HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 02-22-2024Housing and Redevelopment Authority 1 of 2 February 22, 2024
CITY OF PLYMOUTH
AGENDA
Regular Housing and Redevelopment Authority
February 22, 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 - January 2024 Meeting
Housing & Redevelopment Authority Minutes 01-25-2024
4.2 Metropolitan Housing Opportunities Program (MHOP) Conversion
2024-1 MHOP Resolution.pdf
MPHA_Review_JPA__MHOP_Conversion_MC_12.07.23__004__-_shared_with
_Plymouth__V2_.pdf
4.3 Accept Plymouth Towne Square monthly housing report and financials
PTS BALANCE SHEET 1.2024.pdf
PTS 12-MONTH P&L 1.2024.pdf
PTS COMPARATIVE P&L 1.2024.pdf
PTS VARIANCE 1.2024.pdf
PTS CASHFLOW 1.2024.pdf
4.4 Accept Vicksburg Crossing monthly housing report and financials
VC - Balance Sheet - 1.2024.pdf
VC - 12-Month P&L - 1.2024.pdf
VC COMPARATIVE 1.2024.pdf
VC P&L VARIANCE 1.2024.pdf
VC - Cashflow - 1.2024.pdf
5. PUBLIC HEARINGS
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Housing and Redevelopment Authority 2 of 2 February 22, 2024
5.1 Program Year 2024 Community Development Block Grant (CDBG) Annual Action
Plan
CDBG Staff Report 2-24.pdf
2024 CDBG HRA Resolution 02.pdf
6. NEW BUSINESS
6.1 Presentation on Plymouth Tax Increment Financing (TIF) Program
Plymouth Management Review Analysis TIF Districts - Executive Summary - FINAL
7. UPDATES
7.1 Staff Updates
HRA Updates (February 2024)
Econ_Dev_Annual_Report_2023
2024 Work Plan (HRA) 1-25-2024
8. ADJOURNMENT
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Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:4.1
To:Dave Callister, City Manager
Prepared by:Grant Fernelius, Community and Economic Development
Director
Reviewed by:Steven Schmidt, Housing Manager
Item:HRA Minutes - January 2024 Meeting
1. Action Requested:
Staff recommends approval of the January 25, 2024 HRA minutes.
2. Background:
The January 25, 2024 minutes are attached.
3. Budget Impact:
N/A
4. Attachments:
Housing & Redevelopment Authority Minutes 01-25-2024
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DRAFT MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
JANUARY 25, 2024
MEMBERS PRESENT: Chair Michelle Soderberg, Commissioners Wayne Peterson, James Williams, Ronald
Kelner, Joel Spoonheim, Ronald Kelner, Kim Vohs and Tony Kuechle.
ABSENT: None
STAFF PRESENT: HRA Executive Director Grant Fernelius, Housing Manager Steven Schmidt, Housing and
Economic Development Coordinator Shelonda Marie-Alves, Permit Technician Michelle Bast
OTHERS PRESENT: Mayor Jeffry Wosje
1. CALL TO ORDER
Chair Soderberg called the Plymouth Housing and Redevelopment Authority meeting to order at
7:01 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 Vohs, to approve the agenda.
Vote. 7 Ayes. MOTION passed unanimously.
4. CONSENT AGENDA
4.1. Approved minutes from December 7, 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. 7 Ayes. MOTION passed unanimously.
5. PUBLIC HEARINGS
No public hearings.
6. NEW BUSINESS
6.1. Election of Officers: Chair, Vice-Chair, Secretary
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January 25, 2024
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Chair Soderberg commented that she would be willing to serve an additional term.
MOTION by Commissioner Peterson, seconded by Commissioner Williams, to elect Michelle
Soderberg as Chair. Vote. 7 Ayes. MOTION passed unanimously.
MOTION by Commissioner Williams, seconded by Commissioner Vohs, to elect Wayne Peterson
as Vice-Chair. Vote. 7 Ayes. MOTION passed unanimously.
MOTION by Chair Soderberg, seconded by Commissioner Williams, to elect Kim Vohs as
Secretary. Vote. 7 Ayes. MOTION passed unanimously.
6.2 Discussion and Recommendations for an Inclusionary Housing Policy
HRA Executive Director Fernelius gave an overview of the staff report.
Commissioner Spoonheim commended staff for incorporating the changes, noting that he would
send additional grammatical changes to staff. He referenced the period of affordability, noting
that in earlier drafts there was discussion related to that duration. He inquired about reinserting
“a minimum of 25 years” as that would provide discretion to match the term from other outside
entities that may require a longer term. He stated to ensure long-term affordability, they had
discussed whether the city would want to have a first right of refusal to maintain the affordability
component. He stated he also appreciates the perspective that would be hard to administer. He
asked if there have been examples where cities have managed those first right of refusals to
sustain affordability.
MOTION by Commissioner Spoonheim, seconded by Commissioner Vohs, to amend the period
of affordability to include the language “a minimum of 25 years”.
Further discussion: Commissioner Vohs stated that he believes that would be appropriate as some
entities that provide funding require a period of 30 years.
Vote. 7 Ayes. MOTION passed unanimously.
HRA Executive Director Grant Fernelius stated he does not have a lot of experience in his career dealing
with that specific situation. He stated one of the concerns of the city attorney with the first right of refusal
clause is that once the 25-year period has passed, a potential buyer may see that as an impediment to
purchasing the property; therefore, that may be seen as a disincentive to participating in the program. He
commented affordable projects include subsidies from different entities that come with their own
requirements and therefore he did not believe this situation would occur that often.
Commissioner Kuechle said that often causes more issues than one would think because of the required
waiting periods and other elements that muddy the process of selling an asset. He provided additional
information on the limitations involved for some buyers/sellers along with other requirements that could
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January 25, 2024
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interfere with the sale of property.
Commissioner Kelner stated that the intent is to encourage developers to participate in this program. He
agreed with Commissioner Kuechle that the first right of refusal creates a stumbling block for getting
developers interested in Plymouth. He said he is not in favor of this.
Commissioner Kuechle suggested a notice period given to the city when a property is to be sold.
Chair Soderberg clarified the notice would only be for properties that meet the requirements of this
policy and asked how long the notice period is.
Commissioner Kuechle replied a minimum of 30 days
Commissioner Williams commented that is a short time period.
Commissioner Kuechle replied it will take longer than the notice period to process and this creates
opportunities for a city to organize resources if they want to purchase the property.
Commissioner Peterson used the example of Lakeview Commons, where there was a group of people
that would have liked the opportunity to make an offer. He agreed that the notice period would be a
good way to accomplish that goal.
Commissioner Vohs asked if the notice period should be more encompassing than this policy, as Lakeview
Commons would not have fallen under this policy.
MOTION by Commissioner Williams, seconded by Commissioner Peterson, to recommend City
Council approval of the Inclusionary Housing Policy. Vote. 6 Ayes. 1 Nay (Kuechle) MOTION
passed unanimously.
Chair Soderberg stated they are now to discuss the supplemental statement.
Commissioner Vohs stated that his concern is with the third paragraph and provided a copy of the
alternate suggestion that he provided. He stated that Commissioner Spoonheim also expressed
concern. He read aloud his proposed paragraph. He recognized the different roles of each body
(HRA, planning commission, city council), but also believed that those are intertwined as well.
Commissioner introduced the following text (in italics):
While it is not in the purview of the HRA to make zoning/land use policies, as the HRA has discussed the
Inclusionary Housing Policy and zoning/land use policy discussions have been inexorably intertwined as it
relates to the creation of affordable housing.
The Plymouth HRA Strategic Plan adopted March 25, 2021, and reviewed on January 25, 2024, calls for
the HRA to be proactive. The Strategic Plan states,
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January 25, 2024
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“Values. The Plymouth HRA is a facilitator and significant contributor to creating an economically
healthy and diverse community, which is supportive of quality affordable and workforce housing for all
incomes and family sizes.”
As the HRA has learned the limitations of an Inclusionary Housing Policy that is not an Ordinance, the
HRA is compelled, by its mission and values, to make an advisory statement to the City Council that it
consider an Inclusionary Zoning Ordinance, as other Hennepin County communities have done. The HRA
would be willing to collaborate with the City Council in this task, as its Mission states.
