HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 12-01-2022Housing and Redevelopment Authority 1 of 2 December 1, 2022
CITY OF PLYMOUTH
AGENDA
Regular Housing and Redevelopment Authority
December 1, 2022, 7:00 PM
1. CALL TO ORDER
2. PUBLIC FORUM—Individuals may address the HRA about any item not contained on the regular
agenda. A maximum of 15 minutes is allotted for the Forum. If the full 15 minutes are not needed for the
Forum, the HRA will continue with the agenda. The HRA will take no official action on items discussed at
the Forum, with the exception of referral to staff for future report.
3. APPROVE AGENDA—HRA members may add items to the agenda for discussion purposes or staff
direction only. The HRA will not normally take official action on items added to the agenda.
4. CONSENT AGENDA—These items are considered to be routine and will be enacted by one motion.
There will be no separate discussion of these items unless HRA member or citizen so requests, in which
event the item will be removed from the Consent Agenda and placed elsewhere on the agenda.
4.1 HRA Minutes
Housing & Redevelopment Authority Minutes 10-27-2022
4.2 Plymouth Towne Square Housing Report
Plymouth Towne Square Housing Report Sep 2022
4.3 Vicksburg Crossing Housing Report
Vicksburg Crossing Housing Report Sep 2022
4.4 HRA Executive Director Appointment
5. PUBLIC HEARINGS
6. NEW BUSINESS
6.1 HRA 2023 Budget
HRA Levy History 2023
2023 Housing Budgets
HRA Reserves 2022 - Updated 10-11-22
6.2 Plymouth Towne Square 2023 Budget
PTS 2023 Budget
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Housing and Redevelopment Authority 2 of 2 December 1, 2022
PTS 2023 Budget Comparison
PTS 2023 Budget Assumptions
2022-10_PTS_2023_Operating_Budget_resolution_12-1-22
6.3 Vicksburg Crossing 2023 Budget
VC 2023 BUDGET
VC 2023 Budget Comparison
VC 2023 Budget Assumptions
VC 2023 Income Projections
2022-11_VC_2023_Operating_Budget_resolution_12-1-22
7. UPDATES
8. ADJOURNMENT
2
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:4.1
To:Housing and Redevelopment Authority
Prepared by:Danette Parr, Community and Economic Development Director
Reviewed by:Danette Parr, Community & Economic Development Director
Item:HRA Minutes
1. Action Requested:
Staff recommends approval of the October 27, 2022 HRA minutes.
2. Background:
The October 27, 2022 minutes are attached.
3. Budget Impact:
N/A
4. Attachments:
Housing & Redevelopment Authority Minutes 10-27-2022
3
DRAFT MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
October 27, 2022
MEMBERS PRESENT: Chair Michelle Soderberg, Commissioners Aqueelah Whitfield, Wayne Peterson, James Williams, and Joel Spoonheim
ABSENT: Commissioners Lucas Larson and Ronald Kelner
STAFF PRESENT: HRA Executive Director Danette Parr, Housing and Economic Development Coordinator Kenny Niemeyer, Permit Technicians Jenny Bailey and Michelle Bast
1. CALL TO ORDER
Chair Soderberg called the Plymouth Housing and Redevelopment Authority meeting to order at 7:02 p.m.
2. PUBLIC FORUM Chair Soderberg opened and closed the Public Forum as there was no one present to speak.
3. APPROVE AGENDA
MOTION by Commissioner Williams, seconded by Commissioner Peterson to approve the Agenda. Vote. 5 Ayes. MOTION passed unanimously.
4. CONSENT AGENDA
4.1. Approve proposed minutes from September 22, 2022.
4.2. Reclassification of Funding Activities for the Community Development Block Grant Annual Action Plan.
MOTION by Commissioner Peterson, seconded by Commissioner Whitfield, to approve the Consent Agenda. Vote. 5 Ayes. MOTION passed unanimously.
5. PUBLIC HEARINGS
Chair Soderberg opened and closed the public hearing because there was no one present to speak.
6. NEW BUSINESS
6.1. HRA Resolution for CDBG CV Supplemental Funding.
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Draft Minutes Plymouth Housing and Redevelopment Authority
October 27, 2022
Page 2
Housing and Economic Development Coordinator Niemeyer gave an overview of the staff report.
MOTION by Commissioner Williams, seconded by Commissioner Whitfield, to approve
the HRA Resolution for CDBG CV Supplemental Funding. Vote. 5 Ayes. MOTION passed unanimously.
7. UPDATES
HRA Executive Director Danette Parr informed the Board of the upcoming items for the December 1st meeting. She suggested that the Strategic Plan also be discussed at an upcoming meeting to determine an order of importance for the objectives listed since there has been staffing changes and new Board members since it’s original inception. She noted it’s also important to identify financial resources and how to best utilize them.
Commissioner Spoonheim said he would like to talk about the infrastructure and replacement/repair plans and funding related to properties that may come up for sale, such as the Lakeview Commons property. He would like to know if the intentions of the new owner align with sustaining affordability. He asked if this is an expectation.
HRA Executive Director Parr recommended questions be sent to staff or shared at the next meeting for discussion. Chair Soderberg agreed to talk about next steps at the December 1st meeting. She reminded
the board the budget is for the two senior buildings owned by the HRA, Plymouth Towne Square and Vicksburg Crossing. Commissioner Spoonheim agreed about getting questions together before the next meeting.
Chair Soderberg replied there has been changes within the HRA Board and staff. It will be good to ensure that all are comfortable with the Strategic Plan. She acknowledged that priorities may need to be amended due to personnel changes within the HRA Board. HRA Executive Director Parr instructed the commissioners to forward their questions to
staff to research. Chair Soderberg suggested naming top items for staff to research and email prior to the December meeting.
HRA Executive Director Parr said a bid has been approved by the City Council to demolish
the Four Seasons Mall, which will also include the parking lot work and soil restoration. Commissioner Williams asked what the number is.
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Draft Minutes Plymouth Housing and Redevelopment Authority
October 27, 2022
Page 3
HRA Executive Director Parr replied $850,000. It’s likely the demolition work will begin in November. Commissioner Williams asked how long the process will take. He asked about
decontamination. HRA Executive Director Parr replied some of the work will involve mitigating interior materials. She said the colder months will be used for site grading and work related to soils. This is the ideal time to do this work. It is anticipated to be complete before the end of
2022. Chair Soderberg asked about the process to hire a new Housing and Economic Development Manager.
HRA Executive Director Parr replied that the position has been advertised and at this time, there are numerous applicants being scored.
8. ADJOURNMENT
MOTION by Chair Soderberg, with no objection, to adjourn the meeting at 7:18 p.m.
6
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:4.2
To:Housing and Redevelopment Authority
Prepared by:Denise Whalen, Support Services Manager
Reviewed by:Danette Parr, Community & Economic Development Director
Item:Plymouth Towne Square Housing Report
1. Action Requested:
Accept attached Plymouth Towne Square housing report for September 2022.
2. Background:
Plymouth Towne Square housing report September 2022
3. Budget Impact:
N/A
4. Attachments:
Plymouth Towne Square Housing Report Sep 2022
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14
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:4.3
To:Housing and Redevelopment Authority
Prepared by:Denise Whalen, Support Services Manager
Reviewed by:Maria Solano, Deputy City Manager
Item:Vicksburg Crossing Housing Report
1. Action Requested:
Accept attached Vicksburg Crossing housing report for September 2022
2. Background:
Vicksburg Crossing housing report September 2022.
3. Budget Impact:
N/A
4. Attachments:
Vicksburg Crossing Housing Report Sep 2022
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22
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:4.4
To:Housing and Redevelopment Authority
Prepared by:Denise Whalen, Support Services Manager
Reviewed by:Danette Parr, Community & Economic Development Director
Item:HRA Executive Director Appointment
1. Action Requested:
Confirm the appointment of Maria Solano, Deputy City Manager as the Housing and Redevelopment
Authority Executive Director.
2. Background:
The current Housing and Redevelopment Authority's (HRA) Executive Director, Danette Parr,
resigned effective November 30, 2022. The city manager is recommending the HRA Board appoint
Maria Solano, Deputy City Manager as the new HRA Executive Director until such time a new
Community and Economic Development Director is hired.
3. Budget Impact:
N/A
4. Attachments:
23
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:6.1
To:Housing and Redevelopment Authority
Prepared by:Danette Parr, Community and Economic Development Director
Reviewed by:Danette Parr, Community & Economic Development Director
Item:HRA 2023 Budget
1. Action Requested:
Discuss HRA budgets and recommend the City Council approve the 2023 HRA budgets.
2. Background:
Annually each summer staff begins developing the following year's budget. The HRA budgets are
included in the budgets submitted to City Council. HRA activities are covered by three separate
program budgets: the Community Development Block Grant (CDBG), Housing Choice Voucher (HCV),
and the HRA General Fund (itemized budgets attached). The CDBG budget is supported primarily by
federal funds, except for some overhead, which is funded through the HRA levy property tax. The
HCV program is supported entirely with federal dollars and the HRA General fund is supported
almost entirely by property taxes. The senior building budgets are under separate reports.
The Council traditionally adopts the HRA's budget as part of the overall City Budget. The Council has
authority over the amount of the HRA property tax levy, so ultimately they control the main revenue
source for many HRA programs under the General Fund. The HRA has authority over the HRA General
Fund and HCV budgets; however, the City Council is the Grantee for the CDBG program and, as such,
has ultimate budget responsibility for that portion.
For the 2023 budget year, the HRA overall tax levy is proposed to be $639,634, which is $20,681 more
than 2022. The increase is not tied to one particular line item, rather it reflects increases in a few key
areas including professional services, contractual services and updated maintenance expenditure
for HRA owned scattered site properties.
CDBG
There are no significant changes to the CDBG budget proposed for 2023 as the budget is largely
driven by the federal grant award which is allocated on a formula basis. Staff anticipates this year's
federal allocation will be similar to the 2022 allocation, which was $281,379. The final budget
amount is determined by the U.S. Department of Housing and Urban Development and is typically
released sometime late in the second quarter of 2023. The 2023 property tax support for this budget
is $8,302, which is $339 higher than in 2022.
HOUSING CHOICE VOUCHER
The Housing Choice Voucher budget reflects the continued operation of the housing choice voucher
program.
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At this time, staff does not know what the funding allocation will be from Housing and Urban
Development (HUD) for 2023. There are sufficient funds in the unrestricted net assets account to
cover any shortfall in administrative expenses for the 2022 budget.
Staff continues to monitor revenues and expenditures closely for 2022. The Housing Assistance
Payment (HAP) funding for 2022 is funded at 100 percent for the year. The administrative fees are
currently at 89.2 percent.
HRA GENERAL FUND
The overall revenue for the 2023 General fund budget has increased by approximately $20,000. This
is largely due to a increase in the levy.
Expenditures have increased by approximately $32,000 from last year's budget. The primary reasons
include additional costs for contractual services primarily incurred through our financial advisory
firm related to redevelopment projects and TIF, and other expenses for maintenance and repairs of
the HRA scattered site buildings.
3. Budget Impact:
The HRA levy is proposed to increase by approximately $20,000.
