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HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 01-25-2024Housing and Redevelopment Authority 1 of 2 January 25, 2024 CITY OF PLYMOUTH AGENDA Regular Housing and Redevelopment Authority January 25, 2024, 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 - December 2023 Meeting Housing & Redevelopment Authority Minutes 12-07-2023.pdf 4.2 Accept Plymouth Towne Square monthly housing report and financials PTS BALANCE SHEET 12.2023.pdf PTS 12-MO P&L 12.2023.pdf PTS COMPARATIVE P&L 12.2023.pdf PTS P&L VARIANCE 12.2023.pdf PTS CASHFLOW 12.2023.pdf 4.3 Accept Vicksburg Crossing monthly housing report and financials VC - Balance Sheet - 12.2023.pdf VC - 12-Month P&L -12.2023.pdf VC COMPARATIVE 12.2023.pdf VC P&L VARIANCE 12.2023.pdf VC - Cashflow - 12.2023.pdf 5. PUBLIC HEARINGS 6. NEW BUSINESS 6.1 Election of Officers. Chair, Vice-Chair, Secretary 1 Housing and Redevelopment Authority 2 of 2 January 25, 2024 6.2 Discussion and Recommendations for an Inclusionary Housing Policy Draft Inclusionary Housing Policy (RL-1-25-2024) IHP Supplemental Statement 7. UPDATES 7.1 Staff Updates 8. ADJOURNMENT 2 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:4.1 To:Dave Callister, City Manager Prepared by:Steven Schmidt, Housing Manager Reviewed by:Steven Schmidt, Housing Manager Item:HRA Minutes - December 2023 Meeting 1. Action Requested: Staff recommends approval of the December 7, 2023 HRA minutes. 2. Background: The December 7, 2023 minutes are attached. 3. Budget Impact: N/A 4. Attachments: Housing & Redevelopment Authority Minutes 12-07-2023.pdf 3 DRAFT MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY DECEMBER 7, 2023 MEMBERS PRESENT: Chair Michelle Soderberg, Commissioners Wayne Peterson, James Williams, Ronald Kelner, Joel Spoonheim, and Kim Vohs ABSENT: None STAFF PRESENT: HRA Executive Director Grant Fernelius, Finance Director Andrea Rich, Housing Manager Steven Schmidt, Housing Coordinator Shelonda Marie-Alves, and Permit Technician Michelle Bast OTHERS PRESENT: Mayor Jeffry Wosje and City Attorney Soren Mattick 1. CALL TO ORDER Chair Soderberg called the Plymouth Housing and Redevelopment Authority meeting to order at 7:00 p.m. 2. PUBLIC FORUM Chair Soderberg opened and closed the Public Forum as there was no one present to speak. 3. APPROVE AGENDA MOTION by Commissioner Williams, seconded by Commissioner Peterson, to approve the Agenda. Vote. 6 Ayes. MOTION passed unanimously. 4. CONSENT AGENDA 4.1. Approved minutes from October 26, 2023. 4.2. Plymouth Towne Square. Accept Monthly Housing Reports. 4.3. Vicksburg Crossing. Accept Monthly Housing Reports. MOTION by Commissioner Williams, seconded by Commissioner Peterson, to approve the Consent Agenda. Vote. 6 Ayes. MOTION passed unanimously. 5. PUBLIC HEARINGS No public hearings. 6. NEW BUSINESS 6.1. HRA 2024 Budget 4 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 2 Finance Director Rich gave an overview of the staff report. Commissioner Peterson referenced the last debt payment that was mentioned and asked the impact that would have going forward as the rents continue to be collected. Finance Director Rich stated she proposes placing the funds into the capital reserve fund. Chair Soderberg said at the February meeting they will delve more into finances and options going forward. She stated that the January meeting, where they will discuss the strategic plan, will also help to guide those discussions. Commissioner Vohs referenced the replacement reserve and asked if there is a formula used to place funds into that account. Finance Director Rich commented she does not have background information on that. They will be looking at capital needs moving forward to determine how much should be in that fund. Chair Soderberg noted that is also on the agenda for a future meeting as the buildings are aging and there may be structural issues needing to be addressed. Commissioner Spoonheim asked for clarification on the staffing being funded through the HRA. Finance Director Rich referred this question to HRA Executive Director Fernelius. HRA Executive Director Fernelius responded the HRA funds housing related positions, which is about 4.85 FTEs. Commissioner Spoonheim said he looks forward to an updated TIF analysis as there is excess fund balance without obligation against those balances. He commented on the overdue report from Ehlers and was concerned the city is missing out on opportunities. HRA Executive Director Fernelius replied that Ehlers has completed an executive summary and staff will be reviewing that the following week. He anticipates Ehlers will review that summary at the February meeting. Commissioner Spoonheim said he is interested to hear about excess pooling capability for a housing and redevelopment fund as well as the timing to ensure that additional districts are not decertified. Commissioner Kelner referenced the budgets for the two apartment buildings and noted a two percent increase for one building and $10 per month for the other building. He commented that the rents do not seem to be keeping up with inflation and perhaps higher increases should be considered. Chair Soderberg stated historically those buildings have been subsidized by the HRA with the intent to 5 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 3 keep the rents very affordable. She stated that will not prevent them from changing in the future. She said that should be discussed as part of the strategic planning. Commissioner Williams said he is also interested in following up on the rational that drove the increase. He would like more information on how funds will be projected for future reparations and increased maintenance costs. Commissioner Kelner asked how the operating and capital improvement funds are invested. He stated that perhaps a money market or investment account would assist in returning money on those funds. Commissioner Kelner commented that operating monies can be invested and the balance sheet shows the operating funds. He said the funds might be better managed in a money market account or investment account. Finance Director Rich stated the operating account does sweep and makes some investment income. She said often the investment value is offset by the market value. For the reserves, those are part of the city’s pooled investments. Commissioner Vohs stated that it appears that the projects are cash flowing and the cash flow is then transferred to a reserve fund. He asked the balance in the operating fund for Vicksburg Crossings. Commissioner Kelner replied that balance was about $800,000. Finance Director Rich provided additional details on the reserve accounts for those properties. MOTION by Commissioner Spoonheim, seconded by Commissioner Williams, to recommend that the City Council approve the 2024 HRA budget. Vote. 6 Ayes. MOTION passed unanimously. 6.2 Vicksburg Crossing 2024 Budget MOTION by Commissioner Williams, seconded by Commissioner Kelner, to adopt Resolution 2023- 08 approving the 2024 Vicksburg Crossing operating budget. Vote. 6 Ayes. MOTION passed unanimously. 6.3 Plymouth Towne Square 2024 Budget MOTION by Commissioner Kelner, seconded by Commissioner Spoonheim, to adopt Resolution 2023-09 approving the 2024 Plymouth Towne Square operating budget. Vote. 6 Ayes. MOTION passed unanimously. 6.4 Discussion and Recommendations for an Inclusionary Housing Policy HRA Executive Director Fernelius gave an overview of the staff report. 