The HRA believes that all policy options should be explored and that the board is prepared to participate
in these discussions, as requested.
MOTION by Commissioner Vohs, seconded by Commissioner Spoonheim, to substitute the third
paragraph with the language that he provided.
Further discussion: Chair Soderberg commented that she supports the language as presented by
staff.
Commissioner Spoonheim commented he seconded the motion because while the HRA is aware of
the extensive work it has done on this policy; he believes that the planning commission and city
council know very little about the work conducted by the HRA for this policy. He stated the HRA
should advise with specificity and believes this language would provide that specificity. He
suggested the entire statement begin with the following sentence “The City of Plymouth
Comprehensive Plan calls for the creation of addition affordable housing.” He believes additional
explanation is needed related to the strategic plan and its direction for affordable housing as well.
He said context is needed.
Chair Soderberg stated the Strategic Plan has been brought to the city council who approved it.
Commissioner Williams commented he has concern with both versions. He did not believe the last
sentence is needed in the third paragraph on the staff version. He referenced the second
paragraph and expressed concern with the statement for increased density and decreased parking.
HRA Executive Director Grant Fernelius stated that language was intended to provide examples of
what could be considered. He stated that there are other cities that incentivize affordable housing,
and this was merely included to provide an example and could be removed. He stated that there
are ways to incentivize affordable housing outside, or in addition to, financial assistance.
Commissioner Peterson clarified that the language does not imply that Plymouth has done this, but
builds upon the previous sentence.
Commissioner Vohs concurred with the suggestion from Commissioner Williams to remove the last
sentence. He stated that he would like to strike the last sentence of his proposed third paragraph
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Plymouth Housing and Redevelopment Authority
January 25, 2024
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and replace that with the last sentence from the staff drafted suggestion.
MOTION by Commissioner Williams, seconded by Commissioner Kelner, to amend the
suggested paragraph as described by Commissioner Vohs.
Further discussion: Commissioner Peterson requested clarification of the authority of the HRA and
its role. He stated perhaps one role of the HRA is to keep reminding the other commissions and
governing bodies about affordable housing and its mention within the comprehensive plan and
strategic plan.
Commissioner Kuechle commented he does not believe this is needed. He stated he believes that
this statement adds another level of uncertainty for developers. He stated that he does not like the
policy at all.
Commissioner Vohs commented that he does not believe that any of these four paragraphs
mention a housing project, but just the policy. He stated that in terms of the supplement, he did
not think this would limit development in any way.
Commissioner Spoonheim commented the supplemental statement is not for the policy but is like a
cover letter to be provided to the city council. He stated it could be drafted more as a letter to the
council.
Commissioner Kuechle stated the Supplemental Statement adds confusion to the policy.
Commissioner Spoonheim believed that could be clarified by addressing this in letter format to the
city council explaining the work that the HRA has done on this for the past two years. He stated
that the last paragraph could be simplified to state that the HRA recommends that the council
consider an inclusionary housing ordinance as other cities have done. He noted that would be a
more confined version.
Commissioner Kuechle commented on some of the things that he considers when coming into a
community to consider creating a housing development, along with the research that he does on
regulations, the comprehensive plan, and city fees. He stated that if a city has an inclusionary
zoning ordinance, he tends to remove that city from consideration.
Commissioner Spoonheim recognized that point of view. He noted there are developers with other
interests looking for this type of clarity.
Commissioner Vohs understood the opposition of Commissioner Kuechle. He noted the policy has
already been approved and this discussion is just related to the supplemental statement. He asked
why the wording of the supplemental statement would create additional burden or hurdles for a
developer. He agreed that this is intended to be a cover letter for the city council.
Chair Soderberg commented that is sounds more like the HRA is leaning more towards a cover
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January 25, 2024
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letter and, if so, the motion should be pulled.
HRA Executive Director Grant Fernelius commented that perhaps this is more of a transmittal letter
and supplemental should not be used. He stated that the substance is more important, and the
format could be changed to be a letter or memo.
MOTION by Commissioner Kelner, seconded by Commissioner Vohs, to change the name of the
supplemental statement to transmittal letter. Vote. 7 Ayes. MOTION passed unanimously.
Further discussion: Commissioner Vohs provided a summary of the proposed changes to the
document as discussed tonight. He requested to strike two words from his submitted paragraph,
removing “strong” and “seriously”.
HRA Executive Director Grant Fernelius confirmed the first and second paragraphs would be kept
the same as drafted by staff and the third paragraph would be replaced by that provided by
Commissioner Vohs, except for that last sentence. And the last paragraph would be amended to
delete the two words as just mentioned by Commissioner Vohs.
Chair Soderberg noted that this would also be called a transmittal letter rather than a supplemental
statement. She asked for a vote on the proposed document as discussed.
MOTION by Commissioner Vohs, seconded by Commissioner Spoonheim, to substitute the
language in the third paragraph of the Supplemental Statement with the language Commissioner
Vohs read into the record. The last sentence of Commissioner Vohs’ language will be omitted, and
the last sentence of the original document will be inserted in its place. Additionally, the words
‘strong’ and ‘seriously’ will be omitted. Vote. 5 Ayes. 1 Nay. (Kuechle) 1 Abstained. (Soderberg).
MOTION passed.
Chair Soderberg thanked staff, recognizing that this has been a long haul over the past two years.
7. UPDATES
HRA Executive Director Grant Fernelius provided a verbal update related to development activity and
interest. He also provided an update on the city’s legislative funding request and a recent visit from a
legislative committee regarding that request.
Commissioner Vohs asked about the location of the trailer park property and if that will be preserved.
HRA Executive Director Fernelius said that some manufactured homes encroach in the right-of-way. The
developer has chosen to dedicate additional right-of-way to resolve that issue.
8. ADJOURNMENT
MOTION by Chair Soderberg, with no objection, to adjourn the meeting at 8:02 p.m.
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Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:4.2
To:Housing and Redevelopment Authority
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Steven Schmidt, Housing Manager
Item:Metropolitan Housing Opportunities Program (MHOP)
Conversion
1. Action Requested:
Authorization to Execute JPA between MPHA and Metro HRA for Streamlined Voluntary Conversion
of 19 MHOP Units to 19 Tenant Protection Vouchers
2. Background:
In 2001 the Plymouth HRA entered into a Cooperation Agreement with the Minneapolis Public
Housing Authority (MPHA) and as a result, nineteen Metropolitan Housing Opportunities Program
(MHOP) units were located in Plymouth’s service jurisdiction. These units were created under the
Hollman v. Cisneros settlement agreement, which was intended to reduce high concentrations of
such units by dispersing them in small numbers to into non-concentrated locations of the
Metropolitan area.
The MPHA, currently administers 106 MHOP units of Public Housing in sixteen sites across eleven
cities throughout the metropolitan region, including 19 in Plymouth. The process of managing and
operating public housing has proven onerous and costly for property owners of the MHOP units.
MPHA is working to ultimately convert these Project Based Subsidy Vouchers to Tenant Protection
Vouchers (TPV) for the households in this program.
The Plymouth HRA has been asked to participate in this conversion and to allow MPHA and Metro
HRA to jointly coordinate the effort with HUD to convert these units. The next steps are as follows:
MPHA and Metro HRA will enter into a Joint Powers Agreement (JPA) for these units to allow MPHA
to continue to operate them as public housing until the approved Streamlined Voluntary Conversion
(SVC) is complete and the units are removed from the public housing program.
After Metro HRA receives HUD’s approval of the SCV application from the Special Allocations Center
(SAC), that agency will apply for the Tenant Protection Vouchers (TPV). Metro HRA will then transfer
back the Tenant Protection Vouchers (TPV) to the agencies that are outside of their jurisdiction,
which includes nineteen units in Plymouth.
It is anticipated that there will be no disruption to residents, including temporary or permanent
displacement as a result of this process. Through this shift to the Tenant Protection Voucher (TPV)
program, residents will have increased choice on where their family can live while simultaneously
reducing the administrative burden of owners. The original cooperation agreement in 1997 was also
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signed by the City. Staff anticipates that the document will also need to be approved by the City
Council and is working with the city attorney on clarification.