4. Attachments:
HRA Levy History 2023
2023 Housing Budgets
HRA Reserves 2022 - Updated 10-11-22
25
HRA LEVY HISTORY
Levy Year Amount Percent Increase from
prior year
2023 (proposed) $639,634 3.34%
2022 $618,953 2%
2021 $606,817 0.73%
2020 $602,339 2.0%
2019 $590,528 1.7%
2018 $580,519 1.6%
2017 $571,379 1.9%
2016 $560,771 1.7%
2015 $551,277 0%
2014 $551,277 0%
2013 $551,277 0%
2012 $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%)
2006 $542,835 (10.65%)
2005 $607,556 4.33%
26
City of Plymouth
2022/2023 Biennial Budget Detail
Community Dev Block Grant (CDBG) - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Revenue 4000.100 - Taxes - Property $6,387 $6,560 $6,790 $4,088 $6,712 $7,963 $8,302 $8,302 $339 4.26 %
4200.200 - Intergovern- Federal - Operating -
CDBG
270,483 422,622 585,773 51,915 375,163 295,000 295,000 321,379 26,379 8.94 %
4200.210 - Intergovern- Federal - Operating -
REHAB Loan Repayment
45,857 43,685 38,475 220,632 30,000 30,000 30,000 40,000 10,000 33.33 %
4200.211 - Intergovern- Federal - Operating -
FTHB Loan Repayment
29,169 93,131 24,643 48,624 20,000 40,000 20,000 15,000 (25,000)(62.50 %)
4230.100 - Intergovern-State-Operating - Mkt
Value Credit (HACA)
---------0.00 %
4700.100 - Interest Income - Investments 2,934 1,923 (138)(13,884)750 250 250 250 -0.00 %
4700.150 - Interest Income - Operating
Account
100 11 -1 50 50 50 50 -0.00 %
4807 - Refunds & Reimbursements ---46 -----0.00 %
Total $354,931 $567,932 $655,544 $311,423 $432,675 $373,263 $353,602 $384,981 $11,718 3.14 %
Expenses 6000 - Salaries $623 $2,278 ($2,901)------0.00 %
6000.100 - Salaries - Regular 46,967 36,127 32,462 52,269 37,759 36,750 39,722 71,498 34,748 94.55 %
6000.200 - Salaries - Temporary ---674 -----0.00 %
6020.100 - Overtime/Comp Time ---12 -----0.00 %
6050 - Benefits 94 345 (439)------0.00 %
6050.100 - Benefits - Social Security 2,898 2,215 2,012 3,289 2,340 2,278 2,463 4,432 2,154 94.56 %
6050.101 - Benefits - Medicare 678 518 471 769 548 533 575 1,037 504 94.56 %
6050.200 - Benefits - PERA 3,513 2,710 2,154 3,932 2,832 2,757 2,980 5,362 2,605 94.49 %
6060.100 - Medical Insurance - Employer
Contribution
3,372 5,340 3,798 4,139 5,760 6,132 6,633 -(6,132)(100.00 %)
6070.100 - Dental Insurance - Employer
Contribution
76 194 114 142 210 210 220 -(210)(100.00 %)
6080.100 - Group Life Insurance - Employer
Contribution
43 41 33 28 45 47 47 85 38 80.85 %
6100 - Office Supplies 162 68 181 61 300 300 300 300 -0.00 %
6500.100 - Employee Development - Training 1,227 1,296 (1,140)1,212 1,500 1,500 1,500 1,500 -0.00 %
6550 - Mileage & Parking Reimbursement 12 ---150 100 100 100 -0.00 %
6700 - Dues & Subscriptions --120 61 -----0.00 %
7000 - Professional Services -92 346 26,763 2,300 1,700 1,300 1,300 (400)(23.53 %)
7003 - Legal 1,388 941 365 1,690 1,500 1,500 1,500 1,500 -0.00 %
7004 - Audit Fees 3,230 3,307 3,370 4,243 3,500 3,500 3,500 3,500 -0.00 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 1
27
City of Plymouth
2022/2023 Biennial Budget Detail
Community Dev Block Grant (CDBG) - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Expenses 7100.100 - Communications - Postage 285 174 348 195 500 250 250 250 -0.00 %
7200 - Printing & Publishing 159 81 127 442 100 100 100 100 -0.00 %
8000 - Non-Cap Equip (< 5K)1,068 --------0.00 %
9000.101 - Allocations - Information
Technology
3,712 3,712 3,823 3,610 3,823 3,938 4,056 4,056 118 3.00 %
9000.102 - Allocations - Facilities
Management
1,377 1,377 1,418 1,339 1,418 1,461 1,505 1,542 81 5.54 %
9000.110 - Allocations - Risk Mgmt - OH,
Premium
332 449 330 372 330 406 410 410 4 .99 %
9000.111 - Allocations - Risk Mgmt - Claims 1,033 --------0.00 %
9910 - Housing Loans 180,617 256,662 186,009 97,604 200,235 30,259 59,472 208,569 178,310 589.28 %
9911 - Grant Awards 149,604 228,886 438,702 63,313 167,500 279,517 226,944 121,400 (158,117)(56.57 %)
9920.100 - Bank Fees - Credit Card ---------0.00 %
9920.150 - Bank Fees - PSN ---------0.00 %
9920.160 - Bank Fees - Operating Acct 6 6 4 16 15 15 15 15 -0.00 %
9920.170 - Bank Fees - Investments 1 2 1 3 10 10 10 10 -0.00 %
Total $402,478 $546,821 $671,706 $266,178 $432,675 $373,263 $353,602 $426,966 $53,703 14.39 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 2
28
City of Plymouth
2022/2023 Biennial Budget Detail
HRA Section 8 - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Revenue 4200 - Intergovern- Federal - Operating -$2,728 -------0.00 %
4200.101 - Intergovern- Federal - Operating -
Section 8 - HUD Direct
1,680,673 1,859,508 1,927,548 1,795,777 1,715,000 1,971,678 1,987,750 1,976,432 4,754 .24 %
4200.106 - Intergovern- Federal - Operating -
Section 8 - Mainstream Vouchers
82,270 105,014 110,254 112,812 91,000 116,500 117,000 123,550 7,050 6.05 %
4200.107 - Intergovern- Federal - Operating -
Section 8 - Fraud Recovery
9,388 5,256 6,218 2,876 2,000 3,500 1,500 4,720 1,220 34.86 %
4200.109 - Intergovern- Federal - Operating -
HUD Direct Administration
198,371 211,181 274,131 225,296 184,000 246,003 246,100 246,100 97 .04 %
4200.111 - Intergovern- Federal - Operating -
Mainstream Administration
12,632 15,046 18,860 12,734 14,000 17,100 17,100 14,750 (2,350)(13.74 %)
4200.112 - Intergovern- Federal - Operating -
Section 8 - VASH Vouchers
-30,883 10,295 2,822 37,000 ----0.00 %
4270.300 - Intergovern-Local-Operating
Section 8 - Rent Port
876,594 888,103 916,064 887,808 872,000 900,000 900,000 960,000 60,000 6.67 %
4270.301 - Intergovern-Local-Operating
Section 8 - Admin Port
59,854 72,453 60,054 64,035 57,555 53,875 59,700 67,823 13,948 25.89 %
4700.150 - Interest Income - Operating
Account
871 127 9 5 600 200 200 10 (190)(95.00 %)
4900.050 - Transfers In - Reserves ----32,384 -3,205 --0.00 %
Total $2,920,653 $3,190,299 $3,323,433 $3,104,165 $3,005,539 $3,308,856 $3,332,555 $3,393,385 $84,529 2.55 %
Expenses 6000 - Salaries ($1,842)$549 ($4,727)------0.00 %
6000.100 - Salaries - Regular 177,264 186,402 182,642 147,646 189,497 195,182 200,438 187,079 (8,103)(4.15 %)
6050 - Benefits (279)83 (716)------0.00 %
6050.100 - Benefits - Social Security 10,540 11,105 10,264 8,313 11,749 12,101 12,426 11,598 (503)(4.16 %)
6050.101 - Benefits - Medicare 2,465 2,597 2,400 1,944 2,749 2,830 2,905 2,712 (118)(4.17 %)
6050.200 - Benefits - PERA 13,295 13,980 13,514 10,972 14,212 14,639 15,033 14,032 (607)(4.15 %)
6050.302 - Benefits - Unemployment ---267 -----0.00 %
6060.100 - Medical Insurance - Employer
Contribution
22,769 25,725 28,365 30,158 27,653 36,933 41,086 41,086 4,153 11.24 %
6070.100 - Dental Insurance - Employer
Contribution
2,167 1,991 777 903 2,185 925 971 3,175 2,250 243.24 %
6080.100 - Group Life Insurance - Employer
Contribution
303 308 309 245 350 360 363 363 3 .83 %
6100 - Office Supplies -660 110 -100 100 100 100 -0.00 %
6500 - Employee Development 695 --------0.00 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 3
29
City of Plymouth
2022/2023 Biennial Budget Detail
HRA Section 8 - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Expenses 6500.100 - Employee Development - Training 642 -1,099 -1,000 1,000 1,000 2,000 1,000 100.00 %
6550 - Mileage & Parking Reimbursement ----150 150 150 150 -0.00 %
6700 - Dues & Subscriptions -344 -248 500 500 500 500 -0.00 %
6700.109 - Dues & Subscriptions - Software -3,351 2,633 868 -----0.00 %
7000 - Professional Services 575 13,795 18,007 5,372 3,000 3,500 3,500 13,750 10,250 292.86 %
7003 - Legal ----500 500 500 500 -0.00 %
7004 - Audit Fees 7,374 8,039 8,181 10,305 8,500 8,500 8,750 9,000 500 5.88 %
7005 - Accounting 3,240 3,300 3,360 2,950 3,750 3,500 3,750 4,000 500 14.29 %
7100.100 - Communications - Postage 1,710 1,946 1,344 1,104 3,750 3,250 3,500 4,000 750 23.08 %
7200 - Printing & Publishing 54 48 48 80 500 500 500 500 -0.00 %
7500.201 - Repair & Maint Services -
Departmental Software Maint
--34 ------0.00 %
8000 - Non-Cap Equip (< 5K)-1,676 1,027 116 -----0.00 %
9000.101 - Allocations - Information
Technology
19,129 19,129 19,703 18,603 19,703 20,294 20,903 20,903 609 3.00 %
9000.102 - Allocations - Facilities
Management
1,836 1,836 1,891 1,786 1,891 1,948 2,006 2,056 108 5.54 %
9000.110 - Allocations - Risk Mgmt - OH,
Premium
817 1,626 665 919 665 1,003 1,018 1,018 15 1.50 %
9000.111 - Allocations - Risk Mgmt - Claims ---922 -1,006 1,006 1,006 -0.00 %
9908.100 - Section 8 Fees - Project Based 161,761 165,293 161,810 208,443 163,000 158,000 159,000 163,000 5,000 3.16 %
9908.102 - Section 8 Fees - Port-Out Rent
Assist
95,563 89,266 165,910 192,941 103,000 169,000 170,000 215,532 46,532 27.53 %
9908.103 - Section 8 Fees - Port-Out Admin
Fee
11,051 11,018 14,959 20,488 12,000 15,500 16,000 22,625 7,125 45.97 %
9908.104 - Section 8 Fees - Port-In Vouchers 876,594 888,103 916,064 887,134 872,000 900,000 900,000 960,000 60,000 6.67 %
9908.105 - Section 8 Fees - Mainstream M/C 108,828 115,258 117,313 119,666 112,000 117,500 118,000 123,575 6,075 5.17 %
9908.106 - Section 8 Fees - Mainstream M5
(HUD)
88,119 99,165 110,024 113,076 91,000 116,500 117,000 123,550 7,050 6.05 %
9908.107 - Section 8 Fees - Rental Vouchers 1,321,118 1,434,212 1,432,777 1,277,271 1,283,000 1,453,000 1,460,000 1,380,000 (73,000)(5.02 %)
9908.108 - Section 8 Fees - Enhanced Rental 42,966 36,264 33,731 31,588 40,000 34,500 35,000 35,000 500 1.45 %
9908.112 - Section 8 Fees - VASH Vouchers -17,481 29,339 38,005 37,000 36,000 37,000 50,600 14,600 40.56 %
9911 - Grant Awards -500 13,000 ------0.00 %
9920 - Bank Fees -----135 150 25 (110)(81.48 %)
9920.100 - Bank Fees - Credit Card 35 12 24 9 50 ----0.00 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 4