6 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 4 City Attorney Mattick gave an overview of the comments he provided on the draft policy expressing concern with some of the discretionary actions. He explained his role is to provide a legal opinion while the letter provided from ODC is advocacy on the topic. He informed the commissioners that the HRA does not typically have a role in the zoning process. He said the zoning ordinance is essentially the city’s law. Commissioner Peterson asked if the policy and ordinance can go together. City Attorney Mattick replied policy and ordinance are separate. Ordinance is the law and policy dictates how the law is administered. He does think you can use policy to govern law because policy does not overturn statute. He restated that ordinance has the effect of the law. Policy is an advocacy piece. He said his role is to give an opinion so that the HRA Board can proceed with what the law allows. He said there needs to be legal authority to implement ordinance. He stated that the memo discusses inclusionary zoning and provided the applicable state statutes; he said policy does not overturn state statute and cities are creatures of statutes. His primary concern by inserting zoning has one of the discretionary elements is using policy to guide how to walk through an ordinance without having the back up of state statute. Commissioner Vohs asked for more information on the ability to include such policies within PUDs. He asked if there would be a trigger within the PUD process for affordable housing. City Attorney Mattick commented PUDs are quite common to use in redevelopment which provides a give and take process. He noted that would be the point where affordability could be discussed in return for higher density. He stated there is typically a nexus to the ask, such as when the developer asks for something beyond what the code would allow. He stated he has not seen a scenario where affordable housing has to be included simply because something is being developed. Commissioner Vohs stated that he would like to see a discussion on the topic during the planning process, rather than a requirement to include affordable housing. City Attorney Mattick stated density is typically the primary driver with a request for financial assistance being the other ask that would drive a request for affordable housing in return. Commissioner Williams stated he would like the document from ODC to become a part of the record. He asked if there has been further evolution of discussion on the information referencing the Attorney General, as that reference is dated. City Attorney Mattick stated that he is not aware of any further information from the Attorney General’s office and commented that the statute has not been updated since that time. He again referenced the statute, which was mentioned, noting that applies to subdivision. Commissioner Peterson understood that the HRA would not have the authority to create an 7 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 5 ordinance but did not believe that was the intention with the discretionary measures. He believed those triggers were to be used to generate a discussion rather than a requirement. He asked what the proper language is used to clarify those discretionary items are simply meant to trigger discussion. City Attorney Mattick replied that if the document were not mandatory that could certainly be done. He stated he interpreted the language to be a requirement rather than a policy that would trigger discussion. Chair Soderberg stated she also interpreted the policy to be a requirement. Commissioner Peterson asked if they could now shift to have these triggers for discussion. City Attorney Soren Mattick asked if that is the perspective of the HRA, or specifically Commissioner Peterson, to speak of zonings in the document or only financial assistance. He stated the planning commission and city council could then work on the zoning items. He said when reviewing the roles, the planning commission would be the recommending body on zoning issues. Commissioner Peterson commented he only speaks for himself and wants there to be an opportunity for staff to speak with developers about affordability. He stated if the developer chose not to include affordability, that would be fine, but at least they would have had the conversation and the city is working towards its goal of affordable housing. City Attorney Mattick stated if a developer has a PUD application with no financial assistance request, that would go straight to the planning commission and the HRA would not be included, therefore he would be concerned with including that discussion on the HRA level. Commissioner Peterson stated perhaps the HRA’s work could be considered advisory to the planning commission in addition to the city council. Executive Director Fernelius commented the HRA board could choose to move forward with the policy, as directed, focusing on financial assistance as the trigger. He stated a second recommendation could be made for the council to consider those additional ideas. He said that it would be the prerogative of the council as to whether to consider that or to delegate to the planning commission. Commissioner Williams asked if the process could be short-cut by supplying the planning commission with this information to gain input on the challenges they may see. Executive Director Fernelius stated that he would prefer for the council to provide that direction as he would not be comfortable referring a policy document from the HRA direct to the planning commission without including the council as a first step. 8 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 6 Mayor Wosje stated agreed with staff that each commission is meant to advise the council and the council makes the decision as to whether another board or commission should be involved. He recognized the desire to move quickly but stated that the process is meant to be deliberate with public input and to be transparent. Chair Soderberg commented she believes this is a good policy noting the HRA has been working on this for three years with input from many stakeholders. She would like to see the policy adopted with the recommended changes and then continue to advocate for additional paths to discuss affordable housing. Commissioner Kelner asked when the name of the document changed from moderate to inclusionary housing. Commissioner Peterson replied that occurred two meetings ago. Chair Soderberg confirmed this was discussed and inclusionary is the preferred term. Commissioner Spoonheim agreed about the different jurisdictions of the city commissions. He did not believe the policy could be approved tonight as the comments of the city attorney would need to be incorporated. He stated the city has an adopted comprehensive plan that calls out a need for affordable housing and aside from this commission, there has been no work to implement that plan. He believed that the HRA would be best served to adopt a narrower policy as per the recommendation of the attorney, tied to the financial assistance element. He also believed a second policy could be drafted that addresses the policy issues called for in the comprehensive plan. He believed the policy should be separated out between what would be the purview of the HRA and that which could go forward to the planning commission for consideration and discussion. He stated he respects legal opinion and recognizes that the opinion of attorneys differs on the topic of authority and zoning. He commented the city has an obligation to meet the needs of the community. There is a dire shortage of housing and he hopes the city could be positioned with the right policies and ordinances to accomplish that work. He stated he would direct staff and the City Attorney to bring back a final edit that would strip out the discretionary actions and address the other concerns raised by the City Attorney. Commissioner Vohs commented that he would support separating the two as discussed. He agreed there should be a clean version of the policy in order to provide a recommendation of approval. He stated it should also be made clear that the HRA did not take action on the other elements as the body was advised it did not have that authority, and encourages the proper bodies to consider those elements. Chair Soderberg reiterated the desire of the commission is to have a clean draft to review at the next meeting. She asked if staff should then bring a proposed document to address the second part related to the discretionary items. 