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