30
City of Plymouth
2022/2023 Biennial Budget Detail
HRA Section 8 - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Expenses 9920.150 - Bank Fees - PSN 3 1 1 1 10 ----0.00 %
9920.160 - Bank Fees - Operating Acct 52 53 57 54 75 ----0.00 %
Total $2,968,843 $3,155,116 $3,285,940 $3,132,396 $3,005,539 $3,308,856 $3,332,555 $3,393,435 $84,579 2.56 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 5
31
City of Plymouth
2022/2023 Biennial Budget Detail
HRA General - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Revenue 4000.100 - Taxes - Property $578,403 $593,997 $607,525 $313,700 $600,105 $610,990 $631,332 $631,332 $20,342 3.33 %
4200 - Intergovern- Federal - Operating -800 -------0.00 %
4230.100 - Intergovern-State-Operating - Mkt
Value Credit (HACA)
6 5 5 3 -----0.00 %
4290 - Intergovern-Other --500,000 ------0.00 %
4320 - Rental Fees 9,900 11,500 17,850 36,500 9,900 47,500 47,500 51,900 4,400 9.26 %
4355 - Developer Fees -160 6,600 ------0.00 %
4620 - Contributions - Capital --25,295 ------0.00 %
4700.100 - Interest Income - Investments 66,581 62,263 (12,453)(27,743)19,000 20,000 20,000 20,000 -0.00 %
4700.150 - Interest Income - Operating
Account
2,695 425 21 3 1,000 500 500 500 -0.00 %
4700.300 - Interest Income - Notes 4,139 3,283 2,207 -4,000 3,000 2,500 2,500 (500)(16.67 %)
4800 - Other Revenues -3,840,900 1,248,497 ------0.00 %
4801 - Administrative Fee 20,376 --50,000 -----0.00 %
4820 - Loan Repayments 13,260 72,017 20,556 -13,500 17,000 18,500 12,000 (5,000)(29.41 %)
Total $695,359 $4,585,350 $2,416,103 $372,463 $647,505 $698,990 $720,332 $718,232 $19,242 2.75 %
Expenses 6000 - Salaries $5,485 $5,809 ($2,024)------0.00 %
6000.100 - Salaries - Regular 172,523 209,686 206,320 107,846 214,126 217,760 226,164 205,538 (12,222)(5.61 %)
6050 - Benefits 831 880 (307)------0.00 %
6050.100 - Benefits - Social Security 10,371 12,676 12,792 6,651 12,750 12,729 12,961 10,992 (1,737)(13.65 %)
6050.101 - Benefits - Medicare 2,504 3,063 2,992 1,556 3,129 3,182 3,305 2,988 (194)(6.10 %)
6050.200 - Benefits - PERA 12,930 15,657 15,193 6,174 16,060 16,331 16,960 15,415 (916)(5.61 %)
6050.302 - Benefits - Unemployment ---8,384 -----0.00 %
6050.550 - Benefits - Cell Phone Allowance 1,446 1,392 1,421 305 1,440 1,440 1,440 240 (1,200)(83.33 %)
6050.570 - Benefits - Car Allowance 241 232 241 205 240 240 240 240 -0.00 %
6060.100 - Medical Insurance - Employer
Contribution
10,621 13,989 20,388 8,079 15,892 16,827 18,040 11,625 (5,202)(30.91 %)
6070.100 - Dental Insurance - Employer
Contribution
1,656 1,643 1,595 915 1,786 1,786 1,876 1,919 133 7.45 %
6080.100 - Group Life Insurance - Employer
Contribution
604 631 621 372 738 743 758 755 12 1.62 %
6100 - Office Supplies 196 -63 142 500 500 500 500 -0.00 %
6120 - Operating Supplies ---14 -----0.00 %
6130 - Repair & Maint Supplies -25 370 81 200 ----0.00 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 6
32
City of Plymouth
2022/2023 Biennial Budget Detail
HRA General - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Expenses 6500.100 - Employee Development - Training 274 1,065 213 206 3,200 3,200 3,200 3,200 -0.00 %
6550 - Mileage & Parking Reimbursement ----100 100 100 100 -0.00 %
6700 - Dues & Subscriptions 821 1,291 1,708 897 1,000 1,000 1,000 1,000 -0.00 %
7000 - Professional Services 4,170 22,293 16,126 14,561 5,000 10,000 10,000 18,000 8,000 80.00 %
7000.300 - Professional Services -
Architectural Design Program
150 600 650 150 1,000 1,000 1,000 1,000 -0.00 %
7003 - Legal 1,791 8,504 6,540 2,719 5,229 6,000 6,000 6,000 -0.00 %
7004 - Audit Fees 1,846 1,892 1,928 2,425 2,000 2,000 2,000 2,000 -0.00 %
7100.100 - Communications - Postage --16 -750 750 750 750 -0.00 %
7200 - Printing & Publishing --1,059 -1,000 1,000 1,000 1,000 -0.00 %
7400.102 - Utilities - Natural Gas ---667 ---2,520 2,520 100.00 %
7400.103 - Utilities - Water & Sewer --481 1,441 ---432 432 100.00 %
7400.104 - Utilities - Solid Waste ---411 ---126 126 100.00 %
7400.108 - Utilities - Electric ---745 ---960 960 100.00 %
7500 - Repair & Maint Services 2,931 11,306 15,525 12,946 4,000 10,000 17,000 17,000 7,000 70.00 %
8000 - Non-Cap Equip (< 5K)868 3,002 87 2,477 -----0.00 %
8100 - Capital Outlay (> 5K)--4,970 ------0.00 %
8100.100 - Capital Outlay (> 5K) - Land -152,553 -------0.00 %
8100.300 - Capital Outlay (> 5K) - Buildings -188,583 692,393 ------0.00 %
9000.101 - Allocations - Information
Technology
12,236 12,236 12,603 11,899 12,603 12,981 13,370 13,370 389 3.00 %
9000.102 - Allocations - Facilities
Management
12,626 12,626 13,005 12,279 13,005 13,395 13,797 14,138 743 5.55 %
9000.110 - Allocations - Risk Mgmt - OH,
Premium
727 1,450 (13,608)813 (13,608)887 900 900 13 1.47 %
9000.111 - Allocations - Risk Mgmt - Claims -15,000 -------0.00 %
9500.050 - Transfers Out - Reserves ----35,090 49,864 47,696 34,649 (15,215)(30.51 %)
9500.850 - Transfers Out - Plymouth Town
Square
185,000 175,000 258,000 260,000 258,000 260,000 260,000 260,000 -0.00 %
9500.851 - Transfers Out - Vicksburg Crossing 55,000 40,000 40,000 45,000 40,000 45,000 50,000 50,000 5,000 11.11 %
9900 - Miscellaneous 80,050 3,922,450 1,248,647 800 ---5,600 5,600 100.00 %
9904 - Real Estate Taxes --5,918 ------0.00 %
9911 - Grant Awards --501,610 -12,000 10,000 10,000 10,000 -0.00 %
9920.100 - Bank Fees - Credit Card -9 121 ------0.00 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 7
33
City of Plymouth
2022/2023 Biennial Budget Detail
HRA General - Budgeted Revenues and Expenditures
Account Number - Description
Actual
2019
Actual
2020
Actual
2021
Actual
December
YTD
2022
Budget
Amended
2021
Budget
Adopted
2022
Budget
Concept
2023
Budget
Proposed
2023
Budget
Adopted -
Proposed
Variance $
2022-2023
Budget
Adopted -
Proposed
Variance %
2022-2023
Expenses 9920.150 - Bank Fees - PSN 9 4 3 1 25 25 25 25 -0.00 %
9920.160 - Bank Fees - Operating Acct 163 148 133 36 200 200 200 200 -0.00 %
9920.170 - Bank Fees - Investments 45 44 30 7 50 50 50 50 -0.00 %
9930 - Loans 46 -70,845 61,136 ---25,000 25,000 100.00 %
Total $578,162 $4,835,738 $3,138,668 $572,339 $647,505 $698,990 $720,332 $718,232 $19,242 2.75 %
Nov 18, 2022 03:31 PM Biennial Budget Detail Page 8
34
Fund Balance Summaries
September 30, 2022Prepared on: 10/11/2022
HRA Community Economic General Section 8 Development Development258254230234Fund Balance - Beginning 917,751.00 596,904.00 62,105.00 141,743.00 Revenues - 09/30/22 374,157.00 2,538,201.00 (2,819.00) (4,297.00) Expenses - 09/30/22 (534,896.00) (2,536,296.00) (4.00) (10.00) Fund Balance - 09/30/22 757,012.00 598,809.00 59,282.00 137,436.00
Less Restricted for:HRA General: Current Year Budget x 40%(279,596.00)
LHIA Funds to be received from Met Council
Commitments:
Noah Properties Reserve
Section 8: 2 months expenditures (551,476.00)
State Funded Rehabilitation Loans - 201 (1,889.93)
State Funded 1st Time Homebuyer - 211 (19,987.65)
Unrestricted Fund Balance 455,538.41
Available Fund Balance 433,660.83 47,333.00 59,282.00 137,436.00
TIF 1-1 TIF 1-2 TIF 1-3 TIF 7-4 TIF 7-5A TIF 7-6 THAP TIF 7-7 TIF 7-8 TIF 7-9 TIF 7-10 TIF 7-11 427 428 429 422 423 424 425 426 432 433 434 436Fund Balance - Beginning (919.19) 12,752.98 238,409.36 1,104,240.00 (1,308.93) 1,396,224.12 68,995.21 (376,707.07) 145,359.28 1,071.06 (244,140.35) (73.70) Revenues - 09/30/22 12.43 (572.42) 85,736.96 134,763.57 17.84 154,184.60 (3,130.26) 131,487.52 219,183.50 997.27 868.83 19,953.31 Expenses - 09/30/22 (799.13) (1,585.91) (88,224.78) (877.02) (799.17) (880.41) (773.05) (804.31) (204,310.59) (7,374.89) (799.16) (21,828.95) Fund Balance - 09/30/22 (1,705.89) 10,594.65 235,921.54 1,238,126.55 (2,090.26) 1,549,528.31 65,091.90 (246,023.86) 160,232.19 (5,306.56) (244,070.68) (1,949.34)
TIF 1-1 TIF 7-5A Debt Service Debt Service 308 310Fund Balance - Beginning 1,163,218.00 - Revenues - 09/30/22 55,506.46 118,047.93
Expenses - 09/30/22 (80.28) (290,154.57) Fund Balance - 09/30/22 1,218,644.18 (172,106.64)
Commitments:
Cranberry Ridge Loan TIF 7-6
Cranberry Ridge Fee Waiver Cranberry Ridge Loan TIF 7-7 - - - - - - - - - - - -
Total Fund Balance by District 1,216,938.29 10,594.65 235,921.54 1,238,126.55 (174,196.90) 1,549,528.31 65,091.90 (246,023.86) 160,232.19 (5,306.56) (244,070.68) (1,949.34)
Plymouth Towne Vicksburg Square Crossing850851Repair and Replacement Cash Balance 9/30 700,781.73 893,861.59 Repair and Replacement Cash Balance 701,631.73 894,712.59
Debt Service Cash Balance 9/30 144,544.10 - Half of the Year-End Cash Transfer - - Debt Service Cash Balance 144,544.10 -
Operating Cash Balance as of 9/30 292,136.62 1,061,181.46 Half of the Year-End Cash Transfer - - Operating Cash Balance 292,136.62 1,061,181.46
Total Cash Balance 1,138,312.45 1,955,894.05
HRA Funds
Senior Buildings
Tax Increment Funds
O:\TIF Districts\HRA Reserves 2022 - Updated 10-11-22
35
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:6.2
To:Housing and Redevelopment Authority
Prepared by:Danette Parr, Community and Economic Development Director
Reviewed by:Denise Whalen, Support Services Manager
Item:Plymouth Towne Square 2023 Budget
1. Action Requested:
Adopt Resolution 2022-10 approving the 2023 Plymouth Towne Square operating budget
2. Background:
Staff has reviewed the budget for Plymouth Towne Square (PTS) submitted by Grace Management
for the operation of the property for January 1, 2023 through December 31, 2023, including a current
estimate of actual expenditures for 2022. After discussions with internal staff and Grace
Management, the attached operating budget is ready for review and approval by the HRA board.
