Loading...
HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 09-28-2023Housing and Redevelopment Authority 1 of 2 September 28, 2023 CITY OF PLYMOUTH AGENDA Regular Housing and Redevelopment Authority September 28, 2023, 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 08-24-2023 4.2 Accept Plymouth Towne Square monthly housing report and financials PTS BALANCE SHEET 8.2023 PTS 12-MO P&L 8.2023 PTS COMPARATIVE P&L 8.2023 PTS P&L VARIANCE 8.2023 PTS CASHFLOW 8.2023 4.3 Accept Vicksburg Crossing monthly housing report and financials VC - Balance Sheet - 8.2023 VC - 12-Month P&L - 8.2023 VC COMPARATIVE 8.2023 VC P&L VARIANCE 8.2023 VC - Cashflow - 8.2023 5.PUBLIC HEARINGS 5.1 Public Hearing Regarding Inclusionary Housing Policy Draft Inclusionary Housing Policy (9-22-2023) - Highlighted 6.NEW BUSINESS 1 Housing and Redevelopment Authority 2 of 2 September 28, 2023 7.UPDATES 8.ADJOURNMENT 2 Regular Housing and Redevelopment Authority September 28, 2023 Agenda Number:4.1 To:Dave Callister, City Manager Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by: Item:HRA Minutes 1.Action Requested: Staff recommends approval of the August 24, 2023 HRA Minutes. 2.Background: The August 24, 2023 minutes are attached. 3.Budget Impact: N/A 4.Attachments: Housing & Redevelopment Authority Minutes 08-24-2023 3 DRAFTED MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY AUGUST 24, 2023 MEMBERS PRESENT: Acting Chair Wayne Peterson, Commissioners James Williams, Ronald Kelner, Joel Spoonheim, and Kim Vohs ABSENT: Chair Michelle Soderberg STAFF PRESENT: HRA Executive Director Grant Fernelius, Planning and Development Manager Chloe McGuire and Permit Technician Michelle Bast OTHERS PRESENT: Mayor Jeffry Wosje, Stacie Kvilvang of Ehlers, Jody Boedigheimer of Grace Management, Ed Goldsmith of Outreach Development Corporation 1. CALL TO ORDER Acting Chair Peterson called the Plymouth Housing and Redevelopment Authority meeting to order at 7:00 p.m. 2. PUBLIC FORUM Acting Chair Peterson opened and closed the Public Forum as there was no one present to speak. 3. APPROVE AGENDA MOTION by Commissioner Williams , seconded by Commissioner Kelner to approve the Agenda. Vote. 5 Ayes. MOTION passed unanimously. 4. CONSENT AGENDA 4.1. Approved minutes from June 22, 2023. 4.2. Plymouth Towne Square. Accept Monthly Housing Reports and Financials. 4.3. Vicksburg Crossing. Accept Monthly Housing Reports and Financials. MOTION by Commissioner Kelner , seconded by Commissioner Vohs to approve the Consent Agenda. Vote. 5 Ayes. MOTION passed unanimously. 5. PUBLIC HEARINGS 5.1. 2022 Community Development Block Grant (CDBG) Consolidated Annual Performance and Evaluation Report (CAPER) and Notice of Annual Citizen Participation Meetings HRA Executive Director Fernelius gave an overview of the staff report. 4 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 2 Commissioner Spoonheim referenced the table within the application and asked if a dollar amount should be included in each of those areas within the table. HRA Executive Director Fernelius commented that he was unsure and could clarify that before this moves to the city council. He believed that this follows the template from previous years, noting that he was not the one that drafted this application. Commissioner Spoonheim acknowledged on page ten of the report which identifies goals for affordable housing and commented that it would be helpful to have discussions with staff about those goals; where they come from and whether the HRA should be providing input and setting those goals. HRA Executive Director Fernelius commented that the city adopts a five-year action plan as part of participation in the program, which is where he suspects those goals come from. Acting Chair Peterson commented that it was his memory that those goals come from the consortium and that they do have input in that process. Commissioner Williams asked if they could look at the previous application to look at those goals which would provide better understanding of how those goals have progressed. HRA Executive Director Fernelius confirmed that could be included in the next packet. Acting Chair Peterson opened and closed the public hearing as no one chose to speak MOTION by Commissioner Spoonheim, seconded by Commissioner Williams, to recommend City Council approval and submission of the 2022 Consolidated Annual Performance and Evaluation Report (CAPER) to the Department of Housing and Urban Development. Vote. 5 Ayes. MOTION passed unanimously. 6. NEW BUSINESS 6.1. Discussion: Proposed Moderate-Income Housing Policy HRA Executive Director Fernelius gave an overview of the staff report. Commissioner Williams noted a missing category of affordable housing, noting that seems to have transitioned to moderate housing. He stated that the policy should reflect the existing situation in the community. He stated that there is a waiting list for affordable housing and asked if a larger impact would be made by first helping those people. HRA Executive Director Fernelius commented that he is not sure of the history of the policy change. He stated that if collectively this is important, that should be part of the recommendation to the city council. He did not disagree that there is a need for affordable housing. 5 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 3 Commissioner Vohs asked if the desire is to finalize the language in this document for presentation to the council or make a recommendation. Acting Chair Peterson stated that there are two options, the first would be to make a recommendation to forward this policy while the second would be a more involved process involving the stakeholders and staff to update the policy. HRA Executive Director Fernelius stated that if the group believes that updates are necessary, that could be done by giving direction to staff who could then update the policy. He stated that if stakeholder input were desired, that clarification would be needed as well. Commissioner Kelner commented that it appears there are only five cities that have a policy requiring 30 percent AMI. He was unsure whether there would be enough funding to support the 30 percent AMI level and therefore that may deter developers from coming forward. He commented that moderate income housing seems to be a compromise in encouraging developers to provide affordable housing at that level of income. He referenced Cranberry Ridge which was 50 and 60 percent AMI and noted that development filled up within a month. Commissioner Vohs commented that the split is close to equal between cities that require 30 percent AMI and those that do not. Commissioner Spoonheim commented that the developer has a choice and is not mandated to include those affordable units. He stated that including the language for 30 percent AMI within the policy would open the door for developers to access additional funding opportunities. He stated that if a developer receives funding from the city, a percentage of units would need to be provided whether that is a larger percentage of units at the higher AMI or a smaller percentage of units at the lower AMI. He commented that the chart needs clarification as there is a difference between broader policies and funding requirements. Ms. Kvilvang commented that there are 13 metro cities that have a policy, and it is an either-or choice on the AMI units. She explained that there are discussions between the developer and the city staff to find the AMI that best meets the goals of the community. She provided additional details on the funding that would be provided from a city for different projects. She commented that the policy, as currently written, is somewhat clunky and believed that it could be better streamlined. Commissioner Vohs asked the AMI for Cranberry Ridge. Ms. Kvilvang did not recall the exact mix but noted that there were some units under 60 percent AMI. Commissioner Williams referenced the proposed changes from ODC and believed that meets the 6 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 4 intentions of this group. It was noted that document has not yet been provided into the record from staff. He asked if there was a time contemplated when that version would be up for discussion. HRA Executive Director Fernelius replied that is one of the topics they should talk about tonight in terms of expectations. He stated that this topic arose between meetings and staff was not clear on how to proceed. He stated that if there is interest in discussing the content of that, the HRA should provide that direction. He stated that if they are going to entertain additional stakeholder input, perhaps they should also consider other perspectives as well. Acting Chair Peterson recalled in the previous discussion there was desire for one more round of stakeholder input and thus far ODC is the only one to provide input. Ms. Kvilvang commented that the only thing that is different in the ODC policy is the option for 30 percent units. She stated that if the desire is to include 30 percent units, the HRA needs to choose the threshold of those units. She stated that the other area where Plymouth differs from every other policy is that the Plymouth trigger is financial assistance, where the other communities trigger with a planning/zoning change as well. Commissioner Williams commented that he would like to have the best product that they can and a policy that is as transparent as possible. He understood that the policy would not sa tisfy everyone, but it should meet the circumstance and intent of the community. He stated that he would like to use the document from ODC, which was a redline version , as a baseline. He noted that there does not seem to be a rush as even if there was a policy, there is not sufficient staffing to implement that plan. HRA Executive Director Fernelius commented that while there is not a strict timeline, there are some projects on the horizon that could benefit from having the policy in place. He agreed that there is time for staff to make adjustments, but that direction needs to be provided by the HRA. Commissioner Vohs commented that they received input over one year ago and believed that they should provide another opportunity for shareholder input, perhaps via a public hearing. He stated that they would