9 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 7 HRA Executive Director Fernelius stated he understands the desire have a clean document to review and as discussed to focus on the incentive-based approach where this would apply if there was a financial ask from the developer. He stated he also understands the desire for a second document to be drafted that asks the council to consider potential changes to the zoning code related to the discretionary measures. Commissioner Vohs said they have studied this a lot and would like to do something within the PUD but recognized they cannot and therefore would like to see that passed on. HRA Executive Director Fernelius stated the HRA can make the recommendation and then the council and potentially other bodies could decide whether or not to move those forward. He recognized that is a goal the HRA feels is important and the recommendation would be for the council to study that. Commissioner Peterson asked and received confirmation that staff would only edit the parts marked in red and recommended. City Attorney Mattick commented that he would provide both a redline version and final draft version for comparison. Commissioner Peterson asked if staff would find it helpful for a few members of the commission to provide comments on what the second document may look like. HRA Executive Director Fernelius commented that it would be most effective for staff to draft the document and the commission could then review and provide comments. Commissioner Vohs asked if the City Attorney is part of the statewide attorneys association, as this topic has been on a list to address for that entity. City Attorney Soren Mattick commented that entity is called the Minnesota Association of City Attorneys (MACA) and confirmed he is an active member, noting he will be presenting on development in general in February. He stated this particular item has been discussed amongst a few members, but it is not yet a topic for the full group. He explained that while everyone agrees that the topic is important, cities are at different stages and there are more pressing issues that more broadly apply. He noted that even of the cities with this type of policy, each has approached it differently. MOTION by Commissioner Williams, seconded by Commissioner Peterson, to direct the City Attorney to bring back both a final and redline draft of the document as discussed for consideration at the next meeting. Vote. 6 Ayes. MOTION passed unanimously. 7. UPDATES HRA Executive Director Fernelius stated his written report provides updates on various development related projects. He then provided a staffing update and introduced new members of staff. He noted two members with expiring terms have expressed interest in being reappointed and therefore that has 10 Draft Minutes Plymouth Housing and Redevelopment Authority December 7, 2023 Page 8 been forwarded to the council. He said there is one vacancy, and the council will interview three candidates for that position. He highlighted upcoming topics for the HRA to consider in January and February. Chair Soderberg thanked staff for their continued hard work. She provided details on the housing tax credit that is available to contribute towards for a tax deduction. Commissioner Vohs explained that a project must first be approved to be part of the program and then an individual can donate a minimum of $1,000 and will receive a tax credit in return. He stated a general contribution could also be made towards an affordable housing pool. He asked if there are affordable units included in any of the projects mentioned in the written update. HRA Executive Director Fernelius commented they do not know the amount of affordability that could be included in some of the projects, but it was confirmed that one of the projects proposed to have 20 percent of the units affordable. Commissioner Vohs replied he hopes future projects will have affordable housing. 8. ADJOURNMENT MOTION by Chair Soderberg, with no objection, to adjourn the meeting at 8:21 p.m. 11 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:4.2 To:Dave Callister, City Manager Prepared by:Steven Schmidt, Housing Manager Reviewed by:Steven Schmidt, Housing Manager 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 (December 2023 and YTD). 3. Budget Impact: N/A 4. Attachments: PTS BALANCE SHEET 12.2023.pdf PTS 12-MO P&L 12.2023.pdf PTS COMPARATIVE P&L 12.2023.pdf PTS P&L VARIANCE 12.2023.pdf PTS CASHFLOW 12.2023.pdf 12 Total ASSETS CURRENT ASSETS US BANK OPER ACCT US BANK SEC DEP ACCT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REC-TENANTS PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER TOTAL CURRENT ASSETS 1,518,018 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 2,885,370 NON-CURRENT ASSETS TOTAL ASSETS 4,403,388 8,696 13,060 3,608 (5,253,131) 459,247 211,914 5,767,619 1,195,121 471,772 7,465 917,906 310,234 6,657 18,192 559 3,990 Balance Sheet PLYMOUTH TOWNE SQUARE As Of December 31, 2023 Ending Balance 186,988 73,492 13 Total Balance Sheet PLYMOUTH TOWNE SQUARE As Of December 31, 2023 Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE-TRADE PREPAID MONTHLY RENT 401K WITHHOLDINGS PAYABLE ADVANCES FROM CITY ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES ACCRUED WORKERS COMP INSUR LEASES PAYABLE -SHORT TERM NOTES PAYABLE-SERIES 2021A -ST ACCRUED OTHER TOTAL CURRENT LIABILITIES 66,281 LONG-TERM LIABILITIES SECURITY DEPOSITS NOTES PAYABLE-SERIES 2021A -LT 402,551 TOTAL LIABILITIES 468,833 EQUITY RETAINED EARNINGS RSRVD FOR DS RETAINED EARNINGS NET INVESTMENT IN CAPITAL ASSETS TOTAL EQUITY 3,713,999 CURRENT YEAR INCOME/(LOSS)220,556 TOTAL LIABILITIES & EQUITY 4,403,388 49,128 575,128 3,089,743 118 516 328,000 4,595 71,551 331,000 5,606 (328,000) 5,044 4,136 828 37,000 7,381 1,059 14 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 Total INCOME APARTMENT RENTAL REVENUE 66,035 64,395 65,505 65,775 65,324 64,566 62,847 63,001 62,725 61,552 771,312 HRA INDIVIDUAL 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,587 235,000 GARAGE RENT 4,040 3,990 3,995 3,970 4,010 4,015 3,955 4,020 3,960 3,960 48,005 GUEST ROOM REVENUE 65 165 0 675 65 130 0 0 65 0 1,165 LAUNDRY REVENUE 901 1,248 185 608 1,271 696 2,188 257 440 1,301 11,325 APPLICATION FEE REVENUE 0 70 0 0 0 35 105 35 0 0 315 TRANSFER FEE REVENUE 0 0 0 0 0 0 500 (500)0 0 0 INVESTMENT INCOME 424 427 428 10,852 (1,741)428 427 (362)425 421 12,578 CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 30 100 456 1,445 79 376 0 0 327 (241)3,051 TOTAL INCOME 91,077 89,978 90,152 102,909 88,592 89,830 89,605 86,034 87,525 86,579 1,082,752 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 4,946 5,299 5,476 5,299 5,476 5,476 5,299 5,476 5,299 5,656 64,657 PAYROLL TAXES 833 754 729 727 724 717 1,014 788 690 1,115 9,580 HEALTH INSURANCE (268)2,196 1,355 581 1,092 1,035 1,387 2,431 3,379 670 15,650 WORKERS COMP INSURANCE 137 137 137 137 137 137 206 137 137 99 1,744 MAINTENANCE SALARIES/WAGES 5,241 3,940 4,953 4,712 4,917 4,819 4,797 4,725 4,786 4,664 58,381 EMPLOYEE COSTS 80 80 80 80 80 80 80 80 80 80 1,000 SEMINAR/TRAINING 0 0 35 0 0 0 0 0 0 0 35 DATA PROCESSING 0 0 0 0 52 31 31 32 39 27 213 BANK FEES 110 107 117 102 119 111 125 106 115 102 1,326 DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 0 0 0 0 0 60 LICENSE & PERMITS 0 0 0 165 694 200 0 40 0 0 1,099 PRINTING 0 0 0 0 0 143 0 0 0 0 143 MANAGEMENT FEES 5,483 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 62,808 PROFESSIONAL FEES 0 0 25 0 0 0 1,455 23 0 0 1,526 TELEPHONE EXPENSE 382 437 420 411 414 418 414 418 427 489 5,052 EQUIPMENT LEASE/REPAIR 876 769 765 579 469 1,620 451 450 720 424 8,256 OFFICE SUPPLIES 53 184 0 41 0 161 49 85 18 0 893 TOTAL ADMIN EXPENSES 17,874 19,138 19,325 18,070 19,408 20,181 20,543 20,025 20,924 18,562 232,422 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 147 117 48 67 221 639 119 165 882 1,647 4,673 TOTAL LIFE ENRICHMENT EXPENSES 147 117 48 67 221 639 119 165 882 1,647 4,673 Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 