Revenue: Overall revenues for 2023 are projected to be $1,079,000. Included in this figure are
revenues from tenants, parking stall rentals, application fees, investment income and the HRA tax
levy. Tenant rents are anticipated to be $777,600, which is an increase of approximately $44,280 from
last year and includes a rent increase of two percent. The subsidy is projected to be $235,000, which
is slightly less than 2022. Expenditures: Staff has reviewed the 2022 year-to-date financials and
contacted our vendors to arrive at the anticipated 2023 expenditures. The proposed operating
expenditures are $646,403, which is approximately $25,495 higher than 2022. Reserve/Replacement
Account: The 2023 budget anticipates adding $84,000 to our replacement reserve account, which is
the same as last year. Staff continues to review 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 and non-capital improvements to the building in 2023 including the following:
Capital Improvements: 1. Modernize the two elevators ($136,000). 2. Replace outdoor heat pump
condensing unit ($29,860). Non-Capital Improvements: 1. Replace 15 stoves ($13,000) 2. Replace 10
refrigerators ($10,000) 3. Refurbish apartment cabinetry ($15,000) 4. Commercial trash container for
exterior entrance ($1,000). The funds for these improvements will come from the building’s
replacement reserves.
3. Budget Impact:
The operating budget will be covered through a combination of building revenue and the HRA tax
levy.
4. Attachments:
PTS 2023 Budget
36
PTS 2023 Budget Comparison
PTS 2023 Budget Assumptions
2022-10_PTS_2023_Operating_Budget_resolution_12-1-22
37
PLYMOUTH TOWNE SQUARE
2023 BUDGET draft
99 INDEPENDENT UNITS BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
UNITS OCCUPIED 97 97 97 97 97 97 97 97 97 97 97 97 97.00
PERCENTAGE OCCUPIED 98%98%98%98%98%98%98%98%98%98%98%98%98%
INCOME
RESIDENT RENTS 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 777,600
HRA SUBSIDY 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 235,000
GARAGE RENTAL 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 46,080
GUEST ROOM REVENUE 65 0 65 0 65 0 65 0 65 0 65 0 390
LAUNDRY REVENUE 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 12,600
TRANSFER FEE 0 0 0 0 0 0 500 0 0 0 0 0 500
APPLICATION FEE 70 35 70 35 70 35 70 35 70 35 70 35 630
INVESTMENT INCOME 417 417 417 417 417 417 417 417 417 417 417 417 5,000
MISCELLANEOUS REVENUE 100 100 100 100 100 100 100 100 100 100 100 100 1,200
TOTAL INCOME 89,925 89,825 89,925 89,825 89,925 89,825 90,425 89,825 89,925 89,825 89,925 89,825 1,079,000
Prepared by Grace Mgmt, Inc.PTS 2023 Budget Draft Template jb 11/8/2022
38
PLYMOUTH TOWNE SQUARE
2023 BUDGET draft
99 INDEPENDENT UNITS BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
OPERATING EXPENSES
PROPERTY ADMINISTRATION:
MANAGER SALARIES 5,358 5,358 5,358 5,358 5,358 5,358 5,358 5,358 5,358 5,358 5,358 5,358 64,300
MAINTENANCE SALARIES 4,723 4,723 4,723 4,723 4,723 4,723 4,723 4,723 4,723 4,723 4,723 4,723 56,680
PAYROLL TAXES 807 807 807 807 807 807 807 807 807 807 807 807 9,678
HEALTH INSURANCE 2,060 2,060 2,060 2,060 2,060 2,060 2,060 2,060 2,060 2,060 2,060 2,060 24,721
WORKERS COMP INSURANCE 155 155 155 155 155 155 155 155 155 155 155 155 1,860
EMPLOYEE COSTS 90 90 90 90 135 90 90 90 90 90 135 90 1,170
CLASSIFIED ADVERTISING 0
DUES & SUBSCRIPTIONS 60 0 0 0 0 0 0 0 0 0 0 0 60
LICENSES, PERMITS & FEES 0 0 0 0 0 0 0 200 0 694 60 0 954
MILEAGE REIMBURSEMENT 15 15 15 15 15 15 15 15 15 15 15 15 180
POSTAGE/OVERNIGHT DELIVERY 0 50 0 0 0 50 0 0 50 0 0 0 150
MANAGEMENT FEES 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 62,811
PROFESSIONAL FEES 583 583 583 583 583 583 583 583 583 583 583 583 7,000
TELEPHONE EXPENSE 400 400 400 400 400 400 400 400 400 400 400 400 4,800
EQUIP REPAIRS/MAINT/LEASE 800 800 800 800 800 800 800 800 800 800 800 800 9,600
OFFICE SUPPLIES & EXPENSES 90 90 90 90 90 90 90 90 90 90 90 90 1,080
BANK CHARGES 105 105 105 105 105 105 105 105 105 105 105 105 1,260
PRINTING 15 15 15 15 15 15 15 15 15 15 15 15 180
SEMINARS/TRAINING 0 0 0 200 0 0 0 0 0 0 0 0 200
TOTAL PROPERTY ADMINISTRATION 20,496 20,486 20,436 20,636 20,481 20,486 20,436 20,636 20,486 21,130 20,541 20,436 246,684
RESIDENT SERVICE EXPENSE
RESIDENT PROGRAM/ACTIVITIES 50 250 250 100 100 225 225 850 100 1,000 350 1,800 5,300
MARKETING & LEASING:10 10 10 10 10 10 10 10 10 10 10 10 120
HOUSEKEEPING:
CONTRACT LABOR 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 18,420
CLEANING SUPPLIES 185 185 185 185 185 185 185 185 185 185 185 185 2,220
TOTAL HOUSEKEEPING EXPENSES:1,720 1,720 1,720 1,720 1,720 1,720 1,720 1,720 1,720 1,720 1,720 1,720 20,640
Prepared by Grace Mgmt, Inc.PTS 2023 Budget Draft Template jb 11/8/2022
39
PLYMOUTH TOWNE SQUARE
2023 BUDGET draft
99 INDEPENDENT UNITS BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
BUILDINGS & GROUNDS:
CABLE TV EXPENSE 95 100 100 100 100 100 93 93 93 93 93 93 1,153
UTILITIES-ELECTRIC 1,850 1,850 1,850 1,850 2,200 2,300 2,550 2,700 2,550 1,850 1,850 1,850 25,250
UTILITIES-WATER & SEWER 1,900 1,900 1,900 2,100 2,200 2,400 2,400 2,400 2,400 2,100 1,900 1,900 25,500
UTILITIES-GAS 5,000 5,000 4,300 3,000 2,200 1,200 1,200 1,200 2,200 3,000 3,300 4,700 36,300
WATER SOFTENING EXPENSE 460 460 460 460 460 460 460 460 460 460 460 460 5,520
CONTRACT LABOR 600 600 600 600 600 600 600 600 600 600 600 600 7,200
DOORS, KEYS & WINDOWS 250 250 250 250 250 250 250 250 250 250 250 250 3,000
FIRE SYSTEM SERVICE 625 625 625 625 625 625 625 625 625 625 625 625 7,500
LAWN CARE/SNOW REMOVAL 3,000 3,100 3,000 2,600 3,100 2,225 2,225 2,225 2,225 2,225 2,225 2,650 30,800
PEST CONTROL 0 0 165 0 65 165 0 65 165 0 0 165 790
TRASH REMOVAL 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 22,020
UNIT TURNOVER 2,667 2,667 2,667 2,667 2,667 2,667 2,667 2,667 2,667 2,667 2,667 2,667 32,000
ELEVATOR REPAIRS & MAINT 775 775 775 775 775 775 775 775 775 775 775 775 9,300
REPAIRS & MAINTENANCE 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000
BUILDING & GROUNDS SUPPLIES 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 22,200
HVAC SUPPLIES & REPAIR 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 16,200
MISC UNBUDGETED EXPENSE 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
TOTAL BUILDINGS & GROUNDS 26,257 26,362 25,727 24,062 24,277 22,802 22,880 23,095 24,045 23,680 23,780 25,770 292,733
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,707 3,707 3,707 3,901 3,901 3,901 3,901 3,440 3,440 3,440 3,440 3,440 43,926
PAYMENT IN LIEU OF PROPERTY TAX 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 37,000
TOTAL OTHER OPERATING EXPENSES 6,791 6,791 6,791 6,984 6,984 6,984 6,984 6,523 6,523 6,523 6,523 6,523 80,926
TOTAL OPERATING EXPENSES 55,323 55,618 54,933 53,512 53,572 52,227 52,255 52,834 52,884 54,063 52,924 56,259 646,403
NET OPERATING INCOME / (LOSS)34,602 34,207 34,992 36,313 36,353 37,598 38,170 36,991 37,041 35,762 37,001 33,566 432,597
OTHER EXPENSES:
DEPRECIATION EXPENSE 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 195,900
AMORTIZATION EXPENSE (527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(6,320)
INTEREST EXPENSE 907 907 907 907 907 907 907 907 907 907 907 907 10,888
RESERVE/REPLACE/CAP EX EXPENSE 5,000 1,000 5,000 29,860 68,000 15,000 68,000 5,000 2,000 2,000 2,000 2,000 204,860
HRA SUBSIDY - TIF 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL OTHER EXPENSES:21,706 17,706 21,706 46,566 84,706 31,706 84,706 21,706 18,706 18,706 18,706 18,706 405,328
NET INCOME:12,896 16,501 13,286 (10,252)(48,352)5,893 (46,535)15,285 18,335 17,056 18,295 14,860 27,270
PERCENT OF INCOME 14%18%15%-11%-54%7%-51%17%20%19%20%17%3%
CASHFLOW ADJUSTMENTS:
DEPRECIATION 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 195,900
AMORTIZATION (527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(527)(6,320)
RESERVE/REPLACE/CAP EX 5,000 1,000 5,000 29,860 68,000 15,000 68,000 5,000 2,000 2,000 2,000 2,000 204,860
PRINCIPAL ON DEBT 0 0 0 0 0 0 0 0 (335,000)0 0 (335,000)
NET CASHFLOW:33,695 33,300 34,085 35,406 35,446 36,691 37,263 36,084 36,134 (300,145)36,094 32,659 86,710
TRANSFER TO RESERVE REPLACE 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000
OPERATING RESERVE 2,710
Prepared by Grace Mgmt, Inc.PTS 2023 Budget Draft Template jb 11/8/2022
40
PLYMOUTH TOWNE SQUARE2023 Budget - Draft Percentage
2021 2022 2022 2023 Difference
ACTUAL Jan-June BUDGET BUDGET Budget 23 Budget 23
TOTALS ACTUALS TOTALS TOTALS Actual 21 to Budget 22
UNITS OCCUPIED 98 98 97 97 -1%0%PERCENTAGE OCCUPIED 99%99%98%98%-1%0%
INCOME
RESIDENT RENTS 717,029 373,697 733,320 777,600 8%6%HRA SUBSIDY 258,000 130,002 260,000 235,000 -9%-10%GARAGE RENTAL 40,011 21,698 42,240 46,080 15%9%GUEST ROOM REVENUE 130 0 780 390 200%-50%
LAUNDRY REVENUE 12,534 6,498 12,000 12,600 1%5%
TRANSFER FEE 0 0 500 500 N/A 0%
APPLICATION FEE 490 175 630 630 29%0%INVESTMENT INCOME (30,227)4,008 8,000 5,000 -117%-38%MISC. REVENUE 6,216 258 1,200 1,200 -81%0%TOTAL INCOME 1,004,183 536,336 1,058,670 1,079,000 7%2%
OPERATING EXPENSES
PROPERTY ADMINISTRATION: MANAGER SALARIES 66,212 30,448 61,800 64,300 -3%4% MAINTENANCE SALARIES 42,078 27,358 54,496 56,680 35%4% PAYROLL TAXES 9,070 4,460 9,304 9,678 7%4%
HEALTH INSURANCE 18,445 11,527 23,306 24,721 34%6%
WORKERS COMP INSURANCE 1,764 1,819 1,680 1,860 5%11%
