a" o00RER14\9E @gg a¥a c#a a#a X06 W 0 0/ o 0 k\ o f a o o 3 0 2 a o o72 G=$ k o m c 74a o M E u4a e m c 74m @ M 7 9g 3: e E E m E E E E 2- E E S CL C a- CL CL CL 3 c- c- 000 oo0 000 o0 00 CD CD n9C) o@CD. R I- @@ @@ 6mw re6R mw nw E e E E E E co @ me m CD CD 6 T- co cn Rc k0ffn kk/m kk/fn Um2 IUm=2 aO0 U@E2 f2¥® f f maw f mm E 2E$%[ 5%$EgEL E/EE3eaaCDCL 0000 00000 0000 00000 9995 9m&gg 9999 2mwRq 6enn oo_mn came oo_ma f 2 m k m f co . f q§ m n 9\ k k 0 / JG§ O O c O c Dmm E a E E a E E a EA- m- CL mea Co 13 CL 60amo C:) no o\fE t- \\f aR_aR Msew 71m6R r=ow n R Vicksburg Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: September 13, 2011 RE: Vicksburg Crossing Monthly Report for August 2011 September Newsletter and September Calendar attached a -C.1 Rentals: As of August 31 st, we have 90 occupied apartments with 4 vacant, and we have 6 deposits at this time, giving us a total of 0 apartments available to rent. The Low Income Apartment waiting list now has 36 names so I have been adding interested people to the list. Listed below is a breakdown of units that are occupied and vacant. Style (Total #) Square Feet Bedrooms Occupied Vacant Deposits Est'd Move in Style A (23) 850 Sq Ft 1 Bedroom 21 2 2 September 1 September 1 Style C (8) 884 Sq Ft 1 + Den 8 0 1 September 1 Style C2 (8) 950 Sq Ft 1 +Den 8 0 1 September 15 Style D (8) 1187 Sq Ft 2 Bedroom 7 1 1 September 15 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 Style E2 3) 1055 Sq Ft 2 Bedroom 3 0 Affordable 33) 725 Sq Ft 1 Bedroom 32 1 1 September 1 TOTALS 190 4 6 3155 Vic6shurg lane \T • Plymouth, MN 55447 • Phone (763)559-1877 • Fax (763)559-0144 • wrnw.ei.plymiouth.rnn.us Cwued by Plymouth mousing and Redevelopment AuLhority 121 EQUAL HOUSING OPPORTUNITY Move-Ins/Move-Outs: We had one move out during the month of August from a one bedroom affordable apartment. We had two move ins both into one bedroom den apartments, one type (C2) and one type (C). We had a resident transfer from a one bedroom (A) on 2n floor to a one bedroom (A) on 40i floor. We currently have a deposit for the apartment she moved out of on 2nd floor. We have 2 transfers coming up in September; both the residents are transferring to vacant, market rate, 1 bedroom (A) apartments. We also currently have deposits on the apartments they are vacating; both are 1 bedroom plus den, one is a style (C) and one is a (C2). Marketing Although we anticipate being fully occupied on September 150i, we are still advertising alternately, between the Sun Sailor and Lake Shore Weekly so that we remain visible in the community. We have scaled back on the amount of advertising and are looking into ways we can improve our website. We are not having an open house this fall, but at this time we plan on having one in the spring. Our spring open house has generally had the best attendance. We currently have a waiting list for 2 bedroom apartments, our 1 bedroom den (C2) and for our market rate 1 bedroom. Resident Services On Tuesday, August 2n we had our annual Night to Unite party. It is usually on of our best attended parties, and it was no different this year. We had about 70 residents attend the party. The residents helped grill brats and hot dogs for the group. We also had beans, potato salad, watermelon and ice cream bars. The residents really enjoyed the music provided by Gary and Sue. On Wednesday, August P Taylor Marie's had a clothing sale at the building. We had quite a few shoppers come to the sale. It is especially nice for residents who do not have transportation. Wednesday, August 170i Mike from Plunkett's came, during coffee hour, to talk to residents about bedbugs. It was just an informational presentation, but the residents learned a lot about what to look for, how to prevent bedbugs from spreading and how to treat bedbugs if you discover you have them. We had our monthly birthday party on Thursday, August 180i we had cake, ice cream, and coffee. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The residents stood if it was their birthday and we sang Happy Birthday. We also give residents a card on their birthday. Building Issues We had to have the carpet stretched in apartment 307, which is occupied, and in apartment 403 to prepare for a move in. Balance Sheet m: As Of August 31,2011. ASSETS Ending Balance CURRENT ASSETS M I PETTY CASH 721 M I OPFRATING ACCOUNT 308,399 M I SECURITY CASH ACCOUNT 54,734 INVESTMENTS -WORKING CAPITAL FUND 221,517 INVESTMENTS - DEBT SERVICE 463,477 ACCOUNTS REG -TENANTS 445 INTEREST RECEIVABLE 850 PREPAID PROPERTY INSURANCE 22,437 PREPAID OTHFR 1,161 TOTAL CURRENT ASSETS FIXED ASSETS LAND 874,593 SITE IMPROVEMENTS 236,793 BUILDING 9,025,428 FURNITURE, FIXTURFS & FOUIP-GENERAL 348,957 COMPUTERS/OFFICE EQUIPMENT 4,711 ACCUMULATED DEPRECIATION 1,749,699) TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND ISSUANCE COST TOTAL NON-CURRENT ASSETS TOTAL ASSETS 56,604 Total 1,073,741 8,742,7133 55,604 9,872,120 Balance Sheet VH'xU R G CROSSING AT Of August 31,20` 1. Ending Balance AF-11-1L11"i*9 Total CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 8,302 HEARTS & MEMORIALS FUND DONATIONS 221 ACCRUED PAYROLL 3,541 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 279,090 ACCRUED REAL ESTATE TAXES 33,566 ACCRUED OTHER 2,332 TOTAL CURRENT LIABILITIES 327,958 LONG-TERM LIABILITIES SECURITY DEPOSITS 52,188 BONDS PAYABLE 10,235,000 BOND DISCOUNT 29,344) 10,257,844 TOTAL LIABILITIES 10,585,802 EQUITY RETAINED EARNINGS -RESERVED FOR DEBT 487,762 SERVICE RETAINED EARNINGS (1,100,315) TOTAL EQUITY (612,563) CURRENT YEAR INCOME!(LOSS) (101,121) TOTAL LIABILITIES & EQUITY 9,872,128 Profit and Loss Variance VK --K BURIG CROSSING Through Alloost 31,2611. MT(] Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 85,801 84,589 2,212 672,375 682,382 10,0071 1,022,918 APARTMENT RENTAL REVENUE - COUNTY 2,426 2,546 120) 23,147 20,366 2,779 30,552 HRA SUBSIDY -TAX LEVY 2,000 2,000 0 16,000 16,000 0 24,000 GARAGE RENT 3,060 2.025 135 23,701 23,400 301 35,100 GUEST ROOM REVENUE 510 98 412 890 784 94) 1,176 APPLICATION FEE REVENUE 70 35 35 490 280 210 420 TRANSFER FEE REVENUE 300 29 271 900 232 668 348 INVESTMENT INCOME 170 170 0 1,268 1,360 92) 2,040 MISCELLANEOUS REVENUE 360 400 40) 3,520 3,200 320 4,800 TOTAL INCOME 95,697 92,792 2,05 742,091 748,006 5,915) 1,121,354 EXPENSES ADMINISTRATION MANAGER SALARIES 3,884 3,855 29) 30,591 30,840 249 46.260 PAYROLLTAXES 482 548 66 4,730 4,384 346) 6,576 HEALTH INSURANCE 869 1,366 497 6,072 10,928 4.856 16.392 WORKERS COMP INSURANCE 154 110 44) 1,286 880 405) 1,320 MAINTENANCE SALARIESAVAGES 1,481 1,456 25) 12,065 11,648 437) 17,472 MAINTENANCE ASST SALARIES 779 775 4) 6,416 6,200 Q76) 9,300 EMPLOYEE COSTS 45 220 175 383 1,760 1,378 2,640 SEMINAR/IRAINING 0 25 25 245 200 45) 300 BANK FEES 0 5 5 20 40 20 60 DUES, SUBS 8 MEMBERSHIPS 0 10 10 50 60 30 120 LICENSE 8 PERMITS 0 0 0 97H 876 0 875 MILEAGE REIMBURSEMENT 32 55 23 337 440 103 660 POSTAGEIDVERNIGHT EXPRESS 13 2 11) 94 16 78) 24 PRINTING 53 4 49( 63 32 21) 48 MANAGEMENT FEES 4,000 4,000 0 32,000 32,000 0 48,000 PROFESSIONALFEES 27 180 184 1.406 1,440 34 2,160 TELEPHONE EXPENSE 483 477 6) 3,849 3,616 133) 5,724 EQUIPMENT LEASEIREPAIR 53 140 77 563 1,166 663 1,726 OFFICE SUPPLIES 41 76 37 987 708 279) 1.020 TOTAL ADMIN EXPENSES 12,404 13,306 902 101,982 107,464 6,472 160,678 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 466 250 216) 2,201 2,000 201) 4,250 TOTAL RES SERV EXPENSES 466 250 216) 2,201 2,000 201) 4,250 MARKETING POSTAGE 0 17 17 59 138 77 204 PRINTING 0 5 5 0 40 40 60 ADVERTISING 216 700 484 2,562 5,600 3.038 5,400 PROMOIIONALIPARTIES 0 390 300 351 800 449 1.100 TOTAL MARKETINGI-XPEN5E5 216 1,022 806 2,972 6,576 3,604 9,764 HOUSEKEEPING CONTRACT LABOR 996 980 16) 7,624 7.84n 216 11,760 CLEANING SUPPLIES 383 70 313) 1,207 560 647) 840 TOTAL HOUSEKEEPING EXPENSES 1,379 1,050 329) 6,631 8,400 431) 12,600 Profit and Loss Variance VICKSBURG CROSSING T)TirmiC)(-I Atigust 3i,201t MTD Actual Budget Var, YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLETVEXPENSE 162 116 46) 582 928 346 3,392 UTILITIES• ELECTRICITY 2,668 2,365 293} 18,131 16,770 1,361) 24,630 UTILITIES -GAS 419 500 81 16,019 16,700 661 25,900 UTILITIES-WATERISEWER 842 1,225 283 7,272 8,676 1,403 12,775 WATER SOFTENING SERVICE 187 140 47) 1,055 1,120 65 1,690 DOORS, KEYS & WINDOWS 0 75 75 495 600 104 900 FIRE SYSTEM SERVICE 53 255 202 4,375 2,040 2,335) 3,060 LAWN SERVICEMNOSCAPISNOW RMVL 890 1,425 535 11,238 11,400 152 17,100 PEST CONTROL 0 0 0 322 330 8 660 TRASH REMOVAL 704 503 201) 5,570 4,024 1,546) 6,035 UNIT TURNOVER REPAIRS 3,60& 1,600 2,006) 15,257 12,800 2,457) 19,200 RESERVEIREPLACE CAPITAL EXPENSE 0 0 0 0 3,000 3,000 3,000 ELEVATOR -REPAIRS B MAINTENANCE 1.033 378 655) 3,705 3,024 681) 4,536 REPAIRS & MAINTENANCE 1,284 1 000 284) 13,827 17.900 4,073 21.900 UILDING 8 GROUNDS SUPPLIES 792 650 242) 4,400 4,4c0 0 6,600 HVAC - REPAIRS 8 MAINTENANCE 225 750 525 4.235 8,000 1,765 9,000 MISCELLANEOUS B & G EXPENSES 0 15 15 0 120 120 180 TOTAL BUILDING & GROUNDS 12,955 10,897 2,958) 106,483 109,831 3,348 158,549 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,492 2,677 185 20,052 21,416 1,364 32,124 PAYMENT IN LIEU OF PROPERTY TAX 4,196 4,200 4 33,566 33,500 34 50,400 TOTAL OTHER OPERATING EXPENSES 6,686 6,877 189 53,617 55,016 1,399 82,524 TOTAL OPERATING EXPENSES 34,108 33,402 706) 276,066 289,277 13,191 428,365 NET OPERATING INCOME! ( LUSS) 61,589 59,390 2,199 466,006 458,729 7,277 692,969 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 30,723 30,723 0 245,781 245,784 3 368,676 AMORTIZATION EXPENSE 325 325 0 2,004 2,600 4) 3,900 INTEREST EXPENSE 39,869 39,870 1 318,742 316,950 218 478,440 TOTAL DEPREC, INTEREST & OTHER 70,917 70,918 1 567,127 567,344 217 851,016 NET INCOME I'(LOSS) 9,328) 11,528) 2,200 101,121) 106,615) 7,494 156,027) W M N b d M p N a N 9 a ry w m w N m nOq~j LEL m r 0 0 0 0 0 0 0 0 o p o o m m w o 0 0 o w o 0 o w w o 0 0 o O o q a a p p o o q W O d n1 a CW Oh 0 0 0 0 0 0 0 0 0 O o 0 0 0 0 0 0 0 0 o a a o p 6 8 6 p 8 0 o q o a o q o o q gC m Na u z m m o o m m o 0 o m w o 0 o w o o m w o 0 0 0 0 0 o w e 0 w` o v 1`1 a uO A o 0 0 0 0 0 0 0 o q o 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 o a s o m a o 0 0 0 W o 0 0 m a m U) m M a v W a a ry n n 1ti. 1 m n a d a o o m n d a a o AO m wN r d C b o F N Ovwow N m d n J N m N N` o qm o 0 o q m W w O p d CI d C 7 w 4 M Mw111O m M to r a n m m a 0 0 w e m ry d c o n 111 6 M a a W N r 1nmmonh m r a m n urm{ w m 1Y r1 A N m N N n m M y O r a 9 ppM M cO o a m ImO oM0 N h a N a m r w Y ry N m yl rn pIllryr w a w i wi Irci Wiy W Z W W N w W W N a w q w w FEn w w z a y 3 = z ¢ z a x z Ilj 7 z w J m w FW- w w w a W w W 0. m rc o w z g~ y o s l w w z LUcFzFQWY F LL Y U u1 = K N Z 4 v4i Q F- Z W m Z u W a W [] o W a W rn a IllzszW ° w ° Q o u u ci m w } z z w a 2 w a Ve1/l1 a z 3 O w p W i- n] p Z Z r m a w p w l' o W Z z Q W N Oz0 y r 2 N c¢ W d m w y z z Q , r z w 1 g v c7 x 1J F U m 11// w Z ywj N< p Y Y w w Z W Z q F Z 4 LL 11x1 d iJ Q w [] Q ir11 Q W ` Q w F z QqRwqWJZZYQYZZZwJoZZp ~p~ N Z I' 4 d 3 N¢ w g Q a W 9 4 4 m m a a 4 rc W w LL O W O a p o a p 0 l7 l7 ¢ F z O a S S W 0 . a r >- 11 F a 4 F i H LLI o v N m p v a v W a o y 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 v w n0 ya o 0N o z n o 0 o m o 0 0 0 0 0 0 0 0 0 0 0 0 o m m m m o 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 o 0 m m o 0 0 0 0 0 0 0 m a Ti W O o 0 0 0 0 o m o o m o 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 o a W M m m N C N M a P rvl m - a W v a ry N f m m n m v O1 m ri a Ld w n m m cr ti a v m m m r a CI Cw r w m m r d M a a r M h n N Mi o M r a n N aa ry e r r r e p cq N a Nd J a W o h d' m vN ry a m r a mo N m N r N N My O w L w zwLU w rt fn w rc Z 0 a W xx co V F Xw X O mpzwZow r s d c w W¢ z z X z o F m w J w w rw z a w U a f w w O w w m o o a °6 ¢ o a n w o, 08 m m z U w s a z a K Z n z, OOwr= 0 cn J F z W o o a r o> Q ^ awZ z= Q w n 14C :tl b N N m 2 w w T rm a r O LLI cc a~ F- oSW f J J w w z x F- 4 o ¢ 1o w K w ¢ a O w U w w 4 a U 3 U n> n a Q a D w LU m= F -a s o o 1 3 EW 0 W W W 1Q r z a z September 2011 September is one of the best months in Minnesota. The city of Plymouth has an abundance of beautiful walking paths and parks, many very close vlijLbai C ro5siz g: to Vicksburg Crossing. With the drop in heat and humidity, it's a great time to get out and enjoy the nice weather and colorful scenery. The weather certainly cooperated for our Night to Unite party. The resi- dents who did the grilling deserve a special thanks. It was a hot August night so the cooks got a little sweaty standing over the grill, but the brats and hot dogs were done to perfection! Our large turn out for the party kept all the volunteers busy. I would like to thank residents for their gen- erous donations of school supplies and food. Gary and Sue provided lively entertainment that had everyone singing along. Thank you every- one who helped make everything run smoothly. Beware of the "Grandparent" Scam We have had several residents at Vicksburg Crossing receive calls from young people claiming to be a grandchild or other relative in need of money. When you answer the phone the person on the other line may say, "Grandma/pa , it's me!" If you get a call like this always ask the caller to identify themselves (do not offer a name) and always verify their story (ask a question only the real person would know the answer to) be- fore you offer any financial assistance. Labor Day The office will be closed on Monday, September 5th for the Labor Bay holiday. We have been very busy! We are welcoming 4 new residents to Vicksburg Crossing this month. Debby Yunker in 322 moved in August 12th), Susan Carlson in 202, Laura Roiger in 222 and Elaine Wedel will be moving into 325. Welcome to Vicksburg Crossing! Reflections on 9111 Burt Gesink On National Night Out in our party room were gathered 70 faces, some apparently happy, some sad, some painful and some grieving, each with his or her own history that shaped his or her own character. Wars, the Holocaust, depression, epidemics, and even good fortune have shaped our attitudes, values and lives in ways that we will carry with us always. Most of us have experienced drought, dust storms, pestilence (grass hoppers), polio epi- demics and severe poverty, but even the poorest among us still had a small sense of nobility. It was a simple time and life was hard, but pretty wholesome. Church life, gardening, family reunions, and the family dinner table all played an important role in family life. At the risk of appearing to be scolding, I regret the decline of manners and morality today. For many years we also experienced the good life; marriage, children, prosperity, good health, lifetime friendships, and the ability to prepare for the future. We also made possible many useful inventions of today such as, labor saving machines, better automobiles, televi- sions, computers, space craft, diagnostic machines in health care and many more. As I write this we are preparing to mark the tenth anniversary on 9111. We remember tragedies as well as happy days. We have, as usual, investigated many conspiracies of 9/11 and have discovered , in Osama Bin Laden's computer, plans to destroy parts of our rail sys- tem on the tenth anniversary of 9/11. Reliving these memories is like opening an old trunk in the attic. There is a richness to be learned from those old experiences. We have learned frugality, generosity, recovery through hard work, enjoyment from simple pleasures, and security. Some have called us "the greatest generation" but my hope is that in the future there are more and greater generations. Newsletter Contributions We welcome contributions from residents for our monthly newsletter. Whether it is a recipe, a story, a reflection or a family history, please bring it to the office if you would like me to re- view it for inclusion in the newsletter. Thank You! Resident Meetin We talked about the Night to Unite party and the upcoming visit with Mike from Plunkett's Pest Control. I informed residents that we have upgraded the cable in our community room so they can now watch baseball games and a variety of shows and movies. Community Room It is wonderful that more residents are using the television in the community room now that we have a variety of channels available. However, please do not watch television in the com- munity room if another resident has reserved the room or we have something scheduled on the activity calendar. There is a community room calendar and an activity calendar on the bulletin board outside my office. Please check both of these before you go into the community room to watch television. Thank You! Plunkett's On Wednesday, August 17th Mike from Plunkett's Pest Control came during coffee PMOONTRoto talk about bedbugs. Although we have no reports of bedbugs in our community, it is important for everyone that lives in multi -family housing to be informed. This is just a brief review of what Mike discussed Why have bedbugs returned? Bedbugs