64,686 64,901 19,583 19,583 4,030 4,060 0 0 872 1,358 35 35 0 0 425 425 146 333 0 89,776 90,695 5,476 5,476 398 1,091 (82)1,876 137 206 4,938 5,888 80 120 0 0 0 0 108 103 60 0 0 0 0 0 4,985 5,234 23 0 400 421 360 773 302 0 17,186 21,188 360 262 360 262 15 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 Total Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 HOUSEKEEPING CONTRACT LABOR 1,470 1,470 1,470 1,470 1,470 1,620 1,470 1,470 1,470 1,470 17,790 CLEANING SUPPLIES 33 0 0 36 4 363 57 0 10 549 1,377 TOTAL HOUSEKEEPING EXPENSES 1,503 1,470 1,470 1,506 1,474 1,983 1,527 1,470 1,480 2,019 19,167 BUILDING & GROUNDS CONTRACT LABOR 193 411 193 700 578 324 193 206 385 385 4,104 CABLE TV EXPENSE 110 110 103 97 103 110 103 103 111 104 1,266 UTILITIES - ELECTRICITY 1,477 1,580 2,287 2,352 2,449 2,632 2,547 2,715 2,529 1,950 26,156 UTILITIES - GAS 6,776 1,613 3,099 797 824 528 991 991 994 2,067 29,715 UTILITIES - WATER/SEWER 2,076 1,774 1,845 2,149 2,322 2,587 2,219 2,219 1,949 1,833 24,935 WATER SOFTENING SERVICE 232 784 253 340 439 346 0 180 720 547 4,788 DOORS, KEYS & WINDOWS 0 0 0 0 0 0 0 9 0 0 9 FIRE SYSTEM SERVICE 210 210 210 2,051 2,271 210 210 210 941 212 7,577 LAWN SERVICE/LANDSCAP/SNOW RMVL 5,135 1,745 1,465 2,583 1,570 8,969 1,460 1,340 1,825 1,725 35,912 PEST CONTROL 1,243 0 141 141 0 0 201 0 29 0 4,185 TRASH REMOVAL 1,928 1,927 2,254 2,225 1,924 1,953 1,923 1,922 1,917 1,699 24,058 UNIT TURNOVER REPAIRS 0 6,512 0 0 0 3,188 3,740 2,010 12,399 5,946 39,344 ELEVATOR-REPAIRS & MAINT 713 713 713 713 713 713 713 738 738 738 12,281 REPAIRS & MAINTENANCE 1,032 5,208 15,303 710 1,441 1,791 1,798 3,933 1,494 4,174 45,219 BUILDING & GROUNDS SUPPLIES 532 170 1,149 525 789 117 182 527 979 81 7,715 HVAC - REPAIRS & MAINTENANCE 3,318 299 975 315 873 299 299 910 833 299 9,615 TOTAL BUILDING & GROUNDS 24,974 23,056 29,990 15,698 16,295 23,768 16,579 18,012 27,842 21,759 276,879 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,987 3,987 3,987 3,607 3,860 3,755 3,755 3,755 3,755 3,755 46,177 PAYMENT IN LIEU OF PROPERTY TAX 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,087 37,000 TOTAL OTHER OPERATING EXPENSES 7,070 7,070 7,070 6,690 6,943 6,838 6,838 6,838 6,838 6,842 83,177 TOTAL OPERATING EXPENSES 51,568 50,851 57,903 42,031 44,341 53,408 45,606 46,509 57,967 50,829 616,318 NET OPERATING INCOME / ( L0SS)39,509 39,127 32,248 60,878 44,251 36,422 43,999 39,525 29,558 35,751 466,434 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 195,900 RESERVE/REPLACE CAPITAL EXPENSE 24,375 1,200 0 6,547 0 0 7,200 1,715 0 8,293 49,330 INTEREST EXPENSE 0 0 0 166 0 0 159 0 0 157 648 TOTAL DEPREC, INTEREST & OTHER 40,700 17,525 16,325 23,038 16,325 16,325 23,684 18,040 16,325 24,775 245,878 NET INCOME / (LOSS)(1,191)21,602 15,923 37,840 27,926 20,097 20,316 21,485 13,233 10,976 220,556 1,470 1,470 123 202 1,593 1,672 193 346 98 110 1,865 1,772 5,238 5,798 1,949 2,013 580 369 0 0 210 637 6,985 1,110 2,430 0 2,331 2,053 5,548 0 713 4,363 570 7,765 1,921 744 654 543 31,284 27,622 3,987 3,987 3,083 3,083 7,070 7,070 57,493 57,814 32,284 32,881 16,325 16,325 16,325 16,491 15,959 16,390 0 0 0 166 16 MTD Actual Budget Last Year YTD Actual Budget Last Year 61,552 64,800 64,580 777,600 19,587 19,587 21,663 235,000 3,960 3,840 3,720 46,080 0 0 130 390 1,301 1,050 903 12,600 0 35 0 630 0 0 0 500 421 413 (17,332)5,000 (241)100 37 1,200 86,579 89,825 73,701 1,079,000 5,656 5,362 6,246 64,300 1,115 801 885 9,678 670 2,061 1,683 24,721 99 155 3 1,860 4,664 4,727 5,945 56,680 80 90 80 1,170 0 0 0 200 0 0 0 0 27 0 0 0 102 105 126 1,260 0 0 0 60 0 0 0 954 0 15 0 180 0 0 0 150 0 15 0 180 5,234 5,237 4,985 62,811 0 587 0 7,000 489 400 429 4,800 424 800 (2,646)9,600 0 90 344 1,080 18,562 20,445 18,081 246,684 1,647 1,800 633 5,300 1,647 1,800 633 5,300 TOTAL LIFE ENRICHMENT EXPENSES 4,673 5,268 TOTAL ADMIN EXPENSES 232,422 233,372 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 4,673 5,268 EQUIPMENT LEASE/REPAIR 8,256 8,021 OFFICE SUPPLIES 893 912 PROFESSIONAL FEES 1,526 1,157 TELEPHONE EXPENSE 5,052 4,686 PRINTING 143 117 MANAGEMENT FEES 62,808 59,820 MILEAGE REIMBURSEMENT 0 0 POSTAGE/OVERNIGHT EXPRESS 0 66 DUES, SUBS & MEMBERSHIPS 60 60 LICENSE & PERMITS 1,099 1,144 DATA PROCESSING 213 0 BANK FEES 1,326 1,343 SEMINAR/TRAINING 35 112 CLASSIFIED ADVERTISING 0 330 MAINTENANCE SALARIES/WAGES 58,381 57,321 EMPLOYEE COSTS 1,000 1,040 HEALTH INSURANCE 15,650 22,581 WORKERS COMP INSURANCE 1,744 2,887 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 64,657 62,670 PAYROLL TAXES 9,580 9,105 MISCELLANEOUS REVENUE 3,051 560 TOTAL INCOME 1,082,752 1,017,058 TRANSFER FEE REVENUE 0 500 INVESTMENT INCOME 12,578 (52,832) LAUNDRY REVENUE 11,325 12,087 APPLICATION FEE REVENUE 315 245 GARAGE RENT 48,005 43,458 GUEST ROOM REVENUE 1,165 390 APARTMENT RENTAL REVENUE 771,312 752,651 HRA INDIVIDUAL 235,000 260,000 Comparative Profit and Loss PLYMOUTH TOWNE SQUARE Through December 31, 2023 Description INCOME 17 MTD Actual Budget Last Year YTD Actual Budget Last Year Comparative Profit and Loss PLYMOUTH TOWNE SQUARE Through December 31, 2023 Description 0 10 0 120 0 10 0 120 1,470 1,535 1,470 18,420 549 185 573 2,220 2,019 1,720 2,043 20,640 385 600 586 7,200 104 93 91 1,153 1,950 1,850 1,759 25,250 2,067 4,700 4,851 36,300 1,833 1,900 1,853 25,500 547 460 428 5,520 0 250 390 3,000 212 625 210 7,500 1,725 2,650 11,860 30,800 0 165 0 790 1,699 1,835 1,823 22,020 5,946 2,663 2,370 32,000 738 775 713 9,300 4,174 3,000 1,841 36,000 81 1,850 798 22,200 299 1,350 1,573 16,200 0 1,000 0 12,000 21,759 25,766 31,146 292,733 3,755 3,441 3,987 43,926 3,087 3,084 4,270 37,000 6,842 6,525 8,257 80,926 50,829 56,266 60,161 646,403 35,751 33,559 13,540 432,597 16,325 16,325 29,021 195,900 0 (523)0 (6,320) 8,293 2,000 (12,769)204,860 157 911 2,639 10,888 24,775 18,713 18,891 405,328 10,976 14,846 (5,351)27,269 TOTAL DEPREC, INTEREST & OTHER 245,878 239,305 NET INCOME / (LOSS)220,556 158,910 RESERVE/REPLACE CAPITAL EXPENSE 49,330 24,285 INTEREST EXPENSE 648 6,425 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 195,900 208,596 AMORTIZATION EXPENSE 0 0 TOTAL OPERATING EXPENSES 616,318 618,842 NET OPERATING INCOME / ( L0SS)466,434 398,216 PAYMENT IN LIEU OF PROPERTY TAX 37,000 37,633 TOTAL OTHER OPERATING EXPENSES 83,177 84,460 TOTAL BUILDING & GROUNDS 276,879 276,968 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 46,177 46,827 HVAC - REPAIRS & MAINTENANCE 9,615 9,428 MISCELLANEOUS B & G EXPENSES 0 0 REPAIRS & MAINTENANCE 45,219 32,471 BUILDING & GROUNDS SUPPLIES 7,715 16,830 UNIT TURNOVER REPAIRS 39,344 41,541 ELEVATOR-REPAIRS & MAINT 12,281 10,956 PEST CONTROL 4,185 2,713 TRASH REMOVAL 24,058 23,208 FIRE SYSTEM SERVICE 7,577 4,491 LAWN SERVICE/LANDSCAP/SNOW RMVL 35,912 31,670 WATER SOFTENING SERVICE 4,788 5,300 DOORS, KEYS & WINDOWS 9 3,179 UTILITIES - GAS 29,715 37,352 UTILITIES - WATER/SEWER 24,935 24,826 7,136 CABLE TV EXPENSE 1,266 1,094 UTILITIES - ELECTRICITY 26,156 24,774 BUILDING & GROUNDS CONTRACT LABOR 4,104 TOTAL HOUSEKEEPING EXPENSES 19,167 18,775 CONTRACT LABOR 17,790 17,170 CLEANING SUPPLIES 1,377 1,605 TOTAL MARKETING EXPENSES 0 0 HOUSEKEEPING MARKETING ADVERTISING 0 0 18 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget INCOME APARTMENT RENTAL REVENUE 61,552 64,800 771,312 777,600 (6,288)777,600 HRA INDIVIDUAL 19,587 19,587 235,000 235,000 0 235,000 GARAGE RENT 3,960 3,840 48,005 46,080 1,925 46,080 GUEST ROOM REVENUE 0 0 1,165 390 775 390 LAUNDRY REVENUE 1,301 1,050 11,325 12,600 (1,275)12,600 APPLICATION FEE REVENUE 0 35 315 630 (315)630 TRANSFER FEE REVENUE 0 0 0 500 (500)500 INVESTMENT INCOME 421 413 12,578 5,000 7,578 5,000 MISCELLANEOUS REVENUE (241)100 3,051 1,200 1,851 1,200 TOTAL INCOME 86,579 89,825 1,082,752 1,079,000 3,752 1,079,000 EXPENSES ADMINISTRATION MANAGER SALARIES/WAGES 5,656 5,362 64,657 64,300 (357)64,300 PAYROLL TAXES 1,115 801 9,580 9,678 98 9,678 HEALTH INSURANCE 670 2,061 15,650 24,721 9,071 24,721 WORKERS COMP INSURANCE 99 155 1,744 1,860 116 1,860 MAINTENANCE SALARIES/WAGES 4,664 4,727 58,381 