EMPLOYEE COSTS 1,165 520 1,170 1,170 0%0% CLASSIFIED ADVERTISING 469 330 0 0 N/A N/A DUES & SUBSCRIPTIONS 60 60 60 60 0%0% LICENSES, PERMITS & FEES 934 220 954 954 2%0%
MILEAGE REIMBURSEMENT 25 0 300 180 620%-40%
POSTAGE/OVERNIGHT DELIVERY 124 62 159 150 21%-6%
MANAGEMENT FEES 59,820 29,910 59,822 62,811 5%5% PROFESSIONAL FEES 7,060 887 7,000 7,000 -1%0% TELEPHONE EXPENSE 4,594 2,282 4,728 4,800 4%2% EQUIP REPAIRS/MAINT/LEASE 11,327 4,999 7,200 9,600 -15%33%
OFFICE SUPPLIES & EXPENSES 944 141 1,080 1,080 14%0%
BANK CHARGES 1,052 651 1,320 1,260 20%-5%
PRINTING 47 117 240 180 N/A -25% SEMINARS/TRAINING 50 0 200 200 N/A 0%TOTAL PROPERTY ADMINISTRATION 225,240 115,791 234,819 246,684 10%5%
RESIDENT SERVICES EXPENSES
RESIDENT PROGRAMS/ACTIVITIES 4,863 743 5,300 5,300 9%0%
MARKETING & LEASING:0 0 120 120 N/A 0%
HOUSEKEEPING
CONTRACT LABOR 17,764 8,635 18,420 18,420 4%0% CLEANING SUPPLIES 2,164 407 2,220 2,220 3%0%TOTAL HOUSEKEEPING EXPENSES:19,928 9,042 20,640 20,640 4%0%
BUILDINGS & GROUNDS:
CABLE TV EXPENSE 1,064 546 1,112 1,153 8%4%
UTILITIES-ELECTRIC 23,361 11,252 22,225 25,250 8%14% UTILITIES-WATER & SEWER 23,577 11,615 23,250 25,500 8%10% UTILITIES-GAS 23,616 22,619 23,100 36,300 54%57% WATER SOFTENING EXPENSE 4,977 2,482 5,880 5,520 11%-6% CONTRACT LABOR 13,519 4,362 5,400 7,200 -47%33%
DOORS, KEYS & WINDOWS 7,300 762 2,400 3,000 -59%25%
FIRE SYSTEM SERVICE 16,041 2,469 7,500 7,500 -53%0%
41
PLYMOUTH TOWNE SQUARE2023 Budget - Draft Percentage
2021 2022 2022 2023 Difference
ACTUAL Jan-June BUDGET BUDGET Budget 23 Budget 23
TOTALS ACTUALS TOTALS TOTALS Actual 21 to Budget 22 LAWN CARE/SNOW REMOVAL 32,255 13,520 29,700 30,800 -5%4% PEST CONTROL 6,410 2,345 790 790 -88%0% TRASH REMOVAL 19,594 11,518 21,000 22,020 12%5% UNIT TURNOVER 36,671 11,222 38,700 32,000 -13%-17%
ELEVATOR REPAIRS & MAINT 8,440 6,269 8,580 9,300 10%8%
REPAIRS & MAINTENANCE 37,824 21,545 40,000 36,000 -5%-10%
BUILDING & GROUNDS SUPPLIES 18,063 10,418 24,000 22,200 23%-8% HVAC SUPPLIES & REPAIR 9,300 4,220 16,200 16,200 74%0% MISC UNBUDGETED EXPENSE 0 0 12,000 12,000 N/A 0%TOTAL BUILDINGS & GROUNDS 282,012 137,164 281,837 292,733 4%4%
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 41,991 22,957 41,792 43,926 5%5% PAYMENT IN LIEU OF PROPERTY TAX 35,851 18,198 36,400 37,000 3%2%TOTAL OTHER OPERATING EXPENSES 77,842 41,155 78,192 80,926 4%3%
TOTAL OPERATING EXPENSES 609,885 303,895 620,908 646,403 6%4%
NET OPERATING INCOME / (LOSS)394,298 232,441 437,762 432,597 10%-1%
OTHER EXPENSES: DEPRECIATION EXPENSE 202,665 97,950 195,900 195,900 -3%0% AMORTIZATION EXPENSE (17,376)0 (6,320)(6,320)-64%0%
INTEREST EXPENSE 13,263 328 6,590 10,888 -18%65%
RESERVE/REPLACE/CAP EX EXPENSE 23,970 8,911 14,350 204,860 755%1328%
HRA SUBSIDY - TIF 0 0 0 0 N/A N/ATOTAL OTHER EXPENSES:222,522 107,189 210,520 405,328 82%93%
NET INCOME:171,776 125,252 227,242 27,270 -84%-88%
PERCENT OF INCOME 17%23%21%3%-85%-88%
CASHFLOW ADJUSTMENTS: DEPRECIATION 197,197 97,950 195,900 195,900 -1%0% AMORTIZATION (6,324)0 (6,320)(6,320)0%0%
RESERVE/REPLACE/CAP EX 85,250 8,911 14,350 204,860 140%1328%
PRINCIPAL ON DEBT (305,000)0 (328,000)(335,000)10%2%
NET CASHFLOW:57,649 223,202 103,172 86,710 50%-16% TRANSFER TO RESERVE REPLACE 84,000 42,000 84,000 84,000 0%0% OPERATING RESERVE (26,351)181,202 19,172 2,710 -110%-86%
42
PLYMOUTH TOWNE SQUARE 2023 Budget Assumptions – Draft
REVENUE: Resident Rent Revenue is based on July 2022 average rent per unit of $661 plus a 2%
increase. We budget 96 occupied units to allow for turnover time & rent fluctuations
based on new resident’s rent rate which is driven by income. The rental increase will go into effect on January 1, 2023. The minimum rents are proposed to increase 2% to $462 for a one-bedroom (up $9) and increase 2% to $622 (up $12) for a two-bedroom. The market rate rents are proposed to increase 2% also to $1,040 (up $20) for a one-
bedroom and $1,333 (up $26) for a two-bedroom.
HRA Subsidy will be $235,000 for the year. Garage Rental is based on 64 stalls leased at $60 a month each. This is a $5/month
increase and is now the same as Vicksburg Crossing.
Guest Room Revenue is based on 6 nights rented per year at $65 a night. This amenity has not rebounded to pre-pandemic levels of usage.
Laundry Revenue We are budgeting based on 2022 revenue.
Transfer Fee Income is budgeted for one internal move at $500. Application Fee Revenue is budgeted at 1.5 per month (we process a background
check on each person occupying an apartment) per month. We pass on the expense
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.
Investment Income is an estimate provided by City of Plymouth Finance Department.
Miscellaneous Revenue includes any forfeited security deposits due to damage beyond normal wear and tear. This is the same as last year.
43
OPERATING EXPENSES: Property Administration:
Manager Salary This figure includes a 4% increase. Maintenance Salary is based on a full-time position. The position is budgeted at 40 hours/week regular time and 1 hour per week over time to account for emergency calls.
Each building has a full-time maintenance technician who works primarily at that
location. Payroll Tax is budgeted at 8% 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 100% employee paid. The amount is based on the
2022 premiums for the current employee on the healthcare plan with a 10% increase
anticipated in premiums for 2023. Worker’s Compensation Insurance premium is budgeted to increase due to increased wages.
Employee Costs include ADP fees, help wanted ads, background checks for new employees. Dues & Subscriptions includes the price for Costco membership.
Licenses, Permit & Fees are based on fees for the boiler license, elevator permit and dwelling license fees. Employee Mileage is estimated. The current team is not tracking mileage and
requesting reimbursement as former staff members did. We feel it is prudent to allocate
funds in the event they begin requesting reimbursement. Postage/Overnight Delivery remains the same estimated using 2022 budget.
Management Fees increases are alternated each year with Vicksburg Crossing.
Plymouth Towne Square will increase 5% in 2023. Legal and Other 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.
44
Telephone includes the cellular phones for the maintenance staff (split with VC) and the incoming lines for the property along with internet and long-distance expenses. The budget reflects estimates showing a 2% increase from previous year’s budget.
Equipment Repairs/Maintenance/Lease is based the copier maintenance fees, copy overages and occasional maintenance on the resident and office computers. Budget amount increase is due to the ongoing need for IT support related to resident computer repairs/clean up.
Office Supplies & Expenses include the office supplies for the office and printer cartridges and some paper for the resident computers. We are not budgeting an increase over 2022.
Bank Charges are estimated based on the trailing 12 months.
Printing is for printing of stationery, envelopes and work orders. Seminars/Training $200 is budgeted for 2023.
Resident Service Expense Resident Service Expense reflect expenses for the monthly entertainment/birthday celebration, with bigger events scheduled for Valentine’s Day, St. Patrick’s Day, Night to
Unite, Halloween and the Holiday party. It also includes the purchase of table
decorations. Marketing and Leasing:
We continue to budget a nominal amount for 2023.
Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate and guest
room cleaning.
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.
Buildings and Grounds: Cable TV is based on monthly expense incurred for the TVs in the activity room and exercise room as currently billed with a 4% increase effective in February 2022.
Electric is based on an 8% increase over 2021 actuals.
45
Water and Sewer is based on 8% increase over 2021 actuals due to the potential to experience another extremely dry and/or hot year.
Gas budget reflects a 54% increase over 2021 actuals to be in line with what was experienced over the past 12 months and an increase in price of natural gas. Water Softener is based on 11% increase over 2021 actuals.
Contract Labor is a contract with Building Maintenance Management to handle on-call rotation. The increase over 2022 budget is due to the response history. Doors, Keys and Windows are for the miscellaneous door and window
replacement/repairs, garage door repairs/service, keys made and any other lock/door
repairs. 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. This line item tends to fluctuate significantly year to year but represents a
reasonable average. Lawn Care/Snow Removal is based on historical. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, tree trimming, spring parking
lot sweeping and snow plowing.
Pest Control includes quarterly treatments at $165 plus two addition miscellaneous service calls per year.
Trash Removal is based on actual 2022 rates which represent an additional pick up per
week. Unit Turnover includes carpet/vinyl replacement or cleaning, contract painter, cabinetry/countertop repair, paint and plumbing supplies, etc. for apartments that are
being re-leased or turned over. We are budgeting 8 turns at $4,000 each based on five-
year historical average. Elevator Repairs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract.
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.