first need to update the policy in order to present something to the public for additional discussion. He commented that it is the role of the HRA to craft a policy and then solicit input from ODC, rather than ODC to draft a policy that the HRA provides input on. He recognized that ODC did have some good points. He stated that he would like to work from the city document and work towards updated language that could be reviewed by the public. Commissioner Spoonheim stated that he believes the city draft needs to be amended. He commented on the makeup of ODC and its Board which specializes in affordable housing. He believed that 30 percent language should be included as an “or” and believes that the threshold suggested by ODC would be appropriate. He also believed that the planning/zoning trigger should be added as mentioned by Ms. Kvilvang. He stated that the ODC draft provided a lot of clarity. He 7 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 5 suggested redlining the redline version from ODC, which would create a draft that could then be put out for public comment. He understood that the city is short staffed but noted that it would be helpful to adopt this policy sooner rather than later as two developments have already come through without this policy in place. He asked if the changes he suggested could be made before next month with a public hearing to be held at the next meeting. Acting Chair Peterson asked if it would be proper to have one member of the HRA, one member of ODC, one developer, and members of staff meet to discuss this to develop a more concise statement that could be used as the basis moving forward. HRA Executive Director Fernelius replied that some clarity has been provided in terms of policy specifics tonight and believed that staff could make those changes. He stated that he would prefer to be open and transparent in the process, whether that is stakeholders or the general public, rather than the meeting as mentioned. He stated that staff could present the updated policy at the September meeting and could also notice that as a public hearing as mentioned. He confirmed that staff could meet with ODC, but he would not want to bring in HRA members and would prefer to keep those meetings open to the public. Commissioner Vohs stated that he also supports the 30 percent AMI and planning/zoning trigger. He stated that he also does not like the policy name of moderate income. Commissioner Spoonheim stated that there is an element of preservation of the investment that is lacking in the policy which was identified by ODC. He commented that could/should be included. Commissioner Vohs suggested that moderate be replaced with affordable in the title of the policy and throughout. He referenced page 76 of the packet, the bottom of the page, suggesting that percentage be 125 rather than including 140 percent as well. He stated that on page 77, Item A, and suggested that it read, “approved by the City Council and HRA”. He noted that he would make that same change throughout the page. Acting Chair Peterson commented that he was unsure that would be proper as the city council is the deciding body, which can overrule other recommending bodies. Mayor Wosje confirmed that the council is the final body. Commissioner Vohs agreed to drop that suggestion. Commissioner Spoonheim referenced the change suggested to 125 percent rather than 140 percent, noting that 140 percent was included in order to align with low-income tax credits which helps to remove barriers for developers. He noted that the 140 percent would help to create sustainability long-term. 8 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 6 Acting Chair Peterson clarified on the intent of those percentages, noting that in this instance those refer to someone being able to make 125 or 140 percent of the AMI and still being able to stay in the affordable unit. He did not believe that someone making that amount above the AMI should be able to stay within the affordable unit. Ms. Kvilvang commented that would be 140 percent of applicable family size. She stated that she reviews the annual reports for these cities and rarely does this happen. She commented that someone should not be booted out of their apartment because they are making slightly more as people often finish their education. She agreed that 140 percent does align with the federal standard. Acting Chair Peterson commented that it would seem there should be a time limit on how long people can remain at higher income. Ms. Kvilvang replied that there is no time limit as it is set in federal law. She stated that relating to 30 percent units and the percentage, perhaps the goal should be five percent. She stated that developers choose what they will do and if the goal is to get 30 percent units, and that is set at 10 percent, developers are not going to choose that. She commented that staff can always negotiate higher. Acting Chair Peterson introduced, Ed Goldsmith, member of the ODC Board, commented on his 40-year career experience noting that he previously worked at the Plymouth HRA Manager. He explained that 140 percent is the industry standard for over income families and is the maximum that federal programs would allow people to stay within an affordable unit and therefore a lower standard could be set if desired. He stated that if there is a family over the income limit, the owner of the building could establish a different rent level for that family which would allow the family to remain in that unit. He explained that the rent could be set at 30 percent of their new income. He stated that the other option would be to move the family out of that unit and into a unit affordable at a higher rent or into a market rate unit. He commented that the role of the HRA should be to look at the recommendations from ODC to see what they like or dislike and decide if any of those recommendations should be included in a revised policy for the city. Commissioner Vohs stated that he would agree to leave the percentage at 140 percent if that is the industry standard. He referenced page 80 of the packet, noting that he would add H, zoning changes or comprehensive plan changes. He added he would replace moderate with affordable wherever moderate appears in the policy. Acting Chair Peterson stated that each of the members of the HRA could also go through the document as Commissioner Vohs did to provide their suggestions. Commissioner Williams stated that he would still like to think they listen to people in the community. He commented that the community has evolved and there are interesting things included in the ODC draft. 9 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 7 Acting Chair Peterson commented that could be part of his input to staff. Mayor Wosje commented that typically the HRA would discuss potential changes and develop consensus rather than individually sending things to staff in order to provide clear direction to staff. Commissioner Vohs commented that he did try to compare the ODC draft versus the city draft but there were times the language was very different and that is why he believed they should work off the city draft, make the revisions and then ask for input. Commissioner Williams commented that this is a continued cycle as they had a draft, and this was the input received from ODC that should be reacted to. Commissioner Spoonheim stated that he would like to simplify this for staff and will make motions on changes as that will provide clear direction to staff. MOTION by Commissioner Spoonheim, seconded by Commissioner Williams, to change the name of the policy from moderate income housing to affordable housing. Vote. 5 Ayes. MOTION passed unanimously. MOTION by Commissioner Spoonheim, seconded by Commissioner Williams, to add throughout the document as appropriate pertaining to 30 percent affordability with a five percent target. Further discussion: Acting Chair Peterson commented that he does not have enough knowledge to say that is the right percentage for Plymouth. HRA Executive Director Fernelius noted that the intent would be to provide that as an option to the other options. Vote. 5 Ayes. MOTION passed unanimously. MOTION by Commissioner Spo onheim, seconded by Commissioner Williams, to add that assistance that triggers the requirement includes other city assistance meaning a discretionary action that the city has the authority to take that may include but is not limited t o adoption or changes; modifications, amendments, or exceptions ; or waivers to the comprehensive plan, land use regulations, policies, ordinances, building codes, public infrastructure, right-of-way modifications, and city fees. Further discussion: Commissioner Vohs asked about how the comp plan changes. Planning and Development Manager McGuire replied because of the zoning Plymouth uses, all apartment projects need to request rezoning, therefore a trigger of financial assistance or zoning 10 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 8 change would make every new development follow this policy. Developments that fall under comp plan guidance are the larger projects, such as Four Seasons and Prudential, and those projects usually have TIF assistance. By including financial assistance and zoning restrictions in this policy it will make Plymouth one of the most restrictive cities. Commissioner Spoonheim commented that a project can always request a variance from a policy and therefore he would prefer to be proactive so that a developer can seek a variance. He said it will take years to rezone the entire city to align with other cities. He suggests language that the city can make changes and have discretionary ability. Commissioner Vohs asked about the comp plan, it is redundant, that if we ask for a zoning change it will be a comp plan change to trigger the policy there is no need for a separate to include a comp plan change. Planning and Economic Development Manager McGuire said it probably is redundant and it sounds like you do want all possible triggers in the policy then she advises to include all. Commissioner Spoonheim reread the motion language. HRA Executive Director Fernelius noted this would be a policy and the council would ultimately choose which measures to enforce for a development as each development