56,680 (1,701)56,680 EMPLOYEE COSTS 80 90 1,000 1,170 170 1,170 SEMINAR/TRAINING 0 0 35 200 165 200 DATA PROCESSING 27 0 213 0 (213)0 BANK FEES 102 105 1,326 1,260 (66)1,260 DUES, SUBS & MEMBERSHIPS 0 0 60 60 0 60 LICENSE & PERMITS 0 0 1,099 954 (145)954 MILEAGE REIMBURSEMENT 0 15 0 180 180 180 POSTAGE/OVERNIGHT EXPRESS 0 0 0 150 150 150 PRINTING 0 15 143 180 37 180 MANAGEMENT FEES 5,234 5,237 62,808 62,811 3 62,811 PROFESSIONAL FEES 0 587 1,526 7,000 5,474 7,000 TELEPHONE EXPENSE 489 400 5,052 4,800 (252)4,800 EQUIPMENT LEASE/REPAIR 424 800 8,256 9,600 1,344 9,600 OFFICE SUPPLIES 0 90 893 1,080 187 1,080 TOTAL ADMIN EXPENSES 18,562 20,445 232,422 246,684 14,262 246,684 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 1,647 1,800 4,673 5,300 627 5,300 1,647 1,800 4,673 5,300 627 5,300 TOTAL LIFE ENRICHMENT EXPENSES 153 90 1,883 153 587 (89) 376 0 15 3 0 0 15 0 (27) 3 56 63 10 (294) (314) 1,391 8 (341) (3,246) 251 (35) 0 0 120 0 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through December 31, 2023 (3,248) 19 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through December 31, 2023 MARKETING ADVERTISING 0 10 0 120 120 120 TOTAL MARKETING EXPENSES 0 10 0 120 120 120 HOUSEKEEPING CONTRACT LABOR 1,470 1,535 17,790 18,420 630 18,420 CLEANING SUPPLIES 549 185 1,377 2,220 843 2,220 2,019 1,720 19,167 20,640 1,473 20,640 BUILDING & GROUNDS CONTRACT LABOR 385 600 4,104 7,200 3,096 7,200 CABLE TV EXPENSE 104 93 1,266 1,153 (113)1,153 UTILITIES - ELECTRICITY 1,950 1,850 26,156 25,250 (906)25,250 UTILITIES - GAS 2,067 4,700 29,715 36,300 6,585 36,300 UTILITIES - WATER/SEWER 1,833 1,900 24,935 25,500 565 25,500 WATER SOFTENING SERVICE 547 460 4,788 5,520 732 5,520 DOORS, KEYS & WINDOWS 0 250 9 3,000 2,991 3,000 FIRE SYSTEM SERVICE 212 625 7,577 7,500 (77)7,500 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,725 2,650 35,912 30,800 (5,112)30,800 PEST CONTROL 0 165 4,185 790 (3,395)790 TRASH REMOVAL 1,699 1,835 24,058 22,020 (2,038)22,020 UNIT TURNOVER REPAIRS 5,946 2,663 39,344 32,000 (7,344)32,000 ELEVATOR-REPAIRS & MAINT 738 775 12,281 9,300 (2,981)9,300 REPAIRS & MAINTENANCE 4,174 3,000 45,219 36,000 (9,219)36,000 BUILDING & GROUNDS SUPPLIES 81 1,850 7,715 22,200 14,485 22,200 HVAC - REPAIRS & MAINTENANCE 299 1,350 9,615 16,200 6,585 16,200 MISCELLANEOUS B & G EXPENSES 0 1,000 0 12,000 12,000 12,000 TOTAL BUILDING & GROUNDS 21,759 25,766 276,879 292,733 15,854 292,733 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,755 3,441 46,177 43,926 (2,251)43,926 PAYMENT IN LIEU OF PROPERTY TAX 3,087 3,084 37,000 37,000 0 37,000 6,842 6,525 83,177 80,926 (2,251)80,926 TOTAL OPERATING EXPENSES 50,829 56,266 616,318 646,403 30,085 646,403 NET OPERATING INCOME / ( L0SS)35,751 33,559 466,434 432,597 33,837 432,597 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 16,325 16,325 195,900 195,900 0 195,900 AMORTIZATION EXPENSE 0 (523)0 (6,320)(6,320)(6,320) RESERVE/REPLACE CAPITAL EXPENSE 8,293 2,000 49,330 204,860 155,530 204,860 INTEREST EXPENSE 157 911 648 10,888 10,240 10,888 24,775 18,713 245,878 405,328 159,450 405,328 NET INCOME / (LOSS)10,976 14,846 220,556 27,269 193,287 27,269 TOTAL DEPREC, INTEREST & OTHER (6,062) (3,870) (523) (6,293) 754 5,437 2,192 0 (3) TOTAL OTHER OPERATING EXPENSES (317) 1,000 4,007 (314) (1,174) 1,769 1,051 136 (3,283) 37 165 250 413 925 2,633 67 (87) 215 (11) (100) 65 (364) TOTAL HOUSEKEEPING EXPENSES (299) 10 10 20 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 20,316 21,485 13,233 10,976 220,556 ADJUSTMENTS TO NET CASHFLOW: DEPRECIATION & AMORTIZATION 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 195,900 (INCR) / DECR IN A/R 1,510 (1,891)(1,649)6,431 122 565 (3,525)47 1,680 (561)2,388 (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 7,209 3,989 5,266 3,928 (1,128) (INCR)/DECR IN OTHER ASSETS (19,583)(19,583)(19,583)(36,663)(18,661)(19,583)(19,583)(20,041)(19,583)(269,587)(501,616) (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 2,724 5,035 6,266 (13,017)(14,655) INCR /( DECR) IN ACCRD LIAB 13,038 (3,104)9,413 (4,132)13,464 (7,067)6,043 (262)8,014 272 3,269 TOTAL ADJUSTMENTS (711)(4,840)1,194 (4,649)(35,474)(338)9,192 5,093 17,968 (262,640)(315,842) NET OPERATING CASHFLOW:(1,901)16,762 17,117 33,191 (7,548)19,758 29,508 26,578 31,201 (251,664)(95,286) 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 29,508 26,578 31,201 (251,664)(95,286) 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 21 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:4.3 To:Dave Callister, City Manager Prepared by:Steven Schmidt, Housing Manager Reviewed by:Steven Schmidt, Housing Manager 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 (December 2023 and YTD). 3. Budget Impact: N/A 4. Attachments: VC - Balance Sheet - 12.2023.pdf VC - 12-Month P&L -12.2023.pdf VC COMPARATIVE 12.2023.pdf VC P&L VARIANCE 12.2023.pdf VC - Cashflow - 12.2023.pdf 22 Total ASSETS CURRENT ASSETS US BANK OPER ACCT US BANK SEC DEP ACCT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - DEBT SERVICE ACCOUNTS REC-TENANTS PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER TOTAL CURRENT ASSETS 2,061,638 FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING FURNITURE, FIXTURES & EQUIP-GENERAL COMPUTERS/OFFICE EQUIPMENT LEASE ASSET ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS 5,807,293 NON-CURRENT ASSETS TOTAL ASSETS 7,868,931 (5,843,181) 874,593 261,390 9,904,487 594,654 8,680 6,669 1,137,098 539,963 (2,005) 16,682 450 3,670 Balance Sheet VICKSBURG CROSSING As Of December 31, 2023 Ending Balance 290,464 75,315 23 Total Balance Sheet VICKSBURG CROSSING As Of December 31, 2023 Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE-TRADE ACCOUNTS PAYABLE - OTHER PREPAID MONTHLY RENT 401K WITHHOLDINGS PAYABLE ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES LEASES PAYABLE -SHORT TERM ACCRUED OTHER TOTAL CURRENT LIABILITIES 160,778 LONG-TERM LIABILITIES SECURITY DEPOSITS BOND PREMIUM-2021A BOND PAYABLE-2021A LEASES PAYABLE -LONG TERM 6,871,990 TOTAL LIABILITIES 7,032,768 EQUITY NET INVESTMENTS IN CAPITAL ASSETS RESTRICTED FOR DEBT SERVICE UNRESTRICTED TOTAL EQUITY 639,343 CURRENT YEAR INCOME/(LOSS)196,819 TOTAL LIABILITIES & EQUITY 7,868,931 292,052 6,500,000 5,298 (1,164,950) 454,639 1,349,654 6,227 61,288 64,350 1,251 3,746 74,640 15,279 2,103 (1,235) 2,349 5,420 24 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 INCOME APARTMENT RENTAL REVENUE 104,186 106,123 106,201 106,321 104,966 104,681 104,879 102,958 103,687 107,038 1,261,404 APARTMENT RENTAL REVENUE - COUNTY 2,950 2,950 2,944 2,944 2,944 2,944 2,944 2,821 2,934 2,267 34,542 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 4,200 4,020 4,020 4,020 4,020 4,260 4,080 4,080 4,080 4,080 48,950 GUEST ROOM REVENUE 70 140 620 70 1,040 540 380 420 0 180 3,460 APPLICATION FEE REVENUE 0 0 35 0 35 140 0 70 140 70 525 TRANSFER FEE REVENUE 0 0 0 0 0 0 0 1,000 0 0 1,000 INVESTMENT INCOME 425 429 430 12,285 (1,921)430 430 (222)427 426 13,993 CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 330 320 320 320 (2,389)732 300 320 922 310 2,529 TOTAL INCOME 115,911 117,732 118,320 129,710 112,445 117,477 116,763 115,197 115,940 118,121 1,411,403 EXPENSES ADMINISTRATION MANAGER SALARIES 5,462 5,852 6,047 5,852 6,047 6,047 5,852 6,047 5,852 6,227 71,375 PAYROLL TAXES 752 720 720 726 776 746 1,099 714 710 1,156 9,598 HEALTH INSURANCE 603 2,143 (32)1,252 1,978 855 880 1,064 1,064 874 13,306 WORKERS COMP INSURANCE 145 145 145 145 145 145 217 145 145 97 1,835 MAINTENANCE SALARIES/WAGES 4,252 4,476 4,937 4,558 4,711 4,796 4,578 4,672 4,468 4,459 55,701 EMPLOYEE COSTS 80 80 80 80 80 80 80 80 80 80 1,000 SEMINAR/TRAINING 0 35 0 0 0 0 0 0 0 0 35 DATA PROCESSING 0 0 0 0 22 31 31 62 39 27 213 BANK FEES 93 87 84 95 98 98 102 87 97 99 1,115 DUES, SUBS & MEMBERSHIPS 0 0 0 0 60 0 0 0 0 0 60 LICENSE & PERMITS 0 0 200 0 0 0 0 0 0 0 876 POSTAGE/OVERNIGHT EXPRESS 0 18 2 0 0 4 2 13 2 0 44 PRINTING 0 0 227 0 0 0 0 170 227 0 624 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 0 0 0 0 50 25 1,411 75 0 75 1,711 TELEPHONE