46
Building & Grounds Supplies includes common area paint and repairs, light bulbs, plumbing supplies, tractor supplies/repairs, common area blinds, guest suite supplies, holiday decorations and other misc. supplies/tools/equipment.
HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected
issues.
Non-Departmental Expenses Property and Liability Insurance is based on current rates $24,810 for liability with a
decrease in August at renewal. A 2-year rate was negotiated, but fees/taxes for both
years had to be paid at 2022 renewal. $22,000 is estimated for property insurance. Payment in Lieu of Taxes (PILOT) is budgeted at 5% of 2022 rental dwelling revenue ($740,000 rental revenue estimate) to be paid in 2023.
Capital Expenses:
• Modernize 2 elevators: $136,000
• Replace outdoor heat pump condensing unit: $29,860.00 Non-Capital Expenses:
• Replace 15 stoves: $13,000.00
• Replace 10 refrigerators: $10,000.00
• Refurbish apartment cabinetry $15,000
• Commercial trash container for exterior entrance: $1,000.00 Reserve Replacement Funding: Remains at $84,000 for 2022.
47
PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY
HRA RESOLUTION NO. 2022-10
AUTHORIZING THE 2023 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 2023 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 2023.
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 2023 has a total operating expense amount of $646,403 and other expenses of $405,328.
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 1st day of
December, 2022.
48
Regular
Housing and
Redevelopment
Authority
December 1, 2022
Agenda
Number:6.3
To:Housing and Redevelopment Authority
Prepared by:Danette Parr, Community and Economic Development Director
Reviewed by:Denise Whalen, Support Services Manager
Item:Vicksburg Crossing 2023 Budget
1. Action Requested:
Adopt Resolution 2022-11 approving the 2023 Vicksburg Crossing operating budget
2. Background:
Staff has reviewed the budget for Vicksburg Crossing submitted by Grace Management for the
operation of the property for January 1, 2023 through December 31, 2023, including a current
estimate of actual expenditures for 2022. After discussions with internal staff and Grace
Management, the attached operating budget is ready for review and approval by the HRA board.
Revenue: Overall revenues for 2023 are projected to be $1,379,965. Included in this figure are
revenues from tenants, parking stall rentals, application fees, investment income and the HRA tax
levy. Tenant rents are based on the income schedule (attached) and are proposed to be increased by
$20 for all apartment types. The subsidy is projected to be $45,000, which is the same as 2022.
Expenditures: Staff has reviewed the 2022 year-to-date financials and contacted our vendors to
arrive at the anticipated 2023 expenditures. The proposed operating expenditures are $649,760
which is approximately $27,935 higher than 2022. Reserve/Replacement Account: The 2023 budget
anticipates $72,000 for our replacement reserve account, which is the same as last year. Staff
continues to review 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 improvements to
the property in 2023 including the following: 1. Landscaping rock and replace plastic edging with new
metal edging around the building ($10,000) 2.Concrete replacement and lifting ($15,000) 3. Flagpole
($5,000) 4. Magi-Pacs ($40,000) 5. Elevator piston replacement and pit cleanout ($35,000 estimate).
The funds for these improvements will come from the building’s replacement reserves.
3. Budget Impact:
The operating budget will be covered through a combination of building revenue and the HRA tax
levy.
4. Attachments:
VC 2023 BUDGET
VC 2023 Budget Comparison
VC 2023 Budget Assumptions
49
VC 2023 Income Projections
2022-11_VC_2023_Operating_Budget_resolution_12-1-22
50
VICKSBURG CROSSING
2023 BUDGET draft
95 INDEPENDENT UNITS - rentable, 96 constructed BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
UNITS OCCUPIED 92 92 91 92 92 92 92 92 93 92 93 93 92
PERCENTAGE OCCUPIED 97%97%96%97%97%97%97%97%98%97%98%98%97%
INCOME
APARTMENT RENTAL REVENUE 103,508 103,663 102,318 103,663 103,628 103,628 103,508 103,628 105,163 103,628 105,043 105,163 1,246,541APARTMENT RENTAL REVENUE-COUNTY 2,277 2,277 2,277 2,277 2,277 2,277 2,277 2,277 2,277 2,277 2,277 2,277 27,324HRA SUBSIDY-TAX LEVY 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000GARAGE RENTAL 4,080 4,080 4,080 4,080 4,080 4,080 4,080 4,080 4,080 4,080 4,080 4,080 48,960GUEST SUITE REVENUE 140 140 140 140 140 140 140 280 140 140 280 280 2,100APPLICATION FEE REVENUE 35 35 70 35 35 70 35 35 70 35 35 70 560TRANSFER FEE REVENUE 500 0 0 0 0 0 500 0 0 0 0 0 1,000INVESTMENT INCOME 417 417 417 417 417 417 417 417 417 417 417 417 5,000MISCELLANEOUS REVENUE 290 290 290 290 290 290 290 290 290 290 290 290 3,480
TOTAL INCOME 114,997 114,652 113,342 114,652 114,617 114,652 114,997 114,757 116,187 114,617 116,172 116,327 1,379,965
Prepared by Grace Mgmt, Inc.BUDGET 2023 draft-template jb sp 11/8/2022
51
VICKSBURG CROSSING
2023 BUDGET draft
95 INDEPENDENT UNITS - rentable, 96 constructed BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
OPERATING EXPENSES
PROPERTY ADMINISTRATION:
MANAGER SALARIES 5,917 5,917 5,917 5,917 5,917 5,917 5,917 5,917 5,917 5,917 5,917 5,917 71,000 MAINTENANCE SALARIES 4,897 4,897 4,897 4,897 4,897 4,897 4,897 4,897 4,897 4,897 4,897 4,897 58,760 PAYROLL TAXES 865 865 865 865 865 865 865 865 865 865 865 865 10,381 HEALTH INSURANCE 2,059 2,059 2,059 2,059 2,059 2,059 2,059 2,059 2,059 2,059 2,059 2,059 24,710 WORK COMP INSURANCE 160 160 160 160 160 160 160 160 160 160 160 160 1,920 EMPLOYEE COSTS 85 85 85 130 85 85 85 85 85 130 85 85 1,110 CLASSIFIED ADVERTISING 0 0 0 0 0 0 0 0 0 0 0 0 0 DUES & SUBSCRIPTIONS 0 0 0 0 0 65 0 0 0 0 0 65 LICENSES, PERMITS 0 0 676 30 0 200 0 0 0 0 0 0 906 MILEAGE REIMBURSEMENT 10 10 10 10 10 10 10 10 10 10 10 10 120 POSTAGE/OVERNIGHT DELIVERY 10 10 10 10 10 10 10 10 10 10 10 10 120 MANAGEMENT FEES 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 57,583 LEGAL & OTHER PROFESSIONAL FEES 223 223 223 223 223 223 223 223 223 223 223 223 2,676 TELEPHONE EXPENSE 530 530 530 530 530 530 530 530 530 530 530 530 6,360 EQUIP REPAIRS/MAINT/LEASE 220 220 220 220 220 220 220 220 220 220 220 220 2,640 OFFICE SUPPLIES & EXPENSES 118 118 118 118 118 118 118 118 118 118 118 118 1,416 BANK CHARGES 110 110 110 110 110 110 110 110 110 110 110 110 1,320 PRINTING 15 15 15 15 15 15 15 15 15 15 15 15 180 SEMINARS/TRAINING 0 0 0 0 150 0 0 0 0 0 0 0 150
TOTAL PROPERTY ADMINISTRATION 20,017 20,017 20,693 20,092 20,167 20,217 20,082 20,017 20,017 20,062 20,017 20,017 241,417
RESIDENT SERVICES:
RESIDENT SERVICE EXPENSES 200 350 350 300 700 300 300 700 350 750 300 1,850 6,450
MARKETING & LEASING:
ADVERTISING 0 500 0 0 0 0 0 0 0 0 0 0 500
TOTAL MARKETING & LEASING 0 500 0 0 0 0 0 0 0 0 0 0 500
HOUSEKEEPING:
CONTRACT LABOR 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600
CLEANING SUPPLIES 155 155 155 155 155 155 155 155 155 155 155 155 1,860
TOTAL HOUSEKEEPING 1,955 1,955 1,955 1,955 1,955 1,955 1,955 1,955 1,955 1,955 1,955 1,955 23,460
Prepared by Grace Mgmt, Inc.BUDGET 2023 draft-template jb sp 11/8/2022
52
VICKSBURG CROSSING
2023 BUDGET draft
95 INDEPENDENT UNITS - rentable, 96 constructed BUDGET
2023
MONTH JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS
BUILDING & GROUNDS:
CABLE TV EXPENSE 248 248 248 248 248 248 258 258 258 258 258 258 3,036
UTILITIES-ELECTRIC 1,900 1,900 1,900 1,900 2,000 3,000 3,000 3,000 3,000 2,000 1,900 1,900 27,400
UTILITIES-WATER & SEWER 1,400 1,400 1,400 1,400 1,400 1,800 1,800 1,800 1,800 1,500 1,500 1,500 18,700
UTILITIES-GAS 5,100 4,700 3,600 2,300 1,100 500 500 500 2,000 3,000 4,200 4,500 32,000
WATER SOFTENING EXPENSE 148 148 148 148 148 148 148 148 148 148 148 148 1,776
CONTRACT LABOR 900 900 900 900 900 900 900 900 900 900 900 900 10,800
DOORS, KEYS & WINDOWS 65 65 65 65 65 65 65 65 65 65 65 65 780
FIRE SYSTEM SERVICE 1,350 180 180 1,100 180 180 180 2,200 180 180 180 180 6,270
LAWN CARE/SNOW REMOVAL 3,100 2,700 2,000 1,300 2,500 1,300 1,200 1,300 1,200 1,400 2,100 3,100 23,200
PEST CONTROL 0 0 175 80 0 175 80 0 175 0 175 0 860
TRASH REMOVAL 1,761 1,761 1,761 1,761 1,761 1,761 1,761 1,761 1,761 1,761 1,761 1,761 21,132
UNIT TURNOVER 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 51,000
ELEVATOR REPAIRS & MAINT 685 685 685 685 685 685 685 685 685 685 685 685 8,220
REPAIRS & MAINTENANCE 1,350 1,300 1,350 3,500 2,450 2,450 1,350 4,000 1,300 2,950 1,450 2,450 25,900
BUILDING & GROUNDS SUPPLIES 1,300 1,350 1,350 1,350 1,350 1,500 1,550 1,550 1,550 1,550 1,550 1,550 17,500