includes negotiation. Commissioner Kelner commented under this scenario if a developer were to come forward with a market rate policy, without financial assistance, they would still have to follow this policy. He stated that is basically telling developers not to come here if they do not want to include some affordable units. Commissioner Spoonheim commented that this would set an intention that the city would like to see this happen, but a developer could still request a variance from the policy. He commented that there are many examples being built at this time that include moderate income housing at their own choice. Mayor Wosje stated that there are two recent developments that have been approved that are full market rate with no financial assistance. He noted that in the future those projects would be subject to this policy. Commissioner Vohs appreciated that Mayor Wosje is present and will be the ongoing liaison. He noted that the mayor does communicate with other cities and many other cities include zoning changes as a trigger for the policy. He asked if Mayor Wosje had suggested language that would be more in line with other cities. Mayor Wosje agreed with staff that Plymouth zoning is different than other cities, as every project requires rezoning where other cities would not require the zoning change in certain areas. He 11 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 9 commented that he does not want to weigh in on the HRA decision and will reserve his thoughts for the council discussion. Commissioner Spoonheim commented that including this language would include it in the draft which will be present to the public when they solicit input. He noted that they can continue to make changes after the public input is received. Commissioner Vohs commented his concern is that if the language is too broad, the council may not approve any of the changes. Commissioner Spoonheim stated if the intent is to move forward to a public hearing, he would rather include the more restrictive language as it is easier to move back after the public hearing if that is the desire, than it would be to become more restricti ve. He stated between now and the public hearing he also intends to do additional research. Vote. 4 Ayes. 1 Nay (Kelner) MOTION passed. MOTION by Commissioner Spoonheim, seconded by Commissioner Williams, to add to the policy, language that clarifies the preservation of affordability upon receipt of city subsidy or applicable zoning changes. Further clarification: Commissioner Spoonheim suggested staff and Ehlers work to simplify the document for clarity. He commented it would be a mistake to not include a preservation element. Acting Chair Peterson stated that perhaps staff could consider section nine, part three, related to preservation. Commissioner Spoonheim agreed. He noted having a stronger policy actually helps developers in being more competitive for the outside funding they would be soliciting. Vote. 5 Ayes. MOTION passed unanimously. Commissioner Spoonheim recognized the shortage of staff and asked that a public hearing be held with the revised policy at the earliest convenience of staff. HRA Executive Director Fernelius replied they will work within a time frame that would ideally be September or October. 7. UPDATES HRA Executive Director Fernelius provided updates on staffing, capital projects, budgeting, and a potential study session. Commissioner Spoonheim referenced special legislation and asked that Ehlers bring back additional 12 Drafted Minutes Plymouth Housing and Redevelopment Authority August 24, 2023 Page 10 information to ensure that the city does not miss out on these opportunities. There was additional discussion about new housing funds provided through the legislature. Commissioner Vohs inquired about the capital projects at HRA buildings and asked if both those projects are at Plymouth Towne Square. HRA Executive Director Fernelius confirmed. Commissioner Vohs stated there is $700,000 working in the capital fund and $300,000 in the operating fund for that location and asked why CDBG funds are slated to be used for the capital projects. HRA Executive Director Fernelius replied using CDBG funds was a staff choice because there are funds that need to be spent down. 8. ADJOURNMENT MOTION by Acting Chair Peterson, with no objection, to adjourn the meeting at 8:55 p.m. 13 Regular Housing and Redevelopment Authority September 28, 2023 Agenda Number:4.2 To:Dave Callister, City Manager Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by: Item:Accept Plymouth Towne Square monthly housing report and financials 1.Action Requested: Accept attached Plymouth Towne Square monthly housing report and financials. 2.Background: The Plymouth HRA contracts with Grace Management, Inc. to manage the Plymouth Towne Square apartments. The attached report and financial statements cover the most recent reporting period (August 2023 and YTD). 3.Budget Impact: N/A 4.Attachments: PTS BALANCE SHEET 8.2023 PTS 12-MO P&L 8.2023 PTS COMPARATIVE P&L 8.2023 PTS P&L VARIANCE 8.2023 PTS CASHFLOW 8.2023 14 Total ASSETS CURRENT ASSETS US BANK OPER ACCT US BANK SEC DEP ACCT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER TOTAL CURRENT ASSETS 1,371,634 FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING BUILDING IMPROVEMENTS FURN, FIXT & EQUIP-GENERAL CONSTRUCTION IN PROGRESS FURNITURE & FIXTURES - HOUSEKEEPING COMPUTERS/OFFICE EQUIPMENT LEASE ASSET ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS 2,950,670 NON-CURRENT ASSETS TOTAL ASSETS 4,322,304 7,465 8,696 13,060 3,608 (5,187,831) 9,580 459,247 211,914 5,767,619 1,195,121 471,772 692,479 206,867 4,715 (417) 33,212 343 Balance Sheet PLYMOUTH TOWNE SQUARE As Of August 31, 2023 Ending Balance 352,159 72,697 15 Total Balance Sheet PLYMOUTH TOWNE SQUARE As Of August 31, 2023 Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE-TRADE ACCOUNTS PAYABLE - OTHER 401K WITHHOLDINGS PAYABLE ADVANCES FROM CITY ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES LEASES PAYABLE -SHORT TERM NOTES PAYABLE-SERIES 2021A -ST ACCRUED OTHER TOTAL CURRENT LIABILITIES 51,527 LONG-TERM LIABILITIES SECURITY DEPOSITS NOTES PAYABLE-SERIES 2021A -LT 402,231 TOTAL LIABILITIES 453,758 EQUITY RETAINED EARNINGS RSRVD FOR DS RETAINED EARNINGS NET INVESTMENT IN CAPITAL ASSETS TOTAL EQUITY 3,713,999 CURRENT YEAR INCOME/(LOSS)154,546 TOTAL LIABILITIES & EQUITY 4,322,304 49,128 575,128 3,089,743 24,664 516 328,000 2,002 71,231 331,000 1,278 2,968 (328,000) 6,344 4,136 828 8,792 16 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Oct 31, 2022 Dec 31, 2022 Jan 31, 2023 Feb 28, 2023 Mar 31, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Total INCOME APARTMENT RENTAL REVENUE 62,981 64,580 64,686 66,035 64,901 64,395 65,505 65,775 65,324 64,566 774,170 HRA INDIVIDUAL 21,667 21,663 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 243,328 GARAGE RENT 3,628 3,720 4,030 4,040 4,060 3,990 3,995 3,970 4,010 4,015 46,760 GUEST ROOM REVENUE 0 130 0 65 0 165 0 675 65 130 1,360 LAUNDRY REVENUE 545 903 872 901 1,358 1,248 185 608 1,271 696 10,758 APPLICATION FEE REVENUE 35 0 35 0 35 70 0 0 0 35 245 TRANSFER FEE REVENUE 500 0 0 0 0 0 0 0 0 0 500 INVESTMENT INCOME (42,182)(17,332)425 424 425 427 428 10,852 (1,741)428 (46,510) CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 242 37 146 30 333 100 456 1,445 79 376 3,244 TOTAL INCOME 47,416 73,701 89,776 91,077 90,695 89,978 90,152 102,909 88,592 89,830 1,033,856 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 5,263 6,246 5,476 4,946 5,476 5,299 5,476 5,299 5,476 5,476 64,621 PAYROLL TAXES 682 885 398 833 1,091 754 729 727 724 717 9,193 HEALTH INSURANCE 1,922 1,683 (82)(268)1,876 2,196 1,355 581 1,092 1,035 14,993 WORKERS COMP INSURANCE 271 3 137 137 206 137 137 137 137 137 1,935 MAINTENANCE SALARIES/WAGES 5,041 5,945 4,938 5,241 5,888 3,940 4,953 4,712 4,917 4,819 59,654 EMPLOYEE COSTS 80 80 80 80 120 80 80 80 80 80 1,040 SEMINAR/TRAINING 0 0 0 0 0 0 35 0 0 0 147 DATA PROCESSING 0 0 0 0 0 0 0 0 52 31 83 BANK FEES 124 126 108 110 103 107 117 102 119 111 1,347 DUES, SUBS & MEMBERSHIPS 0 0 60 0 0 0 0 0 0 0 60 LICENSE & PERMITS 694 0 0 0 0 0 0 165 694 200 1,783 PRINTING 0 0 0 0 0 0 0 0 0 143 143 MANAGEMENT FEES 4,985 4,985 4,985 5,483 5,234 5,234 5,234 5,234 5,234 5,234 61,812 PROFESSIONAL FEES 1,088 0 23 0 0 0 25 0 0 0 1,136 TELEPHONE EXPENSE 400 429 400 382 421 437 420 411 414 418 4,928 EQUIPMENT LEASE/REPAIR 2,015 (2,646)360 876 773 769 765 579 469 1,620 7,454 OFFICE SUPPLIES 80 344 302 53 0 184 0 41 0 161 1,359 TOTAL ADMIN EXPENSES 22,645 18,081 17,186 17,874 21,188 19,138 19,325 18,070 19,408 20,181 231,689 Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2023 Period End Period End Sep 30, 2022 Nov 30, 2022 62,140 63,282 21,667 21,667 3,610 3,693 130 0 908 1,263 35 0 0 0 668 668 0 0 0 89,158 90,572 5,093 5,093 998 656 1,683 1,922 224 271 4,620 4,639 120 80 112 0 0 0 118 101 0 0 0 30 0 0 4,985 4,985 0 0 395 400 1,509 364 0 193 19,859 18,736 17 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Oct 31, 2022 Dec 31, 2022 Jan 31, 2023 Feb 28, 2023 Mar 31, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Total Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2023 Period End Period End Sep 30, 2022 Nov 30, 2022 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 889 633 360 147 262 117 48 67 221 639 5,457 TOTAL LIFE ENRICHMENT EXPENSES 889 633 360 147 262 117 48 67 221 639 5,457 HOUSEKEEPING CONTRACT LABOR 1,413 1,470 1,470 1,470 1,470 1,470 1,470 1,470 1,470 1,620 17,619 CLEANING SUPPLIES 0 573 123 33 202 0 0 36 4 363 1,411 TOTAL HOUSEKEEPING EXPENSES 1,413 2,043 1,593 1,503 1,672 1,470 1,470 1,506 1,474 1,983 19,030 BUILDING & GROUNDS CONTRACT LABOR 586 586 193 193 346 411 193 700 578 324 4,904 CABLE TV EXPENSE 91 91 98 110 110 110 103 97 103 110 1,209 UTILITIES - ELECTRICITY 2,280 1,759 1,865 1,477 1,772 1,580 2,287 2,352 2,449 2,632 24,634 UTILITIES - GAS 3,394 4,851 5,238 6,776 5,798 1,613 3,099 797 824 528 37,108 UTILITIES - WATER/SEWER 2,322 1,853 1,949 2,076 2,013 1,774 1,845 2,149 2,322 2,587 25,283 WATER SOFTENING SERVICE 620 428 580 232 369 784 253 340 439 346 5,139 DOORS, KEYS & WINDOWS 0 390 0 0 0 0 0 0 0 0 450 FIRE SYSTEM SERVICE 369 210 210 210 637 210 210 2,051 2,271 210 7,608 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,715 