EXPENSE 539 628 528 528 534 433 494 492 552 635 6,422 EQUIPMENT LEASE/REPAIR 125 1,319 168 395 168 125 665 125 1,025 170 5,474 OFFICE SUPPLIES 296 0 0 339 0 204 227 0 101 103 1,420 TOTAL ADMIN EXPENSES 17,145 20,303 17,905 18,769 19,468 18,386 20,436 18,544 19,161 18,802 228,398 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 226 539 508 324 418 556 192 826 909 1,547 6,635 TOTAL LIFE ENRICHMENT EXPENSES 226 539 508 324 418 556 192 826 909 1,547 6,635 Twelve Month Profit and Loss VICKSBURG CROSSING For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 104,557 105,807 2,950 2,950 3,750 3,750 4,070 4,020 0 0 35 0 0 0 428 426 723 320 0 0 116,514 117,273 6,047 6,047 403 1,075 1,053 1,571 145 217 5,016 4,778 80 120 0 0 0 0 89 87 0 0 0 676 0 3 0 0 4,799 4,799 75 0 529 529 1,049 140 228 363 117 34 19,402 20,076 228 363 25 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 Twelve Month Profit and Loss VICKSBURG CROSSING For Year 2023 Period End Period End Jan 31, 2023 Mar 31, 2023 HOUSEKEEPING CONTRACT LABOR 1,361 1,361 1,361 1,361 1,361 2,281 1,571 1,826 2,540 1,361 19,326 CLEANING SUPPLIES 60 69 270 0 43 33 138 47 0 0 861 TOTAL HOUSEKEEPING EXPENSES 1,421 1,430 1,631 1,361 1,404 2,314 1,709 1,873 2,540 1,361 20,188 BUILDING & GROUNDS CONTRACT LABOR 193 521 193 153 582 700 241 193 153 442 4,148 CABLE TV EXPENSE 280 281 281 281 281 281 281 283 283 283 3,386 UTILITIES - ELECTRICITY 2,573 2,488 2,129 2,002 2,285 2,728 2,291 1,937 2,040 2,258 28,167 UTILITIES - GAS 4,601 2,625 1,106 602 622 517 612 921 891 3,869 25,881 UTILITIES - WATER/SEWER 1,392 1,728 1,594 1,711 1,805 2,244 2,024 1,678 1,641 1,976 20,895 WATER SOFTENING SERVICE 0 0 263 0 0 249 0 185 0 219 1,356 DOORS, KEYS & WINDOWS 0 0 554 0 0 0 0 0 29 11 616 FIRE SYSTEM SERVICE 55 55 928 55 55 55 517 55 57 57 1,998 LAWN SERVICE/LANDSCAP/SNOW RMVL 2,450 1,100 3,570 1,300 1,450 1,300 1,420 3,205 1,675 1,500 25,780 PEST CONTROL 255 0 0 153 0 0 153 0 0 153 867 TRASH REMOVAL 2,186 2,200 2,184 2,184 2,180 2,180 2,210 2,175 2,250 2,166 26,315 UNIT TURNOVER REPAIRS 0 0 0 0 0 13,965 0 18,594 14,619 0 47,178 EQUIPMENT LEASE/REPAIR 0 0 0 0 0 0 0 0 0 0 50 ELEVATOR-REPAIRS & MAINT 607 607 607 607 607 607 607 607 607 607 7,272 REPAIRS & MAINTENANCE 1,597 8,759 3,480 5,838 6,461 3,400 827 539 2,856 2,479 39,267 BUILDING & GROUNDS SUPPLIES 430 0 459 1,610 0 343 136 195 412 621 4,597 HVAC - REPAIRS & MAINTENANCE 735 260 260 1,077 1,599 260 678 1,109 577 273 7,757 TOTAL BUILDING & GROUNDS 17,355 20,623 17,606 17,574 17,927 28,829 11,996 31,675 28,091 16,915 245,528 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,485 3,553 3,553 3,054 3,387 3,283 3,283 3,283 3,283 3,283 40,486 PAYMENT IN LIEU OF PROPERTY TAX 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,357 64,350 TOTAL OTHER OPERATING EXPENSES 8,848 8,916 8,916 8,417 8,750 8,646 8,646 8,646 8,646 8,640 104,836 TOTAL OPERATING EXPENSES 44,994 51,812 46,567 46,444 47,967 58,731 42,979 61,563 59,347 47,264 605,583 NET OPERATING INCOME / ( L0SS)70,917 65,920 71,754 83,266 64,478 58,746 73,783 53,634 56,593 70,857 805,820 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 317,640 AMORTIZATION EXPENSE (2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(2,325)(27,900) RESERVE/REPLACE CAPITAL EXPENSE 0 14,775 67,845 0 0 11,712 42,618 0 9,086 0 177,772 INTEREST EXPENSE 11,733 11,733 11,733 11,911 11,733 11,733 11,905 11,734 11,733 11,898 141,488 TOTAL DEPREC, INTEREST & OTHER 35,878 50,653 103,723 36,056 35,878 47,590 78,668 35,879 44,964 36,043 609,000 NET INCOME / (LOSS)35,039 15,267 (31,969)47,210 28,600 11,156 (4,885)17,754 11,629 34,814 196,819 1,581 1,361 84 118 1,665 1,479 346 433 282 291 2,777 2,658 5,659 3,853 1,641 1,459 211 230 22 0 55 55 4,360 2,450 0 153 2,213 2,186 0 0 50 0 596 607 357 2,673 40 350 669 260 19,279 17,659 3,485 3,553 26,470 26,470 67,092 68,780 5,363 5,363 8,848 8,916 49,422 48,494 52,669 50,999 14,423 17,781 (2,325)(2,325) 16,791 14,945 11,733 11,909 26 MTD Actual Budget Last Year YTD Actual Budget Last Year 107,038 105,163 103,771 1,246,541 2,267 2,277 2,299 27,324 3,750 3,750 3,750 45,000 4,080 4,080 4,065 48,960 180 280 0 2,100 70 70 70 560 0 0 0 1,000 426 413 (8,283)5,000 310 290 320 3,480 118,121 116,323 105,992 1,379,965 6,227 5,913 5,635 71,000 1,156 866 623 10,381 874 2,061 1,375 24,710 97 160 114 1,920 4,459 4,893 6,001 58,760 80 85 80 1,110 0 0 0 150 0 0 0 0 27 0 0 0 99 110 103 1,320 0 0 0 65 0 0 0 906 0 10 0 120 0 10 2 120 0 15 0 180 4,799 4,794 4,799 57,583 75 223 0 2,676 635 530 552 6,360 170 220 (16)2,640 103 118 281 1,416 18,802 20,008 19,548 241,417 1,547 1,850 1,508 6,450 1,547 1,850 1,508 6,450 TOTAL LIFE ENRICHMENT EXPENSES 6,635 7,009 TOTAL ADMIN EXPENSES 228,398 241,999 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 6,635 7,009 EQUIPMENT LEASE/REPAIR 5,474 7,876 OFFICE SUPPLIES 1,420 1,392 PROFESSIONAL FEES 1,711 6,388 TELEPHONE EXPENSE 6,422 6,228 PRINTING 624 248 MANAGEMENT FEES 57,588 57,588 MILEAGE REIMBURSEMENT 0 34 POSTAGE/OVERNIGHT EXPRESS 44 85 DUES, SUBS & MEMBERSHIPS 60 60 LICENSE & PERMITS 876 876 DATA PROCESSING 213 0 BANK FEES 1,115 1,203 SEMINAR/TRAINING 35 112 CLASSIFIED ADVERTISING 0 330 MAINTENANCE SALARIES/WAGES 55,701 56,725 EMPLOYEE COSTS 1,000 1,040 HEALTH INSURANCE 13,306 22,361 WORKERS COMP INSURANCE 1,835 2,420 EXPENSES ADMINISTRATION MANAGER SALARIES 71,375 68,290 PAYROLL TAXES 9,598 8,743 MISCELLANEOUS REVENUE 2,529 8,670 TOTAL INCOME 1,411,403 1,373,880 TRANSFER FEE REVENUE 1,000 1,000 INVESTMENT INCOME 13,993 (3,704) GUEST ROOM REVENUE 3,460 3,410 APPLICATION FEE REVENUE 525 490 HRA SUBSIDY - TAX LEVY 45,000 45,000 GARAGE RENT 48,950 47,068 APARTMENT RENTAL REVENUE 1,261,404 1,240,383 APARTMENT RENTAL REVENUE - COUNTY 34,542 31,563 Comparative Profit and Loss VICKSBURG CROSSING Through December 31, 2023 Description INCOME 27 MTD Actual Budget Last Year YTD Actual Budget Last Year Comparative Profit and Loss VICKSBURG CROSSING Through December 31, 2023 Description 0 0 0 500 0 0 0 500 1,361 1,800 1,361 21,600 0 155 83 1,860 1,361 1,955 1,444 23,460 442 900 193 10,800 283 258 248 3,036 2,258 1,900 2,398 27,400 3,869 4,500 5,378 32,000 1,976 1,500 1,804 18,700 219 148 0 1,776 11 65 0 780 57 180 55 6,270 1,500 3,100 8,878 23,200 153 0 153 860 2,166 1,761 1,800 21,132 0 4,250 10,795 51,000 0 0 0 0 607 685 596 8,220 2,479 2,450 4,040 25,900 621 1,550 1,731 17,500 273 800 706 10,000 0 1,000 0 12,000 16,915 25,047 38,774 270,574 3,283 3,295 3,485 43,009 5,357 5,357 4,502 64,350 8,640 8,652 7,987 107,359 47,264 57,512 69,261 649,760 70,857 58,811 36,730 730,205 26,470 26,470 33,226 317,640 (2,325)2,209 (21,828)26,486 0 0 (118,697)105,000 11,898 11,727 (30,014)140,790 36,043 40,406 (137,313)589,916 34,814 18,405 174,044 140,289 NET INCOME / (LOSS)196,819 233,325 INTEREST EXPENSE 141,488 164,286 TOTAL DEPREC, INTEREST & OTHER 609,000 511,097 AMORTIZATION EXPENSE (27,900)(10,257) RESERVE/REPLACE CAPITAL EXPENSE 177,772 32,673 NET OPERATING INCOME / ( L0SS)805,820 744,422 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 317,640 324,396 TOTAL OTHER OPERATING EXPENSES 104,836 102,973 TOTAL OPERATING EXPENSES 605,583 629,458 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 40,486 41,183 PAYMENT IN LIEU OF PROPERTY TAX 64,350 61,790 MISCELLANEOUS B & G EXPENSES 0 0 TOTAL BUILDING & GROUNDS 245,528 257,224 BUILDING & GROUNDS SUPPLIES 4,597 11,590 HVAC - REPAIRS & MAINTENANCE 7,757 7,840 ELEVATOR-REPAIRS & MAINT 7,272 8,057 REPAIRS & MAINTENANCE 39,267 29,378 UNIT TURNOVER REPAIRS 47,178 49,695 EQUIPMENT LEASE/REPAIR 50 0 PEST CONTROL 867 652 TRASH REMOVAL 26,315 21,237 FIRE SYSTEM SERVICE 1,998 7,890 LAWN SERVICE/LANDSCAP/SNOW RMVL 25,780 30,149 WATER SOFTENING SERVICE 1,356 1,276 DOORS, KEYS & WINDOWS 616 245 UTILITIES - GAS 25,881 32,582 UTILITIES - WATER/SEWER 20,895 19,259 6,576 CABLE TV EXPENSE 3,386 2,960 UTILITIES - ELECTRICITY 28,167 27,838 BUILDING & GROUNDS CONTRACT LABOR 4,148 TOTAL HOUSEKEEPING EXPENSES 20,188 19,789 CONTRACT LABOR 19,326 18,792 CLEANING SUPPLIES 861 997 TOTAL MARKETING EXPENSES 0 464 HOUSEKEEPING MARKETING