were eradicated in the 1960's using the pesticide DDT. However due to adverse ef- fects on the environment, including a drastic decline in eagle populations, DDT was banned. Banning DDT, an increase in international travel and a lack of public awareness have all con- tributed to the spread of bedbugs. What to know about bedbugs. Having bedbugs has nothing to do with cleanliness. Anyone can get bedbugs and anyone can be bitten. Bedbugs can hide anywhere and can live for more than a year without feeding. This allows them to live on used furniture or mattresses that are discarded. They can travel on suitcases from hotel rooms to homes. Although bedbugs aren't known to spread disease, some people have an allergic reaction that causes red welts, the welts are usually in a line on areas exposed when sleeping. What to look for if you suspect bedbugs. Bedbugs are tiny and can hide in the crevices of mattresses, headboards, and furniture. If bed- bugs are present you may have blood spots and droppings that look like pepper on your sheets. Prevention There are not many ways to prevent bedbugs. They do make encasements for mattresses and box springs, but your best defense is awareness and prompt action. Once people discover they have bedbugs they often try to solve the problem themselves by using off-the-shelf insecti- cides, which can cause the bedbugs to migrate to other rooms or sometimes other apartments. If you suspect you have bedbugs it is best to contact management immediately! li za Ali li li iii Ali I li li Ali li Ali Ali li Ali li li li li Ali li li li Ali _A1 Aliil il il 1 1= iIC IK 1* 0- i1C + 71r 71 IK 7F F 0% F I= 7F IK ,1IK 711;z ilN. 7e. Reminder: September rent is due on or before Monday, September 5th \I\ Yi Ali i li Ir Ali li Ali li li li Ali Ali 7 Ali Ali li I_ li Ali Ali Ali Ali li li Ali Ali Ali AliOZil le 11Z iIC 14 714 111Z11 I iIC 71\ 7711Z 1 slCZ 7p,71,% -70, I. Is 7,11Z 70;z 70T 71-Z Happy Birthday to the followin residents this month: September Birthdays will be celebrated on Thursday, September 15th in the Community Room. The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday) Our birthday party is always on the 3rd Thursday of the month. Jim Halsted Susan Ledbetter Gervase Raphael Oral Peterson Fall Party NQ September 5th September 7th September 11 th September 25th To celebrate the beginning of fall we will have a luncheon on - Thursday, September 22nd at 12:00 in the community room. The menu will include a hearty fall meal of baked penne with meatballs and garlic toast, from Broadway Pizza, a tossed salad and dessert, all for $5.00. This luncheon will be a time for residents to visit, we will not have entertainment. If you can help the day of the luncheon please sign up on the sheet outside my office. Tickets will be on sale Thursday, September 15th and Friday, September 16th. You may also purchase tickets in my office until Tuesday, September 20th. AbsoIuteIy no tickets will be sold after Tuesday, September 20th. N( 31 00 O ib Z O :E lb 1 Q m Z a m w_3 1c, N m w' R a a n o o n o o n oZ3 pd S':7jnzr 9: CD a m N m oN M o p O w o o o Do m o CDo o o € Q m a CD ' C7 o m Q ( Cb O lb l lb` p Oo cD CD S p O o c 0 0r4o o o o? oo o a n t. n Cl) o a oo a s' W O a °o Q m o o o mQ` `'' cn a Crm a cu Cp) n n Cl' _4 o a m con 5 cn a y tr Cba ' v N n O v (D N y O) O tr n O 4 O O Q O O O O V n [U O O pE3 p p Ej 4 O uOnOO ; O cn O 3 a c, a 3 0 o MR V O s V VI C 9 m CD T"1 I Vcwm"g Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: October 19, 2011 RE: Vicksburg Crossing Monthly Report for September 2011 October Newsletter and October Calendar attached Rentals: As of September 30th, we have 94 occupied apartments with 0 vacant, and we have 2 deposits at this time, giving us a total of 0 apartments available to rent. The Low Income Apartment waiting list now has 38 names so I have been adding interested people to the list. Listed below is a breakdown of units that are occupied and vacant. Style (Total #) Square Feet Bedrooms Occupied Vacant Deposits Est'd Move in Style A (23) 850 Sq Ft 1 Bedroom 23 0 0 Style C (8) 884 Sq Ft 1 + Den 8 0 0 Style C2 (8) 950 Sq Ft 1 + Den S 0 0 Style D (8) 1187 Sq Ft 2 Bedroom 8 0 0 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 0 Style E2 3 1055 Sq Ft 2 Bedroom 3 0 0 Affordable 725 Sq Ft 1 Bedroom 33 0 2 October 1 October 1 TOTALS 1 1 194 10 12 3155 Vicksliwug Lane N • Plymouth, MN 55447 + Phone (763)559-1877 • Fax (763)559-0144 • wuw.ei.plytnouth.inu.us Owner( by PlyinouLh Housing and Redevc1opment Aulhority EQUAL HOUSING OPPORTUNITY Mover-Ins/Move-Outs: We had 4 people move in during the month of September: one person into a 1 Bedroom with den (style C), one person into a 1 Bedroom (style A), one into a Large 2 Bedroom (style D), and one into a 1 bedroom with den (style C2). Three residents transferred apartments within the building. One person transferred from a market rate one bedroom to an affordable one bedroom, one resident moved from a one bedroom den (style C) to a one bedroom (style A), and the other resident moved from a one bedroom den style C2) to a one bedroom (style A). Marketing We are still advertising alternately, between the Sun Sailor and Lake Shore Weekly, so that we remain visible in the community. We plan on visiting local community centers next month to make sure we have brochures available for seniors who visit. Resident Services On Thursday, September 22"d we had a fail luncheon. We ordered baked penne pasta with meatballs and garlic bread from Broadway Pizza; we also had salad and pumpkin pie with whipped cream for dessert. All the residents thought the food was delicious. We did not have entertainment for this party. The residents have agreed that they do not like to have music at every party because they enjoy visiting with their neighbors. We had our monthly birthday party on Thursday, September 15th we had cake, ice cream, and coffee. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The residents stood if it was their birthday and we sang Happy Birthday. We also give residents a card on their birthday. Building Issues Owens Companies had to replace and check the operation of the thermostats in apartments 125, 207 and 307. We had to replace the fan rnotor in a raucrowaves. Balance Sheet As OSeptember 30 ,2011. Ending Balance ASSETS CURRENT ASSETS M I PETTY CASH 881 M I OPERATING ACCOUNT 330,195 M I SECURITY CASH ACCOUNT 56,484 INVESTMENTS -WORKING CAPITAL FUND 227,328 INVESTMENTS - DEBT SERVICE 510,166 ACCOUNTS REC-TENANTS 5,160) INTEREST RECEIVABLE 510 PREPAID PROPERTY INSURANCE 19,945 PREPAID OTHER 500 TOTAL CURRENT ASSETS FIXED ASSETS LAND 874,593 SITE IMPROVEMENTS 236,793 BUILDING 9,025,428 FURNITURE, FIXTURES & EQUIP -GENERAL 348,957 COMPUTERSIOFFICE EQUIPMENT 4,711 ACCUMULATED DEPRECIATION 1,780,422) TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND ISSUANCE COST TOTAL NON-CURRENT ASSETS TOTAL ASSETS 55,386 Total 1,140,849 8,712,060 55,386 9,908,295 Balance Sheet VICKSBURG CROSSING As Of September 30,2011. Ending Balance LIABILITIES Total CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 5,749 PREPAID MONTHLY RENT 1,355 HEARTS & MEMORIALS FUND DONATIONS 3B1 ACCRUED PAYROLL 1,203 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 316,960 ACCRUED REAL ESTATE TAXES 37,761 ACCRUED OTHER 2,476 TOTAL CURRENT LIABILITIES 368,791 LONG-TERM LIABILITIES SECURITY DEPOSITS 53,550 BONDS PAYABLE 10,235,000 BOND DISCOUNT 29,236) 10,259,314 TOTAL LIABILITIES 10,828,108 EQUITY RETAINED EARNINGS -RESERVED FOR DEBT 487,762 SERVICE RETAINED EARNINGS {1,100,315) TOTAL EQUITY (612,553) CURRENT YEAR INCOMEIJLOSS) (107,264) TOTAL LIABILITIES & EQUITY 9,948,295 Profit and Loss Variance 1fICKS URG CROSSING Through September 30,2011_ MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 88,307 84,589 4,718 761,682 766.971 5,289) 1,022,916 APARTMENT RENTAL REVENUE- COUNTY 2,426 2,545 120) 25,573 22,914 2,559 30,552 HRA SUBSIDY -TAX LEVY 2,000 2,000 0 18,000 i8,000 0 24,000 GARAGE RENT 2,970 2,925 45 26,671 25,325 346 35,100 GUEST ROOM REVENUE 180 98 82 870 882 12) 1,176 APPLICATION FEE REVENUE 140 35 105 630 315 315 420 TRANSFER FEE REVENUE 600 29 571 1,500 261 1,239 348 INVESTMENT INCOME 1,801 170 1,731 3,168 1,530 1,538 2,040 MISCELLANEOUS REVENUE 310 40U 90) 3,830 3,ECD 230 4,800 TOTAL INCOME 99,834 92,792 7,042 41,925 840,798 1,127 1,121,354 EXPENSES ADMINISTRATION MANAGFRSALARIES 3,758 3,855 97 34,349 34,685 346 46,260 PAYROLL TAXES 666 548 118) 5,396 4,932 464) 6,576 HEALTH INSURANCE 756 1,368 610 6,828 12,284 5,466 16,392 WORKERS COMP INSURANCE 215 119 105) 1,501 990 611) 1,320 MAINTENANCESALARIESIWAGES 1.507 1,456 51) 13,592 13,104 488) 17,472 MAINTENANCE ASST SALARIES 746 775 28 7,162 6,975 187) 9,300 EMPLOYEE COSTS fib 220 153 450 1,580 1.530 2.640 SEMINARIIRAINING 0 25 25 245 225 20) 300 BANK FEES 0 5 5 20 45 25 ED DUES, SUBS 8 MEMBERSHIPS 0 1D 10 50 90 40 120 LICENSE 8 PERMITS 0 0 0 676 876 9 876 MILEAGE REIMBURSEMENT 33 55 22 370 495 125 EEO POSTAGMVERNIGHT EXPRESS 0 2 2 94 113 751 24 PRINTING 0 4 4 53 35 17) 48 MANAGEMENT FEES 4,000 4,000 0 35,000 36,000 0 48,000 PROFESSIONAL FEES 106 180 74 1,512 1,620 108 2,160 TELEPHONE EXPENSE 483 477 6) 4,331 4,293 35) 5,724 EQUIPMENT LEASEIREPAIR 63 140 77 565 1,3D5 741 1,726 OFFICE SUPPLIES 286 78 206) 1,273 785 487) 1,020 TOTAL ADMIN EXPENSES 12,686 13,306 620 114,668 120,760 6,092 160,678 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 303 25U 53) 2,504 2,250 254) 4,250 TOTAL RES SERV EXPENSES 303 250 53) 2,504 2,250 254) 4,250 MARKETING POSTAGE 0 17 17 59 153 94 204 PRINTING 0 5 5 0 45 45 60 ADVERTISING 300 700 400 2,662 6,300 3,4313 8,400 PROMOTIONALIPARTIES 0 300 30U 351 1,100 749 1,100 TOTAL MARKETING EXPENSES 300 1,022 722 3,272 7,698 4,326 9,764 HOUSEKEEPING CONTRACT LABOR 985 980 16) 8,620 8,820 200 11,760 CLEANING SUPPLIES 30 70 40 1,237 630 607) 840 TOTAL HOUSEKEEPING EXPENSES 1,026 1,050 24 9,857 9,450 407) 12,600 Profit and Loss Variance VICKSBURG CROSSING Through September 30,2011. MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLE TV EXPENSE 116 116 0 698 1,044 346 1,392 UTILITIES -ELECTRICITY 2,571 1,765 806) 20,702 18,535 2,167) 24,630 UTILITIES - GAS 518 1,500 AM i6,538 16,200 1,662 25,900 UTILITIES - WATERISEWER 1,136 1,100 36) 6,407 9,775 1,365 12,775 WATER SOFTENING SERVICE 0 140 140 1,055 1,260 205 1.680 DOORS, KEYS & WINDOWS 0 75 75 496 675 179 900 FIRE SYSTEM SERVICE 242 255 13 4,618 2,295 2,323) 3,050 LAWN 6ERVICEMNDSCAPISNOW RMVL AAR 1,425 427 12,236 12,825 569 17,100 PESTCONTROL 161 165 4 483 495 12 960 TRASH REMOVAL 701 503 598) 6,270 4,527 1,743) 6,035 UNIT TURNOVER REPAIRS 1,878 1,600 278) 17,135 14,400 2,736) 19,200 RESERVE)REPLACE CAPITAL EXPENSE 0 0 0 0 3,900 3,609 3,000 ELEVATOR -REPAIRS & MAINTENANCE 384 378 6) 4,089 3,402 687) 4,536 REPAIRS & MAINTENANCE 3,078 1,000 2,078) 16,905 18,900 1,995 21,990 BUILDING 8 GROUNDS SUPPLIES 648 550 298) 5,248 4,950 298) 6.600 HVAC - REPAIRS&MAINTENANCE 1,300 750 559) 5,543 5,750 1,207 9,003 MISCELLANEOUS B & G EXPENSES 0 15 15 0 135 135 ISO TOTAL BUILDING & GROUNDS 13,939 11,337 2,602) 126,423 121,166 745 168,549 OTHER OPERATING EXPENSES PROPERTY& LIABILITY INSURANCE 2,492 2,677 185 22,544 24,093 1,549 32,124 PAYMENT IN LIEU OF PROPERTY TAX 4,196 4,200 4 37,761 37,600 39 50,400 TOTAL OTHER OPERATING EXPENSES 6,688 6,877 189 60,305 61,893 1,588 82,524 TOTAL OPERATING EXPENSES 34,942 33,842 1,100) 311,026 323,119 12,091 428,365 NET OPERATING INCOME! (LOSS) 64,891 58,950 5,941 530,897 517,679 13,210 692,989 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 30,723 30,723 0 275,503 276.607 4 368,676 AMORTIZATION EXPENSE 325 325 0 2,929 2,925 4) 3,900 INTEREST EXPENSE 39,982 39,870 112) 356,724 358,830 106 478,440 TOTAL DEPREC, INTEREST & OTHER 71,030 70,918 112) 638,157 639,262 105 851,016 NET INCOME I (LOSS) 6,139) 11,968) 5,829 107,260) 120,583) 13,323 158,027) f- uPi pHjIq mR Ilz a N N W •- n n ' M m h r n a r ' m y N !7 9 m D F n m r a Y a o 0 0 0 0 0 0 o P p o 0 0 0 0 0 0 0 0 0 o a o a o a o 0 o p a p p P P O P P p CW O a N C a m a P o 0 o D p o D p p p p P P o P a P P P o 0 0 0 0 o a o 0 0 o p o 0 o p o o p cw o a N O p d a z C o 0 0 0 0 0 0 0 D 0 P o m o P o 0 0 0 0 0 0 0 0 0 o a o o p a p 9 P P O P P O W O aD r m a a w 0 o m d a w In a m r o v a e sr N ry v 4 m a p Y M V N w ry ry ' n m •- v r L M EL _5 o n a = W N b tv ry Oni r m ('i V O a a F In F v a w n o a m N r c B M y ri 0. i a c M9 2 m a O o o ui o Y { N N yaj o m a L v N D - N] d C 7 F N n In U W W w w ww, z xVQh N y W W w z w z w Z y g = z a w F Wa K z j ¢ q w x aKrc [L I a w w j ?? !)i w W~ ul w xa w r W Fq- h x W wzowWOQWU2JIFOwFKUwuw W IUiI ¢ iC r W , W W f- w 14 W 2 LLI Z W g N a yl 21 m ti fad q Z S O N 7 SC p m j fnFF6o 4 W f dad,y N o y UU U z O r h 0. W O W O W "J LL 111 {d- W Z 2 a 2 N 0 W W m w K~ u g s S F w z K Z w w 7 w S9 W uN1 O W w 4 F Z LC h W uJ W U L7 S W U' F J Z N Z V1 z U' r 1 w w Z Y N W h z¢ LL w a U 4 1=tl O Q W Y W Q w Z GG szs a O a a K 4 a 7 H Q W 4 a 0 3 4 W 4 u w 0¢ w o LL 0 w w D O o rc O J O V 4 Q 1- _ 0 X Q `2 R S `2 `2 W IIl m i O. O. 0. F w o F K oc }' fL 4 <L = U U r F W LE O n I P- n I rv" o ry "I Q n» o ro vai m .- nG tvpVi m v a q W r O o 0 0 0 0 6 0 0 0 6 P P a d 4 0 P o O O O o P P O O q a q WnO CL N M y A oN p z o 0 0 0 0 0 0 o a a o 0 0 0 0 0 0 0 0 0 0 0 o a o 0 a LU` a o M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 w m W o m m oo m n Ndja ry r M r a an am n m n y a d N C m Y n Y N O i La o r N 0 O rn r m N w p N N N m N . .- T N Q' m I o r a LU N m m b m o r a M N m N Y W G G W O n N m' q M eri M m{ Y m m pipQ F Im9 o m 9 a m F n r w ao nH m n nvryN N r fanoryv a cn SNO Lr!- m GQ ppQ ffVV vv11 m ^ F ry m m aN ' N Y fA0 n n a C r N N LLIN a E q LU 0 N m N a m_ N N ry V N M m rM w e Na NI O Nry o a LU4Lnw i z LUs w wuiz x y w o Z u i~ w pw W ca 41 jNW W x W Z W J K N if vi z U W rc W 5 IK O LU vi m Wi 1n N y Z a cd 0 a s W wbw ? Nb.7 r z w= w g rc¢ w Z F i z o W vqVay[ W t7 Z N 0 K O> wq U a ao 2 F4 z uj w D 2 a a V W Sa' w ya0 w 4 C sy 41 m W LI W Y 1~q 40 V y Z Q W z 0 W W J 0y/ Lp C7 Z F lA N F Q 4 m o 5 s w 3 a m o SL 4 p¢ 0 W Lj F S$ o ru w¢ ru October 2011 Halloween Party Our Halloween party is on Monday, October 31st at 5:00. Costumes are optional, but encouraged. This is a fun party, we will have fried chicken, mashed potatoes and gravy, coleslaw, dessert and beverages. Cindi Scheffler will entertain us with her cabaret style show. For the residents who are new to Vicksburg Crossing, and have not seen Cindi perform, I am sure you will en- joy the show! Sign up Monday, October 24th & Tues- day, October 25th 10-12 in community room. Sign up in the office on Wednesday, October 26th. Sorry no sign up after October 26th. Residents interested in helping on the day of the party can sign up on the sheet outside my office. Thank You! We have had another busy month at Vicksburg Crossing. We have 3 new residents this month. Please welcome Margaret Berg in apart- ment 121, Cheri Balthazor in 207 and Verna Walsh in apartment 211. Welcome to Vicksburg Crossing! Ali li Ali Ali 1 1 Ali FIs Ali Ali li Ali fi 4i 7M Fi Ali 11i ,lii1 71\ 1N "IN "IN "IN i0N i+= +1 iF ire its i0Z ii\ 711Z 7,11Z 76— Reminder: FIs_ October rent is due on or before Wednesday, October 5th .1/ 11 life li Fi 1 1 Ali L 1 Ali I 1 Ali Ali Ali Ali 1 >li 1 Ali Ali Aliit 11Z I 71\ 1\ 7IN i#N F if 71\ ism 71\ iI 71= -,I\ 71\ 71\ October gave a party; The leaves by hundreds came -The Chestnuts, Oaks, and Maples, And leaves of every name. The Sunshine Spread a carpet, And everything was grand, Miss Weather led the dancing, Professor Wind the band." George Cooper, October's Party Box Tops for EducationW-0, A lot of you have seen the little blue container under the bulletin board outside Sara's office. It was put there to collect Box Tops for Education from anyone wishing to contribute. They are on many General Mills products, including cereal -' and mixes. 