11,860 6,985 5,135 1,110 1,745 1,465 2,583 1,570 8,969 45,337 PEST CONTROL 152 0 2,430 1,243 0 0 141 141 0 0 4,171 TRASH REMOVAL 2,438 1,823 2,331 1,928 2,053 1,927 2,254 2,225 1,924 1,953 24,192 UNIT TURNOVER REPAIRS 6,871 2,370 5,548 0 0 6,512 0 0 0 3,188 37,202 ELEVATOR-REPAIRS & MAINT 713 713 713 713 4,363 713 713 713 713 713 12,169 REPAIRS & MAINTENANCE 693 1,841 570 1,032 7,765 5,208 15,303 710 1,441 1,791 39,218 BUILDING & GROUNDS SUPPLIES 209 798 1,921 532 744 170 1,149 525 789 117 8,697 HVAC - REPAIRS & MAINTENANCE 282 1,573 654 3,318 543 299 975 315 873 299 11,012 TOTAL BUILDING & GROUNDS 22,736 31,146 31,284 24,974 27,622 23,056 29,990 15,698 16,295 23,768 288,334 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,987 3,987 3,987 3,987 3,987 3,987 3,987 3,607 3,860 3,755 47,106 PAYMENT IN LIEU OF PROPERTY TAX 3,033 4,270 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 38,033 TOTAL OTHER OPERATING EXPENSES 7,020 8,257 7,070 7,070 7,070 7,070 7,070 6,690 6,943 6,838 85,139 TOTAL OPERATING EXPENSES 54,703 60,161 57,493 51,568 57,814 50,851 57,903 42,031 44,341 53,408 629,650 NET OPERATING INCOME / ( L0SS)(7,287)13,540 32,284 39,509 32,881 39,127 32,248 60,878 44,251 36,422 404,206 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 16,325 29,021 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 208,596 RESERVE/REPLACE CAPITAL EXPENSE 13,660 (12,769)0 24,375 0 1,200 0 6,547 0 0 39,033 INTEREST EXPENSE 3,295 2,639 0 0 166 0 0 166 0 0 6,429 TOTAL DEPREC, INTEREST & OTHER 33,280 18,891 16,325 40,700 16,491 17,525 16,325 23,038 16,325 16,325 254,058 NET INCOME / (LOSS)(40,567)(5,351)15,959 (1,191)16,390 21,602 15,923 37,840 27,926 20,097 150,148 1,413 1,413 0 77 6 2,069 6 2,069 1,413 1,490 385 411 91 91 2,332 1,848 904 3,286 2,348 2,045 214 534 60 0 815 210 1,100 1,100 65 0 1,647 1,687 12,713 0 676 713 2,242 625 579 1,165 1,546 336 27,716 14,050 3,987 3,987 3,033 3,033 7,020 7,020 56,014 43,364 33,144 47,208 16,325 16,325 21,085 17,748 12,059 29,461 4,598 1,423 162 0 18 MTD Actual Budget Last Year YTD Actual Budget Last Year 64,566 64,800 63,500 518,400 19,583 19,583 21,667 156,664 4,015 3,840 3,610 30,720 130 0 130 260 696 1,050 1,334 8,400 35 35 0 420 0 0 0 500 428 417 668 3,336 376 100 12 800 89,830 89,825 90,921 719,500 5,476 5,358 5,263 42,864 717 807 713 6,456 1,035 2,060 1,922 16,480 137 155 149 1,240 4,819 4,723 4,896 37,784 80 90 80 765 0 0 0 200 0 0 0 0 31 0 0 0 111 105 105 840 0 0 0 60 200 200 200 200 0 15 0 120 0 0 4 100 143 15 0 120 5,234 5,234 4,985 41,872 0 583 0 4,664 418 400 391 3,200 1,620 800 1,134 6,400 161 90 153 720 20,181 20,635 19,996 164,085 639 850 846 2,050 639 850 846 2,050 TOTAL LIFE ENRICHMENT EXPENSES 1,860 1,671 TOTAL ADMIN EXPENSES 152,369 154,051 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 1,860 1,671 EQUIPMENT LEASE/REPAIR 6,211 6,778 OFFICE SUPPLIES 741 294 PROFESSIONAL FEES 48 69 TELEPHONE EXPENSE 3,304 3,062 PRINTING 143 117 MANAGEMENT FEES 41,872 39,880 MILEAGE REIMBURSEMENT 0 0 POSTAGE/OVERNIGHT EXPRESS 0 66 DUES, SUBS & MEMBERSHIPS 60 60 LICENSE & PERMITS 1,059 420 DATA PROCESSING 83 0 BANK FEES 877 873 SEMINAR/TRAINING 35 0 CLASSIFIED ADVERTISING 0 330 MAINTENANCE SALARIES/WAGES 39,408 37,075 EMPLOYEE COSTS 680 680 HEALTH INSURANCE 7,783 15,371 WORKERS COMP INSURANCE 1,165 2,118 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 42,926 40,975 PAYROLL TAXES 5,973 5,885 MISCELLANEOUS REVENUE 2,965 281 TOTAL INCOME 733,008 716,211 TRANSFER FEE REVENUE 0 0 INVESTMENT INCOME 11,667 5,344 LAUNDRY REVENUE 7,140 8,468 APPLICATION FEE REVENUE 175 175 GARAGE RENT 32,110 28,808 GUEST ROOM REVENUE 1,100 130 APARTMENT RENTAL REVENUE 521,187 499,668 HRA INDIVIDUAL 156,664 173,336 Comparative Profit and Loss PLYMOUTH TOWNE SQUARE Through August 31, 2023 Description INCOME 19 MTD Actual Budget Last Year YTD Actual Budget Last Year Comparative Profit and Loss PLYMOUTH TOWNE SQUARE Through August 31, 2023 Description 0 10 0 80 0 10 0 80 1,620 1,535 1,413 12,280 363 185 141 1,480 1,983 1,720 1,554 13,760 324 600 197 4,800 110 93 91 781 2,632 2,700 3,086 17,150 528 1,200 1,129 23,100 2,587 2,400 2,798 17,200 346 460 466 3,680 0 250 3 2,000 210 625 210 5,000 8,969 2,225 1,150 21,475 0 65 0 460 1,953 1,835 2,302 14,680 3,188 2,667 3,215 21,336 713 775 1,197 6,200 1,791 3,000 4,875 24,000 117 1,850 2,573 14,800 299 1,350 1,189 10,800 0 1,000 0 8,000 23,768 23,095 24,481 195,462 3,755 3,440 3,987 30,165 3,083 3,083 3,033 24,664 6,838 6,523 7,020 54,829 53,408 52,833 53,897 430,266 36,422 36,992 37,024 289,234 16,325 16,325 16,325 130,600 0 (527)0 (4,216) 0 5,000 0 196,860 0 907 0 7,256 16,325 21,705 16,325 330,500 20,097 15,287 20,699 (41,266) TOTAL DEPREC, INTEREST & OTHER 163,054 148,301 NET INCOME / (LOSS)154,546 163,309 RESERVE/REPLACE CAPITAL EXPENSE 32,122 17,373 INTEREST EXPENSE 332 328 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 130,600 130,600 AMORTIZATION EXPENSE 0 0 TOTAL OPERATING EXPENSES 415,408 404,600 NET OPERATING INCOME / ( L0SS)317,600 311,611 PAYMENT IN LIEU OF PROPERTY TAX 24,664 24,264 TOTAL OTHER OPERATING EXPENSES 55,821 55,143 TOTAL BUILDING & GROUNDS 192,686 181,320 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 31,157 30,879 HVAC - REPAIRS & MAINTENANCE 7,275 5,691 MISCELLANEOUS B & G EXPENSES 0 0 REPAIRS & MAINTENANCE 33,819 27,072 BUILDING & GROUNDS SUPPLIES 5,946 14,079 UNIT TURNOVER REPAIRS 15,248 19,587 ELEVATOR-REPAIRS & MAINT 9,354 8,141 PEST CONTROL 3,955 2,497 TRASH REMOVAL 16,597 15,613 FIRE SYSTEM SERVICE 6,006 2,889 LAWN SERVICE/LANDSCAP/SNOW RMVL 29,562 15,895 WATER SOFTENING SERVICE 3,342 3,503 DOORS, KEYS & WINDOWS 0 2,729 UTILITIES - GAS 24,673 24,917 UTILITIES - WATER/SEWER 16,715 16,258 5,167 CABLE TV EXPENSE 843 729 UTILITIES - ELECTRICITY 16,415 16,554 BUILDING & GROUNDS CONTRACT LABOR 2,936 TOTAL HOUSEKEEPING EXPENSES 12,671 12,416 CONTRACT LABOR 11,910 11,461 CLEANING SUPPLIES 761 955 TOTAL MARKETING EXPENSES 0 0 HOUSEKEEPING MARKETING ADVERTISING 0 0 20 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget INCOME APARTMENT RENTAL REVENUE 64,566 64,800 521,187 518,400 2,787 777,600 HRA INDIVIDUAL 19,583 19,583 156,664 156,664 0 235,000 GARAGE RENT 4,015 3,840 32,110 30,720 1,390 46,080 GUEST ROOM REVENUE 130 0 1,100 260 840 390 LAUNDRY REVENUE 696 1,050 7,140 8,400 (1,260)12,600 APPLICATION FEE REVENUE 35 35 175 420 (245)630 TRANSFER FEE REVENUE 0 0 0 500 (500)500 INVESTMENT INCOME 428 417 11,667 3,336 8,331 5,000 MISCELLANEOUS REVENUE 376 100 2,965 800 2,165 1,200 TOTAL INCOME 89,830 89,825 733,008 719,500 13,508 1,079,000 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 5,476 5,358 42,926 42,864 (62)64,300 PAYROLL TAXES 717 807 5,973 6,456 483 9,678 HEALTH INSURANCE 1,035 2,060 7,783 16,480 8,697 24,721 WORKERS COMP INSURANCE 137 155 1,165 1,240 75 1,860 MAINTENANCE SALARIES/WAGES 4,819 4,723 39,408 37,784 (1,624)56,680 EMPLOYEE COSTS 80 90 680 765 85 1,170 SEMINAR/TRAINING 0 0 35 200 165 200 DATA PROCESSING 31 0 83 0 (83)0 BANK FEES 111 105 877 840 (37)1,260 DUES, SUBS & MEMBERSHIPS 0 0 60 60 0 60 LICENSE & PERMITS 200 200 1,059 200 (859)954 MILEAGE REIMBURSEMENT 0 15 0 120 120 180 POSTAGE/OVERNIGHT EXPRESS 0 0 0 100 100 150 PRINTING 143 15 143 120 (23)180 MANAGEMENT FEES 5,234 5,234 41,872 41,872 0 62,811 PROFESSIONAL FEES 0 583 48 4,664 4,616 7,000 TELEPHONE EXPENSE 418 400 3,304 3,200 (104)4,800 EQUIPMENT LEASE/REPAIR 1,620 800 6,211 6,400 189 9,600 OFFICE SUPPLIES 161 90 741 720 (21)1,080 TOTAL ADMIN EXPENSES 20,181 20,635 152,369 164,085 11,716 246,684 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 639 850 1,860 2,050 190 5,300 639 850 1,860 2,050 190 5,300 TOTAL LIFE ENRICHMENT EXPENSES 211 (71) 454 211 583 (18) (820) 0 (128) 0 0 0 15 0 (31) (6) 18 (96) 10 (118) 90 1,025 11 276 5 (354) 0 0 0 175 130 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through August 31, 2023 (234) 21 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through August 31, 2023 MARKETING ADVERTISING 0 10 0 80 80 120 TOTAL MARKETING EXPENSES 0 10 0 80 80 120 HOUSEKEEPING CONTRACT LABOR 1,620 1,535 11,910 12,280 370 18,420 CLEANING SUPPLIES 363 185 761 1,480 719 2,220 1,983 1,720 12,671 13,760 1,089 20,640 BUILDING & GROUNDS CONTRACT LABOR 324 600 2,936 4,800 1,864 7,200 CABLE TV EXPENSE 110 93 843 781 (62)1,153 UTILITIES - ELECTRICITY 2,632 2,700 16,415 17,150 735 25,250 UTILITIES - GAS 528 1,200 24,673 23,100 (1,573)36,300 UTILITIES - WATER/SEWER 2,587 2,400 16,715 17,200 485 25,500 WATER SOFTENING SERVICE 346 460 3,342 3,680 338 5,520 DOORS, KEYS & WINDOWS 0 250 0 2,000 2,000 3,000 FIRE SYSTEM SERVICE 210 625 6,006 5,000 (1,006)7,500 LAWN SERVICE/LANDSCAP/SNOW RMVL 8,969 2,225 29,562 21,475 (8,087)30,800 PEST CONTROL 0 65 3,955 460 (3,495)790 TRASH REMOVAL 1,953 1,835 16,597 14,680 (1,917)22,020 UNIT TURNOVER REPAIRS 3,188 2,667 15,248 21,336 6,088 32,000 ELEVATOR-REPAIRS & MAINT 713 775 9,354 6,200 (3,154)9,300 REPAIRS & MAINTENANCE 1,791 3,000 33,819 24,000 (9,819)36,000 BUILDING & GROUNDS SUPPLIES 117 1,850 5,946 14,800 8,854 22,200 HVAC - REPAIRS & MAINTENANCE 299 1,350 7,275 10,800 3,525 16,200 MISCELLANEOUS B & G EXPENSES 0 1,000 0 8,000 8,000 12,000 TOTAL BUILDING & GROUNDS 23,768 23,095 192,686 195,462 2,776 292,733 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,755 3,440 31,157 30,165 (992)43,926 PAYMENT IN LIEU OF PROPERTY TAX 3,083 3,083 24,664 24,664 0 37,000 6,838 6,523 55,821 54,829 (992)80,926 TOTAL OPERATING EXPENSES 53,408 52,833 415,408 430,266 14,858 646,403 NET OPERATING INCOME / ( L0SS)36,422 36,992 317,600 289,234 28,366 432,597 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 16,325 16,325 130,600 130,600 0 195,900 AMORTIZATION EXPENSE 0 (527)0 (4,216)(4,216)(6,320) RESERVE/REPLACE CAPITAL EXPENSE 0 5,000 32,122 196,860 164,738 204,860 INTEREST EXPENSE 0 907 332 7,256 6,924 10,888 16,325 21,705 163,054 330,500 167,446 405,328 NET INCOME / (LOSS)20,097 15,287 154,546 (41,266)195,812 27,269 TOTAL DEPREC, INTEREST & OTHER 5,380 4,810 (527) 5,000 907 (575) (570) 0 0 TOTAL OTHER OPERATING EXPENSES (315) 1,000 (673) (315) 1,209 1,733 1,051 (118) (521) 62 65 250 415 (6,744) 672 (187) 114 276 (17) 68 (85) (178) TOTAL HOUSEKEEPING EXPENSES (263) 10 10 22 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Feb 28, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Sep 30, 2023 Oct 31, 