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
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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
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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.
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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
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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.
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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.
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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
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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,
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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
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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
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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
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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.
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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.
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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.
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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.
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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:
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