HVAC SUPPLIES & REPAIR 850 850 850 850 800 800 850 800 800 900 850 800 10,000
MISC UNBUDGETED BUILDINGS & GROUND 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
TOTAL BUILDING & GROUNDS 25,407 23,437 21,862 22,837 20,837 20,762 19,577 24,217 21,072 22,547 22,972 25,047 270,574
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,790 3,790 3,790 3,790 3,790 3,790 3,790 3,296 3,296 3,296 3,296 3,296 43,009
PILOT (payment in lieu of taxes)5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 64,350TOTAL OTHER OPERATING EXPENSES 9,152 9,152 9,152 9,152 9,152 9,152 9,152 8,659 8,659 8,659 8,659 8,659 107,359
TOTAL OPERATING EXPENSES 56,731 55,411 54,012 54,336 52,811 52,386 51,066 55,548 52,053 53,973 53,903 57,528 649,760
NET OPERATING INCOME / (LOSS)58,265 59,240 59,329 60,315 61,805 62,265 63,930 59,209 64,134 60,644 62,269 58,799 730,205
OTHER EXPENSES:
DEPRECIATION EXPENSE 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 317,640
AMORTIZATION EXPENSE 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 26,486
INTEREST EXPENSE 11,733 11,733 11,733 11,733 11,733 11,733 11,733 11,733 11,733 11,733 11,733 11,733 140,790
RESERVE/REPLACE/CAP EX EXPENSE 0 35,000 0 10,000 5,000 15,000 10,000 0 30,000 0 0 0 105,000
CONTRIBUTIONS FROM PLY TOWNE SQ 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL OTHER EXPENSES:40,410 75,410 40,410 50,410 45,410 55,410 50,410 40,410 70,410 40,410 40,410 40,410 589,916
NET INCOME:17,856 (16,169)18,920 9,906 16,396 6,856 13,521 18,799 (6,276)20,234 21,859 18,389 140,289
PERCENT OF INCOME 16%-14%17%9%14%6%12%16%-5%18%19%16%10%
CASHFLOW ADJUSTMENTS:
DEPRECIATION 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 317,640
AMORTIZATION 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 26,486
RESERVE/REPLACE/CAP EX EXPENSE 0 35,000 0 10,000 5,000 15,000 10,000 0 30,000 0 0 0 105,000 PRINCIPAL ON DEBT 0 (420,000)0 0 0 0 0 0 0 0 0 0 (420,000)
NET CASHFLOW:46,533 (372,492)47,597 48,583 50,073 50,533 52,198 47,476 52,401 48,911 50,536 47,066 169,415
TRANSFER TO RESERVE REPLACEMENT 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 72,000
OPERATING RESERVE 97,415
Prepared by Grace Mgmt, Inc.BUDGET 2023 draft-template jb sp 11/8/2022
53
VICKSBURG CROSSING2023 BUDGET Percentage Percentage96INDEPENDENT UNITS - rentable, 96 constructed 2021 2022 2022 2023 Difference DifferenceACTUALJan-June BUDGET BUDGET Budget 23 Budget 23TOTALSACTUALSTOTALSTOTALSActual 21 Budget 22
UNITS OCCUPIED 93 93 92 92 -1%0%
PERCENTAGE OCCUPIED 99%99%97%97%-2%0%
INCOMEAPARTMENT RENTAL REVENUE 1,214,539$ 618,224$ 1,221,151$ 1,246,541$ 3%2.08%APARTMENT RENTAL REVENUE-COUNTY 36,133$ 17,827$ 34,824$ 27,324$ -24%-22%HRA SUBSIDY-TAX LEVY 40,000$ 22,500$ 45,000$ 45,000$ 13%0%
GARAGE RENTAL 44,673$ 23,007$ 48,960$ 48,960$ 10%0%
GUEST SUITE REVENUE 1,800$ 460$ 1,260$ 2,100$ 17%67%
APPLICATION FEE REVENUE 805$ 175$ 560$ 560$ -30%0%TRANSFER FEE REVENUE 500$ 500$ 1,000$ 1,000$ 100%0%INVESTMENT INCOME (4,510)$ 5,018$ 10,000$ 5,000$ -211%-50%MISCELLANEOUS REVENUE 30,137$ 2,452$ 3,480$ 3,480$ -88%0%TOTAL INCOME 1,364,077$ 690,163$ 1,366,235$ 1,379,965$ 1%1%
OPERATING EXPENSES
PROPERTY ADMINISTRATION:
MANAGER SALARIES 66,423$ 33,951$ 68,289$ 71,000$ 7%4%
MAINTENANCE SALARIES 54,612$ 27,466$ 56,472$ 58,760$ 8%4% PAYROLL TAXES 8,852$ 4,495$ 9,981$ 10,381$ 17%4% HEALTH INSURANCE 19,985$ 11,757$ 24,763$ 24,710$ 24%0% WORK COMP INSURANCE 1,907$ 1,339$ 1,680$ 1,920$ 1%14% EMPLOYEE COSTS 1,040$ 520$ 1,110$ 1,110$ 7%0% DUES & SUBSCRIPTIONS 60$ -$ 65$ 65$ -8%0%
CLASSIFIED ADVERTISING -$ 330$ -$ -$ 0%N/A
LICENSES, PERMITS 676$ 876$ 906$ 906$ 34%0%
MILEAGE REIMBURSEMENT 25$ 20$ 240$ 120$ 380%-50% POSTAGE/OVERNIGHT DELIVERY 98$ 56$ 120$ 120$ 22%0% MANAGEMENT FEES 55,368$ 28,794$ 57,583$ 57,583$ 4%0% LEGAL & OTHER PROFESSIONAL FEES 1,289$ 989$ 2,676$ 2,676$ 108%0% TELEPHONE EXPENSE 5,858$ 3,055$ 5,880$ 6,360$ 9%8% EQUIP REPAIRS/MAINT/LEASE 4,802$ 2,410$ 2,400$ 2,640$ -45%10%
OFFICE SUPPLIES & EXPENSES 1,369$ 693$ 1,380$ 1,416$ 3%3%
BANK CHARGES 1,014$ 561$ 1,320$ 1,320$ 30%0%
PRINTING -$ 248$ 120$ 180$ N/A 50% SEMINARS/TRAINING -$ -$ 250$ 150$ N/A -40%TOTAL PROPERTY ADMINISTRATION 223,378$ 117,560$ 235,235$ 241,417$ 8%3%
RESIDENT SERVICE: RESIDENT SERVICE EXPENSES 3,745$ 3,099$ 6,300$ 6,450$ 72%2%
MARKETING & LEASING:
ADVERTISING 463$ 19$ 500$ 500$ 8%0%
TOTAL MARKETING & LEASING 463$ 19$ 500$ 500$ 8%0%
HOUSEKEEPING: CONTRACT LABOR 18,829$ 9,156$ 21,600$ 21,600$ 15%0% CLEANING SUPPLIES 865$ 695$ 1,860$ 1,860$ 115%0%TOTAL HOUSEKEEPING 19,694$ 9,851$ 23,460$ 23,460$ 19%0%
BUILDINGS & GROUNDS:
CABLE TV EXPENSE 2,817$ 1,471$ 2,892$ 3,036$ 8%5% UTILITIES-ELECTRIC 24,721$ 14,303$ 24,810$ 27,400$ 11%10% UTILITIES-WATER & SEWER 18,789$ 8,735$ 18,225$ 18,700$ 0%3% UTILITIES-GAS 20,216$ 21,307$ 24,750$ 32,000$ 58%29% WATER SOFTENING EXPENSE 1,260$ 710$ 1,740$ 1,776$ 41%2% CONTRACT LABOR 9,663$ 2,927$ 10,800$ 10,800$ n/a 0%
DOORS, KEYS & WINDOWS 1,800$ -$ 780$ 780$ -57%0%
FIRE SYSTEM SERVICE 5,249$ 1,110$ 5,970$ 6,270$ 19%5%
LAWN CARE/SNOW REMOVAL 18,885$ 11,035$ 22,720$ 23,200$ 23%2%
PEST CONTROL 706$ 346$ 840$ 860$ 22%2% TRASH REMOVAL 16,882$ 10,566$ 17,376$ 21,132$ 25%22% UNIT TURNOVER 79,080$ 16,600$ 50,050$ 51,000$ -36%2% ELEVATOR REPAIRS & MAINT 6,405$ 4,475$ 7,812$ 8,220$ 28%5% REPAIRS & MAINTENANCE 17,450$ 15,483$ 25,125$ 25,900$ 48%3%
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VICKSBURG CROSSING2023 BUDGET Percentage Percentage96INDEPENDENT UNITS - rentable, 96 constructed 2021 2022 2022 2023 Difference DifferenceACTUALJan-June BUDGET BUDGET Budget 23 Budget 23TOTALSACTUALSTOTALSTOTALSActual 21 Budget 22
BUILDING & GROUNDS SUPPLIES 18,861$ 7,008$ 18,000$ 17,500$ -7%-3%
HVAC SUPPLIES & REPAIR 9,460$ 3,085$ 9,600$ 10,000$ 6%4%
MISC UNBUDGETED BUILDINGS & GROUNDS -$ -$ 10,000$ 12,000$ n/a 20%TOTAL BUILDINGS & GROUNDS 252,244$ 119,161$ 251,490$ 270,574$ 7%8%
OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 38,957$ 20,325$ 42,340$ 43,009$ 10%2% PILOT (payment in lieu of taxes)62,534$ 31,248$ 62,500$ 64,350$ 3%3%TOTAL OTHER OPERATING EXPENSES 101,491$ 51,573$ 104,840$ 107,359$ 6%2%
TOTAL OPERATING EXPENSES 601,015$ 301,263$ 621,825$ 649,760$ 8%4%
NET OPERATING INCOME / (LOSS)763,062$ 388,900$ 744,410$ 730,205$ -4%-2%
OTHER EXPENSES: DEPRECIATION EXPENSE 324,742$ 158,820$ 317,640$ 317,640$ -2%0% AMORTIZATION EXPENSE (3,173)$ 13,242$ 26,486$ 26,486$ -935%0%
INTEREST EXPENSE 389,565$ 106,045$ 211,400$ 140,790$ -64%-33%
RESERVE/REPLACE/CAP EX EXPENSE 11,404$ 31,657$ 203,400$ 105,000$ 821%-48%
CONTRIBUTIONS FROM PLY TOWNE SQ -$ -$ TOTAL OTHER EXPENSES:722,538$ 309,764$ 758,926$ 589,916$ -18%-22%
NET INCOME:40,524$ 79,136$ (14,516)$ 140,289$ 246%-1066%
PERCENT OF INCOME 3%11%-1%10%242%-1057%
CASHFLOW ADJUSTMENTS:
DEPRECIATION 324,742$ 158,820$ 317,640$ 317,640$ -2%0%
AMORTIZATION (3,173)$ 13,242$ 26,486$ 26,486$ -935%0% RESERVE/REPLACE/CAP EX EXPENSE 11,404$ 31,657$ 203,400$ 105,000$ 821%-48% PRINCIPAL ON DEBT (450,000)$ (450,000)$ (460,000)$ (420,000)$ -7%-9%
NET CASHFLOW:(76,503)$ (198,802)$ 73,010$ 169,415$ -321%132% TRANSFER TO RESERVE REPLACEMENT 72,000$ 36,000$ 72,000$ 72,000$ 0%0%
OPERATING RESERVE (148,503)$ 1,010$ 97,415$ -166%9545%
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VICKSBURG CROSSING 2023 Budget Assumptions - Draft
REVENUE: Resident Rent Revenue: Is based on the attached income schedule. We propose a rent increase of $20 for all apartment types. We remain sensitive to price increases due
to our fixed income population and wanting to remain affordable. The budget projects
an average occupancy of 92 units or 97%. Resident Rent Revenue-Section 8: Is based on the current resident roster who receive federal housing voucher.
HRA – Subsidy (tax levy): The subsidy is budgeted this year at $45,000. Garage Income: Is based on 68 spaces at a rental rate of $60 a month each.
Guest Suite Revenue: Is based on 30 nights annually at $70/night, which is historically
achievable. Application Fee Revenue: We pass on the expense incurred for rental verification (credit check & criminal background check). We are budgeting 16 $35 verification fees
this year. The corresponding expense is included in the Legal and Other Professional
line item. Transfer Income: Is based on 2 transfers per year at $500 each.
Investment Income: Is based on estimates provided by City of Plymouth Finance
Department. Late Fees: We did not budget any late fees.
Miscellaneous Revenue: Includes storage space revenue based on $10/month/space, charges for extra key fobs and security deposit amounts withheld for damages incurred. No increase to this line item is budgeted.
OPERATING EXPENSES:
Property Administration: Manager Salary This figure includes a 4% increase.