2023 Nov 30, 2023 Dec 31, 2023 Year To Date CASHFLOW RECONCILIATION: NET INCOME / (LOSS)(1,191)21,602 15,923 37,840 27,926 20,097 0 0 0 0 154,546 ADJUSTMENTS TO NET CASHFLOW: DEPRECIATION & AMORTIZATION 16,325 16,325 16,325 16,325 16,325 16,325 0 0 0 0 130,600 (INCR) / DECR IN A/R 1,510 (1,891)(1,649)6,431 122 565 0 0 0 0 4,747 (INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0 (INCR) / DECR IN PREPAID EXP 4,700 14 450 (33,621)2,931 237 0 0 0 0 (21,521) (INCR)/DECR IN OTHER ASSETS (19,583)(19,583)(19,583)(36,663)(18,661)(19,583)0 0 0 0 (172,822) (INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0 INCR /( DECR) IN ACCTS PAYABLE (16,701)3,399 (3,763)47,011 (49,655)9,185 0 0 0 0 (15,662) INCR /( DECR) IN ACCRD LIAB 13,038 (3,104)9,413 (4,132)13,464 (7,067)0 0 0 0 (10,798) TOTAL ADJUSTMENTS (711)(4,840)1,194 (4,649)(35,474)(338)0 0 0 0 (85,456) NET OPERATING CASHFLOW:(1,901)16,762 17,117 33,191 (7,548)19,758 0 0 0 0 69,090 LESS CAPITAL EXPENDITURES: LAND 0 0 0 0 0 0 0 0 0 0 0 SITE IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 BUILDING 0 0 0 0 0 0 0 0 0 0 0 BUILDING IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 FURN, FIXT & EQUIP-GENERAL 0 0 0 0 0 0 0 0 0 0 0 CONSTRUCTION IN PROGRESS 0 0 0 0 0 0 0 0 0 0 0 FURNITURE & FIXTURES - HOUSEKEEPING 0 0 0 0 0 0 0 0 0 0 0 COMPUTERS/OFFICE EQUIPMENT 0 0 0 0 0 0 0 0 0 0 0 APARTMENT IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 VEHICLES 0 0 0 0 0 0 0 0 0 0 0 SIGNAGE 0 0 0 0 0 0 0 0 0 0 0 SMALL EQUIPMENT/FURNISHINGS 0 0 0 0 0 0 0 0 0 0 0 LEASE ASSET 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL PYMTS ON LT DEBT 0 0 0 0 0 0 0 0 0 0 0 CONTRIBUTED CAPITAL 0 0 0 0 0 0 0 0 0 0 0 RETAINED EARNINGS RSRVD FOR DS 0 0 0 0 0 0 0 0 0 0 0 RETAINED EARNINGS 0 0 0 0 0 0 0 0 0 0 0 NET INCR / (DECR) IN CASH:(1,901)16,762 17,117 33,191 (7,548)19,758 0 0 0 0 69,090 0 0 15,509 (23,798) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (449)(40,188) 15,509 (23,798) 0 0 0 0 (11,979)6,841 12,051 (44,461) 0 0 2,633 1,135 (19,583)(19,583) 15,959 16,390 16,325 16,325 104 (445) Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 23 Regular Housing and Redevelopment Authority September 28, 2023 Agenda Number:4.3 To:Dave Callister, City Manager Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by: Item:Accept Vicksburg Crossing monthly housing report and financials 1.Action Requested: Accept attached Vicksburg Crossing monthly housing report and financials. 2.Background: The Plymouth HRA contracts with Grace Management, Inc. to manage the Vicksburg Crossing apartments. The attached report and financial statements cover the most recent reporting period (August 2023 and YTD). 3.Budget Impact: N/A 4.Attachments: VC - Balance Sheet - 8.2023 VC - 12-Month P&L - 8.2023 VC COMPARATIVE 8.2023 VC P&L VARIANCE 8.2023 VC - Cashflow - 8.2023 24 Total ASSETS CURRENT ASSETS US BANK OPER ACCT US BANK SEC DEP ACCT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER TOTAL CURRENT ASSETS 1,834,256 FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING FURNITURE, FIXTURES & EQUIP-GENERAL COMPUTERS/OFFICE EQUIPMENT LEASE ASSET ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS 5,913,173 NON-CURRENT ASSETS TOTAL ASSETS 7,747,428 8,680 6,669 (5,737,301) 362 10,584 874,593 261,390 9,904,487 594,654 931,523 29,938 (3,023) (417) 1,817 29,814 Balance Sheet VICKSBURG CROSSING As Of August 31, 2023 Ending Balance 756,821 76,836 25 Total Balance Sheet VICKSBURG CROSSING As Of August 31, 2023 Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE-TRADE ACCOUNTS PAYABLE - OTHER 401K WITHHOLDINGS PAYABLE ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES LEASES PAYABLE -SHORT TERM ACCRUED OTHER TOTAL CURRENT LIABILITIES 88,415 LONG-TERM LIABILITIES SECURITY DEPOSITS BOND PREMIUM-2021A BOND PAYABLE-2021A LEASES PAYABLE -LONG TERM 6,882,164 TOTAL LIABILITIES 6,970,579 EQUITY NET INVESTMENTS IN CAPITAL ASSETS RESTRICTED FOR DEBT SERVICE UNRESTRICTED TOTAL EQUITY 639,343 CURRENT YEAR INCOME/(LOSS)137,507 TOTAL LIABILITIES & EQUITY 7,747,428 1,349,654 75,513 301,352 6,500,000 5,298 (1,164,950) 454,639 6,618 6,227 14,362 42,904 1,251 2,111 10,592 3,530 819 26 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Oct 31, 2022 Dec 31, 2022 Jan 31, 2023 Feb 28, 2023 Mar 31, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Total INCOME APARTMENT RENTAL REVENUE 103,763 103,771 104,557 104,186 105,807 106,123 106,201 106,321 104,966 104,681 1,257,996 APARTMENT RENTAL REVENUE - COUNTY 2,307 2,299 2,950 2,950 2,950 2,950 2,944 2,944 2,944 2,944 32,758 HRA SUBSIDY - TAX LEVY 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 GARAGE RENT 4,030 4,065 4,070 4,200 4,020 4,020 4,020 4,020 4,020 4,260 48,790 GUEST ROOM REVENUE 660 0 0 70 0 140 620 70 1,040 540 3,850 APPLICATION FEE REVENUE 0 70 35 0 0 0 35 0 35 140 420 INVESTMENT INCOME (3,789)(8,283)428 425 426 429 430 12,285 (1,921)430 2,536 CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 330 320 723 330 320 320 320 320 (2,389)732 5,444 TOTAL INCOME 111,051 105,992 116,514 115,911 117,273 117,732 118,320 129,710 112,445 117,477 1,396,794 EXPENSES ADMINISTRATION MANAGER SALARIES 5,816 5,635 6,047 5,462 6,047 5,852 6,047 5,852 6,047 6,047 70,105 PAYROLL TAXES 647 623 403 752 1,075 720 720 726 776 746 8,815 HEALTH INSURANCE 1,961 1,375 1,053 603 1,571 2,143 (32)1,252 1,978 855 16,104 WORKERS COMP INSURANCE 176 114 145 145 217 145 145 145 145 145 1,960 MAINTENANCE SALARIES/WAGES 4,636 6,001 5,016 4,252 4,778 4,476 4,937 4,558 4,711 4,796 57,490 EMPLOYEE COSTS 80 80 80 80 120 80 80 80 80 80 1,040 SEMINAR/TRAINING 0 0 0 0 0 35 0 0 0 0 147 DATA PROCESSING 0 0 0 0 0 0 0 0 22 31 53 BANK FEES 147 103 89 93 87 87 84 95 98 98 1,185 DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 0 0 0 60 0 60 LICENSE & PERMITS 0 0 0 0 676 0 200 0 0 0 876 MILEAGE REIMBURSEMENT 13 0 0 0 0 0 0 0 0 0 13 POSTAGE/OVERNIGHT EXPRESS 20 2 0 0 3 18 2 0 0 4 55 PRINTING 0 0 0 0 0 0 227 0 0 0 227 MANAGEMENT FEES 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 57,588 PROFESSIONAL FEES 5,000 0 75 0 0 0 0 0 50 25 6,338 TELEPHONE EXPENSE 522 552 529 539 529 628 528 528 534 433 6,373 EQUIPMENT LEASE/REPAIR 104 (16)1,049 125 140 1,319 168 395 168 125 3,776 OFFICE SUPPLIES 118 281 117 296 34 0 0 339 0 204 1,390 TOTAL ADMIN EXPENSES 24,040 19,548 19,402 17,145 20,076 20,303 17,905 18,769 19,468 18,386 233,597 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 342 1,508 228 226 363 539 508 324 418 556 6,027 TOTAL LIFE ENRICHMENT EXPENSES 342 1,508 228 226 363 539 508 324 418 556 6,027 Twelve Month Profit and Loss VICKSBURG CROSSING For Year 2023 Period End Period End Sep 30, 2022 Nov 30, 2022 103,789 103,831 2,277 2,299 3,750 3,750 3,990 4,075 710 0 35 70 837 838 330 3,787 115,718 118,651 0 0 5,628 5,628 1,007 619 1,384 1,961 264 176 4,987 4,342 120 80 112 0 0 0 98 105 0 0 0 0 0 0 7 0 0 0 4,799 4,799 1,188 0 525 526 95 104 267 748 0 0 20,214 18,341 267 748 27 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Oct 31, 2022 Dec 31, 2022 Jan 31, 2023 Feb 28, 2023 Mar 31, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Total Twelve Month Profit and Loss VICKSBURG CROSSING For Year 2023 Period End Period End Sep 30, 2022 Nov 30, 2022 MARKETING ADVERTISING 0 0 0 0 0 0 0 0 0 0 445 TOTAL MARKETING EXPENSES 0 0 0 0 0 0 0 0 0 0 445 HOUSEKEEPING CONTRACT LABOR 1,581 1,361 1,581 1,361 1,361 1,361 1,361 1,361 1,361 2,281 18,502 CLEANING SUPPLIES 0 83 84 60 118 69 270 0 43 33 844 TOTAL HOUSEKEEPING EXPENSES 1,581 1,444 1,665 1,421 1,479 1,430 1,631 1,361 1,404 2,314 19,346 BUILDING & GROUNDS CONTRACT LABOR 1,002 193 346 193 433 521 193 153 582 700 5,110 CABLE TV EXPENSE 248 248 282 280 291 281 281 281 281 281 3,249 UTILITIES - ELECTRICITY 1,913 2,398 2,777 2,573 2,658 2,488 2,129 2,002 2,285 2,728 28,231 UTILITIES - GAS 2,020 5,378 5,659 4,601 3,853 2,625 1,106 602 622 517 29,829 UTILITIES - WATER/SEWER 1,816 1,804 1,641 1,392 1,459 1,728 1,594 1,711 1,805 2,244 20,488 WATER SOFTENING SERVICE 275 0 211 0 230 0 263 0 0 249 1,228 DOORS, KEYS & WINDOWS 0 0 22 0 0 0 554 0 0 0 677 FIRE SYSTEM SERVICE 55 55 55 55 55 55 928 55 55 55 5,152 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,915 8,878 4,360 2,450 2,450 1,100 3,570 1,300 1,450 1,300 34,894 PEST CONTROL 153 153 0 255 153 0 0 153 0 0 867 TRASH REMOVAL 1,782 1,800 2,213 2,186 2,186 2,200 2,184 2,184 2,180 2,180 24,662 UNIT TURNOVER REPAIRS 7,802 10,795 0 0 0 0 0 0 0 13,965 33,406 EQUIPMENT LEASE/REPAIR 0 0 50 0 0 0 0 0 0 0 50 ELEVATOR-REPAIRS & MAINT 596 596 596 607 607 607 607 607 607 607 7,229 REPAIRS & MAINTENANCE 935 4,040 357 1,597 2,673 8,759 3,480 5,838 6,461 3,400 43,663 BUILDING & GROUNDS SUPPLIES 905 1,731 40 430 350 0 459 1,610 0 343 6,327 HVAC - REPAIRS & MAINTENANCE 1,645 706 669 735 260 260 260 1,077 1,599 260 7,991 TOTAL BUILDING & GROUNDS 23,063 38,774 19,279 17,355 17,659 20,623 17,606 17,574 17,927 28,829 253,054 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,485 3,485 3,485 3,485 3,553 3,553 3,553 3,054 3,387 3,283 41,294 PAYMENT IN LIEU OF PROPERTY TAX 5,208 4,502 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 63,030 TOTAL OTHER OPERATING EXPENSES 8,693 7,987 8,848 8,848 8,916 8,916 8,916 8,417 8,750 8,646 104,324 TOTAL OPERATING EXPENSES 57,718 69,261 49,422 44,994 48,494 51,812 46,567 46,444 47,967 58,731 616,793 NET OPERATING INCOME / ( L0SS)53,333 36,730 67,092 70,917 68,780 65,920 71,754 83,266 64,478 58,746 780,001 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 26,470 33,226 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 324,396 AMORTIZATION EXPENSE (2,325)(21,828)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(45,078) RESERVE/REPLACE CAPITAL EXPENSE 30,000 (118,697)16,791 0 14,945 14,775 67,845 0 0 11,712 111,256 INTEREST EXPENSE 17,617 (30,014)11,733 11,733 11,909 11,733 11,733 11,911 11,733 11,733 117,224 TOTAL DEPREC, INTEREST & OTHER 71,762 (137,313)52,669 35,878 50,999 50,653 103,723 36,056 35,878 47,590 507,798 NET INCOME / (LOSS)(18,429)174,044 14,423 35,039 17,781 15,267 (31,969)47,210 28,600 11,156 272,203 445 0 445 0 1,801 1,731 39 47 1,840 1,778 604 193 248 248 2,506 1,773 964 1,880 1,816 1,479 0 0 101 0 3,675 55 4,850 1,271 0 0 1,759 1,808 429 415 0 0 596 596 5,208 1,972 4,150 449 9 260 260 8,693 8,693 51,688 43,695 20,229 14,136 3,485 3,485 5,208 64,031 74,955 26,470 26,470 0 (2,325) (54,111)33,193 73,885 0 17,786 17,617 118,142 41,762 28 MTD Actual Budget Last Year YTD Actual Budget Last Year 104,681 103,628 103,832 827,544 2,944 2,277 2,277 18,216 3,750 3,750 3,750 30,000 4,260 4,080 3,961 32,640 540 280 710 1,260 140 35 140 350 0 0 0 1,000 430 417 838 3,336 732 290 1,131 2,320 117,477 114,757 116,639 916,666 6,047 5,917 5,816 47,336 746 865 663 6,920 855 2,059 1,961 16,472 145 160 176 1,280 4,796 4,897 4,569 39,176 80 85 80 725 0 0 0 150 0 0 0 0 31 0 0 0 98 110 98 880 0 0 0 65 0 0 0 906 0 10 0 80 4 10 0 80 0 15 0 120 4,799 4,799 4,799 38,392 25 223 75 1,784 433 530 524 4,240 125 220 1,949 1,760 204 118 91 944 18,386 20,018 20,801 161,310 556 700 624 3,200 556 700 624 3,200 TOTAL LIFE ENRICHMENT EXPENSES 3,162 4,145 TOTAL ADMIN EXPENSES 151,454 159,856 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 3,162 4,145 EQUIPMENT LEASE/REPAIR 3,489 7,589 OFFICE SUPPLIES 990 993 PROFESSIONAL FEES 150 200 TELEPHONE EXPENSE 4,249 4,104 PRINTING 227 248 MANAGEMENT FEES 38,392 38,392 MILEAGE REIMBURSEMENT 0 20 POSTAGE/OVERNIGHT EXPRESS 27 56 DUES, SUBS & MEMBERSHIPS 60 60 LICENSE & PERMITS 876 876 DATA PROCESSING 53 0 BANK FEES 731 749 SEMINAR/TRAINING 35 0 CLASSIFIED ADVERTISING 0 330 MAINTENANCE SALARIES/WAGES 37,524 36,759 EMPLOYEE COSTS 680 680 HEALTH INSURANCE 9,423 15,680 WORKERS COMP INSURANCE 1,231 1,690 EXPENSES ADMINISTRATION MANAGER SALARIES 47,398 45,583 PAYROLL TAXES 5,919 5,846 MISCELLANEOUS REVENUE 677 3,903 TOTAL INCOME 945,382 922,468 TRANSFER FEE REVENUE 0 1,000 INVESTMENT INCOME 12,932 6,692 GUEST ROOM REVENUE 2,480 2,040 APPLICATION FEE REVENUE 245 315 HRA SUBSIDY - TAX LEVY 30,000 30,000 GARAGE RENT 32,630 30,908 APARTMENT RENTAL REVENUE 842,842 825,229 APARTMENT RENTAL REVENUE - COUNTY 23,576 22,381 Comparative Profit and Loss VICKSBURG CROSSING Through August 31, 2023 Description INCOME 29 MTD Actual Budget Last Year YTD Actual Budget Last Year Comparative Profit and Loss VICKSBURG CROSSING Through August 31, 2023 Description 0 0 0 500 0 0 0 500 2,281 1,800 1,581 14,400 33 155 55 1,240 2,314 1,955 1,636 15,640 700 900 503 7,200 281 258 248 2,004 2,728 3,000 2,469 18,600 517 500 848 18,300 2,244 1,800 1,983 12,400 249 148 291 1,184 0 65 144 520 55 2,200 2,885 5,550 1,300 1,300 1,100 15,400 0 0 0 510 2,180 1,761 1,761 14,088 13,965 4,250 9,592 34,000 0 0 0 0 607 685 596 5,480 3,400 4,000 176 17,750 343 1,550 929 11,300 260 800 550 6,650 0 1,000 0 8,000 28,829 24,217 24,076 178,936 3,283 3,296 3,485 29,826 5,363 5,363 5,208 42,904 8,646 8,659 8,693 72,730 58,731 55,549 55,830 432,316 58,746 59,208 60,809 484,350 26,470 26,470 26,470 211,760 (2,325)2,207 772 17,656 11,712 0 4,400 75,000 11,733 11,733 17,617 93,864 47,590 40,410 49,259 398,280 11,156 18,798 11,551 86,070 NET INCOME / (LOSS)137,507 98,628 INTEREST EXPENSE 94,218 141,279 TOTAL DEPREC, INTEREST & OTHER 413,446 416,745 AMORTIZATION EXPENSE (18,600)16,221 RESERVE/REPLACE CAPITAL EXPENSE 126,068 47,485 NET OPERATING INCOME / ( L0SS)550,952 515,373 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 211,760 211,760 TOTAL OTHER OPERATING EXPENSES 70,258 68,907 TOTAL OPERATING EXPENSES 394,430 407,095 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 27,354 27,243 PAYMENT IN LIEU OF PROPERTY TAX 42,904 41,664 MISCELLANEOUS B & G EXPENSES 0 0 TOTAL BUILDING & GROUNDS 156,851 161,021 BUILDING & GROUNDS SUPPLIES 3,233 8,496 HVAC - REPAIRS & MAINTENANCE 5,120 4,969 ELEVATOR-REPAIRS & MAINT 4,844 5,672 REPAIRS & MAINTENANCE 32,565 18,280 UNIT TURNOVER REPAIRS 13,965 30,254 EQUIPMENT LEASE/REPAIR 50 0 PEST CONTROL 561 346 TRASH REMOVAL 17,514 14,089 FIRE SYSTEM SERVICE 1,313 4,050 LAWN SERVICE/LANDSCAP/SNOW RMVL 17,980 13,235 WATER SOFTENING SERVICE 953 1,001 DOORS, KEYS & WINDOWS 576 144 UTILITIES - GAS 19,587 22,340 UTILITIES - WATER/SEWER 13,574 12,345 4,585 CABLE TV EXPENSE 2,256 1,967 UTILITIES - ELECTRICITY 19,641 19,247 BUILDING & GROUNDS CONTRACT LABOR 3,119 TOTAL HOUSEKEEPING EXPENSES 12,704 13,147 CONTRACT LABOR 12,028 12,318 CLEANING SUPPLIES 676 829 TOTAL MARKETING EXPENSES 0 19 HOUSEKEEPING MARKETING ADVERTISING 0 19 30 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget INCOME APARTMENT RENTAL REVENUE 104,681 103,628 842,842 827,544 15,298 1,246,541 APARTMENT RENTAL REVENUE - COUNTY 2,944 2,277 23,576 18,216 5,360 27,324 HRA SUBSIDY - TAX LEVY 3,750 3,750 30,000 30,000 0 45,000 GARAGE RENT 4,260 4,080 32,630 32,640 (10)48,960 GUEST ROOM REVENUE 540 280 2,480 1,260 1,220 2,100 APPLICATION FEE REVENUE 140 35 245 350 (105)560 TRANSFER FEE REVENUE 0 0 0 1,000 (1,000)1,000 INVESTMENT INCOME 430 417 12,932 3,336 9,596 5,000 MISCELLANEOUS REVENUE 732 290 677 2,320 (1,643)3,480 TOTAL INCOME 117,477 114,757 945,382 916,666 28,716 1,379,965 EXPENSES ADMINISTRATION MANAGER SALARIES 6,047 5,917 47,398 47,336 (62)71,000 PAYROLL TAXES 746 865 5,919 6,920 1,001 10,381 HEALTH INSURANCE 855 2,059 9,423 16,472 7,049 24,710 WORKERS COMP INSURANCE 145 160 1,231 1,280 49 1,920 MAINTENANCE SALARIES/WAGES 4,796 4,897 37,524 39,176 1,652 58,760 EMPLOYEE COSTS 80 85 680 725 45 1,110 SEMINAR/TRAINING 0 0 35 150 115 150 DATA PROCESSING 31 0 53 0 (53)0 BANK FEES 98 110 731 880 149 1,320 DUES, SUBS & MEMBERSHIPS 0 0 60 65 5 65 LICENSE & PERMITS 0 0 876 906 30 906 MILEAGE REIMBURSEMENT 0 10 0 80 80 120 POSTAGE/OVERNIGHT EXPRESS 4 10 27 80 53 120 PRINTING 0 15 227 120 (107)180 MANAGEMENT FEES 4,799 4,799 38,392 38,392 0 57,583 PROFESSIONAL FEES 25 223 150 1,784 1,634 2,676 TELEPHONE EXPENSE 433 530 4,249 4,240 (9)6,360 EQUIPMENT LEASE/REPAIR 125 220 3,489 1,760 (1,729)2,640 OFFICE SUPPLIES 204 118 990 944 (46)1,416 TOTAL ADMIN EXPENSES 18,386 20,018 151,454 161,310 9,856 241,417 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 556 700 3,162 3,200 38 6,450 556 700 3,162 3,200 38 6,450 TOTAL LIFE ENRICHMENT EXPENSES 144 (86) 1,632 144 198 97 95 6 15 0 0 0 10 0 (31) 12 15 101 5 (130) 119 1,204 13 442 2,720 260 105 0 667 0 180 Profit and Loss Variance VICKSBURG CROSSING Through August 31, 2023 1,053 31 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget Profit and Loss Variance VICKSBURG CROSSING Through August 31, 2023 MARKETING ADVERTISING 0 0 0 500 500 500 TOTAL MARKETING EXPENSES 0 0 0 500 500 500 HOUSEKEEPING CONTRACT LABOR 2,281 1,800 12,028 14,400 2,372 21,600 CLEANING SUPPLIES 33 155 676 1,240 564 1,860 2,314 1,955 12,704 15,640 2,936 23,460 BUILDING & GROUNDS CONTRACT LABOR 700 900 3,119 7,200 4,081 10,800 CABLE TV EXPENSE 281 258 2,256 2,004 (252)3,036 UTILITIES - ELECTRICITY 2,728 3,000 19,641 18,600 (1,041)27,400 UTILITIES - GAS 517 500 19,587 18,300 (1,287)32,000 UTILITIES - WATER/SEWER 2,244 1,800 13,574 12,400 (1,174)18,700 WATER SOFTENING SERVICE 249 148 953 1,184 231 1,776 DOORS, KEYS & WINDOWS 0 65 576 520 (56)780 FIRE SYSTEM SERVICE 55 2,200 1,313 5,550 4,237 6,270 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,300 1,300 17,980 15,400 (2,580)23,200 PEST CONTROL 0 0 561 510 (51)860 TRASH REMOVAL 2,180 1,761 17,514 14,088 (3,426)21,132 UNIT TURNOVER REPAIRS 13,965 4,250 13,965 34,000 20,035 51,000 EQUIPMENT LEASE/REPAIR 0 0 50 0 (50)0 ELEVATOR-REPAIRS & MAINT 607 685 4,844 5,480 636 8,220 REPAIRS & MAINTENANCE 3,400 4,000 32,565 17,750 (14,815)25,900 BUILDING & GROUNDS SUPPLIES 343 1,550 3,233 11,300 8,067 17,500 HVAC - REPAIRS & MAINTENANCE 260 800 5,120 6,650 1,530 10,000 MISCELLANEOUS B & G EXPENSES 0 1,000 0 8,000 8,000 12,000 TOTAL BUILDING & GROUNDS 28,829 24,217 156,851 178,936 22,085 270,574 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,283 3,296 27,354 29,826 2,472 43,009 PAYMENT IN LIEU OF PROPERTY TAX 5,363 5,363 42,904 42,904 0 64,350 8,646 8,659 70,258 72,730 2,472 107,359 TOTAL OPERATING EXPENSES 58,731 55,549 394,430 432,316 37,886 649,760 NET OPERATING INCOME / ( L0SS)58,746 59,208 550,952 484,350 66,602 730,205 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 26,470 26,470 211,760 211,760 0 317,640 AMORTIZATION EXPENSE (2,325)2,207 (18,600)17,656 36,256 26,486 RESERVE/REPLACE CAPITAL EXPENSE 11,712 0 126,068 75,000 (51,068)105,000 INTEREST EXPENSE 11,733 11,733 94,218 93,864 (354)140,790 47,590 40,410 413,446 398,280 (15,166)589,916 NET INCOME / (LOSS)11,156 18,798 137,507 86,070 51,437 140,289 TOTAL DEPREC, INTEREST & OTHER (7,180) (7,642) 4,532 (11,712) 0 (3,182) (462) 0 0 TOTAL OTHER OPERATING EXPENSES 13 (4,612) 13 1,207 540 1,000 0 78 600 0 (419) (9,715) 0 65 2,145 (17) (444) (101) 200 (23) 272 (481) 122 TOTAL HOUSEKEEPING EXPENSES (359) 0 0 32 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Feb 28, 2023 Apr 30, 2023 May 31, 2023 Jun 30, 2023 Jul 31, 2023 Aug 31, 2023 Sep 30, 2023 Oct 31, 2023 Nov 30, 2023 Dec 31, 2023 Year To Date CASHFLOW RECONCILIATION: NET INCOME / (LOSS)35,039 15,267 (31,969)47,210 28,600 11,156 0 0 0 0 137,507 ADJUSTMENTS TO NET CASHFLOW: DEPRECIATION & AMORTIZATION 26,470 26,470 26,470 26,470 26,470 26,470 0 0 0 0 211,760 (INCR) / DECR IN A/R 603 (2,805)798 6,403 5,019 (1,901)0 0 0 0 12,296 (INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0 (INCR) / DECR IN PREPAID EXP 2,863 3,651 1,897 (32,630)4,966 (4,570)0 0 0 0 (17,971) (INCR)/DECR IN OTHER ASSETS 519,150 (3,750)(3,750)(52,898)(110,144)63,495 0 0 0 0 404,604 (INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0 INCR /( DECR) IN ACCTS PAYABLE (3,383)9,245 (5,348)26,784 (39,969)8,463 0 0 0 0 (17,688) INCR /( DECR) IN ACCRD LIAB (509,349)20,117 19,585 49,138 19,842 (55,919)0 0 0 0 (486,417) TOTAL ADJUSTMENTS 36,354 52,929 39,652 23,269 (93,817)36,039 0 0 0 0 106,584 NET OPERATING CASHFLOW:71,394 68,196 7,683 70,479 (65,217)47,195 0 0 0 0 244,091 LESS CAPITAL EXPENDITURES: LAND 0 0 0 0 0 0 0 0 0 0 0 SITE IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 BUILDING 0 0 0 0 0 0 0 0 0 0 0 BUILDING IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 FURNITURE, FIXTURES & EQUIP-GENERAL 0 0 0 0 0 0 0 0 0 0 0 CONSTRUCTION IN PROGRESS 0 0 0 0 0 0 0 0 0 0 0 FURNITURE & FIXTURES - HOUSEKEEPING 0 0 0 0 0 0 0 0 0 0 0 COMPUTERS/OFFICE EQUIPMENT 0 0 0 0 0 0 0 0 0 0 0 APARTMENT IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0 VEHICLES 0 0 0 0 0 0 0 0 0 0 0 SMALL EQUIPMENT/FURNISHINGS 0 0 0 0 0 0 0 0 0 0 0 LEASE ASSET 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL PYMTS ON LT DEBT (2,325)(2,325)(2,325)(2,325)(2,325)(2,325)0 0 0 0 (18,600) CONTRIBUTED CAPITAL 0 0 0 0 0 0 0 0 0 0 0 PARTNER DISTRIBUTIONS - CPF 0 0 0 0 0 0 0 0 0 0 0 PARTNER DISTRIBUTIONS - NON-CPF 0 0 0 0 0 0 0 0 0 0 0 NET INVESTMENTS IN CAPITAL ASSETS 0 0 0 0 0 0 0 0 0 0 0 RESTRICTED FOR DEBT SERVICE 0 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 0 0 0 0 0 0 0 0 0 0 0 RETAINED EARNINGS-RSRVD FOR DS 0 0 0 0 0 0 0 0 0 0 0 RETAINED EARNINGS 0 0 0 0 0 0 0 0 0 0 0 NET INCR / (DECR) IN CASH:69,068 65,871 5,358 68,154 (67,542)44,870 0 0 0 0 225,490 0 0 0 0 49,409 (9,697) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2,325)(2,325) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37,311 (25,153) 51,734 (7,372) 0 0 0 0 (12,089)(1,392) 19,059 (48,889) 0 0 3,119 2,732 (3,750)(3,750) 14,423 17,781 26,470 26,470 4,503 (324) Twelve Month Profit and Loss VICKSBURG CROSSING For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 33 Regular Housing and Redevelopment Authority September 28, 2023 Agenda Number:5.1 To:Housing and Redevelopment Authority Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by:Grant Fernelius, Community and Economic Development Director Item:Public Hearing Regarding Inclusionary Housing Policy 1.Action Requested: Staff is requesting that the HRA conduct a public hearing and then make a recommendation to the City Council on an Inclusionary Housing Policy. 