3. Budget Impact:
N/A
4. Attachments:
2024-1 MHOP Resolution.pdf
MPHA_Review_JPA__MHOP_Conversion_MC_12.07.23__004__-_shared_with_Plymouth__V2_.pdf
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CITY OF PLYMOUTH
HRA RESOLUTION 2024-1
AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT FOR CONVERSION
OF METROPOLITAN HOUSING OPPORUNITIES PROGRAM UNITS AND PROVIDING
RECOMMENDATION TO THE CITY COUNCIL TO AUTHORIZE EXECUTION OF SAME
WHEREAS, THE Minneapolis Public Housing Authority in and For the City of Minneapolis (the
“MPHA”) holds an Annual Contributions Contract (“MPHA ACC”) from the United States
Department of Housing and Urban Development (“HUD”) for funding the capital and operating costs
of low rent public housing units and projects throughout the Minneapolis-St. Paul Twin Cities
metropolitan area pursuant to a certain consent decree entered in United States District Court (the
“Consent Decree”); and
WHEREAS, the MPHA has established the Metropolitan Housing Opportunities Program (“MHOP”)
pursuant to which it cooperates with suburban counties and municipalities in the acquisition and
operation of qualified housing units (the “MHOP units”); and
WHEREAS, the MPHA and the Metropolitan Council with the consent of the Plymouth HRA wish to
enter into a joint powers agreement to allow MPHA to continue to operate the MHOP Units as public
housing until the approved Streamlined Voluntary Conversion (SVC) is complete and the units are
removed from the public housing program and converted into Tenant Protection Vouchers (TPV); and
WHEREAS, Metropolitan Council will then award 19 Tenant Protection Vouchers (TPV) to the
Plymouth HRA;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF PLYMOUTH, MINNESOTA:
1. That the HRA shall approve a Joint Powers Agreement in substantially the attached form.
2. That the Chair and Executive Director of the HRA are authorized to execute said Joint Powers
Agreement on behalf of said HRA.
3. That the Chair and Executive Director are authorized to make such changes in said Joint Powers
Agreement as are not inconsistent with the spirit and purpose thereof.
4. That the HRA recommends that the City of Plymouth authorize its Mayor and City Manager to
approve a Joint Powers Agreement in substantially the attached form.
Adopted by the Plymouth Housing and Redevelopment Authority on February 22, 2024.
Michelle Soderberg, Chair
Grant Fernelius, Executive Director
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
1
Council Contract No. ________
MPHA No. ________
Plymouth HRA No. ________
JOINT EXERCISE OF POWERS AGREEMENT
GOVERNING THE TRANSFER AND CONVERSION OF
METROPOLITAN HOUSING OPPORTUNITY PROGRAM UNITS
THIS AGREEMENT (“Agreement”) is between the Minneapolis Public Housing Authority in
and for the City of Minneapolis (“MPHA”), the Metropolitan Council (“Council” or “Metro HRA”),
and the Plymouth Housing and Redevelopment Authority (“Plymouth HRA”) and the City of
Plymouth (“City of Plymouth”). The MPHA, the Council, the Plymouth HRA and the City of
Plymouth are collectively the “Parties” and individually a “Party” to this Agreement.
WHEREAS, under the Hollman consent decree (D. Minn. Apr. 20, 1995 (Civ. No. 4-92-712)) (as
amended) the U.S. Department of Housing and Urban Development (“HUD”) provided capital
funding to the MPHA for the development of 770 replacement public housing units located outside
of minority- and poverty-concentrated areas in Minneapolis and the metropolitan area; and
WHEREAS, under its Metropolitan Housing Opportunity Program (“MHOP”) the MPHA entered
into Regulatory and Operating Agreements and other agreements with owners of mixed-finance
developments and provided capital funding to pay a portion of the owners’ development costs and
operating assistance to help operate and maintain the low-income character of the public housing
program units (“MHOP Units”) in the developments; and
WHEREAS, seventy-nine MHOP Units are located in the Council’s Section 8 area of operation
(i.e., its “jurisdiction” under 24 C.F.R. § 982.4(b)), eight MHOP Units are located in Minneapolis,
and nineteen MHOP Units are located in the City of Plymouth; and
WHEREAS, operation of the MHOP Units under the federal public housing program is financially
and administratively challenging for the MPHA and the owners of the developments within which
these MHOP Units are located; and
WHEREAS, in consultation with HUD the Parties determined these 106 MHOP Units can be
administered more efficiently and still be maintained as affordable housing in their respective
communities if the MHOP Units are converted from public housing program units to Section 8
Housing Choice Voucher (“HCV”) or Project-Based Voucher (“PBV”) assistance; and
WHEREAS, this proposed conversion will require the MPHA to transfer the public housing
program MHOP Units to the Council under the process prescribed in HUD Notice PIH 2014-24
(HA) (or subsequent guidance) after which transfer the Council will convert the public housing
program MHOP Units to Section 8 HCV or PBV assistance under the Streamlined Voluntary
Conversion (“SVC”) process prescribed in HUD Notice PIH 2019-05 (HA) (or subsequent
guidance); and
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
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WHEREAS, the Parties anticipate that the transfer and conversion of these MHOP Units will occur
concurrently, or that the conversion will occur very soon after the transfer; and
WHEREAS, the MPHA has engaged the services of a consultant (“Consultant”) to implement
this transfer and conversion, including the development of a Conversion Plan for the MHOP Units
and an SVC application; and
WHEREAS, through its Metro HRA unit the Council administers Section 8 HCV and PBV
assistance for households in Anoka, Carver, and most of suburban Hennepin and Ramsey counties;
and
WHEREAS, the MPHA and the Plymouth HRA administer their own Section 8 HCV and PBV
programs within their respective jurisdictions; and
WHEREAS, as part of the SVC process, the Council will apply to HUD for 106 Tenant Protection
Vouchers (“TPVs”); and
WHEREAS, upon receipt of the TPVs the Metro HRA will transfer participant files through
portability to Minneapolis and Plymouth for the residents that remain in those MHOP Units and
the other TPVs will be converted to PBVs for the MHOP Units in Metro HRA’s service area; and
WHEREAS, implementation of this proposed transfer and conversion plan may require the
Council to administer the public housing program MHOP Units located in Minneapolis and
Plymouth until the MHOP Units are converted to Section 8 HCV or PBV assistance; and
WHEREAS, the Council, the MPHA, and the Plymouth HRA are “governmental units” under
Minnesota Statutes section 471.59, subdivision 1, and are authorized under section 471.59,
subdivisions 1 and 10, to enter into a joint powers agreement under which they can perform on
behalf of the others services or functions they are authorized to provide for themselves; and
WHEREAS, this Agreement will permit the Council to temporarily hold the Annual Contributions
Contract (ACC) for the public housing program MHOP Units located in Minneapolis and
Plymouth; and
WHEREAS, the Board of Commissioners of the Minneapolis Public Housing Authority approved
this Agreement by action at its _________, 20__, meeting (Resolution No. __-___), the governing
body of the Metropolitan Council approved this Agreement by action at its ________, 20__,
meeting (Business Item No. 20__-___), and the Board of Commissioners of the Plymouth Housing
and Redevelopment Authority approved this Agreement at its _________, 20__ meeting (Agenda
Item ___).
NOW, THEREFORE, the MPHA, the Council, and the Plymouth HRA agree as follows:
I. PURPOSE AND FRAMEWORK
1.01 Purpose. The purposes of this Agreement are to: (1) implement a transfer of 106 public
housing program MHOP Units to the Council and the conversion of those public housing MHOP
Units to Section 8 HCV or PBV assistance; (2) establish terms and conditions under which the
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
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MHPA will continue to manage the MHOP Units as public housing units until the transfer and
conversion processes are successfully accomplished; and (3) establish a framework for
accomplishing this transfer and conversion in a manner that is least disruptive to the households
and individuals currently living in the MHOP Units and consistent with statutory and regulatory
requirements and HUD guidance.