ADVERTISING 0 464 28 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget INCOME APARTMENT RENTAL REVENUE 107,038 105,163 1,261,404 1,246,541 14,863 1,246,541 APARTMENT RENTAL REVENUE - COUNTY 2,267 2,277 34,542 27,324 7,218 27,324 HRA SUBSIDY - TAX LEVY 3,750 3,750 45,000 45,000 0 45,000 GARAGE RENT 4,080 4,080 48,950 48,960 (10)48,960 GUEST ROOM REVENUE 180 280 3,460 2,100 1,360 2,100 APPLICATION FEE REVENUE 70 70 525 560 (35)560 TRANSFER FEE REVENUE 0 0 1,000 1,000 0 1,000 INVESTMENT INCOME 426 413 13,993 5,000 8,993 5,000 MISCELLANEOUS REVENUE 310 290 2,529 3,480 (951)3,480 TOTAL INCOME 118,121 116,323 1,411,403 1,379,965 31,438 1,379,965 EXPENSES ADMINISTRATION MANAGER SALARIES 6,227 5,913 71,375 71,000 (375)71,000 PAYROLL TAXES 1,156 866 9,598 10,381 783 10,381 HEALTH INSURANCE 874 2,061 13,306 24,710 11,404 24,710 WORKERS COMP INSURANCE 97 160 1,835 1,920 85 1,920 MAINTENANCE SALARIES/WAGES 4,459 4,893 55,701 58,760 3,059 58,760 EMPLOYEE COSTS 80 85 1,000 1,110 110 1,110 SEMINAR/TRAINING 0 0 35 150 115 150 DATA PROCESSING 27 0 213 0 (213)0 BANK FEES 99 110 1,115 1,320 205 1,320 DUES, SUBS & MEMBERSHIPS 0 0 60 65 5 65 LICENSE & PERMITS 0 0 876 906 30 906 MILEAGE REIMBURSEMENT 0 10 0 120 120 120 POSTAGE/OVERNIGHT EXPRESS 0 10 44 120 76 120 PRINTING 0 15 624 180 (444)180 MANAGEMENT FEES 4,799 4,794 57,588 57,583 (5)57,583 PROFESSIONAL FEES 75 223 1,711 2,676 965 2,676 TELEPHONE EXPENSE 635 530 6,422 6,360 (62)6,360 EQUIPMENT LEASE/REPAIR 170 220 5,474 2,640 (2,834)2,640 OFFICE SUPPLIES 103 118 1,420 1,416 (4)1,416 TOTAL ADMIN EXPENSES 18,802 20,008 228,398 241,417 13,019 241,417 LIFE ENRICHMENT RESIDENT PROGRAM/ACTIVITIES 1,547 1,850 6,635 6,450 (185)6,450 1,547 1,850 6,635 6,450 (185)6,450 TOTAL LIFE ENRICHMENT EXPENSES 303 15 1,206 303 148 (105) 50 10 15 (5) 0 0 10 0 (27) 11 63 434 5 (314) (290) 1,187 13 20 1,798 (100) 0 0 (10) 0 0 Profit and Loss Variance VICKSBURG CROSSING Through December 31, 2023 1,875 29 MTD Actual Budget Var.YTD Actual Budget Var.Year Budget Profit and Loss Variance VICKSBURG CROSSING Through December 31, 2023 MARKETING ADVERTISING 0 0 0 500 500 500 TOTAL MARKETING EXPENSES 0 0 0 500 500 500 HOUSEKEEPING CONTRACT LABOR 1,361 1,800 19,326 21,600 2,274 21,600 CLEANING SUPPLIES 0 155 861 1,860 999 1,860 1,361 1,955 20,188 23,460 3,272 23,460 BUILDING & GROUNDS CONTRACT LABOR 442 900 4,148 10,800 6,652 10,800 CABLE TV EXPENSE 283 258 3,386 3,036 (350)3,036 UTILITIES - ELECTRICITY 2,258 1,900 28,167 27,400 (767)27,400 UTILITIES - GAS 3,869 4,500 25,881 32,000 6,119 32,000 UTILITIES - WATER/SEWER 1,976 1,500 20,895 18,700 (2,195)18,700 WATER SOFTENING SERVICE 219 148 1,356 1,776 420 1,776 DOORS, KEYS & WINDOWS 11 65 616 780 164 780 FIRE SYSTEM SERVICE 57 180 1,998 6,270 4,272 6,270 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,500 3,100 25,780 23,200 (2,580)23,200 PEST CONTROL 153 0 867 860 (7)860 TRASH REMOVAL 2,166 1,761 26,315 21,132 (5,183)21,132 UNIT TURNOVER REPAIRS 0 4,250 47,178 51,000 3,822 51,000 EQUIPMENT LEASE/REPAIR 0 0 50 0 (50)0 ELEVATOR-REPAIRS & MAINT 607 685 7,272 8,220 948 8,220 REPAIRS & MAINTENANCE 2,479 2,450 39,267 25,900 (13,367)25,900 BUILDING & GROUNDS SUPPLIES 621 1,550 4,597 17,500 12,903 17,500 HVAC - REPAIRS & MAINTENANCE 273 800 7,757 10,000 2,243 10,000 MISCELLANEOUS B & G EXPENSES 0 1,000 0 12,000 12,000 12,000 TOTAL BUILDING & GROUNDS 16,915 25,047 245,528 270,574 25,046 270,574 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 3,283 3,295 40,486 43,009 2,523 43,009 PAYMENT IN LIEU OF PROPERTY TAX 5,357 5,357 64,350 64,350 0 64,350 8,640 8,652 104,836 107,359 2,523 107,359 TOTAL OPERATING EXPENSES 47,264 57,512 605,583 649,760 44,177 649,760 NET OPERATING INCOME / ( L0SS)70,857 58,811 805,820 730,205 75,615 730,205 DEPREC, INTEREST & OTHER DEPRECIATION EXPENSE 26,470 26,470 317,640 317,640 0 317,640 AMORTIZATION EXPENSE (2,325)2,209 (27,900)26,486 54,386 26,486 RESERVE/REPLACE CAPITAL EXPENSE 0 0 177,772 105,000 (72,772)105,000 INTEREST EXPENSE 11,898 11,727 141,488 140,790 (698)140,790 36,043 40,406 609,000 589,916 (19,084)589,916 NET INCOME / (LOSS)34,814 18,405 196,819 140,289 56,530 140,289 TOTAL DEPREC, INTEREST & OTHER 4,363 16,409 4,534 0 (171) 10,248 12,046 0 0 TOTAL OTHER OPERATING EXPENSES 12 8,132 12 929 527 1,000 0 78 (29) (153) (405) 4,250 1,600 54 123 631 (476) (71) 458 (25) (358) 439 155 TOTAL HOUSEKEEPING EXPENSES 594 0 0 30 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 (4,885)17,754 11,629 34,814 196,819 ADJUSTMENTS TO NET CASHFLOW: DEPRECIATION & AMORTIZATION 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 317,640 (INCR) / DECR IN A/R 603 (2,805)798 6,403 5,019 (1,901)(443)1,370 40 (585)12,678 (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)10,404 4,025 2,415 3,114 1,986 (INCR)/DECR IN OTHER ASSETS 519,150 (3,750)(3,750)(52,898)(110,144)63,495 (3,750)(4,350)(3,750)(703,750)(310,996) (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 34,949 (28,018)8,541 (11,917)(14,133) INCR /( DECR) IN ACCRD LIAB (509,349)20,117 19,585 49,138 19,842 (55,919)14,159 16,732 20,066 16,978 (418,482) TOTAL ADJUSTMENTS 36,354 52,929 39,652 23,269 (93,817)36,039 81,789 16,229 53,781 (669,690)(411,307) NET OPERATING CASHFLOW:71,394 68,196 7,683 70,479 (65,217)47,195 76,904 33,983 65,411 (634,876)(214,487) 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)(2,325)(2,325)(2,325)(2,325)(27,900) 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 74,579 31,658 63,086 (637,201)(242,388) 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 31 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:6.1 To:Housing and Redevelopment Authority Prepared by:Steven Schmidt, Housing Manager Reviewed by:Steven Schmidt, Housing Manager Item:Election of Officers. Chair, Vice-Chair, Secretary 1. Action Requested: Nominate and elect HRA officers for Chair, Vice-Chair and Secretary for calendar year 2024. 2. Background: According to the Housing and Redevelopment Authority Bylaws, the Authority shall elect or appoint a Chair, Vice-Chair and Secretary at an annual meeting of the Authority from among the Commissioners. The elected officers shall hold office for one year or until their successors are elected. In March of 2023 the following commissioners were elected. HRA Chair- Michelle Soderberg HRA Vice-Chair- Wayne Peterson Secretary- Aqueelah Whitfield Commissioner Whitfield resigned her role in June of 2023. The vacancy was filled in June 2023 by Kim Vohs. In September 2023 Commissioner Vohs was nominated and accepted the position of Secretary. The current officers' roles are as follows: HRA Chair- Michelle Soderberg HRA Vice-Chair- Wayne Peterson Secretary- Kim Vohs 3. Budget Impact: N/A 4. Attachments: 32 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:6.2 To:Housing and Redevelopment Authority Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by:Grant Fernelius, Community and Economic Development Director Item:Discussion and Recommendations for an Inclusionary Housing Policy 1. Action Requested: Staff is requesting that the HRA discuss and then make a recommendation to the City Council on adoption of 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 was on hold until June 2023 when the HRA requested to bring the policy back for further discussion. The policy was subsequently discussed at the August, September, October and December 2023 HRA meetings. At the December 7th meeting the City Attorney provided a number of comments and advised that the policy focus on incentive tools rather legislate zoning policy. The attached draft (RL-1-25-2025) is based on the December 7th draft. It is important to note the December draft already deleted most of the discretionary zoning components. The new draft clarifies the intent of the policy which is focused on incentive tools. Some additional provisions were deleted that no longer seem relevant since the policy is tied to financial incentives. The City Attorney still needs to complete a final review of the document. Staff hopes the current draft meets the board's direction and can be forwarded to the city council for review sometime in Q1-2024. Also attached is a policy statement that the HRA requested regarding additional recommendations to the city council. These relate to the discretionary actions involving zoning policy. Several HRA commissioners suggested that the city council should explore additional housing policy goals through the use of land use or zoning policy. That policy direction should be provided by the city council and would likely include the planning commission. The statement is intended to serve as supplement to the Inclusionary Housing policy document. 