0i These little labels are collected by school children and mailed to General Mills by their Parent Teacher Organization's for 10 cents each. This does not seem to be very much but when put together they amount to a huge contribution to schools everywhere. To put it into context, my granddaughter's school made over $3,000 last year from their Box Tops for Education. This was spent on materials and pro- jects to benefit all the children in their school. At this time money is tight in the schools so an amount that large is a great help. - Please consider this little container the next time you see one of these labels on a w product. By putting these labels in this container the children benefit. Also, if you = know school. age children, you may want to donate the box tops to their school. We wish to thank all of you that have so graciously contributed to this program the last two years. Eunice & Dick Golfis #306 Ia: can mi*R. Writing Group Our writing group meets every Wednesday at 1:30 in the Community Room. Everyone is wel- come. There is no need to have writing experience. The group provides a time for people to tell stories or share life experiences. If you are interested simply come to the community room at 1:30. I welcome residents to submit their writing to be included in the newsletter. We try to put them in as soon as possible, but sometimes I need to wait until I have space for the story. I would like to thank the residents who have already shared their writing with us. Everyone has such wonderful and unique stories to tell. Hearts and Memorial Fund V If you would like to donate to the "Hearts and Memorial" fund, please include V 1.00 cash with your rent check. You may donate each month, every other 91 month or not at all, it is completely voluntary. We use the funds to buy flowers V for residents who have been hospitalized, lost a loved one or contribute to memo- V frials for residents who have passed away. We have a lot of new residents at Vicksburg Crossing and moving can be a stressful, often overwhelming, undertaking. It can be a particularly hard transition for people moving from a single family home who do not have much experience with apartment living. I thought our new residents might appreciate this contribution to the newsletter from Donna Hawkinson, a resident who, before she moved to Vicksburg Crossing, was a landlord. She wrote this for the Wednesday writing group and it's a reminder of some of the benefits to apartment living. Landlord There is no hot water, and the first thing that comes to mind is, "Oh, my gosh, now we'll need to buy a new water heater. More expense...... Tenant I pay my rent. Call Mike or Sara. I am not troubled. Landlord You want a nicely manicured lawn, but that requires fertilization, mowing, edging, cleaning up and buying expensive flowers and plants. Tenant I pay my rent. I look out my window onto the parking lot and enjoy the beautifully kept lawn and garden. Landlord It rains for days, and you come home from work to find water dripping from the ceiling. After the roofer comes to see what can be done, he tells you a new roof is needed and it will cost 15,000. Tenant I pay my rent. Call Mike or Sara. I am not troubled. T,anr nrrl Our tenant called to say the drain was stopped up in her bathroom. After an inspection, the plumber said the pipes were getting old and they needed to be replaced. Cost: $800 (and that was a bargain). Tenant I pay my rent. Call Mike or Sara. I am not troubled. Landlord A severe storm warning was given (hurricane in FL) and there were 8 windows that needed to be covered with the hurricane shutters. That took 2 of us well over an hour, working fast. Tenant I pay my rent. No Sweat! Landlord The days were humid and hot and we were aware the AC was not working properly. Since AC goes for about 10 months a year in Florida, it needs checking and maintaining often. This time, a new unit was needed to the tune of $$7,000(that was in 2001). Tenant I pay my rent. Call Mike or Sara. I am not troubled. Donna Hawkinson, June 15, 2011 wo- Happy Birthday to the followin residents this month: October Birthdays will be celebrated on Thursday, October 20th in the Community Room. The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday) Our birthday party is always on the 3rd Thursday of the month. Dennis Patraw October 6th AJ Doerner October 17th Joan Nelson October 22nd Nancy Rohrer October 23rd Murrae Freng October 24th Betty Peterson October 24th Carol Clemens October 25th Donna Hawkinson October 25th O W a b N O O O O O Q O C) q co O O O OZ3Z3 D 1 n 7 Co Z3- o ° o o a CD CD Cb Z3- CD co y 00 CIO ti ti 1 A O 00 O 00 O CIO p cD CD CD 0CD aS 2La5' o a o G) a w N CCD C b n b n b b a o a oQ) 0 00 CD a Cr a p a m o Cr cD a s co to C cr c zr Z3- m z Q y Q03 1 OO O O Opop pO O O pQ O EL 4 O 0 o O° ccn cn c7; d O O j' b mcksh.g Cxossi V To: Plymouth Housing and Redevelopment Authority From: Sara Paquette Managing Director Date: September 14, 2011 Subject: Vicksburg Crossing Market Report August Inquiry/marketing activity recap is as follows Phone/Internet Inguiries 11 phone calls from different people inquiring about apartments for themselves or family members. 0 4 people made appointments to come in and see apartments. 0 7 people did not make appointments to see the apartments. The rates were too high, they were looking for assisted living or they were just interested in having information sent. We will follow up with these people. o We received 4 emails from people who found us on our web site. Of the 4 people who sent emails 2 made appointments to come in and see apartments. Walk-in Traffic a 3 people came in as walk-in traffic in August. Interest Timeline for Move In Of the 9 people that came into the office (either set up appointments or came in as walk-in traffic): 0 1 selected an apartment and put down a $500 deposit. o 4 people were looking for a new home within the next 6 months. o 2 were looking for a new home within 6 -12 months. o 2 were looking for a new home beyond 12 months from now. x 31.55 Viclzehurg Lane N • Plymouth, MN 55447 • Phone (763)559-1877 • Fax (763)559-0144 • w"wei.plyinouth.mn.us On,ed by Plymouth T Iousiug and PedevelopinenL Authoxif, EQUAL HOUSING OPPORTUNITY Interest Level by Apartment Style Of the total of 18 contacts (the sum of phone calls, emails and walk in traffic). o 6 people were interested in information on low income 1 were under the impression we had subsidized housing 0 5 people were most interested in moderately priced 1 bedrooms 0 2 was most interested in a 1 bedroom with den 0 2 people were most interested in 2 bedrooms o The remaining wanted pricing on several sizes. They were more interested in price. Ongoing Marketing Strategies — Update July Marketing Medium Frequency Cost Results Recommendation Sun Newspaper Typically 1 x 475 Good Continue, alternate mo. w/ Lakeshore a e Weekly Lakeshore Weekly Typically 1 x 450 Good Continue, alternate News mo.; wl Sun Sailor — page Brochures placed in Ongoing Nothing Keeps our Continue as Senior Centers of more than info in permitted Crystal, Hopkins, cost of the circulation. Robbinsdale, and brochure Maple Grove also PCC & City Hall. VC Website Ongoing 50 mo Typically Tracking inquiries. receive several inquiries a month Open House Twice a year. Approx. Was very We are not Try to coincide 350 successful. planning a fall with a resident Gave a lot of open house this party. tours. year. We Prospects anticipate the impressed w/ building will be building & fully occupied in apartments. September. 2 Mcl,& g Crossing To: Plymouth Housing and Redevelopment Authority From: Sara Paquette Managing Director Date: October 18, 2011 Subject: Vicksburg Crossing Market Report September Inquirylmarketing activity recap is as follows 3.A.2. Phone/Internet Inquiries 12 phone calls from different people inquiring about apartments for themselves or family members. 0 5 people made appointments to come in and see apartments. 0 7 people did not make appointments to see the apartments. The rates were too high, they were looking for assisted living or they were just interested in having information sent. We will follow up with these people. o We received 2 emails from people who found us on our web site. Of the 2 people who sent emails 1 made an appointment to come in and see apartments. Walk-in Traffic 2 people came in as walk-in traffic in September. Interest Timeline for Move In Of the 8 people that came into the office (either set up appointments or came in as walk-in traffic): o 0 selected an apartment and put down a $500 deposit. o 5 people were looking for a new home within the next 6 months. 0 1 was looking for a new home within 6 -12 months. o 2 were looking for a new home beyond 12 months from now. h7 — 763)559-1877 • Fax 763 55 0144 • n Rv.ci. }I mouth.n n.us3155 iclzslxirg L,ac c •Plymouth, 'iV 55=47 Phone {{ J - 1 Y Ownep lav PlY1110ccth Housing incl Reclevelopnaent L1uChority 121111 EQUAL HOUSING OPPORTUNITY Interest Level by Apartment Style Of the total of 16 contacts (the sum of phone calls, emails and walk in traffic). o 3 people were interested in information on low income / were under the impression we had subsidized housing o 2 people were most interested in moderately priced 1 bedrooms o 0 was most interested in a 1 bedroom with den 0 1 person was most interested in 2 bedrooms o The remaining wanted pricing on several sizes. They were more interested in price, Ongoing Marketing Strategies — Update July Marketing Medium Frequency Cost Results Recommendation Sun Newspaper Typically 1 x 475 Good Continue, alternate mo. wl Lakeshore 4 page Weekly Lakeshore Weekly Typically 1 x 450 ^ T Good Continue, alternate News mo.; w/ Sun Sailor — 14 page Brochures placed in Ongoing Nothing Keeps our Continue as Senior Centers of more than info in permitted Crystal, Hopkins, cost of the circulation. Robbinsdale, and brochure Maple Grove also PCC & City Hail. VC Website Ongoing 50 mo Typically Tracking inquiries. receive several inquiries a month Open House Twice a year. Approx. Was very We are not Try to coincide 350 successful. planning a fall with a resident Gave a lot of open house this party. tours. year. We Prospects anticipate the impressed wl building will be building & fully occupied in apartments. September. 2 TO: FROM: MEETING DATE: SUBJECT: BACKGROUND: Agenda Number PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT Plymouth Housing and Redevelopment Authority 3. fl. Jim Barnes, Housing Manager through Steve Juetten, Executive Director October 27, 2011 Plymouth Towne Square -- Approve 2012 Operating Budget Staff has reviewed the budget for Plymouth Towne Square (PTS) submitted by Grace Management for the operation of the property for January 1, 2012 through December 31, 2012, including a current estimate of actual expenditures for 2011. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the HRA board. Also attached is the 2013 budget for informational purposes only. This was done to be consistent with the City's process of biennial budgeting. 2012 BUDGET: Revenue: Overall revenues for the 2012 budget are based on maintaining occupancy of 97%. Income is also received from garage rentals, application fees, and investment income. Rental Revenues for 2012 are proposed to increase by two percent. The overall income for the building is projected to decrease by one percent. Staff is recommending that rents be increased for the 2012 budget year. This will assist the HRA in meeting projected expenditures while lessening the burden of tax payer subsidy from the levy. The levy for 2012 is projected to be $216,000. Expenditures: Staff has reviewed the 2011 year-to-date budget and contacted our vendors to arrive at the anticipated 2012 expenditures. Excluding the capital items the overall expenditures will increase by one percent. However, there are numerous capital improvements planned that increase the overall expenditures by $171,910, The funds for the capital improvements will come from the reserve account. Reserve/Replacement Account: The 2012 budget anticipates adding $84,000 to our replacement reserve account, which is the same as last year. In 2011, staff updated the Reserve/Replacement schedule to ensure that there is sufficient capital set aside to maintain the property over the long term. Staff is proposing a number of capital improvements to the building in 2012 including the replacement of some appliances, the activity room television and some of the furniture, approximately 90 windows, a carpet cleaning machine, miscellaneous exterior repairs and the replacement of the ten heating boilers. UX4C•GANTAU4,ugo] 1 recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2012 Plymouth Towne Square Operating Budget. ATTACHMENTS: 2012 Budget Assumptions 2012 Budget Resolution Approving 2012 Plymouth Towne Square Operating Budget PLYMOUTH TOWNE SQUARE 2012 Budget Assumptions Draft ATiZI k, 1112F Resident Rent Revenue is calculated based on the current rent roll as of September 2011. Using this number as our starting point we have calculated that a 2% increase for everyone's rent is justified based on market conditions. The other assumption made is that we will budget 97% of this number each month to allow for vacancy & rent changes based on new resident's income. All residents will be subject to a 2% rent increase on January 1, 2012. The minimum rents are proposed to increase 2% to $380 for a one - bedroom (up $8) and $510 (up $10) for a two-bedroom. The market rate rents are proposed to increase 2% to $918 for a one -bedroom and $1178 for a two-bedroom. HRA Subsidy The HRA subsidy will decrease to $216;000 for the year 2012. We have an overall reduction of $17,335 for the budgeted interest expense based on the bond restructuring. Garage Rental is based on 64 stalls leased at $45 a month each. We do not recommend making a change to this rate in 2012. Guest Room Revenue is based on four nights rented per month at $50 a night. This estimate is reasonable using an average of the past several years. Laundry Revenue is based on the trailing 12 months. This is a decrease from last year, but we don't anticipate any increase in usage and we are not recommending an increase to the price per load from the current Tate of $1.00. Transfer Fee Income is budgeted for one internal move at $500 each. Application Fee Revenue is budgeted at 1.5 individuals (we process a background check on each person occupying an apartment) a month. We pass on the expense incurred for rental verification (credit check & criminal background check) to the prospective resident. The corresponding expense is included in the Legal and Other Professional line item. Unrealized Gain/Loss is a figure provided by City of Plymouth Finance Department Investment Income is a figure provided by City of Plymouth Finance Department. Miscellaneous Revenue includes any forfeited security deposits due to damage beyond normal wear and tear. We are budgeting based on the trailing 12 months, Confidential Page 1 10/1412011 OPERATING EXPENSES: Property Administration: Mana er Sala is based on a manager at $43,000. This figure does not include any increase over the current rate. We are no longer splitting the manager salaries between Vicksburg Crossing and Plymouth Towne Square. Each one works primarily at one property and staff feels it is best to reflect the wage at the respective property. Maintenance Salaries is based on a lead maintenance position at $16 (plus benefits and a two-bedroom apartment) which is a $A 01hour increase or — 1 %. The full-time person is budgeted at 40 hourslweek regular time and 8 hours per month over time to account for emergency calls. This position will continue to be split equally between Vicksburg Crossing and Plymouth Towne Square. Maintenance Asst. Salaries includes a part-time maintenance person at $15 an hour increase of $.10 or w 1 %) The part time person is budgeted at 24 hours a week to accommodate for vacation coverage and emergency calls (scheduled work week is 20 hours for this position). This position will continue to be split equally between Vicksburg Crossing and Plymouth Towne Square. Payroll Tax is budgeted at 11 % of the total salaries (which is based on the trailing 12 month figure.) It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. Currently 2 of 3 eligible employees are taking coverage. The amount is based on current premiums for 2011 plus an estimated increase by the industry trend of 10%. The benefits cost is allocated to each property in the same manner as the salaries. Worker's Compensation Insurance premium is calculated with actual payroll over the trailing 6 months and estimated 1 % increase in premium rates for 2012. This expense is allocated to each property in the same manner as the salaries. Em to ee Costs include ADP fees, help wanted ads, background checks for new employees. We are budgeting based on the trailing 6 months plus 3% because we consolidated ADP costs and the resulting reduction took effect in Dec. 2010. Dues & Subscriptions are estimated based subscription rates. The subscriptions are for a creative ideas newsletter that is used to create the monthly newsletter for the residents and for two health newsletters for the residents. Confidential Page 2 10/1412011 License Permit & Dues are based on City of Plymouth assessed fees for the dwelling license at $100 for the building, plus $6 per dwelling unit ($694) and Elevator license fees ($200). Em to ee Mileage is based on the trailing 12 months with a slight increase. The mileage reimbursement for the maintenance staff is split 50150 with VC as nearly all of the mileage for these individuals is traveling between the properties. Postage/Overnight DeliverV is an estimate based on the trailing 12 months. We continue to mail applications while the waitlists remain open. Management Fees is based on the contract amount. Professional Fees is an estimate based on conducting background checks for new residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department. The 2012 budget figure is based on the average monthly expense incurred over the trailing 24 months. Telephone. includes the cellular phones for the caretakers (split with VC) and the incoming lines for the property along with internet and long distance expenses. The budget is based on the trailing 12 months plus a 3% increase E ui ment Repairs/Maintenance/Lease is based the copier maintenance fees ($74 a month in 2011). We also anticipate occasional maintenance on the resident and office computers (budgeting 3/4 hour a month at $90/hr) and nominal phone system expense using the trailing 12 months figure. Office Supplies & Expenses include the office supplies for the office & the resident computer/printer needs. The budgeted amount is based on a slight reduction to the trailing 12 months. Sank Charges are estimated. We are budgeting a small amount in the event we need to place a stop payment or other unusual service that may incur a fee. This is a reduction to the trailing 12 months expense. Printing is estimated based on the need for letterhead & envelopes. Serninars/Tra.in.ing is an estimate is based on attendance at one training session. Miscellaneous Property Admin Expense is an estimate. Resident Service Expense Resident Service Expense reflect expenses for the monthly musical entertainer, monthly blood pressure check, dinner served during Night to Unite and July Fourth, May month Confidential Page 3 10/14/2011 is "celebrate seniors month" with extra events planned, and the holiday party is also a big celebration. The budget is based on trailing 12 months with a 2% increase PLUS an extra $20 each month for table decoration supplies that the residents create. Table decorations have not been re -done in a few years and they are in need of updating. Marketing and Leasing: The wait lists for one & two bedrooms remain open. However, we have not incurred any material marketing expense, but will continue to budget a small amount in this line item. Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate for 2012 which represents a 3% increase over the 2011 contract, but shows an overall reduction as we have eliminated the guest room cleaning expense by taking the responsibility in- house for a trial period. Supplies _ cl_ea_n_in_g includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other supplies. It is budgeted based on the trailing 12 months with a 4% increase. Buildings and Grounds: Cable TV is based on monthly expense incurred for the TVs in the activity room and exercise room with a 5% increase over trailing 12 months. Electric is based on trailing 12 month figures using a 2% increase based on anticipated cost increases as provided by the US Dept of Energy. Water and Sewer is based on 3% over the trailing 12 months. The increases anticipated by the City of Plymouth of 3.5% for water and 2% for sewer is included in these figures. Gas is based on the trailing 12 months figure with a 6% increase based on increases estimated by the US Dept of Energy. Water Softener is based on the trailing 12 months with an increase of 3%. Contract Labor is not necessary with a part time maintenance employee who can pick up the time to cover for time off of other maintenance worker. Doors, Keys and Windows is for window replacement/repairs, keys made and any other lock/door repairs, We have replaced an average of 32 windows each year at $167 a piece (based on the past 2.5 years) due to cracks and/or broken seals. This line item Confidential Page 4 10/14/2011 varies significantly year to year. If a window is cracked we replace immediately upon notice. As of July 2011 we have identified 90 windows with broken seals that need replacement and will be handled through the reserve/replacement funds. This line item is lower for 2012 as a result. Fire System Service includes costs to test, monitor and service the fire suppression system (including all manual fire extinguishers,) front entry system and emergency pull cord system. We are budgeting a 5% increase in the service costs. Lawn Care/Snow Removal is based on pricing received from contractor and estimated for snow removal based on history (2011 was higher than average). Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, snow fencing and spring parking lot sweeping. The 2012 budget amount is higher than the trailing 12 months as it is the year to add mulch as we are adding it every other year. Pest Control includes quarterly treatments plus one extra call, in the event it is needed. This is based on the current rate plus a 3% increase per quarterly treatment. Trash Removal is based on trailing 12 months plus 5% which is historically the increase we can anticipate. The fuel surcharges account for a larger increases than the rest of the container fees, taxes and county charges. This also includes the occasional extra charges for disposal of light bulbs and appliances. Unit Turnover includes carpet cleaning, contract painter, new carpet, paint and plumbing supplies, etc, for apartments that are being re-leased or turned over. Jan -July 2011 produced 7 turns at an average cost of $3345. Each of these apartments required entire new flooring, paint and some appliances as they had been occupied by their residents for 10-17 years. We are budgeting 16 turns for 2012 @ $2,800 a unit. Reserve/Re placement/Capital Expense includes items that will be paid for by transferring money from the Reserve/Replacement accounts. See descriptions below in Capital Expenditure on page 6. Elevator Re airs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract. The 2012 budget figure reflects a monthly maintenance fee of $480 (an increase of 5% over 2011 monthly fee based on historical increases.) and $2,000 for extra repairs based on historical. Re airs Maintenance includes garage floor power washing ($1400), window washing 3500), carpet cleaning of apartments occupied three years, painting of apartments occupied more than seven years, vinyl/carpet repair/replacement in occupied units, cleaning of common area carpet annually, generator maintenance, plumbing repairs, repairs to the exterior siding, fascia, and roofing and all other misc. repairs. The budget is based on the trailing 12 months with a modest increase of 2%. Confidential Page 5 1011412.011 Building &Grounds Supplies includes common area paint and repairs, and other mise. supplies. This is based on trailing 12 months. HVAC Supplies &Req includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. The 2012 budget is based on an increase to the trailing 12 months and accounts for an increase in the maintenance contract with Owens of approx. 5%. Miscellaneous B&G Expense estimated a minimal amount. Nora -Departmental Expenses: Property and Liability Insurance is based on the rate provided by City Finance Staff of 14,033 for Property Insurance and $14,321 for General/Professional Liability with a flat renewal rate (1% increase) upon renewal of the policies in April and August. Payment in Lieu of Taxes (PILOT) is budgeted at 5% of rental dwelling revenue for previous year. RESERVE REPLACEMENT FUND The reserve replacement amount remains at $84,000 annually. CAPITAL EXPENDITURES: We anticipate the need for some appliance replacements to include range, refrigerators A/C units at a cost estimate of $5,000 (Mar. & Sept,). The Activity room is where the large TV is and we recommend replacing the 17 year old TV with a new wall mounted flat screen and a few new chairs. These were not replaced when the 10 year redecorating project was completed. The estimated cost for TV & furniture is $4,000 Mar.). We anticipate replacing 90 windows @ estimated cost of $14,400 (May). We recommend the purchase of a carpet extractor at a price of $2,500 to save in carpet cleaning costs (Apr.). The bases around the pillars of the porte cochere are crumbling and need repair at an estimated cost of $3,450 (Jun.). Concrete and curb replacement in various spots around the exterior need to be done at an estimated cost of $13;660 Jun.). The monument sign is in disrepair and needs replacement at estimated cost of 7,000 (Aug.). We recommend replacing the 10 boilers (near the end of their useful life) with 3 high efficiency boilers at a cost of $126,900 (Jan. & Feb). Confidential Page 6 10/14/2011 PLYMOUTH TOWNE SQUARE DRAFT 2012 BUDGET TRAILING Percentage Percentage 12 MONTHS BUDGET BUDGET Difference Difference 7110-6111 2011 2012 Budget 12 Budget 12 TOTALS TOTALS TOTALS trail 12 mo to Budget 11 UNITS OCCUPIED 99 97 96 3% 1% PERCENTAGE OCCUPIED 100% 99% 97% 3% 2% INCOME RESIDENT RENTS 594,685 588,192 607,872 2% 3% HRA SUBSIDY 231,737 240,000 216,000 7% 10% GARAGE RENTAL 34,725 33,480 34,560 0% 3% GUEST ROOM REVENUE 2,500 1,800 2,400 4% 33% LAUNDRY REVENUE 9,349 10,380 9,360 0% 10% TRANSFER FEE 0 700 500 n/a 29% APPLICATION FEE 420 630 630 50% 0% UNREALIZED GAIN/LOSS 1,855) 0 0 n/a n/a INVESTMENT INCOME 3,386 5,700 3,600 6% 37% MISC. REVENUE 1,560 240 1,560 0% 550% TOTAL INCOME 876,507 881,122 876,482 0% 1% PROPERTY ADMINISTRATION: MANAGER SALARIES 45,980 46,260 43,000 6% 7% MAINTENANCE SALARIES 17,671 17,472 17,792 1% 2% MAINTENANCE ASST SALARIES 9,341 9,300 9,360 0% 1% PAYROLL TAXES 7,280 6,573 7,717 6% 17% HEALTH INSURANCE 11,741 16,392 6,696 43% 59% WORKERS COMP INSURANCE 1,482 1,320 2,316 56% 75% EMPLOYEE COSTS 1,611 2,640 612 62% 77% DUES & SUBSCRIPTIONS 50 110 110 120% 0% LICENSES, PERMITS & DUES 894 894 894 0% 0% MILEAGE REIMBURSEMENT 589 660 600 2% 9% POSTAGE/OVERNIGHT DELIVERY 133 120 132 1% 10% MANAGEMENT FEES 52,800 52,800 52,800 0% 0% PROFESSIONAL FEES 2,129 3,240 3,600 52% 11% TELEPHONE EXPENSE 5,285 5,316 5,436 3% 2% EQUIP REPAIRS/MAINT/LEASE 1,862 1,560 1,860 0% 19% OFFICE SUPPLIES & EXPENSES 1,282 1,104 1,140 11% 3% BANK CHARGES 183 36 84 54% 133% PRINTING 150 108 144 4% 33% SEMINARSITRAINING 245 180 252 3% 40% MISCELLANEOUS PROP ADMIN 0 120 120 n1a 0% TOTAL PROPERTY ADMINISTRATION 160,708 166,205 154,665 4% 7% RESIDENT SERVICES EXPENSES 3,737 3,950 4,075 9% 3% MARKETING & LEASING: 0 180 180 n/a 0% HOUSEKEEPING: CONTRACT LABOR 17,323 18,000 17,040 2% 0% CLEANING SUPPLIES 2,044 2,130 2,400 17% 13% TOTAL HOUSEKEEPING EXPENSES: 19,367 20,130 19,440 0% 3% REPAIRS & MAINTENANCE: CABLE TV EXPENSE 696 888 732 5% -18% PLYMOUTH TOWNE SQUARE DRAFT 2012 BUDGET TRAILING Percentage Percentage 12 MONTHS BUDGET BUDGET Difference Difference 7110-6111 2011 2012 Budget 12 Budget 12 TOTALS TOTALS TOTALS trail 12 mo to Budget 11 UTILITIES -ELECTRIC 24,391 23,600 24,900 2% 6% UTILITIES -WATER & SEWER 8,175 8,490 8,400 3% 1% UTILITIES -GAS 23,121 26,500 24,525 6% 7% WATER SOFTENING EXPENSE 3,454 3,660 3,564 3% 3% CONTRACT LABOR 0 0 0 n/a n/a DOORS, KEYS & WINDOWS 6,365 5,040 5,040 21% 0% FIRE SYSTEM SERVICE 4,973 3,876 5,160 4% 33% LAWN CAREISNOW REMOVAL 20,051 17,280 21,300 6% 23% PEST CONTROL 762 640 660 13% 3% TRASH REMOVAL 8,266 7,548 8,640 5% 14% UNIT TURNOVER 33,828 27,000 44,796 32% 66% RESERVEIREPLACE/CAP EXP 4,887 9,000 171,910 3418% 1810% ELEVATOR REPAIRS & MAINT 8,611 6,600 7,800 9% 18% REPAIRS & MAINTENANCE 27,877 28,115 28,525 2% 1% BUILDING & GROUNDS SUPPLIES 10,778 12,550 10,980 2% 13% HVAC SUPPLIES & REPAIR 7,576 18,000 8,400 11% 53% MISCELLANEOUS B&G EXPENS 0 180 180 n/a 0% TOTAL REPAIRS & MAINTENANCE 193,811 198,967 375,512 94% 89% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 28,916 28,312 28,638 1% 1% PAYMENT IN LIEU OF PROPERTY TAX 28,895 29,076 30,000 4% 3% TOTAL OTHER OPERATING EXPENSES 57,811 57,388 58,638 1% 2% TOTAL OPERATING EXPENSES 435,434 446,820 612,510 41% 37% NET OPERATING INCOME I (LOSS) 441,073 434,302 263,972 40% 40% OTHER EXPENSES: DEPRECIATION EXPENSE 196,509 197,400 195,096 1% 1% AMORTIZATION EXPENSE 6,234 5,580 5,700 9% 2% INTEREST EXPENSE 146,919 153,735 136,400 7% 11% TOTAL OTHER EXPENSES: 349,662 356,715 337,196 4% 5% NET INCOME: 91,411 77,587 73,224) 180% 194% CASHFLOW ADJUSTMENTS: REPLACE/RESERVE TRANS OUT 70,000) 84,000) 84,000) 20% 0% RESERVEIREPLACE/CAP EXP 4,887 0 171,910 3418% nla DEPRECIATION 196,509 197,400 195,288 1% 1% AMORTIZATION 6,234 5,580 5,700 9% 2% PRINCIPAL ON DEBT 200,000) 205,000) 210,000) 5% 2% NET CASHFLOW: 29,041 8,433) 5,674 80% 167% PLYMOUTH TOWNE SQUARE 2013 Budget Assumptions Draft REVENUE: Resident Rent Revenue is calculated with a 2% increase for everyone's rent. The other assumption made is that we will budget 97% of this number each month to allow for vacancy & rent changes based on new resident's income. All residents will be subject to a 2% rent increase on January 1, 2013. The minimum rents are proposed to increase 2% to $388 for a one -bedroom (up $8) and $520 (up $10) for a two-bedroom. The market rate rents are proposed to increase by rot% at $935 for a one -bedroom and 1200 for a two-bedroom based on market study. HRA Subsidy The HRA subsidy will decrease to $206,000 for the year 2013. This decrease is due to reduction in interest expense incurred with the bond restructuring. Garage Rental is based on 64 stalls leased at $45 a month each. We do not recommend making a change to this rate in 2013. Guest Room Revenue is based on four nights rented per month at $55 a night (increase of $$/night). This estimate is reasonable using an average of the past several years. Laundry.Revenue is based on the trailing 12 months. This is an increase from last year, as we are recommending a 25 cent increase to the price per load to $1.25. Transfer Fee Income is budgeted for one internal move at $500 each. Application Fee Revenue is budgeted at 1.5 individuals (we process a background check on each person occupying an apartment) a month. We pass on the expense incurred for rental verification (credit check & criminal background check) to the prospective resident. The corresponding expense is included in the Legal and Other Professional line item. Unrealized Gain/Loss is a figure provided by City of Plymouth Finance Department Investment Income is a figure provided by City of PlymoLith Finance Department. Miscellaneous Revenue includes any forfeited security deposits due to damage beyond normal wear and tear. We are budgeting based on no increase to 2012 budget. Confidential Page 1 10/14/2011 OPERATING EXPENSES: Property Administration: Manager Salary is based on an increase of 2% to $43,860. Maintenance Salaries is based on a 2% increase over 2012. Maintenance Asst. Salaries is based on a 2% increase over 2012 budget, Payroll Tax is budgeted at 11 % of the total of all salaries, It includes FICA, FUTA & S UTA. Health Insurance includes healthcare, dental, and life, Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. Currently 2 of 3 eligible employees are taking coverage. The amount is based a 10% increase over 2012 budget. The benefits cost is allocated to each property in the same manner as the salaries. Worker's Com ensation Insurance premium is estimated to increase 3% for 2013. This expense is allocated to each property in the same manner as the salaries. Employee Costs include ADP fees, help wanted ads, background checks for new employees. This figure is static over 2012 budget. Dues & Subscriptions are estimated based subscription rates. The subscriptions are for a creative ideas newsletter that is used to create the monthly newsletter for the residents and for two health newsletters for the residents. This figure is static over 2012 budget. License, Permit & Dues are based on City of Plymouth assessed fees for the dwelling license at $100 for the building, plus $6 per dwelling unit ($694) and Elevator license fees ($200). No Increase budgeted for 2013. Employee Mileage is based on 2012 budget with no increase. The mileage reimbursement for the maintenance staff is split 50150 with VC as nearly all of the mileage for these individuals is traveling between the properties. Postage/Overnight Delivery is an estimate based on 2012 budget with 3% increase. Manaqement Fees is based on the contract amount. Confidential Page 2 10/1412011 Professional_ Fees is an estimate based on conducting background checks for new residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department. The 2013 budget figure is based on 3% increase over 2012 budget. Telephone includes the cellular phones for the caretakers (split with VC) and the incoming lines for the property along with internet and long distance expenses. The budget is based on 2012 figure with a 5% increase Equipment Repairs/Maintenance/Lease is based the copier maintenance fees and occasional maintenance on the resident and office computers. 2013 budget includes a 3% increase over 2012 budget. Office Supplies & Expenses include the office supplies for the office & the resident computer/printer needs. The budgeted amount is based on a 2% increase over 2012 budget. Bank Charges are based on no increase to the 2012 budget. Printing is estimated based on the need for letterhead & envelopes. This figure is 3% increase over 2012 budget. Seminars[Training is based on attendance at one training session with 2% increase to 2012 budget. Miscellaneous Pro ert Rdmin Ex ense is an estimate. Resident Service Expense Resident Service Expense reflect expenses for the monthly musical entertainer, monthly blood pressure check, dinner served during Night to Unite and July Fourth, May month is "celebrate seniors month" with extra events planned, and the holiday party is also a big celebration. The budget is based on 2012 budget with a 3% increase. Marketing and Leasing: The wait lists for one & two bedrooms remain open. However, we have not incurred any material marketing expense, but will continue to budget a small amount in this line item. Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate for 2013 which represents a 3% increase over the 2012 budget figure. Confidential Page 3 10/14/2011 Supplies -_ cleaning , includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other supplies. It is budgeted based on 3% increase to the 2012 budget. Buildings and Grounds: Cable TV is based on monthly expense incurred for the TVs in the activity room and exercise room with a 5% increase over 2012 budget. Electric is based on a 3% increase over 2012 budget. Water and Sewer is based on 2% over 2012 budget. Gas is based on 2012 budget with a 3% increase. Water Softener is based on the 2012 budget with an increase of 3% Contract_ Labor is not necessary with a part time maintenance employee who can pick up the time to cover for time off of other maintenance worker. Doors, Keys and Windows is for window replacement/repairs, keys made and any other lock/door repairs. This is a 2% increase over 2012 budget. Fire System Service includes costs to test, monitor and service the fire suppression system (including all manual fire extinguishers,) front entry system and emergency pull cord system. We are budgeting a 2% increase over 2012. Lawn Care/Snow Removal is based on 2012 budget with 2% increase, Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, snow fencing and spring parking lot sweeping. Pest Control includes quarterly treatments plus one extra call, in the event it is needed. This is based on 2012 budget plus a 2% increase per quarterly treatment. Trash Removal is based on 2012 budget plus 5%. The fuel surcharges account for a larger increases than the rest of the container fees, taxes and county charges. This also includes the occasional extra charges for disposal of light bulbs and appliances. Unit Turnover includes carpet cleaning, contract painter, new carpet, paint and plumbing supplies, etc, for apartments that are being re --leased or turned over. This includes a 2% increase over 2012 budget. Confidential Page 4 10/14/2011 Reserve/Re IacementlCa ita[ Expense includes items that will be paid for by transferring money from the ReservelReplace ment accounts. See descriptions below. Elevator. Repairs. and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract, The 2013 budget figure reflects a 2% increase over 2012 budget. Repairs & Maintenance includes garage floor power washing, window washing, carpet cleaning of apartments occupied three years, painting of apartments occupied more than seven years, vinyllcarpet repairlreplacenent in occupied units, cleaning of common area carpet annually, generator maintenance, plumbing repairs, repairs to the exterior siding, fascia, and roofing and all other misc. repairs. The budget is based on a 2% increase to the 2012 budget. Building &Grounds Supplies includes common area paint and repairs, and other misc. supplies. This is based on 2% increase to 2012 budget. HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. The 2013 budget is based on an increase of 2% over 2012 budget. Miscellaneous B&G Expens estimated a minimal amount. Non-Departmental Expenses Propertv and Liabilitv Insurance is based on 3% increase to the 2012 budget. Payment in Lieu of Taxes (PILOT) is budgeted at 5% of rental dwelling revenue for previous year. RESERVE REPLACEMENT FUND We have maintained the reserve replacement amount at $84,000 CAPITAL EXPENDITURES: Depending on what was approved for completion in 2012 will determine what will be addressed in 2013. In addition, we are recommending a significant improvement to the parking lot will be required and initial thoughts are that a "mill and overlay" can be performed to extend the life of the asphalt. $35,000 is an estimate. Confidential Page 5 10/1412011 PLYMOUTH TOWNE SQUARE DRAFT 2013 BUDGET Percentage BUDGET BUDGET Difference 2012 2013 Budget13 TOTALS TOTALS to Budget 12 UNITS OCCUPIED 96 96 0% PERCENTAGE OCCUPIED 97% 97% 0% INCOME RESIDENT RENTS 607,872 620,029 2% HRA SUBSIDY 216,000 206,000 5% GARAGE RENTAL 34,560 34,560 0% GUEST ROOM REVENUE 2,400 2,400 0% LAUNDRY REVENUE 9,360 10,764 15% TRANSFER FEE 500 500 0% APPLICATION FEE 630 630 0% UNREALIZED GAIN/LOSS 0 0 nla INVESTMENT INCOME 3,600 3,600 0% MISC, REVENUE 1,560 1,560 0% TOTAL INCOME 876,482 880,043 0% PROPERTY ADMINISTRATION: MANAGER SALARIES 43,000 43,860 2% MAINTENANCE SALARIES 17,792 18,148 2% MAINTENANCE ASST SALARIES 9,360 9,547 2% PAYROLL TAXES 7,717 7,871 2% HEALTH INSURANCE 6,696 7,366 10% WORKERS COMP INSURANCE 2,316 2,385 3% EMPLOYEE COSTS 612 624 2% DUES & SUBSCRIPTIONS 110 110 0% LICENSES, PERMITS & DUES 894 894 0% MILEAGE REIMBURSEMENT 600 612 2% POSTAGE/OVERNIGHT DELIVERY 132 136 3% MANAGEMENT FEES 52,800 52,800 0% PROFESSIONAL FEES 3,600 3,708 3% TELEPHONE EXPENSE 5,436 5,657 4% EQUIP REPAIRSIMAINT/LEASE 1,860 1,916 3% OFFICE SUPPLIES & EXPENSES 1,140 1,163 2% BANK CHARGES 84 84 0% PRINTING 144 148 3% SEMINARS/TRAINING 252 257 2% MISCELLANEOUS PROP ADMIN 120 120 0% TOTAL PROPERTY ADMINISTRATION 164,665 167,407 2% RESIDENT SERVICES EXPENSES 4,076 4,197 3% MARKETING & LEASING: 180 180 0% HOUSEKEEPING: CONTRACT LABOR 17,040 17,551 0% CLEANING SUPPLIES 2,400 2,472 3% TOTAL HOUSEKEEPING EXPENSES: 19,440 20,023 3% REPAIRS & MAINTENANCE: CABLE TV EXPENSE 732 769 5% PLYMOUTH TOWNE SQUARE DRAFT 2013 BUDGET Percentage BUDGET BUDGET Difference 2012 2013 Budgetl3 TOTALS TOTALS to Budget 12 UTILITIES -ELECTRIC 24,900 25,647 3% UTILITIES -WATER & SEWER 8,400 8,550 2% UTILITIES -GAS 24,525 25,261 3% WATER SOFTENING EXPENSE 3,564 3,635 2% CONTRACT LABOR 0 0 n/a DOORS, KEYS & WINDOWS 5,040 5,141 2% FIRE SYSTEM SERVICE 5,160 5,263 2% LAWN CAREISNOW REMOVAL 21,300 21,726 2% PEST CONTROL 660 672 2% TRASH REMOVAL 8,640 9,072 5% UNIT TURNOVER 44,796 45,692 2% RESERVE/REPLACE/CAP EXP 171,910 35,000 80% ELEVATOR REPAIRS & MAINT 7,800 7,956 2% REPAIRS & MAINTENANCE 28,525 29,096 2% BUILDING & GROUNDS SUPPLIES 10,980 11,200 2% HVAC SUPPLIES & REPAIR 8,400 8,568 2% MISCELLANEOUS B&G EXPENS 180 180 0% TOTAL REPAIRS & MAINTENANCE 375,512 243,426 35% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 28,638 29,640 3% PAYMENT IN LIEU OF PROPERTY TAX 30,000 30,394 1% TOTAL OTHER OPERATING EXPENSES 56,638 60,034 2% TOTAL OPERATING EXPENSES 612,510 485,267 21% NET OPERATING INCOME I (LASS) 263,972 394,776 21% OTHER EXPENSES: DEPRECIATION EXPENSE 195,096 195,096 0% AMORTIZATION EXPENSE 5,700 5,700 0% INTEREST EXPENSE 136,400 95,788 30% TOTAL OTHER EXPENSES: 337,196 296,684 12% NET INCOME: 73,224) 98,193 234% CASHFLOW ADJUSTMENTS: REPLACE/RESERVE TRANS OUT 84,000) 84,000) 0% REPLACEIRESERVE/CAP EX 171,910 35,000 80% DEPRECIATION 195,288 195,288 0% AMORTIZATION 5,700 5,700 0% PRINCIPAL ON DEBT 210,000) 245,000) 17% NET CASHFLOW: 5,674 6,181 9% PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY HRA RESOLUTION NO. 2011-06 AUTHORIZING THE 2012 OPERATING BUDGET FOR PLYMOUTH TOWNE SQUARE WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA. Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a housing and redevelopment authority to function in the City and granted to the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the powers and duties of a housing and redevelopment authority under the provisions of the HRA Act; and WHEREAS, the Authority owns and operates a senior independent apartment building named Plymouth Towne Square; and WHEREAS, the Authority is required to adopt an operating budget for Plymouth Towne Square; and WHEREAS, Grace Management, Inc., the HRA's contract property management company has provided a proposed 2012 budget for Plymouth Towne Square; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Plymouth Towne Square for the fiscal year 2012. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Plymouth Towne Square Operating Budget for the fiscal year of 2012 has a total operating expense amount of $612,510 and other expenses of $337,196 for a total budget of $949,706. Passed and duly adopted by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota on this 27t" day of October, 2011. Agenda Number 3 • • PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: October 27, 2011 SUBJECT: Vicksburg Crossing --- Approve 2012 Operating Budget BACKGROUND: Staff has reviewed the budget for Vicksburg Crossing submitted by Grace Management for the operation of the property for January 1, 2012 through December 31, 2012, including a current estimate of actual expenditures for 2011. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the HRA board. As the building enters its sixth year of operation, staff has once again reviewed the previous year's performance and adjusted the 2012 budget accordingly to current market conditions. The building is anticipated to be at 96% occupancy. Also attached is the 2013 budget for informational purposes only. This was done to be consistent with the City's process of biennial budgeting. 2012 BUDGET: Revenue: Overall revenues for the 2012 budget are based on maintaining the percentage of rented units throughout the year and it is anticipated that the average occupancy will be 96%. Income will also be received from garage rentals, application fees, and 'investment income. Total revenues for 2012 are projected to be $1,149,859, which represents a two percent increase from 2011 revenues. Staff is recommending a small increase in rents for both the moderate income and low income units. Rent increases being recommended include a $15 per unit increase for the low income units, a $15 per unit increase for the small 1 -bedroom moderate income units, a $20 increase for the large 1-bedroom/1-bedroom + den units and a $20-$25 per unit increase for the 2 -bedroom units. In addition to the rental revenue, staff is anticipating the need for subsidy in the amount of $24,000, which is the same as 2011. Expenditures: Expenditures are anticipated to increase by two percent. Most notable are the increases in unit turnover and Building and Ground supplies. These two items have been increased as a result of greater number of unit turnovers and higher costs to operate the property as the building is close to a stabilized occupancy. Reserve/Replacement Account: The 2012 budget anticipates adding $60,000 to the replacement reserve account, which is the same as last year. In 2011, staff completed the review of the replacement reserve needs over the long term and this amount may be low. However, at this point staff is of the opinion this will be sufficient to cover any expenses in the near term. The reserve/replacement account will continue to be monitored and staff will keep the Board informed if there needs to be any adjustments. The only capital expenditure being proposed in 2012 is the acquisition of a carpet cleaner. One unit will be purchased for both buildings and the cost is split between the two budgets. This should reduce our costs over time for carpet cleaning. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2012 Vicksburg Crossing Operating Budget ATTACHMENTS: 2012 Budget Assumptions' 2012 Budget 2013 Preliminary Budget Assumptions 2013 Preliminary Budget Resolution Approving 2012 Vicksburg Crossing Operating Budget VICKSBURG CROSSING 2012 Budget Assumptions Draft REVENUE: Resident Rent Revenue: Is based on the attached income schedule. We propose a rent increase of $15 for the affordable apartments bringing them to $745 a month. This is a 2% increase. We are recommending a $15 increase for the smaller one -bedrooms, 20 for the larger one -bedroom and the one-bedroom/den & $20-25 for the two bedrooms. We remain sensitive to price increases in this economy given there will be no cost of living increase in social security and that we are near the top of the competitive market for age -restricted and multi -family housing communities in the area. The budget projects an average occupancy of 90 units or 96%. This remains aggressive, but should be achievable unless the economy takes another downturn. Resident Rent Revenue -Section 8: Is based on July 2012 resident roster who receive Section 8 subsidy. Rent Concession: We are not budgeting any for 2012. HRA -- Subsidtax lev The subsidy is budgeted again this year at $24,000 to provide a buffer in the event occupancy slips or unexpected expenses occur. Garage Income; Is based on 65 spaces at a rental rate of $45 a month each. Guest Suite_ Revenue: Is based 1.5 nights a month, which is about equal to the trailing 12 months. We continue to budget conservatively because there haven't been many rentals in the past 5 months. Application Fee Revenue: We pass on the expense incurred for rental verification credit check & criminal background check). We are budgeting one individual (we process a background check on each person occupying an apartment) a month. The corresponding expense is included in the Legal and Other Professional line item. Transfer I ncome: Is based on 1 transfer fee per year at $500 each. Investment Income: Is estimated based on last year's figures provided by City of Plymouth Finance Department. Miscellaneous Revenue: Includes storage space revenue based on $101€-nonthlspace, late fees and security deposit amounts withheld for damages incurred. Confidential Page 1 1011412011 OPERATING EXPENSES: Property Administration: Manager Salary is based on a manager at $48,200. This figure does not include any increase over the current rate. We are no longer splitting the manager salaries between Vicksburg Crossing and Plymouth Towne Square. Each one works primarily at one property and staff feels it is best to reflect the wage at the respective property, Maintenance Salaries is based on a lead maintenance position at $16 (plus benefits and a two-bedroom apartment) which is a $.10/hour increase or 1 %, The full-time person is budgeted at 40 hours/week regular time and 8 hours per month over time to account for emergency calls. This position will continue to be split equally between Vicksburg Grossing and Plymouth Towne Square. Maintenance Asst. Salaries includes a part-time maintenance person at $15 an hour increase of $.10 or — 1 %) The part time person is budgeted at 24 hours a week to accommodate for vacation coverage and emergency calls (scheduled work weep is 20 hours for this position). This position will continue to be split equally between Vicksburg Crossing and Plymouth Towne Square. Payroll Tax is budgeted at 11 % of the total of all salaries which is based on the percentage of wages of the trailing 12 months. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. Currently 2 of 3 eligible employees are taking coverage. The amount is based on current premiums for 2011 plus an estimated increase by the industry trend of 10%. The benefits cost is allocated to each property in the same manner as the salaries, Worker's Compensation Insurance premium is calculated with actual payroll over the trailing 6 months and estimated 1 % increase in premium rates for 2012. This expense is allocated to each property in the same manner as the salaries. Employee Costs include AQP fees, help wanted ads, background checks for new employees. We are budgeting based on the trailing 6 months plus 3% because we consolidated ADP costs and the resulting reduction took effect in Dec. 2010. Dues & Subscriptions are estimated based subscription rates. The subscriptions are for a creative ideas newsletter that is used to create the monthly newsletter for the residents and for two health newsletters for the residents. Confidential Page 2 10/14/2011 License Permit & Dues are based on City of Plymouth assessed fees for the dwelling license at $100 for the building, plus $6 per dwelling unit ($676) and Elevator license fees ($200). Employee Mi_I_eage is based on the trailing 12 months with a slight increase. The mileage reimbursement for the maintenance staff is split 50150 with PTS as nearly all of the mileage for these individuals is traveling between the properties. Postage/Overnight Delivery is an estimate based on the trailing 12 months. This line item, found in both the Administration & Marketing Departments has been consolidated this year. We are eliminating the Postage line item in the Marketing Department, Management Fees is based on contract amount with no increase, Professional Fees is an estimate based on conducting background checks for new residents (1 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department (estimated to be $1100). Telephone includes the cellular phones for the caretakers (split with PTS) and the incoming lines for the property along with internet and long distance expenses. The budget is based on the trailing 12 months plus a 3% increase Equipment Re airs/Maintenan Lease is based on the annual cost of $600 for copier maintenance fees ($50 a month) and occasional maintenance on the resident and office computers (budgeting 1 hour a month at $90/hr). Office Supplies & E s include the office supplies for the office and printer cartridges and some paper for the resident computers. The budgeted amount is based on trailing 12 months with a 6% increase due to low usage in 2010. Bank Charges are estimated. We have included a small amount in the event we need to place a stop payment or other unusual service that may incur a fee. Printing is an estimate based on the trailing 12 months. This line item, found in both the Administration & Marketing Departments has been consolidated this year. We are eliminating the Printing line item in the Marketing Department. Seminars/Traininq is based on attendance at one training session per year. Miscellaneous Property Admin Ex ense is estimated at zero. Resident Service Expense: Resident Service Expense is an estimate. Expenses include things like monthly musical entertainer, special holiday events, dinner served during National Night Out and Confidential Page 3 10/14/2011 July f=ourth, May month is "celebrate seniors month" with extra events planned, and the holiday party is a big celebration. This also includes money for decorations and paper cups, coffee, etc. It is based on the trailing 12 months plus 4% increase. Marketing and Leasing: Advertising is an estimate based on monthly ad placement for on-going marketing presence in local papers and the costs for monthly maintenance of a website for Vicksburg Crossing. A slight increase over the trailing 12 months is budgeted due to higher occupancy. This expense will never be eliminated and isn't likely to be reduced much more. Printing has been consolidated into one single printing line item and is found in the Administrative Department line item. Postage has been consolidated into one single postage line item and is found in the Administrative Department line item. Promotional Events includes events for prospects, speaker events, visits to seniors groups, etc. with treats. We are finding it is more beneficial to do smaller events like an Open House for promoting Vicksburg than it is to do the big expensive parties. In terms of numbers, the volume is about the same and the prospects we get are better qualified and more interested with the smaller events. Like advertising, we are reducing this expense due to higher occupancy. Housekeeping: Contract Labor is budgeted at the cleaning company contract rate for 2012 which represents a slight increase over the 2011 contract plus an average of 1.5 cleanings a month of the guest suite at $35 a time. This is slightly higher than the trailing 12 months. Supplies — cleaning includes paper towels &toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, and other supplies. It is based on a slight increase to the trailing 12 month figure given there are a few more people in the building. Building and Grounds: Cable TV is for the exercise room, community room big screen and Guest suite. In July 2011 the cable for the community room TV was upgraded to receive premium channels including ESPN & some movie channels. The budget is based on the new rate plus $3 for anticipated annual increase. Electric is based on trailing 12 month figures using a 2% increase based on anticipated cost increases as provided by the US Dept of Energy. Confidential Page 4 10/1412011 Water and Sewer is based on 3% over the trailing 12 months. The increases anticipated by the City of Plymouth of 3.5% for water and 2% for sewer is included in these figures. Gas is based on the trailing 12 months figure with a 6% increase based on increases estimated by the US Dept of Energy. Water Softener is based on the trailing 12 months with an increase of 5%. Contract Labor is not necessary with a part time maintenance employee who can pick up the time to cover for time off of other maintenance worker. Doors, Keys and Windows is for window replacementlrepairs, key blanks (costly based on Primus key system) & key cuts and any other lock/door repairs. We are budgeting based on the trailing 12 month figures with a modest increase. Fire Svstem Service includes costs to test, monitor and service the fire suppression system, fire extinguishers and front entry system. It is based on contract rate with a small amount for out of the ordinary service calls. It is under trailing 12 months which was higher than anticipated due to the need to replace a board in the system after a power surge. Lawn Care/Snow Removal is based on pricing received from contractor (no increase over 2011) and estimated for snow removal based on history. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, putting up snow fencing and spring parking lot sweeping, Adding mulch to the beds is done every other year; 2012 is the off year so the annual budget is less than the trailing 12 months. Pest Control includes quarterly treatments and is based on VC current rate plus 2% increase. Trash Removal is based on current monthly expense plus 5% plus and an additional amount for extra charges for recycling light bulbs, appliance, etc. Unit Turnover includes carpet cleaning and stretching, paint, blinds and plumbing supplies, etc. for apartments that are being re-leased. We estimate 14 turnovers at 2,000 each. The trailing 12 months saw 16 move outs at an average of $1,941 each. We have needed to replace several units' carpet and stretch most turnovers as the carpet &installation were not high quality. We have also had to replace a couple of washing machines and dishwashers. Reserve/Replacement/Capital Expense is for the purchase of a carpet cleaner/extractor to be split with PTS. One half of total cost is approx. $2,500, Confidential Page 5 10/14/2011 Elevator Repairs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract. The amount is based on the trailing 12 months plus 3% increase. Repairs & Maintenance includes window washing, garage sweeping and power washing, appliance repairs, plumbing repairs, service contract for generator, common area carpet cleaning of all common areas (full building anticipated each year), carpet cleaning for those living in their apartments longer than 3 years, repairs to the exterior and all other misc. repairs. This is higher than the trailing 12 months as we want to cover unknown expenses that may occur as the building ages. Building & Grounds Supplies includes common area paint and repairs, all outdoor plantings and related supplies, outdoor holiday decorations and other misc. supplies i.e. furnace filters for all apartments quarterly). Estimate based on trailing 12 months. HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens. It is based on the trailing 12 months figure with a 5% increase based on Owens' historical contract price increase. Miscellaneous B&G Expense is a small estimate. Non -Departmental Expenses: Property Taxes are based on 5% of the estimated annual 2010 income for dwelling units (approx. $1,000,000) which is payable in 2011. Property and Liability Insurance is based on last year's rate provided by City Finance Staff of $14,936 for Property Insurance and $14,071 for Genera [/ProfessionaI Liability with a flat renewal (no increase) upon renewal of the General/Professional policy in August. We will continue to set aside $60,000 annually for 2012. Purchase of a carpet cleanerlextractor to be split with PTS. One half of total cost is approx. $2,500. Confidential Page 6 10114/2011 VICKSBURG CROSSING 2012 BUDGET -DRAFT Diff Diff 94 INDEPENDENT UNITS - rentable, 96 constructed Trailing 12 2011 2012 2012 Budget Budget 2011 7110-6111 BUDGET BUDGET Trailing 12 to TOTALS TOTALS TOTALS 7110-6111 Budget 2012 UNITS OCCUPIED 87 89 90 3% 1% PERCENTAGE OCCUPIED 92% 95% 96% 4% 1% INCOME APARTMENT RENTAL REVENUE 1,006,938 1,022,918 1,048,115 4% 2% APARTMENT RENTAL REVENUE -COUNTY 32,143 30,552 32,148 0% 5% RENT CONCESSION 2,420) 100% n/a HRA SUBSIDY -TAX LEVY 61,998 24,000 24,000 61% 0% GARAGE RENTAL 35,896 35,100 35,100 2% 0% GUEST SUITE REVENUE 1,120 1,176 1,176 5% 0% APPLICATION FEE REVENUE 910 420 420 54% 0% TRANSFER FEE REVENUE 600 350 500 17% 30% INVESTMENT INCOME 2,965 2,040 1,200 60% 70% GAINILOSS n/a UNREALIZED GAINILOSS 1,310) n/a MISCELLANEOUS REVENUE 7,482 4,800 7,200 4% 33% TOTAL INCOME 1,146,322 1,121,356 1,149,859 0% 2% OPERATING EXPENSES PROPERTY ADMINISTRATION: MANAGER SALARIES 47,358 46,260 48,204 2% 40/0 MAINTENANCE SALARIES 18,751 17,472 17,796 5% 2% MAINTENANCFASST 9,341 9,300 9,360 0% 1% PAYROLLTAXES 7,280 6,573 8,290 14% 21% HEALTH INSURANCE 11,593 16,392 15,912 37% 3% WORK COMP INSURANCE 942 1,320 2,460 161% 46% EMPLOYEE COSTS 1,611 2,640 612 62% 331% DUES & SUBSCRIPTIONS 100 120 120 20% 0% LICENSES, PERMITS 876 876 876 0% 0% MILEAGE REIMBURSEMENT 589 660 600 2% 10% POSTAGE/OVERNIGHT DELIVERY 77 24 192 149% 88% MANAGEMENT FEES 48,000 48,000 48,000 0% 0% LEGAL & OTHER PROFESSIONAL FEES 4,587 2,160 3,600 22% 40% TELEPHONE EXPENSE 5,723 5,724 5,880 3% 3°% EQUIP REPAIRSWAINTILEASE 1,449 1,726 1,500 4% 15% OFFICE SUPPLIES & EXPENSES 1,110 1,020 1,152 4% 11% BANK CHARGES 188 60 60 68% 0% PRINTING 53 48 60 13% 20% SEMINARS/TRAINING 245 300 252 3% 19% MISCELLANEOUS PROP ADMIN n1a n/a TOTAL PROPERTY ADMINISTRATION 159,873 160,675 164,926 3% 3% RESIDENT SERVICE: RESIDENT SERVICE EXPENSES 4,322 4,250 4,515 4% 6% MARKETING & LEASING: ADVERTISING 4,045 8,400 4,800 19% 75% PRINTING 60 n/a We POSTAGE 114 204 100% n/a PROMOTIONAL EVENTS 699 1,100 1,100 57% 0% TOTAL MARKETING & LEASING 4,858 9,764 5,900 21% 65% HOUSHKHEPING: CONTRACT LABOR 11,300 11,760 11,580 2% 2% CLEANING SUPPLIES 1,158 840 1,200 4% 30% TOTAL HOUSEKEEPING 12,458 12,600 12,780 3% 1% VICKSBURG CROSSING 2012 BUDGET-DRAFT Diff Diff 94 INDEPENDENT UNITS - rentable, 96 constructed Trailing 12 2011 2012 2012 Budget Budget 2011 7110-6111 BUDGET BUDGET Trailing 12 to TOTALS TOTALS TOTALS 7110-6/11 Budge12012 REPAIRS & MAINTENANCE: CABLE TV EXPENSE 756 1,392 1,380 83% 1% UTILITIES-ELECTRIC 26,238 24,630 27,025 3% 9% UTILITIES-WATER & SEWER 11,569 12,775 11,900 3% 7% UTILITIES-GAS 22,028 25,900 23,350 6% 11% WATER SOFTENING EXPENSE 1,468 1,680 1,536 5% 9% CONTRACT LABOR nla nla DOORS, KEYS & WINDOWS 836 900 864 3% 4% FIRE SYSTEM SERVICE 6,082 3,060 3,660 40% 16% LAWN CAREISNOW REMOVAL 17,959 17,100 16,800 6% 2% PEST CONTROL 644 660 660 2% 0% TRASH REMOVAL 8,972 6,036 8,820 2% 32% UNIT TURNOVER 31,055 19,200 27,996 10% 31% RESERVEIREPLACEICAP EXP 3,000 2,500 nla 20% ELEVATOR REPAIRS & MAINT 4,831 4,536 4,980 3% 9% REPAIRS & MAINTENANCE 13,929 21,900 15,806 13% 39% BUILDING & GROUNDS SUPPLIES 11,329 6,600 12,000 6% 45% HVAC SUPPLIES & REPAIR 5,940 9,000 6,600 11% 36% MISCELLANEOUS B&G EXPENS 180 180 nla 0% TOTAL REPAIRS & MAINTENANCE 163,636 158,549 166,051 1% 5% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 32,349 32,124 29,907 8% 7% PILOT AND PROPERTY TAXES 46,368 50,400 51,968 12% 3% TOTAL OTHER OPERATING EXPENSES 78,717 82,524 81,875 4% 1% TOTAL OPERATING EXPENSES 423,864 428,362 436,046 3% 2% NET OPERATING INCOME !(LOSS) 722,458 692,994 713,813 1% 3% OTHER EXPENSES: DEPRECIATION EXPENSE 367,260 368,676 367,749 0% 0% AMORTIZATION 3,900 3,900 3,635 7% 7% INTEREST EXPENSE 478,440 478,440 467,563 2% 2% CONTRIBUTIONS FROM PLYMOUTH TOWNE SQUARE nla nla TOTAL OTHER EXPENSES: 849,600 851,016 838,947 1% 1% NET INCOME- 127,142) 158,022) 125,134) 2% 26% PERCENT OF INCOME 30% 14% 11% 64% 29% CASHFLOW ADJUSTMENTS: REPLACEIRESERVE TRANS OUT 60,000) 60,000) 60,000) 0% 00/0 CAPITAL IMPROVE FUNDED BY REPLACE RES 2,500 nla nla REPIRES EXP REIMB nla nla DEPRECIATION 367,260 368,676 367,749 0% 0% AMORTIZATION 3,900 3,900 3,636 7% 7% PRINCIPAL ON DEBT 125,000) 150,000) 170,000) 36% 12% BOND SALE CAPITALIZED INTEREST n1a n/a NET CASHFLOW: 59,018 4,554 18,751 68% 76% VICKSBURG CROSSING 2013 Budget Assumptions Draft w1ah tM Resident Rent Revenue: Is based on the attached income schedule. We propose a rent increase of $15 for the affordable apartments bringing them to $764 a month. This is a 2% increase. We are recommending a $15 increase for the one -bedrooms, $20 for the larger one-bedroom/den & $25 for the two bedrooms. We remain sensitive to price increases in this economy given it is unlikely there will be much, if any, cost of living increase in social security and that we are near the top of the competitive market for age -restricted and multi -family housing communities in the area. The budget projects an average occupancy of 90 units or 96%. This remains assertive, but should be achievable unless the economy takes another downturn. Resident Rent Revenue -Section S: Is based on 2% increase to 2012 budget_ Rent Concession: We are not budgeting any for 2013. HRA- Subsidy (tax Ievy: The subsidy is budgeted again this year at $24,000 to provide a buffer in the event occupancy slips or unexpected expenses occur. Any excess cash flow would go to the HRA general fund. Garage Income: Is based on 65 spaces at a rental rate of $45 a month each. Guest Suite .Revenue: Is based 1.5 nights a month, Application Fee Revenue: We pass on the expense incurred for rental verification credit check & criminal background check). We are budgeting one individual (we process a background check on each person occupying an apartment) a month. The corresponding expense is included in the Legal and Other Professional line item. Transfer Income: Is based on 1 transfer fee per year at $500 each. Investment Income: Is estimated based on last year's figures provided by City of Plymouth Finance Department. Miscellaneous Revenue: Includes storage space revenue based on $101monthlspace, late fees and security deposit amounts withhold for damages incurred. Confidential Page 1 10/1412011 OPERATING EXPENSES; Property Administration: Manager Salary is based on an increase of 2% over 2012 budget. Maintenance Salaries is based on a 2% increase over 2012. Maintenance Asst. Salaries is based on a 2% increase over 2012 budget. Payroll Tax is budgeted at 11 % of the total of all salaries. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. Currently 2 of 3 eligible employees are taking coverage. The benefits cost is allocated to each property in the same manner as the salaries. The amount is based a 10% increase over 2012 budget. Worker's Compensation Insurance premium is estimated to increase 3% for 2013. This expense is allocated to each property in the same manner as the salaries. Em to ee Costs include ADP fees, help wanted ads, background checks for new employees. This figure is static over 2012 budget. Dues & Subscriptions are estimated based subscription rates. The subscriptions are for a creative ideas newsletter that is used to create the monthly newsletter for the residents and for two health newsletters for the residents. This figure is static over 2012 budget. License, Permit & Dues are based on City of Plymouth assessed fees for the dwelling license at $100 for the building, plus $6 per dwelling unit ($694) and Elevator license fees ($200). No increase budgeted for 2013. Em to ee Milea e is based on 2012 budget with no increase. The mileage reimbursement for the maintenance staff is split 50150 with VC as nearly all of the mileage for these individuals is traveling between the properties. Postage/Overnight Delivery is an estimate based on 2012 budget with no increase. Management Fees is based on the contract amount. Confidential Page 2 10/14/2011 Professional Fees is an estimate based on conducting background checks for new residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department. The 2013 budget figure is based on 3% increase over 2012 budget. Telephone includes the cellular phones for the caretakers (split with VC) and the incoming lines for the property along with internet and long distance expenses. The budget is based on 2012 figure with a 5% increase E ui ment Re airsfMaintenance/Lease is based on the copier maintenance fees and occasional maintenance on the resident and office computers. 