1.02 Framework. The framework for transferring and converting the 106 MHOP Units
envisioned by the Parties comprises five components: (1) all 106 MHOP Units will be voluntary
transferred to the Metro HRA as public housing program units; (2) the MPHA will continue to
operate all 106 MHOP Units while the MHOP Units are public housing program units; (3)
concurrently with this transfer, the Metro HRA will submit a Voluntary Conversion Plan to HUD
to convert all 106 MHOP Units to Section 8 HCVs or PBVs; (4) the Metro HRA will transfer the
eight MHOP Units located in Minneapolis to the MPHA and transfer the nineteen MHOP Units
located in Plymouth to the Plymouth HRA, both of which transfers will be accomplished through
portability; and (5) the Metro HRA will convert the seventy-nine MHOP Units in its jurisdiction
to Section 8 PBV units.
II. DEFINITIONS
2.01 Definitions. For the purposes of this Agreement, the following terms have the meanings
ascribed to them in this section, unless otherwise indicated by the context:
(a) “Administrative Plan” means the written administrative plan required under federal
regulations (24 C.F.R. § 982.54) that establishes a PHA’s policies for the administration of
its Section 8 HCV and PBV programs. The Administrative Plan may be amended from time
to time.
(b) “Affordability Period ” means the period specified in a Housing Assistance Payments (“HAP”)
contract when an MHOP Unit in a development must be made available for occupancy by
households or individuals receiving Section 8 HCV or PBV assistance. The Affordability
Period is intended to help: (1) ensure the long-term affordability of the MHOP Units which
were financed with capital grant funding under the Hollman consent decree; (2) retain
affordable units located outside of minority- and poverty-concentrated areas; and (3) make
affordable units available in higher-rent areas of the metropolitan area. The Affordability
Period will extend at least through 2035 which is consistent with the time period specified in
HUD’s Declarations of Trust/Restrictive Covenants.
(c) “Conversion Plan” means a voluntary conversion plan that meets the applicable requirements
of 24 C.F.R. sections 972.227 to 972.233 and HUD Notice PIH 2019-05 (HA).
(d) “Effective Date” means the date this Agreement has been fully executed by the Parties’
authorized signatories.
(e) “MHOP Households” means the households and individuals living in the 106 MHOP Units
as of the Effective Date who are issued Tenant Protection Vouchers in connection with the
transfer and conversion of the MHOP Units. The term “MHOP Households” does not include
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
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households and individuals living in MHOP Units as of the Effective Date who do not qualify
for Section 8 HCV, PBV, or TPV assistance.
(f) “MHOP Units” means the 106 public housing program MHOP Units that are the subject of
this Agreement. The MHOP Units are located in mixed-finance developments. The MHOP
Units are not owned by the MPHA but, under the terms of HUD-required Declarations of
Trust/Restrictive Covenants recorded against the properties, the MHOP Units currently must
be made available to households and individuals who are eligible for public housing program
assistance. A list of the 106 MHOP Units is attached to this Agreement.
(g) “Portability” means the statutory and regulatory provisions (24 C.F.R. § 982.355) under
which a person or family moves to an area outside the “initial” PHA jurisdiction and whose
Section 8 HCV assistance is administered by the “receiving” PHA if a PHA with a Section 8
HCV program has jurisdiction in the area where the unit is located.
(h) “Tenant Protection Vouchers” or “TPVs” mean replacement Tenant Protection Vouchers
issued to eligible MHOP Households pursuant to applicable federal statutory and regulatory
requirements and HUD PIH notices.
III. TERM, EXPIRATION, AND TERMINATION
3.01 Term. This Agreement is effective on the Effective Date.
3.02 Expiration. Unless this Agreement is terminated earlier under Section 3.03, this Agreement
will expire when the transfer and conversion process is complete.
3.03 Termination. This Agreement may be terminated or rescinded: (1) by a Party for any
reason upon 90 days’ written notice to the other Parties; or (2) by mutual written agreement of the
Parties. This Agreement automatically terminates if: (1) HUD does not approve the transfer of
the MHOP Units; or (2) HUD does not approve the Conversion Plan; or (3) HUD does not provide
Tenant Protection Vouchers sufficient to cover all eligible MHOP Households. If HUD approves
the transfer but does not approve the Conversion Plan, the Parties will cooperatively work with
HUD to expeditiously transfer the MHOP Units back to the MPHA.
IV. EXERCISE OF POWERS
4.01 Implementation. The Parties intend to implement this MHOP Unit transfer and conversion
in a manner that is least disruptive to the households and individuals living in the MHOP Units as
of the Effective Date, and consistent with HUD Notice PIH 2014-24 (HA), HUD Notice PIH 2019-
05 (HA), and applicable statutory and regulatory requirements.
(a) Council and Plymouth HRA Responsibilities. To accomplish this transfer and conversion
the Council and the Plymouth HRA will:
(1) provide assistance and information to the MPHA and its Consultant in conjunction with
the Consultant’s development of the Conversion Plan and SVC application;
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
5
(2) assist the MPHA in both developing a plan for informing and informing the MHOP Unit
households and individuals, and their landlords, about the transition to Section 8 HCV or
PBV assistance and the households’ or individuals’ right (if any) to remain in the MHOP
Units;
(3) inspect the MHOP Units in accordance with HUD housing inspection standards for the
units located in their respective jurisdictions;
(4) enter into HAP contracts with the owners or property managers of the MHOP Units for
the units located in their respective jurisdictions;
(5) administer Section 8 HCV or PBV assistance for MHOP Households in MHOP Units
located in their respective jurisdictions in accordance with their Administrative Plans;
and
(6) if required by HUD, execute and record new Declarations of Trust/Restrictive Covenants
against the MHOP Units as required by the ACC and Notice PIH 2011-61 and subsequent
guidance. [Source: Notice PIH 2014-24, sec. 8.h., p. 10]
In addition to items (1) through (6), the Council will process MHOP Household applications
for Section 8 HCV or PBV assistance, determine MHOP Household eligibility for Section 8
HCV or PBV assistance for the MHOP Units the household occupied as of the Effective Date,
and issue HCVs or PBVs to eligible families and individuals.
(b) MPHA Responsibilities. To accomplish this transfer and conversion the MPHA will:
(1) fulfill the resident notification requirements specified in Section 8.q. of HUD Notice PIH
2014-24 (HA);
(2) provide any required comparable housing and relocation assistance for all MHOP
households and individuals who are “over-income families” or otherwise not eligible for
replacement TPVs;
(3) be responsible for complying with or cooperating with HUD regarding any environmental
clearance requirements; and
(4) administer Section 8 HCV or PBV assistance for MHOP Households in MHOP Units
located in its jurisdictions in accordance with applicable regulations and policies.
4.02 Collaborative Efforts. On an as-needed basis, or as requested by a Party, the Parties will
confer with each other on the status and implementation of the transfer and conversion.
4.03 No Disbursement of Funds. The MPHA, the Council, and the Plymouth HRA will be
responsible for their own costs and expenses relating to the implementation of this conversion and
transfer and will not be responsible for the other Parties’ costs and expenses., and none of the
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
6
Parties will disburse any fees or other funds to the other Parties under this Agreement except that
the MPHA will be responsible for:
(a) all costs of its Consultant including the Consultant’s work in developing an impact analysis,
a Conversion Plan for the MHOP Units, and an SVC application;
(b) the costs of providing any required comparable housing and/or relocation assistance for all
households and individuals who are “over-income families” or otherwise are not eligible for
replacement TPVs;
(c) for all MHOP Households who may choose to move from their MHOP Units after conversion
and all households and individuals who are “over-income families” or otherwise not eligible
for replacement TPVs, the costs of the following activities, to the extent those activities are
required: (1) providing information on counseling services; (2) direct relocation assistance;
(3) providing relocation notices; and (4) relocation expenses;
(d) the costs of any required environmental review associated with the transfer and conversion of
the MHOP Units if those costs are paid by a PHA; and
(e) the costs of preparing, executing, and recording: (1) any new Declarations of
Trust/Restrictive Covenants that may be necessary; or (2) releases from existing Declarations
of Trust/Restrictive Covenants that may be necessary.
V. Management of MHOP Public Housing Units
5.01 Pre-Conversion Management of MHOP Units. When the MHOP units are transferred to
the Council the MPHA will remain responsible for managing all MHOP Units until HUD approves
the Conversion Plan (either in writing or by automatic approval under 24 C.F.R. § 972.236 HUD
Notice PIH 2019-05 (HA)) and the MHOP Units are converted to Section 8 HCV or PBV
assistance.
