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.
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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
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Plymouth Housing and Redevelopment Authority
August 25, 2011
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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
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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.
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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.
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August 25, 2011
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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.
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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.
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Plymouth Housing and Redevelopment Authority
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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
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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.
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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
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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.
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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.
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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)
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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!
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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.
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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)
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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!
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FIs_ October rent is due on or before Wednesday, October 5th .1/
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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
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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
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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
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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 _ _ _ _ _ _ .. _ _ - _ _ _ _ _ _ _
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