2.Background: In 2022, the HRA discussed a proposed policy to encourage the development of additional affordable housing in the city. The policy was formulated with the help of several different stakeholder groups and discussed by the HRA at their July, August and September 2022 meetings. At the September 2022 meeting the HRA ultimately chose to delay action on the policy to a future date. The item has been on hold since that time due to staff turnover and vacancies. At the August 24, 2023 meeting the HRA reviewed the 2022 draft moderate income policy and requested several changes. The board also requested that a public hearing be held to review the policy and allow for public input. A public hearing notice was published in the September 21st edition of the Sun Sailor. Staff has incorporated most of the changes and will address those that were not included. Policy Changes 1) The title has been changed from Moderate Income Housing Policy to an Inclusionary Housing Policy. This term has become more commonplace in affordable housing circles and reflects the City's broader goals of being more inclusive and a city of choice. 2) The policy includes the additional discretionary actions that a developer might seek from the city. It is important to note that expansion of this policy to include discretionary actions will likely trigger a request for city financial assistance. Most new projects that include below-market rents cannot be underwritten without a subsidy. 3) The policy was revised to include a third tier of affordability (5% of units affordable to households at 30% of AMI) for multi-family projects. 4) Lastly, the policy includes an exemption provision. This allows a developer to request a deviation from the policy. Ultimately, the City Council would need to grant an exemption based on the nature of the request and the goals of the project. 34 Other Topics The HRA board also discussed the topic of long-term preservation of the assisted units. Under the policy a developer must is obligated to maintain the affordable units for a period of 25 years. A restrictive covenant will be placed on the building to ensure that any subsequent owner follows the same requirements for the life of the agreement. What happens at the end of the 25 years is speculative. Any requirement to extend affordability would require subsequent negotiations and a new assistance package. The city may or may not be in a position to extend affordability. Requiring an owner to notify the city and grant a right of first refusal to purchase a building or find another buyer is likely to become an impediment to developing affordable housing in the first place. It creates future uncertainty for a developer and any subsequent owner not knowing whether the city could facilitate a sale, how long that would take or whether a deal could even materialize. More than likely a 25-year old building by virtue of its age would be become part of the city's naturally occuring affordable housing stock. In practice, the city could track these projects and initiate discussions with the owner a year or two in advance of the agreement expiration to discuss their future plans. That would give all parties an opportunity to explore funding sources and options for extending affordability. 3.Budget Impact: Previous staff reports suggest that the city could incur some costs for compliance activities related to this policy. Those impacts will need to be considered as part of any future implementation. 4.Attachments: Draft Inclusionary Housing Policy (9-22-2023) - Highlighted 35 Rev. September 2023 Inclusionary Housing Policy An affordable housing policy encourages new Developments to make a certain percentage of housing units affordable. The goal of this policy is to promote high quality housing located throughout the community for a variety of income levels, ages, and household sizes in order to meet the City's goal of preserving and promoting economically diverse housing options within the community. The City recognizes the need to provide affordable housing for a broad range of income levels to maintain a diverse population and attract residents to live or work in the City. This Policy has been created to ensure that a reasonable proportion of each new Development receiving City financial assistance or other City assistance include units affordable to moderate income households and working families. The requirements set forth in this Policy further the City’s Housing Goals and the City’s Comprehensive Plan to create and preserve affordable housing opportunities. These requirements are intended to provide a structure for participation by both the public and private sectors in the production of affordable housing. I. Definitions 1. Financial Assistance: The use of public funds of, or administered by, the City or any related government entity for any housing Development, including but not limited to: A. City or HRA funds or fee waivers; B. Community Development Block Grant (CDBG); C. Housing Rehabilitation Fund; D. Revenue Bonds (private activity bonds are negotiable); E. Tax Increment Financing (TIF); F. Tax Abatement; G. Land Write Downs; H. Federal Home Loan Bank Affordable Housing Funds; and I. Federal, State, County and Metropolitan Council Funding 2. Other City Assistance: A discretionary action that the City has the authority to take, or request from or make application to other governmental entities to take, that without such action, a proposed development or project would not be possible to be accomplished. Such actions include, but are not limited to, the adoption of or changes, modifications, or amendments, exceptions or waivers to: A. The City Comprehensive Plan; B. Environmental Requirements; 36 Rev. September 2023 C. Land-use and Zoning Policies and Ordinances; D. PUD Overlay; E. Building Codes; F. Public infrastructure; G. Right-of-way modifications; and H. City Fees 3. Unit(s): Apartment, housing condominium, townhome, duplex or a single-family dwelling. 4. Development: Any undertaking to provide housing Units to which Financial Assistance is being provided II. Applicability and Minimum Development Size This Affordable Housing Policy applies to all new and renovated multifamily residential buildings or new for-sale housing receiving City financial assistance or other City assistance, with a minimum of 10 Units. This includes, but is not limited to: (1) new Developments that create at least 10 multi-family dwelling units; or (2) any mixed-use Development that creates at least 10 multi-family dwelling units; or (3) renovation, reconstruction, remodeling, expansion, or other altercation of an existing building that will contain after completion of such alteration at least 10 multi-family dwelling Units; or (4) any change in use of all or part of an existing building from a non - residential use to a residential use that includes at least 10 dwelling Units. III. Affordable Dwelling Units General requirements To ensure affordability, the City requires that (i) a certain percentage of Units of a Development is reserved for and leased to individuals or families of moderate-income, and (ii) that the rents for such Units remain affordable for such individuals and families, or, in the case of the sale of a Unit, that the sale price at the time of sale is affordable for such individuals and families . (i) Number of Affordable Units A Development that is subject to this Policy shall provide a number of affordable dwelling Units equal to the percentages cited below, times the total number of Units in the Development. The required number of affordable dwelling Units is based on the total number of dwelling Units that are approved by the City. If the final calculation includes a fraction, the fraction shall be rounded to the nearest whole number. 37 Rev. September 2023 (ii) Income Targets The required number of affordable dwelling Units within a residential Development subject to this policy shall be reserved for and either leased to or sold to individuals or families who meet the income thresholds as outlined below . The Developer can select the level of affordability that works for their project: (1) Rental Developments: A. At least twenty percent (20%) of the Units shall be reserved for an leased to individuals or families whose household income does not exceed at sixty percent (60%) of the Area Median Income (AMI); or B. At least ten percent (10%) of the Units shall be reserved for and leased to individuals and families whose household income does not exceed fifty percent (50%) of the Area Median Income; or C. At least five percent (5%) of the Units shall be reserved for and leased to individuals or families whose household income does not exceed thirty percent (30%) of the Area Median Income (AMI). (2) For-Sale Developments: A. At least fifteen percent (15%) of the Units shall be reserved for and sold to individuals or families whose household income does not exceed eighty percent (80%) of the Area Median Income (AMI). (iii) Rent and Sale Price Levels Rental Unit: The monthly rental price for affordable dwelling Units shall include rent and utility costs and shall be based on the applicable Area Median Income (AMI) for the Twin Cities metropolitan area that includes Plymouth adjusted for bedroom size and calculated annually by Minnesota Housing for establishing rent limits for the Housing Tax Credit Program. For-Sale Developments: The qualifying sale price for an owner-occupied affordable dwelling Unit shall include property taxes, homeowner’s insurance, principal payment and interest, private mortgage insurance, monthly ground lease, and shall be based on the applicable Area Median Income (AMI)for the metropolitan area and calculated annually by Minnesota Housing for the Impact Fund program. Period of Affordability For rental Developments subject to this Policy, the period of affordability for the affordable dwelling Units shall be at least twenty-five (25) years. Units of for sale Developments shall be subject to this policy until sold to the moderate-income owner(s). Location of Affordable Dwelling Units Except as otherwise specifically authorized by this Policy, the affordable dwelling units shall be located within the Development. 