5.02 Operating Subsidy, Capital Funding, and Reserves. Until HUD approves the Conversion
Plan and the MHOP Units are converted to Section 8 HCV or PBV assistance, the MPHA will be
entitled to receive all public housing program operating subsidy and capital funding for the units.
When the MHOP Units are transferred to the Council the MPHA will transfer to the Council the
total budget authority on hand, restricted and unrestricted fund balances, grant balances, and
accumulated reserves related to the MHOP Units. [Source: Notice PIH 2014-24, sec. 8.a., p. 8]
5.03 Post-Conversion of MHOP Units. Until the Affordability Period expires, the converted
MHOP Units will be made available to households and individuals who are eligible for Section 8
HCV, TPV or PBV assistance.
VI. REPRESENTATIONS AND WARRANTIES
6.01 Representations and Warranties. Except for Declarations of Trust/Restrictive Covenants
recorded against the MHOP Units in connection with the capital funding HUD provided under the
Hollman consent decree, the MPHA represents and warrants that the MHOP Units are not the
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
7
subject of any: court orders, consent decrees (including the Hollman consent decree), unsatisfied
judgments, or any known potential or pending legal actions; or unresolved letter of findings under
any fair housing or civil rights authority or a currently effective Voluntary Compliance Agreement
(“VCA”) or Inspector General audit. [Source: Notice PIH 2014-24, sec. 5.b.(3), p. 5]
VII. LIABILITIES
7.01 Liability. Under Minnesota Statutes, section 471.59, subdivision 1a, each Party will be
responsible for its own acts and omissions and the results of those acts or omissions. None of the
Parties waives any tort liability limitations conferred on it by Minnesota Statutes sections 466.04,
or 471.59, subdivision 1a, or any other liability limitations or immunities conferred on it by state
or federal law.
7.02 Indemnification. To the extent permitted by law, the MPHA will hold harmless, defend,
and indemnify the Council and the Plymouth HRA for: (1) any performance deficiencies and
HUD liabilities related to the MHOP Units sustained by the MPHA prior to the transfer of the
MHOP Units while the MHOP Units are still under the MPHA’s own ACC; and (2) liabilities
relating to the MHOP Units arising under pending litigation associated with the U.S. Housing Act
of 1937, requirements of the Fair Housing Act, Title VI of the Civil Rights Act, or Section 504 of
the Rehabilitation Act of 1973. [Source: Notice PIH 2014-24, sec. 5.e. and f., pp. 5 & 6]
VIII. GENERAL PROVISIONS
8.01 Amendments. This Agreement may be amended by written agreement signed by the
Parties’ duly authorized signatories. Any substantive amendments to this Agreement must be
approved by action of the Council’s governing body, action of the Board of Commissioners of the
Plymouth Housing and Redevelopment Authority, and action of the Board of Commissioners of
the Minneapolis Public Housing Authority.
8.02 Authorized Representatives. For the purposes of administering this Agreement and
receiving notices relating to this Agreement, the Parties’ authorized representatives (or their
successors) are:
For the Metropolitan Council: For the Minneapolis Public Housing Authority:
Terri Smith, Director Metro HRA Dominic Mitchell, Deputy Executive Director
390 Robert Street North 1001 Washington Avenue North
Saint Paul, Minnesota 55101 Minneapolis, Minnesota 55401
terri.smith@metc.state.mn.us dmitchell@mplspha.org
For the Plymouth Housing and
Redevelopment Authority:
Grant Fernelius, Executive Director
Plymouth City Hall
3400 Plymouth Boulevard
Plymouth, Minnesota 55447
gfernelius@plymouthmn.gov
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
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If a Party designates a different authorized representative the Party will notify the other Parties
about the designation. The authorized representatives may not execute substantive amendments
to this Agreement unless their respective governing bodies or their respective administrative
policies and procedures authorize them to execute amendments.
8.03 Government Data. Data on household members and individuals living in the MHOP Units,
including their home addresses, are classified as private data on individuals under Minnesota
Statutes section 13.462, subdivisions 1 and 3. Data on household members and individuals that
may be shared by the Parties under this Agreement will be administered consistent with Minnesota
Statutes chapter 13, and other applicable state and federal laws and regulations.
8.04 Survival of Obligations. The representations, warranties, and indemnification obligations
in this Agreement shall survive the expiration or termination of this Agreement. The Parties’
obligation to preserve the affordability of the MHOP Units and make the units available as HCV
or PBV units at least through 2035 also shall survive the expiration or termination of this
Agreement.
8.05 Application of Federal Law, Regulations, and HUD Notices. Nothing in this Agreement
is intended to abrogate or conflict with applicable federal law, regulations, or HUD notices as
applicable relating to or governing the transfer and conversion of the MHOP Units.
8.06 Execution in Counterpart; Electronic Signatures. This Agreement may be executed in
counterpart. Electronic signatures of the Parties’ duly authorized signatories, by facsimile or
email/Portable Document Format (PDF) transmission, shall be valid as an original signature of the
authorized signatories and shall be effective to bind the Parties under this Agreement.
IN WITNESS WHEREOF, the MPHA, the Council, and the Plymouth HRA have caused this
Agreement to be executed by their duly authorized signatories.
MINNEAPOLIS PUBLIC METROPOLITAN COUNCIL
HOUSING AUTHORITY in and for
the City of Minneapolis
By: By:
Abdulkadir Yassin Warsame LisaBeth Barajas
Executive Director/CEO Executive Division Director
Community Development
Date:
Date:
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
9
CITY OF PLYMOUTH
By:
Jeff Wosje
Mayor
By:
Dave Callister
City Manager
Date:
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
By:
Michelle Soderberg
Chair
By:
Grant Fernelius
Executive Director
Date:
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METROPOLITAN COUNCIL RESPONSES TO MPHA PROPOSED REVISIONS – 12/07/23
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ATTACHMENT
JOINT EXERCISE OF POWERS AGREEMENT
GOVERNING THE TRANSFER AND CONVERSION OF
METROPOLITAN HOUSING OPPORTUNITY PROGRAM UNITS
The 106 MHOP Units are identified on the following page.
Minnesota Government Data Practices Act Notice
Under Minnesota Statutes section 13.462, subdivision 3, street addresses (and unit
numbers) of the MHOP Units listed in this Attachment are private “benefit data”
on the families and individuals living in the MHOP Units because the street
addresses (and unit numbers) uniquely identify tenant families. Private data on
individuals cannot be disclosed to unauthorized third persons or the general public.
DRAFTER’S NOTE: Attach list of units with addresses and unit numbers.
22
Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:4.3
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
(January 2024 and YTD).