2013 budget includes a 3% increase over 2012 budget. Office Supplies & Expenses include the office supplies for the office and printer cartridges and some paper for the resident computers. The budgeted amount is based on a 3% increase over 2012 budget. Bank Charges are based on no increase to the 2012 budget. Printing is estimated based on the need for letterhead & envelopes. This figure is static based on 2012 budget. Seminars/Training is based on attendance at one training session with 2% increase to 2012 budget. Miscellaneous Property Admin Expense is an estimate. Resident Service Expense Resident Service Expense is an estimate. Expenses include things like monthly musical entertainer, special holiday events, dinner served during National Night Out and July Fourth, May month is "celebrate seniors month' with extra events planned, and the holiday party is a big celebration. This also includes money for decorations and paper cups, coffee, etc. The budget is based on 2012 budget with a 3% increase. Marketing and Leasing; Advertising is an estimate based on monthly ad placement for on-going marketing presence in local papers and the costs for monthly maintenance of a website for Vicksburg Crossing_ We are budgeting a 2% increase over 2012. Promotional Events includes events for prospects, speaker events, visits to seniors groups, etc. with treats. Like advertising, we are reducing this expense due to higher occupancy. We are budgeting no increase over 2012. Confidential Page 3 10/14/2011 Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate for 2013 which represents a 3% increase over the 2012 budget figure. Supplies -- cleaning includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other supplies. It is budgeted based on 3% increase to the 2012 budget, Buildings and Grounds: Cable TV is for the exercise room, community room big screen and Guest suite and includes a 5% increase over 2012 budget. Electric is based on a 3% increase over 2012 budget. Water and Sewer is based on 2% over 2012 budget. Gas is based on 2012 budget with a 3% increase. Water Softener is based on the 2012 budget with an increase of 3%. Contract Labor is not necessary with a part time maintenance employee who can pick up the time to cover for time off of other maintenance worker. Doors Kevs and Windows is for window replacement/repairs, key blanks (costly based on Primus key system) & key cuts and any other lock/door repairs. This is a 2% increase over 2012 budget. Fire System Service includes costs to test, monitor and service the fire suppression system (including all manual fire extinguishers,) and front entry system. We are budgeting a 2% increase over 2012. Lawn Care/Snow Removal is based on 2012 budget with 2% increase. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, snow fencing and spring parking lot sweeping. Pest Control includes quarterly treatments plus one extra call, in the event it is needed_ This is based on 2012 budget plus a 2% increase per quarterly treatment. Trash Removal is based on 2012 budget plus 5%. The fuel surcharges account for a larger increases than the rest of the container fees, taxes and county charges. This also includes the occasional extra charges for disposal of light bulbs and appliances. Confidential Page 4 10/14/2011 Unit Turnover includes carpet cleaning, contract painter, new carpet, paint and plumbing supplies, etc. for apartments that are being re-leased or turned over. This includes a 2% increase over 2012 budget, Reserve/Replacement/Capital Expense includes items that will be paid for by transferring money from the Reserve/Replacement accounts. Nothing is budgeted at this time. Elevator. Re airs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract, The 2013 budget figure reflects a 2% increase over 2012 budget. Repairs & Maintenance includes garage floor power washing, window washing, carpet cleaning of apartments occupied three years, painting of apartments occupied more than seven years, vinyl/carpet repair/replacement in occupied units, cleaning of common area carpet annually, generator maintenance, plumbing repairs, repairs to the exterior siding, fascia; and roofing and all other misc. repairs. The budget is based on a 2% increase to the 2012 budget. Buil_ ding &Grounds Supplies includes common area paint and repairs, and other misc. supplies. This is based on 2% increase to 2012 budget. HVAC Supplies & Re air includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. The 2013 budget is based on an increase of 2% over 2012 budget. Miscellaneous B&G Expense estimated a minimal amount. Non -Departmental Expenses Property and Liability Insurance is based on 3% increase to the 2012 budget. Payment in Lieu of Taxes (PILOT} is budgeted at 5% of rental dwelling revenue for previous year. RESERVE REPLACEMENT FUND We have maintained the reserve replacement amount at $60,000. CAPITAL EXPENDITURES: Nothing is budgeted at this time. Confidential Page 5 10/1412011 VICKSBURG CROSSING 2013 BUDGET -DRAFT 90 Diff 94 INDEPENDENT UNITS - rentable, 96 constructed 2012 2013 Budget 10 BUDGET BUDGET 99% OCG TOTALS TOTALS Budget 11 UNITS OCCUPIED 90 90 0% PERCENTAGE OCCUPIED 96% 96% 0% INCOME APARTMENT RENTAL REVENUE 1,048,115 1,067,490 2% APARTMENT RENTAL REVENUE -COUNTY 32,148 32,791 2% RENT CONCESSION n!a HRA SUBSIDY -TAX LEVY 24,000 24,000 0% GARAGE RENTAL 35,100 35,100 0% GUEST SUITE REVENUE 1,176 1,176 0% APPLICATION FEE REVENUE 420 420 0% TRANSFLR FEE REVENUE 500 500 0% INVESTMENT INCOME 1,200 1,200 0% GAINILOSS n!a UNREALIZED GAIN/LOSS n!a MISCELLANEOUS REVENUE 7,200 7,200 0% TOTAL INCOME 1,149,859 1,169,877 2% OPERATING EXPENSES PROPERTY ADMINISTRATION: MANAGER SALARIES 48,204 49,168 2% MAINTENANCE SALARIES 17,796 18,152 2% MAINTENANCE ASST 9,360 9,547 2% PAYROLL TAXES 8,290 8,455 2% HEALTH INSURANCE 15,912 17,503 9% WORK COMP INSURANCE 2,460 2,534 3% EMPLOYEE COSTS 612 624 2% DUES 8 SUBSCRIPTIONS 120 120 0% LICENSES, PERMITS 876 876 0% MILEAGE REIMBURSEMENT 600 600 0% POSTAGE10VERNIGHT DELIVERY 192 198 3% MANAGEMENT FLES 48,000 48,000 0% LEGAL 8 OTHER PROFESSIONAL FEES 3,600 3,708 3% TELEPHONE EXPENSE 5,880 6,174 5% EQUIP REPAIRSIMAINT/LEASE 1,500 1,545 3% OFFICE SUPPLIES & EXPENSES 1,152 1,187 3% BANK CHARGES 60 60 0% PRINTING 60 60 0% SEMINARSlTRAINING 252 257 2% MISCELLANEOUS PROP ADMIN nIa TOTAL PROPERTY ADMINISTRATION 164,926 168,768 2% RESIDENT SERVICE: RESIDENT SERVICE EXPENSES 4,515 4,661 3% MARKETING & LEASING: ADVERTISING 4,800 4,896 2% PROMOTIONAL EVENTS 1,100 1,100 0% TOTAL MARKETING & LEASING 5,900 5,996 2% HOUSEKEEPING: CONTRACT LABOR 11,580 11,927 3% CLEANING SUPPLIES 1,200 1,236 3% TOTAL HOUSEKEEPING 12,780 13,163 3°/n VICKSBURG CROSSING 713,812 723,886 1% 2013 BUDGET -DRAFT q Diff 94 INDEPENDENT UNITS - rentable, 96 constructed 2012 2013 Budget 10 AMORTIZATION BUDGET BUDGET 99%Occ INTEREST EXPENSE TOTALS TOTALS Budget 11 REPAIRS & MAINTENANCE: nla CABLE TV EXPENSE 1,380 1,449 5% UTILITIES -ELECTRIC 27,025 27,681 2% UTILITIES -WATER & SEWER 11,900 12,240 3% UTILITIES -GAS 23,350 24,051 3% WATER SOFTENING EXPENSE 1,536 1,582 3% CONTRACT LABOR nla DOORS, KEYS & WINDOWS 864 881 2% FIRE SYSTEM SERVICE 3,660 3,733 2% LAWN CAREISNOW REMOVAL 16,800 17,136 2% PEST CONTROL 660 672 2% TRASH REMOVAL 8,820 9,261 5% UNITTURNOVER 27,996 28,556 2% RESERVEIREPLACEICAP EXP 2,500 2,500 0% ELEVATOR REPAIRS & MAINT 4,980 5,080 2% REPAIRS & MAINTENANCE 15,800 16,116 2% BUILDING & GROUNDS SUPPLIES 12,000 12,240 2% HVAC SUPPLIES & REPAIR 6,600 6,732 2% MISCELLANEOUS B&G EXPENS 180 180 0%a TOTAL REPAIRS & MAINTENANCE 166,051 170,090 2% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 29,907 30,804 3% PILOT (payment in lieu of taxes) 51,968 52,508 1% TOTAL OTHER OPERATING EXPENSES 81,875 83,312 2% TOTAL OPERATING EXPENSES 436,047 $ 445,991 2% NET OPERATING INCOME I (LOSS) 713,812 723,886 1% OTHER EXPENSES: DEPRECIATION EXPENSE 367,749 367,749 0% AMORTIZATION 3,635 3,635 0% INTEREST EXPENSE 467,563 460,975 1% CONTRIBUTIONS FROM PLYMOUTH TOWNE SQUARE nla TOTAL OTHER EXPENSES: 838,947 832,359 1% NET INCOME: 125,135) 108,473) 15% PERCENT OF INCOME 11% 9% 17% CASHF LOW ADJUSTMENTS: REPLACE/RESERVE TRANS OUT 60,000) 60,000) 0% CAPITAL IMPROVE FUNDED BY REPLACE RES 2,500 2,500 nla REPIRES EXP REIMB nla DEPRECIATION 367,749 367,749 0% AMORTIZATION 3,636 3,636 0% PRINCIPAL ON DEBT 170,000) 185,000) 8% BOND SALE CAPITALIZED INTEREST n/a NET CASHFLOW: 18,750 20,412 8% PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY HRA RESOLUTION NO. 2011-07 AUTHORIZING THE 2012 OPERATING BUDGET FOR Vicksburg Crossing WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a housing and redevelopment authority to function in the City and granted to the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the powers and duties of a housing and redevelopment authority under the provisions of the HRA Act; and WHEREAS, the Authority owns and operates a senior independent apartment building named Vicksburg Crossing; and WHEREAS, the Authority is required to adopt an operating budget for Vicksburg Crossing; and WHEREAS, Grace Management, Inc., the HRA's contract property management company has provided a proposed 2012 budget for Vicksburg Crossing; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Vicksburg Crossing for the fiscal year 2012. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Vicksburg Crossing Operating Budget for the fiscal year of 2012 has a total operating expense amount of $436,046 and other expenses of $838,947 for a total budget of $1,274,993. Passed and duly adopted by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota on this 27th day of October, 2011. Agenda Number OS • 1) - PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager and Denise Whalen, Support Services Manager through Steve Juetten, Executive Director MEETING DATE: October 27, 2011 SUBJECT: 2012 Draft HRA Budgets BACKGROUND: In the summer of each year, staff begins the process of developing the following year's budget. As you recall, the City initiated a two year budgeting program in 2008. This is being done so that the City can better prepare for expenditures in the future, which will aid in long-term strategic planning. In July and August, staff reviewed the 2011 budget to ensure they were in line with revenues and expenditures, which they are. The 2012 budget is the first budget year of the 2012-2013 biennial budgets. The HRA budgets are included in the budgets submitted to the City Council. HRA activities are covered by three separate program budgets: the Community Development Block Grant (CDBG), Section 8, and the HRA General Fund. The CDBG budget is supported primarily by federal funds, except for some overhead (such as allocations for data processing and facilities management), which are funded through the HRA property tax levy. The Section 8 program is supported entirely with federal dollars and the HRA General fund is supported almost entirely by property taxes. The senior building budgets will be reviewed separately. The Council traditionally adopts the HRA's budget as part of the overall City budget. The HRA has authority over the HRA General Fund and Section 8 program budgets; however the City Council is the Grantee for the CDBG program so they have more authority over that program budget. The Council also has authority over the amount of the HRA property tax levy, so ultimately they control the main revenue source for many HRA programs. For the 2012 budget year, the City Council has requested that the budget show a zero increase in property tax levy over 2011. The HRA overall tax levy is proposed to be 551,277 for 2012, which is the same amount as the past three years. CDBG (250) There are no significant changes to the CDBG budget being proposed for 2012. Staff is anticipating the 2012 federal awards to be lower than the 2011 allocation. This is a result of federal budget reductions that have been occurring over the past couple of years. The actual amount will not be known until the second quarter of calendar year 2012. The property tax support for this budget is currently at $21,433 for 2012. This is higher than the amount for 2011 by $7,925 and is a result of changes to allocations that the City implemented this budget cycle. SECTION 8 (254) The Section 8 budget reflects the continued operation of the housing choice voucher program, and that federal revenues will be sufficient to offset expenditures without an impact on local resources. At this time, staff does not know what our funding allocation will be from Housing and Urban Development (HUD) for 2012. Staff anticipates that the funding received will be adequate for housing assistance payments (HAP) but not for administrative fees for our 225 vouchers. The administrative fees received for this year were funded at 83 percent and at this time staff does not know if the administrative fees for 2012 will be funded at 83 percent or at 60 percent which is currently one of the proposals. There are sufficient funds in the reserve account to cover any shortage in the 2012 budget. However, going forward staff is concerned with ongoing administrative costs. There are some minor changes to 2012 budget compared to the 2011 adopted budget. Revenue: Overall revenue was decreased a total of $41,805 to more accurately reflect current trends. Expenses: The majority of the changes are associated with housing assistance payments (HAP) for the following categories to more accurately reflect current trends: 9908.103) Section 8 Fees Port -Out Rent Assist. — Increase in the number of clients moving to other jurisdictions and are billed by other housing authorities for their housing assistance payments. 9908.105) Port -In Vouchers — Increase in the number of port -in vouchers, which are billed to other housing authorities for the amount of housing assistance payments. 9908.107) Mainstream — Decrease in the amount of housing assistance payments for mainstream vouchers. 9908.108) Rental Vouchers -- Decrease in the amount of housing assistance payments for regular housing choice vouchers. 9908.109) Enhanced Rental — Decrease in the amount of enhanced vouchers Willow Creek clients). Staff continues to monitor revenues and expenditures closely for 2011. As of the end of September, revenues exceed expenditures by $56,500. HRA General Fund (258) Staff is not recommending an increase to the 2012 HRA General Fund Budget. However; the amount of assistance budgeted for the senior buildings, currently proposed to be 320,484, was set prior to finalizing the building budgets. As the building budgets were finalized it appears that only $240,000 will be needed to support the buildings. The HRA has a couple of options regarding the levy that relate to the assistance provided to the two senior buildings. 1. Reduce the tax levy by $80,484 2. Place the $80,484 into either the Vicksburg Crossing Reserve/Replacement account or the HRA General Fund reserve account. Staff recommends that the board consider placing the funds into the Vicksburg Crossing Reserve/Replacement account due to the projected shortfall in that account that was identified when the Reserve/Replacement schedule was created in 2011. RECOMMENDATION: Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners discuss the 2012 HRA budgets and recommend that the City Council adopt the 2012 HRA preliminary budgets. ATTACHMENTS: 1. HRA Levy IIistory 2. 2011 HRA Preliminary Budgets 3. HRA Reserve account(s) balances HRA LEVY HISTORY Percent Increase from Levy Year Amount Prior Year 2012 (Proposed) 551,277 0% 2011 551,277 0% 2010 551,277 0% 2009 551,277 5.11% 2008 524,477 4.14% 2007 503,617 7.22°/x) 2006 542,835 10.65%) 2005 607,556 4.33% 2004 582,349 5.48% 2003 552,120 2.54% 2002 538,423 11.43% 2001 483,178 4.06% 2000 464,344 4.06% 1999 446,214 8.84% 1998 409,959 4.85% 1997 390,997 1.88% 1996 383,789 0.15% 1995 383,200 1.64% 1994 377,000 2.81% 1993 366,700 m O N ON Mil Ln M 00 V O O cc ' V r M r M N t_ l7 O Ln o o L O n Nto r co O O O Oa N O N co N N V a a N M N O Dfl C C C L v oa v O O ao ' a O Ln O O O C Ln N crr O Ln WfYi 00 n crr Mil Ln M 00 O N N T aO T r M r M N 4- C C OUU a C a) 7 L O EuMUz L!T rn r O t_ l7 O OnV J O 4 Nto r co O O O Oa N M N N N O a U 0Y crr Dfl C C C v oa v O O ao ' 0 O Ln O O O C Ln N O O Ln WfYi 00 n o O T toai Q ro ro+- rn rO a, w w z N v'. 