3. Budget Impact: Staff doesn't anticipate significant budget impacts with the proposed inclusionary housing policy. 33 4. Attachments: Draft Inclusionary Housing Policy (RL-1-25-2024) IHP Supplemental Statement 34 1 Inclusionary Housing Policy (HRA Packet: 1-25-202412-7- 2023) 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 residential Development receiving City financial assistance or requesting Planned Unit Development (PUD) approval include units affordable to low and moderate income households (generally defined as 30% to 80% of Area Median Income). The requirements set forth in this Policy further the City’s Housing Goals and the Comprehensive Plan to create and preserve affordable housing opportunities. I. Definitions 1. City Financial Assistance: The use of public funds of, or administered by, the City for any new residential 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; 2. Unit(s): Apartment, housing condominium, townhome, duplex, triplex, fourplex or a single-family dwelling. 3. Development: Any undertaking to provide residential dwelling Units to which requests for City Financial Assistance. II. Applicability and Minimum Development Size This Inclusionary Housing Policy applies to all new residential Developments and some existing multi-family dwellings that receive City Financial Assistance and meet the following thresholds: (1) new Developments that create at least 10 dwelling Units; or (2) reconstruction, expansion or demolition of an existing residential multi- family building that will contain after completion of such alteration at least 10 dwelling Units, 35 2 III. Affordable Dwelling Units General requirements To ensure affordability, the City requires that (i) a certain percentage of Units in a Development that receive City Financial Assistance are reserved for and leased or sold to individuals or families of low or moderate-income as described in this section, 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. (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 is appropriate for their project: (1) Rental Developments: A. At least twenty percent (20%) of the Units shall be reserved for and leased to individuals or families whose household income does not exceed 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 36 3 metropolitan area adjusted for bedroom size and calculated annually b y Minnesota Housing for establishing rent limits for the Low-Income Housing Tax Credit (LIHTC) Program. For-Sale Developments: The qualifying sale price for an owner-occupied affordable dwelling Unit shall be based on the applicable amount affordable to household or individual at 80% 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 twenty-five (25) years. Units in of for sale Developments shall be subject to this policy until sold to anthe income eligible owner(s). 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 this policy these regulations and 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. IV. 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 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 that meets their household size. This provision shall 37 4 not supercede any rules that may apply for a federal or state housing program that allows for a different change in tenant income. V. 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 a separate agreement. 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.A. An alternative proposed by the applicant that directly provides or enables the provision of affordable housing Units within the City. Commented [GF1]: This section was deleted because it doesn’t really apply to the situations that will be encountered with the new policy. Most of the tools (i.e. TIF, tax abatement, Met Council grants, Minnesota Housing grants, LIHTC, etc.) that are used to incentivize affordable housing will require that the units be built on the same project site 38 5 VI.V. 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. VII.VI. Housing Performance Agreement (1) Applicability Developments that are subject to this Policy shall enter into a Housing Performance Agreement as described below, which outlines documents how the developer will complyies with each of the applicable requirements of this Policy. (2) Approval The Housing Performance Agreement shall be approved by the City. (3) Contents. The Housing Performance Agreement 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. 39 6 G. Any and all other information that City staff may request to achieve the Council’s affordable housing goals. VIII.VII. Recorded Agreements, Conditions and Restrictions (1) The Housing Performance 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 Housing Performance 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. IX. 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 the requirements of this Policy X.VIII. State and Federal Law This Policy is not to be interpreted, nor intended to be in conflict with sta te 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 Commented [GF2]: This section was also deleted. Developers who seek assistance for a residential project will need to comply. The City is not likely to have any tools available that would exempt a project from affordable housing. 40 7 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. 41 Plymouth HRA Inclusionary Housing Policy – Supplemental Statement The Plymouth HRA (HRA) adopted a Strategic Plan in 2021 that outlined a set of housing policy considerations for the City. Among the goals was the development of a mixed income housing policy to encourage the development of affordable housing for seniors and low-income families. This policy has evolved and been re-titled as an Inclusionary Housing Policy and is focused on goals/expectations for developers who seek financial assistance from the city for new residential development. As part of the policy development process, the HRA explored other approaches to promoting the development of affordable housing. Among the ideas discussed was the use of the city’s land use and zoning authority to require and/or incentivize affordable housing production. Potential triggers under consideration include the use of Planning Unit Developments (PUD) or Comprehensive Plan amendments that involve a higher level of discretionary decision-making by the city. Other cities have also modified their zoning codes to allow for increased density and/or reduced parking to help address the cost of affordable housing construction. Thoughtful consideration should be given to these ideas. The HRA acknowledges that its role is primarily focused on housing policy, programming and services and that zoning/land use policies are the purview of the city council with input from the planning commission. The HRA believes that all policy options should be explored and that the board is prepared to participate in these discussions, as requested. Adopted: ______________, 2024. 42 Regular Housing and Redevelopment Authority January 25, 2024 Agenda Number:7.1 To:Dave Callister, City Manager Prepared by:Grant Fernelius, Community and Economic Development Director Reviewed by: Item:Staff Updates 1. Action Requested: Receive update from staff on various projects and activities. 2. Background: Staff will provide a verbal update at the meeting on development projects and other initiatives involving the Community and Economic Development Department. 3. Budget Impact: N/A 4. Attachments: 43