3. Budget Impact:
N/A
4. Attachments:
PTS BALANCE SHEET 1.2024.pdf
PTS 12-MONTH P&L 1.2024.pdf
PTS COMPARATIVE P&L 1.2024.pdf
PTS VARIANCE 1.2024.pdf
PTS CASHFLOW 1.2024.pdf
23
Total
ASSETS
CURRENT ASSETS
US BANK OPER ACCT
US BANK SEC DEP ACCT
INVESTMENTS - WORKING CAPITAL FUND
INVESTMENTS - NEW DEBT SERVICE
ACCOUNTS REC-TENANTS
INTEREST RECEIVABLE
PREPAID PROPERTY INSURANCE
PREPAID WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS 1,553,602
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 2,867,870
NON-CURRENT ASSETS
TOTAL ASSETS 4,421,472
7,465
8,696
13,060
3,608
(5,270,631)
5,910
459,247
211,914
5,767,619
1,195,121
471,772
917,906
328,234
5,352
417
14,437
568
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of January 31, 2024
Ending Balance
209,220
71,557
24
Total
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of January 31, 2024
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE-TRADE
PREPAID MONTHLY RENT
401K WITHHOLDINGS PAYABLE
ADVANCES FROM CITY
ACCRUED PAYROLL
ACCRUED DEBT SERVICE
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
LEASES PAYABLE -SHORT TERM
NOTES PAYABLE-SERIES 2021A -ST
ACCRUED OTHER
TOTAL CURRENT LIABILITIES 69,119
LONG-TERM LIABILITIES
SECURITY DEPOSITS
NOTES PAYABLE-SERIES 2021A -LT
402,551
TOTAL LIABILITIES 471,670
EQUITY
RETAINED EARNINGS RSRVD FOR DS
RETAINED EARNINGS
NET INVESTMENT IN CAPITAL ASSETS
TOTAL EQUITY 3,935,035
CURRENT YEAR INCOME/(LOSS)14,767
TOTAL LIABILITIES & EQUITY 4,421,472
49,128
796,164
3,089,743
40,230
516
328,000
6,810
71,551
331,000
462
6,200
(328,000)
5,006
3,656
828
5,412
25
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Mar 31, 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 Jan 31, 2024 Total
INCOME
APARTMENT RENTAL REVENUE 64,901 65,505 65,775 65,324 64,566 62,847 63,001 62,725 61,552 62,074 768,700
HRA INDIVIDUAL 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,587 18,000 233,417
GARAGE RENT 4,060 3,995 3,970 4,010 4,015 3,955 4,020 3,960 3,960 3,990 47,965
GUEST ROOM REVENUE 0 0 675 65 130 0 0 65 0 0 1,165
LAUNDRY REVENUE 1,358 185 608 1,271 696 2,188 257 440 1,301 1,175 11,628
APPLICATION FEE REVENUE 35 0 0 0 35 105 35 0 0 0 280
TRANSFER FEE REVENUE 0 0 0 0 0 500 (500)0 0 0 0
INVESTMENT INCOME 425 428 10,852 (1,741)428 427 (362)425 421 424 12,578
CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 0
MISCELLANEOUS REVENUE 333 456 1,445 79 376 0 0 327 (241)95 3,000
TOTAL INCOME 90,695 90,152 102,909 88,592 89,830 89,605 86,034 87,525 86,579 85,757 1,078,733
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 5,476 5,476 5,299 5,476 5,476 5,299 5,476 5,299 5,010 4,967 63,502
PAYROLL TAXES 1,091 729 727 724 717 1,014 788 690 1,115 381 9,563
HEALTH INSURANCE 1,876 1,355 581 1,092 1,035 1,387 2,431 3,379 670 1,353 17,085
WORKERS COMP INSURANCE 206 137 137 137 137 206 137 137 99 118 1,725
MAINTENANCE SALARIES/WAGES 5,888 4,953 4,712 4,917 4,819 4,797 4,725 4,786 4,831 4,478 58,087
EMPLOYEE COSTS 120 80 80 80 80 80 80 80 80 90 1,010
SEMINAR/TRAINING 0 35 0 0 0 0 0 0 0 0 35
DATA PROCESSING 0 0 0 52 31 31 32 39 27 31 244
BANK FEES 103 117 102 119 111 125 106 115 102 109 1,327
DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 0 0 0 0 60 60
LICENSE & PERMITS 0 0 165 694 200 0 40 0 0 0 1,099
PRINTING 0 0 0 0 143 0 0 0 0 0 143
MANAGEMENT FEES 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 5,234 63,057
PROFESSIONAL FEES 0 25 0 0 0 1,455 23 0 0 0 1,503
TELEPHONE EXPENSE 421 420 411 414 418 414 418 427 489 392 5,045
EQUIPMENT LEASE/REPAIR 773 765 579 469 1,620 451 450 720 424 675 8,571
OFFICE SUPPLIES 0 0 41 0 161 49 85 18 0 75 665
TOTAL ADMIN EXPENSES 21,188 19,325 18,070 19,408 20,181 20,543 20,025 20,924 18,082 17,964 232,721
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 262 48 67 221 639 119 165 882 1,647 895 5,209
TOTAL LIFE ENRICHMENT EXPENSES 262 48 67 221 639 119 165 882 1,647 895 5,209
Twelve Month Profit and Loss
PLYMOUTH TOWNE SQUARE
For Year 2024
Period End Period End
Feb 28, 2023 Apr 30, 2023
66,035 64,395
19,583 19,583
4,040 3,990
65 165
901 1,248
0 70
0 0
424 427
30 100
0
91,077 89,978
4,946 5,299
833 754
(268)2,196
137 137
5,241 3,940
80 80
0 0
0 0
110 107
0 0
0 0
0 0
5,483 5,234
0 0
382 437
876 769
53 184
17,874 19,138
147 117
147 117
26
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Mar 31, 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 Jan 31, 2024 Total
Twelve Month Profit and Loss
PLYMOUTH TOWNE SQUARE
For Year 2024
Period End Period End
Feb 28, 2023 Apr 30, 2023
HOUSEKEEPING
CONTRACT LABOR 1,470 1,470 1,470 1,470 1,620 1,470 1,470 1,470 1,470 1,470 17,790
CLEANING SUPPLIES 202 0 36 4 363 57 0 10 549 390 1,643
TOTAL HOUSEKEEPING EXPENSES 1,672 1,470 1,506 1,474 1,983 1,527 1,470 1,480 2,019 1,860 19,433
BUILDING & GROUNDS
CONTRACT LABOR 346 193 700 578 324 193 206 385 385 735 4,646
CABLE TV EXPENSE 110 103 97 103 110 103 103 111 104 127 1,294
UTILITIES - ELECTRICITY 1,772 2,287 2,352 2,449 2,632 2,547 2,715 2,529 1,950 1,800 26,091
UTILITIES - GAS 5,798 3,099 797 824 528 991 991 994 2,067 1,299 25,777
UTILITIES - WATER/SEWER 2,013 1,845 2,149 2,322 2,587 2,219 2,219 1,949 1,833 1,891 24,877
WATER SOFTENING SERVICE 369 253 340 439 346 0 180 720 547 376 4,585
DOORS, KEYS & WINDOWS 0 0 0 0 0 0 9 0 0 0 9
FIRE SYSTEM SERVICE 637 210 2,051 2,271 210 210 210 941 212 3,387 10,754
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,110 1,465 2,583 1,570 8,969 1,460 1,340 1,825 1,725 1,545 30,472
PEST CONTROL 0 141 141 0 0 201 0 29 0 141 1,896
TRASH REMOVAL 2,053 2,254 2,225 1,924 1,953 1,923 1,922 1,917 1,699 1,917 23,644
UNIT TURNOVER REPAIRS 0 0 0 0 3,188 3,740 2,010 12,399 5,946 4,669 38,464
ELEVATOR-REPAIRS & MAINT 4,363 713 713 713 713 713 738 738 738 738 12,306
REPAIRS & MAINTENANCE 7,765 15,303 710 1,441 1,791 1,798 3,933 1,494 4,174 3,881 48,530
BUILDING & GROUNDS SUPPLIES 744 1,149 525 789 117 182 527 979 81 1,251 7,045
HVAC - REPAIRS & MAINTENANCE 543 975 315 873 299 299 910 833 299 2,030 10,991
TOTAL BUILDING & GROUNDS 27,622 29,990 15,698 16,295 23,768 16,579 18,012 27,842 21,759 25,786 271,381
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,987 3,987 3,607 3,860 3,755 3,755 3,755 3,755 3,755 3,755 45,945