38 Rev. September 2023 IV. Standards for Affordable Rental Units Size and Design of Affordable Units The size and design of the affordable dwelling Units should be consistent and comparable with the market rate Units in the project and are subject to the approval of the City. Exterior/Interior appearance. The exterior materials and design of the affordable dwelling Units in any Development subject to these regulations shall be indistinguishable in style and quality with the market rate Units in the Development. The interior finish and quality of construction of the affordable dwelling units shall at a minimum be comparable to entry level rental or ownership housing in the City. Construction of the affordable dwelling Units shall be concurrent with construction of market rate dwelling Units. V. Integration of Affordable Dwelling Units Distribution of affordable housing Units. The affordable dwelling Units shall be incorporated into the overall Development unless expressly allowed to be located in a separate building or a different location approved by the City Council. Affordable dwelling Units shall be distributed equally by bedroom size and throughout the building. Number of bedrooms in the affordable Units. The affordable dwelling Units shall have a number of bedrooms in the approximate proportion as the market rate Units unless the City or developer demonstrates the need for a different proportion based upon a documented need for such units within the City . The mix of Unit types, both bedroom and accessible Units, of the affordable dwelling Units shall be approved by the City. Tenants Change of Income Affordable rental dwelling Units shall be rented only to income eligible families during the period of affordability. An income eligible family may remain in the affordable dwelling Unit for additional rental periods as long as the income of the family does not exceed one-hundred forty percent (140%) of the applicable AMI. If the family income exceeds this amount they must be moved to the first available market rate Unit. VI. Alternatives to On-Site Development of Affordable Dwelling Units This section provides alternatives to the construction of onsite affordable dwelling Units as a way to comply with this Policy. The alternatives are listed in subsection (3), below. (1) The alternatives must be: A. Approved by the City Council, and B. Agreed to by the applicant in an Affordable Housing Performance Agreement. 39 Rev. September 2023 C. Applicant must show the City acceptable documentation that a formal commitment to the proposed alternative is in place. (2) This Section does not apply unless the applicant demonstrates: A. The alternative provides an amount of affordable moderate-income dwelling Units equivalent or greater to onsite Units in a way that the City determines better achieves the goals, objectives and policies stated in the Housing Goals and Comprehensive Plan; and B. Will not cause the City to incur any net cost as a result of the alternative compliance mechanism. (3) If the conditions in (2) are met, the City may approve one or more of the following options to providing affordable moderate-income dwelling Units that are required by this Policy. A. The dedication of existing market rate Units to permanently affordable moderate-income dwelling Units that are of equivalent quality and size. Existing dwelling Units are approved as suitable affordable housing dwelling units through covenants, contractual arrangements, or resale restrictions. B. Offsite construction of affordable dwelling Units within the City. Offsite construction of units should be located in proximity to public transit service at a site approved by the City. C. Participation in the construction of affordable dwelling Units by another developer on a different site within the City. D. An alternative proposed by the applicant that directly provides or enables the provision of affordable housing Units within the City. The alternative must be approved by the City and made a condition of approval of the Affordable Housing Performance Agreement. VII. Non-Discrimination Based on Rent Subsidies: Developments covered by the policy must not discriminate against tenants paying rent with federal, state or local public assistance, including, but not limited to rental assistance, rent supplements, and Housing Choice Vouchers. VIII. Public Financial Assistance Application and Agreement (1) Applicability Developments that are subject to this Policy and requesting City financial assistance shall submit an Application for Public Financial Assistance, available at the City, and enter into a Public Assistance Agreement as described below, which documents how the developer complies with each of the applicable requirements of this Policy. Developments 40 Rev. September 2023 covered by this policy shall enter into a Declaration of Restrictive Covenants between the City and the Developer, in a form approved by the City’s Attorney as noted in Section IX below. (2) Approval The Public Assistance Agreement and/or Declaration of Restrictive Covenants shall be approved by the City. (3) Contents. The Public Assistance Agreement and/or Declaration of Restrictive Covenants shall include at least the following: A. General information about the nature and scope of the development subject to these regulations. B. For requests to an alternative to on-site provision of affordable housing, evidence that the proposed alternative will further affordable housing opportunities in the City to an equivalent or greater extent than compliance with the otherwise applicable on-site requirements of this Policy. C. The total number of market rate Units and affordable dwelling Units in the development by bedroom size and income threshold. D. The pricing for each affordable ownership dwelling Unit. The pricing of each unit shall be determined at time of approval. At time of sale this price may be adjusted if there has been a change in the median income or a change in the formulas used in this ordinance. E. Proposed schedule of individual Unit development (market rate vs. affordable units). F. For owner-occupied units, documentation and specifications regarding the exterior appearance, materials and finishes of the development for each of the affordable dwelling units illustrating that the appearance of affordable Units are comparable to the appearance of the market-rate Units. G. Any and all other information that City staff may request to achieve the Council’s affordable housing goals. IX. Recorded Agreements, Conditions and Restrictions (1) A Public Assistance Agreement and/or Declaration of Restrictive Covenants shall be executed between the City and Developer, in a form approved by the City Attorney, which formally sets forth Development approval and requirements to achieve affordable housing in accordance with this Policy and location criteria. The 41 Rev. September 2023 Public Assistance Agreement shall identify: A. the location, number, type, and size of affordable housing Units to be constructed; and B. income limitations for the affordable Units; and C. sales and/or rental terms; occupancy requirements; and D. a timetable for completion of the Units; and E. restrictions that will be placed on the Units to ensure affordability; and F. annual rental tenant income and rent reporting requirements; and G. any terms contained in the approval resolution by the City as applicable. (2) The applicant or owner shall execute any and all documents deemed necessary by the City Manager, including, without limitation, a Declaration of Restrictive Covenants and other related instruments, to ensure the affordability of the affordable housing Units in accordance with this Policy. (3) The applicant or owner must record all documents, restrictions, easements, covenants, and/or agreements that are specified by the City as conditions of approval of the application prior to issuance of a building Permit for any Development subject to this Policy. (4) Documents described above shall be recorded in the Hennepin County Registry of Deeds as appropriate. X. Exemptions The City acknowledges that, in some circumstances, it may prove difficult for a developer to meet the standards set forth in this Policy. In cases where a developer can demonstrate, in the sole judgment of the City Council, that the requirements represent an undue burden to their project, the City Council may grant a full or partial exemption from this Policy or may otherwise alter t he requirements of this Policy XI. State and Federal Law This Policy is not to be interpreted, nor intended to be in conflict with state or federal law. If any portion of this Policy is determined to be in conflict, state or federal law will control. Many state and federal law programs provide for similar regulations regarding affordability to Project/Developments. In such instances where participation in state or federal law programs providing financial assistance to a Development results in more strict regulations regarding affordability, such Development will be deemed to have met the requirements of this Policy. 42