Maintenance Salary is based on a full-time position. The position is budgeted at 40 hours/week regular time and 2 hours per week over time to account for emergency
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calls. Each building has a full-time maintenance technician who works primarily at that location. The line item reflects a decrease because extra stipend for on-call has been eliminated as we have contracted with BMM for on-call services.
Payroll Tax is budgeted at 8% of the total of all salaries. It includes FICA, FUTA & SUTA. This represents a reduction in the percentage calculation to realign to historical figures.
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 100% employee paid. The amount is based on current premiums as of September.
Worker’s Compensation Insurance premium is budgeted to increase 8% from 2022 actuals due to increased wages. Employee Costs include ADP fees, help wanted ads, background checks for new
employees. Dues, Subscriptions & Memberships are based on fees for Costco membership. License & Permit are based on fees for the dwelling license, elevator license and boiler
license. Employee Mileage is estimated based using past year. The current team is not tracking mileage and requesting reimbursement as former staff members did. We feel it is prudent to allocate funds in the event they begin requesting reimbursement.
Postage/Overnight Delivery is an estimate based on current year to date. This includes mailing brochures to prospects. Management Fees increases are alternated each year with Plymouth Towne Square.
Vicksburg Crossing will remain the same in 2023. Legal and Other Professional Fees is an estimate based on conducting background checks for new residents (1 per month at $35 each) and audit/tax fees as provided by City of Plymouth Finance Department.
Telephone includes the cellular phones for the maintenance staff (split with PTS) and the incoming lines for the property along with internet and long-distance expenses. Equipment Repairs/Maintenance/Lease is based on the annual cost for copier
maintenance fees ($110 a month) and occasional maintenance on the resident and
office computers (budgeting 14 hours annual at $150/hr.). This is a 10% increase over the 2022 budget. We are anticipating the need to replace our current copier.
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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 3% increase over 2022 budget.
Bank Charges are estimated based on current year to date. This includes the online resident payment portal charges.
Printing is an estimate based on the current year to date. This line item would include letterhead, envelopes, business cards etc. as needed. Seminars/Training we have budgeted $150 for attending classes related to property management.
Resident Service Expense: Resident Service Expense is an estimate. Expenses include things like monthly musical entertainer, special holiday events, dinner served during National Night to Unite
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 amount reflects a 2% increase over the previous year’s budget.
Marketing and Leasing:
Advertising is an estimate based on ad placement for on-going marketing presence in local papers and the costs for monthly maintenance of a website for Vicksburg Crossing.
Housekeeping: Contract Labor is budgeted using the cleaning company contract rate for current year and additional cleaning for turnovers.
Supplies – cleaning includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, and other supplies. We are not budgeting an increase over 2022 budget.
Building and Grounds: Cable TV is for the exercise room, community room big screen and Guest suite. It is
consistent with historical increases.
Electric is based on the trailing 12 months with a slight increase.
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Water and Sewer is based on a 3% increase over 2022 due to the potential to experience another extremely dry and/or hot year.
Gas reflects a 29% increase over 2022 budget but is in line with trailing 12 months activity. We are anticipating increased rates. Water Softener is based on trailing 12 months and reflects a 2% increase over the 2022
budget. Contract Labor is a contract with Building Maintenance Management to assist in the on-call rotation, which provides some relief for our Maintenance Technicians. Budget remains the same as 2022.
Doors, Keys, Windows are for window replacement/repairs, garage door repairs, key fobs and any other lock/door repairs. Fire System Service includes costs to test, inspect, monitor and service the fire
suppression system, fire extinguishers and front entry system. Lawn Care/Snow Removal is based on pricing received from contractor and estimate for snow removal based on history. Work includes spring cleanup, weekly mowing, weed control, spring/fall shrub trimming, parking lot sweeping.
Pest Control includes quarterly treatments and a small amount for extra treatments/inspections. Trash Removal is based on current year. This also includes the occasional extra
charges for disposal of light bulbs and appliances. We have a large increase due to a higher volume of recycling. Unit Turnover includes carpet cleaning and stretching, paint, blinds and plumbing supplies, etc. for apartments that are being re-leased. We continue to see increased
costs of turns due to the age of the building and the length residents have been in their
apartments. We are budgeting 10 turns at $5,100. Elevator Repairs and Maintenance includes contract for maintenance, plus a contingency for service calls that may not be covered by the maintenance contract.
Repairs & Maintenance includes window washing, garage sweeping and power washing, appliance repairs, plumbing repairs, service contract for generator, including updating the controller, 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, professional exterior tree decorating for the holiday and all other misc. repairs.
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Building & Grounds Supplies includes common area paint and repairs, all outdoor plantings and related supplies, holiday decorations and other misc. supplies (i.e., furnace filters for all apartments quarterly). As the building ages there are more
miscellaneous items we need to repair.
HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens.
Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected issues. Non-Departmental Expenses:
Property and Liability Insurance is based on current rates $24,476 for liability with a with a decrease in August at renewal. A 2-year rate was negotiated, but fees/taxes for both years had to be paid at 2022 renewal. $21,000 is estimated for property insurance. Property Taxes are based on 5% of the estimated annual 2022 income for dwelling
units (approx. $1,185,320) which is payable in 2023. Capital Expenses: Landscaping Non-Capital Expenses:
• Landscaping – additional landscape rock and replace plastic edging with new metal edging around the building $10,000
• Concrete replacement and lifting $15,000
• Flagpole $5,000
• Magi-Pacs $40,000
• Elevator piston replacement & pit clean up $35,000 Reserve Replacement Funding: Remains at $72,000 for 2023
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VICKSBURG CROSSING
96-UNIT INDEPENDENT LIVING COMMUNITY
RENTAL INCOME PROJECTIONS - 2023 95 INDEPENDENT UNITS - rentable, 96 constructed
DRAFT
UNIT NO.ACTUALTYPEAVAILABLEJan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21AFFORDABLE - ONE BEDROOM 33 33 33 33 33 33 33 33 33 33 33 33 331ST FL 1-BEDROOM UNIT A 6 6 6 6 6 6 6 6 6 6 6 6 61ST FL 1-BEDROOM UNIT C 2 2 2 2 2 2 2 2 2 2 2 2 21ST FL 1-BEDROOM/DEN UNIT C-2 2 2 2 2 2 2 2 2 2 2 2 2 21ST FL 2-BEDROOM UNIT D & D-2 4 3 4 4 4 4 4 3 3 4 3 3 41ST FL 2-BEDROOM UNIT E 2 1 1 1 1 1 1 1 1 1 1 1 12ND FL 1-BEDROOM UNIT A 5 5 5 5 5 5 5 5 5 5 5 5 52ND FL 1-BEDROOM UNIT C 2 2 2 2 2 2 2 2 2 2 2 2 22ND FL 1-BEDROOM/DEN UNIT C-2 2 2 2 2 2 2 2 2 2 2 2 2 22ND FL 2-BEDROOM UNIT D & D2 4 4 4 4 4 4 4 4 4 4 4 4 42ND FL 2-BEDROOM UNIT E-2 1 1 1 1 1 1 1 1 1 1 1 1 12ND FL 2-BEDROOM UNIT E 2 2 1 2 2 2 2 2 2 2 2 2 23RD FL 1-BEDROOM UNIT A 6 6 6 6 6 6 6 6 6 6 6 6 63RD FL 1-BEDROOM UNIT C 2 2 2 2 2 2 2 2 2 2 2 2 23RD FL 1-BEDROOM/DEN UNIT C-2 2 2 2 2 2 2 2 2 2 2 2 2 23RD FL 2-BEDROOM UNIT D & D2 4 3 4 4 4 3 3 3 4 4 4 4 43RD FL 2-BEDROOM UNIT E-2 2 2 1 1 1 2 2 2 2 2 2 2 23RD FL 2-BEDROOM UNIT E 1 1 1 1 1 1 1 1 1 1 1 1 14TH FL 1-BEDROOM UNIT A 6 6 6 6 6 6 6 6 6 6 6 6 64TH FL 1-BEDROOM UNIT C 2 2 2 2 2 2 2 2 2 2 2 2 24TH FL 1-BEDROOM/DEN UNIT C-2 2 2 2 1 2 2 2 2 2 2 2 2 24TH FL 2-BEDROOM UNIT E-2 1 1 1 1 1 1 1 1 1 1 1 1 14TH FL 2-BEDROOM UNIT E 2 2 2 1 1 1 1 2 1 1 1 2 195929291929292929293929393
TOTAL UNITS OCCUPIED 92 92 91 92 92 92 92 92 93 92 93 93PERCENTAGE OCCUPIED 97%97%96%97%97%97%97%97%98%97%98%98%
UNIT 2022 MONTHLY
TYPE Rent RENT Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21AFFORDABLE - ONE BEDROOM $860 $880 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040 $29,040
1ST FL 1-BEDROOM UNIT A $1,155 $1,175 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050
1ST FL 1-BEDROOM UNIT C $1,165 $1,185 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370
1ST FL 1-BEDROOM/DEN UNIT C-2 $1,315 $1,335 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670
1ST FL 2-BEDROOM UNIT D & D-2 $1,515 $1,535 $4,605 $6,140 $6,140 $6,140 $6,140 $6,140 $4,605 $4,605 $6,140 $4,605 $4,605 $6,140
1ST FL 2-BEDROOM UNIT E $1,395 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415
2ND FL 1-BEDROOM UNIT A $1,155 $1,175 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875 $5,875
2ND FL 1-BEDROOM UNIT C $1,165 $1,185 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370
2ND FL 1-BEDROOM/DEN UNIT C-2 $1,315 $1,335 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670
2ND FL 2-BEDROOM UNIT D & D2 $1,515 $1,535 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140 $6,140
2ND FL 2-BEDROOM UNIT E-2 $1,195 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215 $1,215
2ND FL 2-BEDROOM UNIT E $1,395 $1,415 $2,830 $1,415 $2,830 $2,830 $2,830 $2,830 $2,830 $2,830 $2,830 $2,830 $2,830 $2,830
3RD FL 1-BEDROOM UNIT A $1,155 $1,175 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050 $7,050
3RD FL 1-BEDROOM UNIT C $1,165 $1,185 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370 $2,370
3RD FL 1-BEDROOM/DEN UNIT C-2 $1,315 $1,335 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670 $2,670
3RD FL 2-BEDROOM UNIT D & D2 $1,515 $1,535 $4,605 $6,140 $6,140 $6,140 $4,605 $4,605 $4,605 $6,140 $6,140 $6,140 $6,140 $6,140
3RD FL 2-BEDROOM UNIT E-2 $1,480 $1,500 $3,000 $1,500 $1,500 $1,500 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
3RD FL 2-BEDROOM UNIT E $1,395 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315 $1,315
4TH FL 1-BEDROOM UNIT A $1,165 $1,185 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110 $7,110
4TH FL 1-BEDROOM UNIT C $1,175 $1,195 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390 $2,390
4TH FL 1-BEDROOM/DEN UNIT C-2 $1,325 $1,345 $2,690 $2,690 $1,345 $2,690 $2,690 $2,690 $2,690 $2,690 $2,690 $2,690 $2,690 $2,690
4TH FL 2-BEDROOM UNIT E-2 $1,485 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505 $1,505
4TH FL 2-BEDROOM UNIT E $1,395 $1,415 $2,830 $2,830 $1,415 $1,415 $1,415 $1,415 $2,830 $1,415 $1,415 $1,415 $2,830 $1,415
$105,785 $105,940 $104,595 $105,940 $105,905 $105,905 $105,785 $105,905 $107,440 $105,905 $107,320 $107,440
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PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY
HRA RESOLUTION NO. 2022-11
AUTHORIZING THE 2023 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 2023 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 2023.
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 2023 has a total operating
expense amount of $649,760 and other expenses of $589,916.
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 1st day of
December 2022.
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