PAYMENT IN LIEU OF PROPERTY TAX 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,087 3,230 37,147
TOTAL OTHER OPERATING EXPENSES 7,070 7,070 6,690 6,943 6,838 6,838 6,838 6,838 6,842 6,985 83,092
TOTAL OPERATING EXPENSES 57,814 57,903 42,031 44,341 53,408 45,606 46,509 57,967 50,349 53,490 611,836
NET OPERATING INCOME / ( L0SS)32,881 32,248 60,878 44,251 36,422 43,999 39,525 29,558 36,230 32,267 466,897
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 17,500 197,075
RESERVE/REPLACE CAPITAL EXPENSE 0 0 6,547 0 0 7,200 1,715 0 8,293 0 49,330
INTEREST EXPENSE 166 0 166 0 0 159 0 0 157 0 648
TOTAL DEPREC, INTEREST & OTHER 16,491 16,325 23,038 16,325 16,325 23,684 18,040 16,325 24,775 17,500 247,053
NET INCOME / (LOSS)16,390 15,923 37,840 27,926 20,097 20,316 21,485 13,233 11,455 14,767 219,844
1,470 1,470
33 0
1,503 1,470
193 411
110 110
1,477 1,580
6,776 1,613
2,076 1,774
232 784
0 0
210 210
5,135 1,745
1,243 0
1,928 1,927
0 6,512
713 713
1,032 5,208
532 170
3,318 299
24,974 23,056
3,987 3,987
3,083 3,083
7,070 7,070
51,568 50,851
39,509 39,127
16,325 16,325
40,700 17,525
(1,191)21,602
24,375 1,200
0 0
27
MTD Actual Budget Last Year YTD Actual Budget Last Year
62,074 65,313 64,686 65,313
18,000 18,000 19,583 18,000
3,990 3,840 4,030 3,840
0 65 0 65
1,175 1,025 872 1,025
0 0 35 0
424 417 425 417
95 100 146 100
85,757 88,760 89,776 88,760
4,967 5,573 5,476 5,573
381 842 398 842
1,353 915 (82)915
118 180 137 180
4,478 4,907 4,938 4,907
90 90 80 90
31 0 0 0
109 115 108 115
60 60 60 60
0 15 0 15
0 15 0 15
5,234 5,234 4,985 5,234
0 229 23 229
392 425 400 425
675 750 360 750
75 115 302 115
17,964 19,465 17,186 19,465
895 65 360 65
895 65 360 65
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 895 360
TOTAL LIFE ENRICHMENT EXPENSES 895 360
OFFICE SUPPLIES 75 302
TOTAL ADMIN EXPENSES 17,964 17,186
TELEPHONE EXPENSE 392 400
EQUIPMENT LEASE/REPAIR 675 360
MANAGEMENT FEES 5,234 4,985
PROFESSIONAL FEES 0 23
MILEAGE REIMBURSEMENT 0 0
PRINTING 0 0
BANK FEES 109 108
DUES, SUBS & MEMBERSHIPS 60 60
EMPLOYEE COSTS 90 80
DATA PROCESSING 31 0
WORKERS COMP INSURANCE 118 137
MAINTENANCE SALARIES/WAGES 4,478 4,938
PAYROLL TAXES 381 398
HEALTH INSURANCE 1,353 (82)
TOTAL INCOME 85,757 89,776
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 4,967 5,476
INVESTMENT INCOME 424 425
MISCELLANEOUS REVENUE 95 146
LAUNDRY REVENUE 1,175 872
APPLICATION FEE REVENUE 0 35
GARAGE RENT 3,990 4,030
GUEST ROOM REVENUE 0 0
APARTMENT RENTAL REVENUE 62,074 64,686
HRA INDIVIDUAL 18,000 19,583
Comparative Profit and Loss
PLYMOUTH TOWNE SQUARE
Through January 31, 2024
Description
INCOME
28
MTD Actual Budget Last Year YTD Actual Budget Last Year
Comparative Profit and Loss
PLYMOUTH TOWNE SQUARE
Through January 31, 2024
Description
0 10 0 10
0 10 0 10
1,470 1,560 1,470 1,560
390 185 123 185
1,860 1,745 1,593 1,745
735 550 193 550
127 110 98 110
1,800 1,900 1,865 1,900
1,299 5,250 5,238 5,250
1,891 1,950 1,949 1,950
376 470 580 470
0 255 0 255
3,387 600 210 600
1,545 3,700 6,985 3,700
141 0 2,430 0
1,917 2,115 2,331 2,115
4,669 3,225 5,548 3,225
738 1,100 713 1,100
3,881 3,475 570 3,475
1,251 1,650 1,921 1,650
2,030 1,350 654 1,350
0 1,000 0 1,000
25,786 28,700 31,284 28,700
3,755 5,773 3,987 5,773
3,230 3,230 3,083 3,230
6,985 9,003 7,070 9,003
53,490 58,988 57,493 58,988
32,267 29,772 32,284 29,772
17,500 17,500 16,325 17,500
0 68,000 0 68,000
17,500 85,500 16,325 85,500
14,767 (55,728)15,959 (55,728)NET INCOME / (LOSS)14,767 15,959
RESERVE/REPLACE CAPITAL EXPENSE 0 0
TOTAL DEPREC, INTEREST & OTHER 17,500 16,325
NET OPERATING INCOME / ( L0SS)32,267 32,284
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 17,500 16,325
TOTAL OTHER OPERATING EXPENSES 6,985 7,070
TOTAL OPERATING EXPENSES 53,490 57,493
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,755 3,987
PAYMENT IN LIEU OF PROPERTY TAX 3,230 3,083
MISCELLANEOUS B & G EXPENSES 0 0
TOTAL BUILDING & GROUNDS 25,786 31,284
BUILDING & GROUNDS SUPPLIES 1,251 1,921
HVAC - REPAIRS & MAINTENANCE 2,030 654
ELEVATOR-REPAIRS & MAINT 738 713
REPAIRS & MAINTENANCE 3,881 570
TRASH REMOVAL 1,917 2,331
UNIT TURNOVER REPAIRS 4,669 5,548
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,545 6,985
PEST CONTROL 141 2,430
DOORS, KEYS & WINDOWS 0 0
FIRE SYSTEM SERVICE 3,387 210
UTILITIES - WATER/SEWER 1,891 1,949
WATER SOFTENING SERVICE 376 580
UTILITIES - ELECTRICITY 1,800 1,865
UTILITIES - GAS 1,299 5,238
BUILDING & GROUNDS
CONTRACT LABOR 735 193
CABLE TV EXPENSE 127 98
CLEANING SUPPLIES 390 123
TOTAL HOUSEKEEPING EXPENSES 1,860 1,593
HOUSEKEEPING
CONTRACT LABOR 1,470 1,470
MARKETING
ADVERTISING 0 0
TOTAL MARKETING EXPENSES 0 0
29
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
INCOME
APARTMENT RENTAL REVENUE 62,074 65,313 62,074 65,313 (3,239)783,756
HRA INDIVIDUAL 18,000 18,000 18,000 18,000 0 216,000
GARAGE RENT 3,990 3,840 3,990 3,840 150 46,080
GUEST ROOM REVENUE 0 65 0 65 (65)650
LAUNDRY REVENUE 1,175 1,025 1,175 1,025 150 12,300
APPLICATION FEE REVENUE 0 0 0 0 0 350
TRANSFER FEE REVENUE 0 0 0 0 0 500
INVESTMENT INCOME 424 417 424 417 7 5,000
MISCELLANEOUS REVENUE 95 100 95 100 (5)1,200
TOTAL INCOME 85,757 88,760 85,757 88,760 (3,003)1,065,836
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 4,967 5,573 4,967 5,573 606 66,872
PAYROLL TAXES 381 842 381 842 461 10,060
HEALTH INSURANCE 1,353 915 1,353 915 (438)11,660
WORKERS COMP INSURANCE 118 180 118 180 62 2,160
MAINTENANCE SALARIES/WAGES 4,478 4,907 4,478 4,907 429 58,880
EMPLOYEE COSTS 90 90 90 90 0 1,170
SEMINAR/TRAINING 0 0 0 0 0 200
DATA PROCESSING 31 0 31 0 (31)0
BANK FEES 109 115 109 115 6 1,380
DUES, SUBS & MEMBERSHIPS 60 60 60 60 0 60
LICENSE & PERMITS 0 0 0 0 0 1,059
MILEAGE REIMBURSEMENT 0 15 0 15 15 180
POSTAGE/OVERNIGHT EXPRESS 0 0 0 0 0 150
PRINTING 0 15 0 15 15 180
MANAGEMENT FEES 5,234 5,234 5,234 5,234 0 62,808
PROFESSIONAL FEES 0 229 0 229 229 2,750
TELEPHONE EXPENSE 392 425 392 425 33 5,100
EQUIPMENT LEASE/REPAIR 675 750 675 750 75 9,000
OFFICE SUPPLIES 75 115 75 115 40 1,380
TOTAL ADMIN EXPENSES 17,964 19,465 17,964 19,465 1,501 235,049
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 895 65 895 65 (830)5,485
895 65 895 65 (830)5,485 TOTAL LIFE ENRICHMENT EXPENSES (830)
40
1,501
(830)
229
33
75
0
15
0
0
0
15
0
(31)
6
62
429