4, N N O V fO T a+ O Il Z3 V to O l] f lCF O C Q r 6+ v'Ji 1t 0 M bA M T `1 D 0 fa N 11T 1104te+ a 4-J 4-J 00 M Il O m ' T O r O N Z5 Ln a 00 N N N o M au Y M r N N r a% D o O O O O C14 C14 rl rl ON U-1 4- C C OUU a C a) 7 L O EuMUz Me. 4 6% N 41 C fG C t_ l7 O In J C7 Q co m 2 T U 0Y Dfl b11 Dfl C C C 4-+ 4=+ R 4= ro LM aY a1 w C a a a aD 00 O E toai ro ro+- a, w w z 4, U. U- act Li- E E O O ai O C C v O Oa) O v'Ji 1tMbAOYOftT `1 D fa 41 4-J 1104te+ a 4-J 4-J C C O C J Q) C fY C 0F) 0FNNN M 6 0 6 6 6 6 OO D o O O O C14 C14 rl rl Me. 4 6% N On f a1 U r C r- 4! o E N Q 7 uUMI 7 m rt u a 0O N c ai 7 p D EUMQz Piz TO I- ' N M N ' ' O O O O O O O O ' ' Ln O, cJ rn Ln 00 Ln O O O 0 0 0 0 0 O, O, %D O 0 I" %D r M r O O M N N 00 Ln C r r N D oe 110 o\° 3ol O O Lr) ID Lr) O Ln N N I- oOI ztpl dE of 3E oe 3E oe \ of O O O O N r I %D O O, O O O O O M rl V O D O Nr O O r 00 00 O M DO Ln Ln ' O ' O ' O G , , M rn ' Lr) O 3 10 rn O N r4 a, O O 00 O N N O Il_ v r L M N O I, N r O r M r - Y M M O, 'D N ' O O O I` O O O O M I D I, N v Lr) O O O Orn C 0 0 C) D O %D r M r i" O r+l F Y Y h ID O ' I` M v r N ' ' ' ' O O O ' O Ln O O O, O Ln O I 'D I- 00 N I- Lr) N Ln a` O O O 00 O O N O N O I Y O I" O O, M %D Y Ln O r) N r) M 00 00 cY r r r N 'IF Ln M D Ln v O r Ln N V 00 M O Y Ln Ln O O M tt D Il 00 O M I- M r I- 00 W 00 O r 00 Ln r M W M 61 M Nr NNr N Y M Lr) A/r O ' I` D I- ' ' ' %D ' M ' ' N Ln I O O I Ln I n N ' D I- IT O, 00 O, O O 00 00 %D %D %D O r- I Ln 00 O N W M 00 N N M 00 00 C O 7 C p uC n J L C V, p U 4 - OTIi c O O o u V O N o N E D 4 U L ca L ai a Lu va Q Q c a o LE c c c E c 1 c c o w EDVD u u E E E o s o fo dui v LA 4 N w c c Q Q Q on Q •U m u L co Ln v n u u a a L ro o o D c L o Ln n OE C C C O t3 U 10 LC t6 c=i, Ln N i til O 0. L C 11=n 4) U a) Q 7 7 L C C • 4) Q1 0 co D_ a o 0 0 0 0. N civOiSJ c c L=iti v=i CL N N . c c N in in vt Li-, vi Li-, - ro C C J C J to 4JA QJ 4) 7+ 0 o c yr a) L CC O J O a1 N _rc 4J 41 N 4 v v U U U fly O_ Q aJ O O O on tG L_ 0 U fly 41 C C C C C C C C C C O_ Q Q 4? N 0 OU E c C O o v a, N v Qj a, a, Q, a, Q) a m oL o - E E E tina, a, D E: a, Ln Ln O 00 00 00 00 00 c0 00 00 E d l7 C7 O Lv w LL, d a_ - Q n V 0. a Q Q O O O OO M O O O O O O O r O O O O O O O O O O O O O O O O r r r r N N M rn r r r r r O O O O O O O O O O O O O O O O O O O O O O O O rn M O O O O O O O N Ln LI Ln LI Ln M Ln Ln D D I, I` W M O O O O Ln O O O r 0 0 0 0 0 O O O O O O O O O O O O O O O O O r in Ln Ln Ln N O O O O N D O O ID D 10 ID 10 D 10 D ID D ID %D D 10 D D D %D D D D %D 10 I,, N N N N N N O, O, Ln i LM o Q, 114- C) Ln M r N r N n M H- O+ O+ M 1 o O n Ln v a r M N 0L 0 0 0 0 o rnono 1: 0 0 0 0 0 r ro o 0 0 0 0 r T r Tuc^ rQ N NS' Ln Ln r UonMNDI, O b r N r LnNN u tri Lnr14 Ln Ln N VsT T I O r O O n O C1 a v N 0 0- tri 4-J cY M O Ln O N N Ln O O 1 O IO T Ln r N 1` Dil N s aL. 00 M O N O Do Ln C14 %D c7TN 'V' cf N I 00 C 4 -J M M M M 00 IILli CL O T W N O L* O a` O C1 N q- V 3N M f0 T O rn In T N rn Ln t U W Z) D 00 Ln a Q u U a T o MM as Oa r F- EE a) L_ o_ V) Oami f C r-4-1 aJ N un a' uE ECl- ra w m fti C a7 IU a1 CEC j, L- LC La D m 0 V)a)+., Ln v o E ro ra a) a a E a a i Ln LU D O O O b L a O C C C C C C C b LU 0 0 0 0 0 0 0 w v)J L L L 3 4 0 Ln o 0 0 0 0 0 0 b b ro E I- N L_ L L O v aaaaa<<ItIt-=tea N M %D 1, 00 O O O L O O 0 0 0 0 r M T T T T 7 E o000000C) C) C3, uu aoaoao0000<- 0 0 0 0 0 0 o Ln Ln Ln rn a z 3 o` o` a` o` o` a` o` a` o, o, o` o` a o 0 0 0 0 0 0 0 00 00 00 O O O O Ln O n o N ON Q rls o ao Lr Lr ff ro C LO a N O ON N M M r r M r aO!Y C N M O Ol Ln p M O L V N r4 N r O 111 O O p Ln rO w O O O N r-4 p 00 N r p v L rr v v V tfl- Q) Ln p O O O O O O O Ln NO M00 OO OO OO OO LnN 00 0 00 NO ODO Q Ln O Ln V Ln 00 ri N O LO IL O Ln ON r Ln r Irl N N r r M ON 4-1 N O O Ln O O O Ln p ' O C:) O O N O WOLr a E Ln O in r14 C, rn 00 r Y M C C:) ih th 4 C N M p 00 p 00 a ' N O 7 p O, Ln p N O T D M c 4 N M M O V ul T D O N r O, I N LnO M N a O r Y M 00 O O C yr O O Ln N M 0o N M n+ u j N Lf'F O V' Ln41VQDVMNNLn V} Q M r O n r NM i O r r M O 0 C y ao uQyC 00 00 00 00 0o 0o 0o v 00 M 0 0 0 0 0 0 o a v o Ln 4 4 4 40 4 40 a o fo o 4.1 Ln LnLn LnLnLnLnLn on on w w on on on on on on on C C C C C C C C C C C j j j j J J ID Z z Z 4' 0 f0 m m m m 0 m IE m m LA L L L L L L LL a a La La La Q Q Q Q Q Q Q Q Q Q Q a a 0 0 0 0 0 0 0 0 0 0 0 E m 0 6 0 0 va W a a a O a N L a a a a a C a O 41 C O O 0 0 a D D U 0 0 O U U LLQ a Q- C LL. LL- LL- Li O LL. L L- LQ'. Qi Li' 0 Li O LL. LQ' 0 E ; E ui Lna E E E L e E E E E o E ro E L E E ro ro0u 41 a a a a I a 1 a a a a 1 a V1 a>- a L L C O a O tm V O w O OLn ODLn yLj oA 0 ow 0on O L on .0 O Dn vl • 1 a 11 v l!YOtm a a; v a; a C E a c a; C a; a C E a C E a a 0 . E a E ro V C= O C D C O C C C 16 C 4' C C C C C C L L Q a Q Cl' W a a a a O N M n 00 C7, p O O D O O O O O O O O p p v E O O O O 0 0 0 O O O O O O O Uuo ZI O Va z Nv NNr Nv Nv NN Nr Nr NNr N N N N n 00M- O, M- O, M - L 4-J 4-J 0 E a ui 0 00 c 4-J 0 u tA 0 N H O ° N ° O Ld a U r C T a O N Q D O m N Ln Ln rn O O I I ' I I 0 0 I 0 0 0 0 0 0 0 0 ' O I O ' O r14 O'D O, 1" O, CO "T Ln O O O O Ln O Ln O O O 't r 00 Ln Ln M 0% N N Ln O N M N Ln N_ 1" O O N 0% O O O 1" M T r r C i: r, o\ a'. \' b l \ 3l bpl 3l \ 3l of 3l e 3e T O N 'D T O T O O M O r O 00 119 O Ln r 0 0 O CD N OPV %0O N O 0 N rrq r D N O ' r ' e O 00 ' O O O r` O ' ' ' ' ' 'D Ln Ln T 00 N r r Ln cc Ln Ln Ln M O N 00 r r M r N N Ln rV N D N M N M r v v Y v r --IF Or N 10 O% O O O ' 0 0 0 0 0 0 1 0 ' O ' O Or N T O 00 O N 00 Ln 0 0 0 0 Ln O M O O O I;r r rn r rV 'T 0 Q` N N Ln O N M N Ln 0 Ln O O M 0 Lr of O N rV V E O M O, O T O O O ' 0 0 0 0 0 0 0 0 1 O 1 O %D IT N N N O N r 00 T O 0 0 0 Ln O Ln O O O O N M %D N Ln N Ln N N O N Ln M O O M 10 Ln Ln N O N N r N N D N r r N T we. M M M N O, 1" O r CV M'T O N ' T Or O M N 00 0 0 I Nr 1 0% ' ' .D 't r D %D M D M M O 00 M M M 1 00 co M N ID N Ln IT N M M D C% r Ln N N O r 00 r n r r N N M 00 00 M %D IT r p C+ N r N-4 00 T N r_ N M 6 -IF D r r N r1 ' Ln r` O M C, ' Ol ' M ' It ' M M ' O+ ' O+ O ' M ' N ' ' 10 It Ln r O 00 r 00 Ln N 00 M, n M M %D 00 D n M N D O T 00 1-. 'D C% N 'D r 00 r 1 Ln Ln M %D O O N r r r M N M C) -, D r r N N T t D0 E a 0 v 4i OrL m b E v In m_ ON N 0 N L`0 c c a c E E Q c0 4-Jc c Ln E 0 a w C Ln CO:79 Q) a c 0 o cccNaaL V aOOCio E ro V a cn NcL n a Q C nroonaLuv u on a w C c C E C C ra c on T O w a EEE w 0o: o.aUEuu LU c c Q a Q on 0 .L-' o . Ln U L/1 U u n a Rra O O O C L 0 0 'n L n, O Uu"ar C C a 4 O O Lo LLnn LVn Ln O A C C on O n LJ a Ln vCi O O Q O O D - U aa+ fa L0 4 cn L d 0 C C C C n n Q C 6 C a .0 V ro C C c 0 LM y i CLnn n n O Qni C C on O O O O u u is i o 0 o o 0 v, 4 0 c 0 rt4-- 4-- a p o n E E r urarcccccooQoa0Wb E E a o 0 0 aV)i V)ioaooaoM noao oo 70LEww oo`aa V V Va as O O r O r O O O O IT O Nt O O N O O O 0 0 O O O 0 0 O O O O O O r r r N N r r r r r r r Ln r r r O O O O O O O O O O O O O O O O O O O O M U-" M O 0 0 0 0 0 0 0 O O Ln Ln Ln Ln Ln %0 n N 00 0o O O O O Ln O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ln Ln Ln Lal 1 0 0 0 0 0 N D r 0 0 0 D .D .D D .D D 10 %D 10 .D D D D 10 .D D .D .D D r r N N N N N N 00 a, a, a% t D0 E a 0 v 4i OrL m b E v In m_ ON N 0 N 7 bff m L 0 C E CD CL d x 4- 0 0o c 47 0 . tj u v M N LnO N CLOL Q) Unc roL U ON a O an N C t6L V NNLM O ONQO a fl1 7L) L) Q O, OO N 4 L O u D Q z Ln ''''''' O O O O O O O O ' 0 0 " ' co C CD 0 0 0 0 0 0 0 0 Oma, ll Lr vo O v I O_ M0 r Ln c, M N CF,T It O 00 O M T- M M O, N M T T O, Ln a. ZA aR R aR oe ti oe ae ae se 0 0 0 7 o o M ,D co q: 0 0 o r1q,0r'i0c,11, 0 0 0 0 Ln T T T T ' i'' CV D M " 0 0 0 0 0 0 0 0 " ' 00 N N 0 0 0 0 0 0 0 0 0 Oma, ll N O C C C C M Ci O p O+ 00 N T IT It O 00 Ln 00 00 O, O T CV O, Ln N'' O O O O O O O O'' 0 ' co N v 0 0 0 0 0 0 0 O O O O O O O O O, LC'i LT N O Ln V O N T 71 O T Ln CO M 00 O, N N Y T M ' ,D M 0 0 0 0 0 0 0 0 ' co N v 0 0 0 0 0 0 0 0 0 N 00 O O O O Ln 0 0 0 00 N T O o0 C) -TN Ln O O, O CO 'T N T r N N T T c M O M r O, O O a, T M M 00 0 co M — ' ' ' 00 Ln O 00OM N M r, 00 0 f Ln Ln 00 C D Ln M O O, r ,D rn coa rneq 7+ Ln N T r N T S!'1 ' CO M ' M ti T N 'q — M — ' ' ' 00 Ln O IT O— N" r 1 Ln f Ln Ln 00 M 00 O r ,D DO T M 7+ Ln N T rl O 1 D M O D Ln r M c E In E u aL L V)O Lna n C a p u+' °ud a a oma+'. ss °' a Mho ami a E Ln a c E u u a 3 L= a 4, E o all on a Q o ro ro c c a w ro a O m 4 + > a, a r0 o a a on fo faC a '' 4' M m ++ u A c aLn C Q E N C d O O [d a Z) C a a a a a' lad a a 0O (D +1 0 U W O U LA cn LA 0 LA LA cn cn LA Ln Ln Q C a' 7 D D D 7 7 aa a a a a a a a a aLmLmcALncAOOOQOOL LL_ LL_ LL_ LL_ LL_ LL_ LL_ LL_ LL_ LL. LL. a O O O O O" "" i" C C CO CO CO CO CO CO 00 CO CO CO CO 4 4+ + +' + )w w w O C C C C C C C C C C C u u u u L" w w 0 w 4- 0 0 0 0 0 0 0 0 0 0 0 u u u u u c c c c + + + ' + '+ ro m M L c u u u u u u u u u u u Q Q Q Q Q Q Ln Ln Ln Ln Ln Ln Ln Ln Ln Ln Ln en "T ,D 00 0 0 0 0 O " eq "T Ln ,D r M O, O r O CD 0 0 O N m - O O O O O O O O O O r T r r T r ,D ,D ,D ,D T T r T T T r — — r o O O O O O O O O O ,D 00 00 00 00 00 00 00 00 00 0o co ,D O O O O O O O O O O O 0 O O 0 0 0 0 0 0 Q O Y- O O O O Ln Lrs Ln Lr5 Ln O, O, c , O, O, O, O, O, O, O, O, O, O, O, C, C, O, C, O, O, O, C, O, C, O, C, C, O, C, O, C, C, O, C, c, O, O, Ln O C9 an Ln coO OLn N M to O c, co T N M ILA a, MN N MN M ILn NN Lrl M M Ln a L QX Ld 76 0 z L 0 E a 0 u r -Y rn v m m 0 H H O w 4J a) on 44 0 C M A 01, 1, 0O W LZ tr O N d Ln r ON c n a E M a Lf, C) N D O b M O O O U Ln OQNO Ln N C) rd ml lIl M R Ln ZI aN "I- CDOO N .- O N Ln N rl mW OO LnN C) , p O N Ln N CD , , p , O Ln O N 0 M N oo , 00 p MLnO rn QO U-) , 00 O — r- n N 0o T Ln O Ln M M O M N p p. Ln co p M Ln , O .D O Ln r O Ln M r Ln Ln r r r r M 0 Ln LnLn aJ O O Q O Ln O N IT 7 r M N I 10 O O O O 4 4 4 O O O r v O O O O O O O O O M f t O C) N O O Co Co Co N Co O O O O N O C N N N N 'O 0 1-, 1-, n 0o 00 00 T T C, C, C, M fb 4.1 L 0 Oft Oft COC ro C a ro N LaJ L p. L4-JC LnO a aC ro 4, L y... 00 V e E G E p C aJ 1 a E ro u as u ca N a..! Leo aa) 1 B ro CLrt c z ami aui c c c c O V L` rfo o ma CQiCCVCCOOUUU +D W C C CCl. L a> L Q L a L Lna 0- N ' J ani ani a a vL Oon on+' on on C C Ln41 C6ai Qi O 0 4- ut ut ut N fp ro v a3 v a3 S WJ 7 C o ro C CUU o o fu r aLno-r a M 0 Ln LnLn O O Q O Ln O N IT r M N I 10 O O O O 4 4 4 O O O r v O O O O O O O O O M M t O C) N O O Co Co Co N Co O O O O N O C N N N N 'O 0 1-, 1-, n 0o 00 00 T T C, C, C, M fb M 0 Ln LnLn W On m 1 aim Ln M Q M Q• O i . i i , O O ' Q Q Q Q O Q Q O O , , , M"I- , , 00 M 10 Ln 00 V' O Q Q O Q O Q 0 0 0 D\ 0 00 Ln CO Q M 10 Ln N Q r {, O Q O M M W N M LM N W OO N O r N r 0 V' N f M O V r r r r N Q' OLa a, ae ae el el ael ae ae o Z R a. ae a. on Ln O Ln n ZD Q co Ln O 00 10 O O Ln N O O O fT Q O O I OroLn rn oY o u 02 V' r M M 00 O . . , Ln O O ' Ln 4l .D V' r Ln O 00 Ln N 10 M .0 an 10 00 N O O O Q C N N Lu v? vl- M N N W O Q Q O O Q O O O O Q Q'1 j ' M' N Ln O t --Ln 00 V' Q O O O O O O O 00 D r ' O N .O %0 O O 10 Ln N O r n O O O Ln Ln O N N vv 00 N 00 N O Or O M r r r r N aOL VT O• Q T d` Q O , O O O O O O Q rb O O O ' • ' Ln M V' ' Ln Ln r 00 ON Q CO V' O Q Q O Q O w m O O N N CO .O O co Cl) ON O 10 Ln N Q r h O 0+ O Ln Ln O O CO 'D 00 r O r r O V' r 00 N N O M r O r r G r Q! O E u} N Q M T cT_N V' O, V' 00 Nm N O+ V' V' Ln h N O, V' w Ln M r O Ln f, N M P Os O N Ln N M .D Ln O M N O OfT O NON1 N V' 'D .D O N r 00 O .D 00 r Ln m N Y rn N N r h 0 ON r M O r ON 00 O u M n rl r- 00 00 Ln r Ln r r- 00 N Q C1 r r 0 N Ln ' N V' %o M ' 00 ' O ' co ' ' Ln Q r co • V' ' ' ' Ln M N ' Q Ln S cy, a` 00 O V' .D N O n r Q U` N 00 O N N M10 10 7 N Ln 00 N N V' Ln 10 M 'D O r O Ln Q U M CO r Q Ln r 00 O N O1 r OON Lnrt C O C a) C +J O C D G cn 4, o -0 ct L 7 a"' vt C 0 CO u 4-J On +.+ G G i O C C O CUaaro (DuoQ) m E m G E Ln L U O O_ C vt C V a11 O 0 of d W U C -0 a O- W C C C E ut b!! J CO C C ro 4-J CroroO c ° Ld E ' E E E o N Ln Ln o rroo v *^ n- u o QUj Ql -0 Ql N W G C d d Q an Q . u E 'E Ql L cn ai U U aJ ai O O O C • ut _O 41 L al ro ro L C C U U 7 Ul Ql a1 a1 Y U G O O O 'u CroUCCViVl > > > L v! Lo O , '~ ro -o O a) u -o 7 R 2 C C a) a) al ro _ •+, ro ro d LL_ Q 2 F C (D O O W a1 ut Ln 7 7 d in in M d = !0 f0 'O 4-1 4-' vi ut ut ut Ln in O Ln d 0 C G vi ut ' D d Q1 Q1 Q1 l Ln C N .0 !C4 7 4- of N vt vt vt V) J J l!7 N Ql Ql C C G G C C C G 7 'p O O O O O O O O O rL uon u_ rt ro m o 0 0 an ro w* _ ro ro ro ro ro m ro ro vui C C C C C 16 'L7 C C == U ' ` ro ' E + a%' +-' +-' U U U U U U E E E - CL C, mo o ' c , m o O O O O O o Ln v, co m m m m: o a 0 LD O W W Lu :2E n d -L Q u a of u u Q Q Q a a a C L O O O O O O CD-IrO Q Q Q = N M V' 'D O O 0 0 0 0 c—:, O O O O Q Q Q Q O Q C:) O O rte! N O L 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M V' O O O O Q O O Q O 0 0UEOOLnLnLnLnLn .D D h P 00 00 0 0 0 6 Ln O O O O O O O O Q O O Q O 0 0 U O O O O O O O O O O O O O r Ln Ln Ln Ln I-, O Q Q r N ZD 0 0 0 0 0 0 Q z O 'D 'D 'D O 'D 'D 'D 'D 'D .D 'D .D .D .D .o .D .D %0 n r, n n N N 00 0o rn rn rn rn Z z rY30 0 u van m cv co 0 N N ON N r C r N C4 E a ro7 a O M cO CL a a Ln O p, M O n 0o o co O r O O T N Ln i D Ln i r LLn ,D III l!"F M Ln a11 E Ln O n 0o o Ln 0o O N i D i i D Ln i MLLn ,D NO l!"F rn n " am N O "T , Ln W O co 'Ir Ln N O M d+ N N 4 NM i 1 , "o , I , O O i i , O O O O T N O O M O Ln N O MM C, o rn Ln , r N N Ln M M ,0 r TM r CI Ln r fnO 0 0 0 4 0 0 0 'o O, O r 0 0 O O O O O O O O O r r en Ln O O OLn Ln Ln Ln rn tT o o o a,o o 0% rT rT rT rT (71 o (7. rT NNT j O O LnLn 1 oil QI L_ 7 cryCL xLU rt z r 00 E T w0 r) noS5ca b CUl to ON N O N E c E o a on O c O y ro U c U as u Ca 4J C V-1 41 CQ) o o ro w o Ln v On ro C C C v m Q) ro >, Z Ht C 0 Ln ZE O p 4- LA a) Y Ldn-- x O J C 0 7 7 7 7 a ro V C C C aaaoova'no O O L L L L L C C 2 J E 4 4- 4 - N OonCLQO u u Vn Ln Ln Ln Inccccc LLLI +' p rLa rLo r`o N 0 0 Q,1 F afo coo CI Ln r fnO 0 0 0 4 0 0 0 'o O, O r 0 0 O O O O O O O O O r r en Ln O O OLn Ln Ln Ln rn tT o o o a,o o 0% rT rT rT rT (71 o (7. rT NNT j O O LnLn 1 oil QI L_ 7 cryCL xLU rt z r 00 E T w0 r) noS5ca b CUl to ON N O N L E m V 1 GJ V b 76 m LL G m N CO CO n U W n r O E n m ry r wO IDm c O m V N N O N w v N fV c m a C m co m r E m N N O m m M E d N mV Vi O > C v o vp v is m m mD' `C m co L;i co co D m O m m o r O%o 'D" m m m m m m u N v W N v Ln O ID N Ir L I 41 m r m W ao 10 M LA rn V m u7 m D m N 2 C Cd Vf[) I O E N N L C N ro A J 1] N 0 0ro = w ca iE E R ro u v 0 rl C C C r li cu cu yNNN Ln m C V n a v LL 81 Q I I I cZ m ILII IT o0 m NT u i m r wO IDm r O N er N fV c m a C m ct 0 o r, ,I- N O m It 0 UD N taoco N 'D ID M mV Vi L C G vp v is m m mD' `C f9 CO a N v y V V U LL 11.-.., N riv LLL- M m m C mv7C vC D m o CL U N w a d + 2 Vy U- ar w C Cd Vf[) I O E N N L C N ro A J 1] N 0 0ro = w ca iE E R ro u v 0 rl C C C r li cu cu yNNN Ln m C V n a v LL 81 Q I I I cZ r, ILII IT o0 m u i m mm co r• m 'D mp IDm r m N er N ba m m a r m ct 0 o r, ,I- N O m It C mm N taoco N 'D ID 0N N fn10 C Cd Vf[) I O E N N L C N ro A J 1] N 0 0ro = w ca iE E R ro u v 0 rl C C C r li cu cu yNNN Ln m C V n a v LL 81 Q I I I fov ILII IT o0 m m N ul ul N N t\ O mn w0 NTw t`"I c7Nrq ID rrl N in L. N F ba v m n O O r, ,I- N O m It C N taoco N 'D ID C_ b0 fn10 H OV d a' m O O vp m m mD' `C f9 M a N v y V V U O p U G C O LLL- M m m C C70. m AA - D m o coo m o N w a O u R c > CL k Li rY w Li yr 7- NN Co m lD o Lmn N m O d r 14 D D o r m r, ry co n N N r m oD O r- wr, n m LA rV' v ^ n m 0 N DO LL N Y `} W m c0 rn co w m co kD lJlOrzm v N co4 o fn n L N kD N N L+0 co o O r, co m co N O m vv , m o 1 d Omv vi u foN fov V w0 00 N n0 ba v C G C_ b0 C bLD OV d a' vp c fo f9 m y V V U VroU G C C C C C70. y 16 a) ti N 41 y Q C OR c > CL k Li rY w a co m ba ba m r a c ry m Y O oo N V V v m 10 O mto m O Lp O N io E v - - r 7+ C m O 0) E f6 C CL 73 fbo O CYNF M 1Q d' C) Agenda Number 3' 9 ` PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Bames, Housing Manager through Steve Juetten, Executive Director MEETING DATE: October 27, 2011 SUBJECT: Potential Redevelopment — Ryerson site (1605 State Highway 164) and adjacent properties. BACKGROUND: Commissioner Stein asked staff to look into the possibility of redeveloping the Ryerson Steel site and adjacent properties. The sites are located near Medicine Lake (see attached location map). Staff has reviewed the site(s) and had discussions with United Properties regarding the potential redevelopment. United Properties had some internal discussions regarding this opportunity and has provided some initial thoughts. In order to continue exploring this opportunity staff would need to engage Ehler's and possibly United Properties to determine what the redevelopment possibilities would be and what costs would be associated with this type of redevelopment. It should be noted that staff has not held any discussions with Ryerson or the adjacent property owners regarding this matter. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners discuss this potential opportunity and provide staff with direction. ATTACHMENTS: 1. Location Map 2. Parcellnformation 3. E-mail from United Properties gym_ @i 0mQ) mOO OO 1119 E9 ffl m W N N (D N O U A W N 1 N N N N N Cn 1 m W 8 OJ m N N N N N Q O O_ O O O O W W W 00 N DV w00 w 8 61 O O O Ln U 1 cn N cn 7 C 4) N ro io m m C, 2 2 Z5 o m mn io rn a rn z z O m o T N0-DN2 N l L7 N O w O - m 0 0 -4 OCOSUCO z T d, C'A O OQ vu' i(oZ OD m ZSO ZT' w°) m o -1 r01nm L< o U< 1 W 1 r A N Q: g CDjv1 1 o m@ D a mVmy@r0wT r- r @ co o n m o @ o nm N ci 3 VI Cn n Cn O P N 0 o A O E9 69 69 69 ffl N 00 m Wm OV WN P) A Ut N 00 W DQ AO OO OO OO OO OO O O O O O O O O O O Efl f3 En n G N W W cn W W A W 4 Cn A o O N m 0CD o CO 0 00 0 OO OO OO OO OO E5 69 Efl 69 ffl A J) Ol m N O co O O O N Om0 O O O O o O OO O O O0 OO OO OO OO N NO ((9 O O@OO@ OO E co( to N Fn. N. 01 N N. N. y. Cn @ Q) @ W @ m @ O) @ 1 1 m Vr m m m w r ecu c w Q aa aQCLww h cn W cn n Cn n C m Q C m G m m W C N 0 0 0 0 0 io cn m m m s N v W m A A h O; 3 OO OO OO lN O O O 0 O v n CLQ D yy LOGISMap Output Page Page I of 1 http://gis.logis.org/LOGIS_Ai-eIMS/ims?ServiceName=pl_LOGISMap OVSDE&ClientVe... 8/2/2011 James Barnes Subject: Plymouth Site From: Bill Katter Imailto:bill.katter(@upro perties.coml Sent: Tuesday, August 23, 20112:40 PM To: James Barnes Subject: RE: Plymouth Site Mi Jim, sorry for the delay in responding to you. We are still discussing our interest in the site. Our current thinking is that it will be a very expensive assemblage, perhaps a factor of at least 150% higher than the assessed values, and we do not believe the land is worth $15/sf or more. Therefore it would require a significant writedown/subsidy and we're not certain that is going to be feasible for the City. Thoughts? William P. Katter Sr. Vice President Investments f Development UNITED PROPERTIES wov.uproper-,les.tom 3500 American Blvd W - #200 Minneapolis, MN 55431 952 837 85251 Phone 952 835 8870 1 Fax 612 270 91371 Cell bill. katter up rope rtles. com s _ _ _ _ _ _ .. _ _ - _ _ _ _ _ _ _ Please consider the environment before printing this message. 1