0
606
461
(438)
7
(5)
(3,003)
150
0
0
0
150
(65)
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through January 31, 2024
(3,239)
30
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through January 31, 2024
MARKETING
ADVERTISING 0 10 0 10 10 120
TOTAL MARKETING EXPENSES 0 10 0 10 10 120
HOUSEKEEPING
CONTRACT LABOR 1,470 1,560 1,470 1,560 90 18,720
CLEANING SUPPLIES 390 185 390 185 (205)2,220
1,860 1,745 1,860 1,745 (115)20,940
BUILDING & GROUNDS
CONTRACT LABOR 735 550 735 550 (185)6,600
CABLE TV EXPENSE 127 110 127 110 (17)1,400
UTILITIES - ELECTRICITY 1,800 1,900 1,800 1,900 100 25,300
UTILITIES - GAS 1,299 5,250 1,299 5,250 3,951 38,850
UTILITIES - WATER/SEWER 1,891 1,950 1,891 1,950 59 26,950
WATER SOFTENING SERVICE 376 470 376 470 94 5,640
DOORS, KEYS & WINDOWS 0 255 0 255 255 3,060
FIRE SYSTEM SERVICE 3,387 600 3,387 600 (2,787)13,500
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,545 3,700 1,545 3,700 2,155 39,500
PEST CONTROL 141 0 141 0 (141)790
TRASH REMOVAL 1,917 2,115 1,917 2,115 198 25,380
UNIT TURNOVER REPAIRS 4,669 3,225 4,669 3,225 (1,444)38,700
ELEVATOR-REPAIRS & MAINT 738 1,100 738 1,100 362 13,200
REPAIRS & MAINTENANCE 3,881 3,475 3,881 3,475 (406)43,800
BUILDING & GROUNDS SUPPLIES 1,251 1,650 1,251 1,650 399 19,800
HVAC - REPAIRS & MAINTENANCE 2,030 1,350 2,030 1,350 (680)16,200
MISCELLANEOUS B & G EXPENSES 0 1,000 0 1,000 1,000 12,000
TOTAL BUILDING & GROUNDS 25,786 28,700 25,786 28,700 2,914 330,670
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,755 5,773 3,755 5,773 2,018 69,997
PAYMENT IN LIEU OF PROPERTY TAX 3,230 3,230 3,230 3,230 0 38,760
6,985 9,003 6,985 9,003 2,018 108,757
TOTAL OPERATING EXPENSES 53,490 58,988 53,490 58,988 5,498 701,021
NET OPERATING INCOME / ( L0SS)32,267 29,772 32,267 29,772 2,495 364,815
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 17,500 17,500 17,500 17,500 0 210,000
RESERVE/REPLACE CAPITAL EXPENSE 0 68,000 0 68,000 68,000 197,431
17,500 85,500 17,500 85,500 68,000 407,431
NET INCOME / (LOSS)14,767 (55,728)14,767 (55,728)70,495 (42,616)70,495
68,000
TOTAL DEPREC, INTEREST & OTHER 68,000
5,498
2,495
0
0
TOTAL OTHER OPERATING EXPENSES 2,018
1,000
2,914
2,018
(406)
399
(680)
198
(1,444)
362
(141)
255
(2,787)
2,155
3,951
59
94
(185)
(17)
100
90
(205)
TOTAL HOUSEKEEPING EXPENSES (115)
10
10
31
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Feb 29, 2024 Apr 30, 2024 May 31, 2024 Jun 30, 2024 Jul 31, 2024 Aug 31, 2024 Sep 30, 2024 Oct 31, 2024 Nov 30, 2024 Dec 31, 2024 Year To Date
CASHFLOW RECONCILIATION:
NET INCOME / (LOSS)0 0 0 0 0 0 0 0 0 0 14,767
ADJUSTMENTS TO NET CASHFLOW:
DEPRECIATION & AMORTIZATION 0 0 0 0 0 0 0 0 0 0 17,500
(INCR) / DECR IN A/R 0 0 0 0 0 0 0 0 0 0 3,876
(INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0
(INCR) / DECR IN PREPAID EXP 0 0 0 0 0 0 0 0 0 0 1,826
(INCR)/DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 (18,000)
(INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0
INCR /( DECR) IN ACCTS PAYABLE 0 0 0 0 0 0 0 0 0 0 (4,960)
INCR /( DECR) IN ACCRD LIAB 0 0 0 0 0 0 0 0 0 0 5,289
TOTAL ADJUSTMENTS 0 0 0 0 0 0 0 0 0 0 5,531
NET OPERATING CASHFLOW:0 0 0 0 0 0 0 0 0 0 20,298
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:0 0 0 0 0 0 0 0 0 0 20,298
0 0
20,298 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 0
5,531 0
20,298 0
0 0
0 0
(4,960)0
5,289 0
0 0
1,826 0
(18,000)0
14,767 0
17,500 0
3,876 0
Twelve Month Profit and Loss
PLYMOUTH TOWNE SQUARE
For Year 2024
Period End Period End
Jan 31, 2024 Mar 31, 2024
32
Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:4.4
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
(January 2024 and YTD).
3. Budget Impact:
N/A
4. Attachments:
VC - Balance Sheet - 1.2024.pdf
VC - 12-Month P&L - 1.2024.pdf
VC COMPARATIVE 1.2024.pdf
VC P&L VARIANCE 1.2024.pdf
VC - Cashflow - 1.2024.pdf
33
Total
ASSETS
CURRENT ASSETS
US BANK OPER ACCT
US BANK SEC DEP ACCT
INVESTMENTS - WORKING CAPITAL FUND
INVESTMENTS - DEBT SERVICE
ACCOUNTS REC-TENANTS
INTEREST RECEIVABLE
PREPAID PROPERTY INSURANCE
PREPAID WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS 2,120,360
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EQUIP-GENERAL
COMPUTERS/OFFICE EQUIPMENT
LEASE ASSET
ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS 5,782,417
NON-CURRENT ASSETS
TOTAL ASSETS 7,902,777
6,669
(5,868,057)
3,429
874,593
261,390
9,904,487
594,654
8,680
1,137,098
543,713
(1,105)
417
13,399
581
Balance Sheet
VICKSBURG CROSSING
As Of January 31, 2024
Ending Balance
346,758
76,071
34
Total
Balance Sheet
VICKSBURG CROSSING
As Of January 31, 2024
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE-TRADE
401K WITHHOLDINGS PAYABLE
ACCRUED PAYROLL
ACCRUED COMPENSATED BALANCES
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
LEASES PAYABLE -SHORT TERM
BOND PAYABLE-2021A ST
ACCRUED OTHER
TOTAL CURRENT LIABILITIES 650,177
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BOND PREMIUM-2021A
BOND PAYABLE-2021A
LEASES PAYABLE -LONG TERM
6,399,830
TOTAL LIABILITIES 7,050,007
EQUITY
NET INVESTMENTS IN CAPITAL ASSETS
RESTRICTED FOR DEBT SERVICE
UNRESTRICTED
TOTAL EQUITY 839,208
CURRENT YEAR INCOME/(LOSS)13,562
TOTAL LIABILITIES & EQUITY 7,902,777
289,727
6,030,000
5,298
(1,164,950)
454,639
1,549,519
71,908
69,738
1,251
470,000
5,491
74,805
18,527
2,769
5,208
5,284
35
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Mar 31, 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 Jan 31, 2024 Total
INCOME
APARTMENT RENTAL REVENUE 105,807 106,201 106,321 104,966 104,681 104,879 102,958 103,687 107,038 106,223 1,263,070
APARTMENT RENTAL REVENUE - COUNTY 2,950 2,944 2,944 2,944 2,944 2,944 2,821 2,934 2,267 2,287 33,879
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 4,020 4,020 4,020 4,020 4,260 4,080 4,080 4,080 4,080 4,080 48,960
GUEST ROOM REVENUE 0 620 70 1,040 540 380 420 0 180 320 3,780
APPLICATION FEE REVENUE 0 35 0 35 140 0 70 140 70 35 525
TRANSFER FEE REVENUE 0 0 0 0 0 0 1,000 0 0 0 1,000
INVESTMENT INCOME 426 430 12,285 (1,921)430 430 (222)427 426 425 13,990
CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0
MISCELLANEOUS REVENUE 320 320 320 (2,389)732 300 320 922 310 509 2,315
TOTAL INCOME 117,273 118,320 129,710 112,445 117,477 116,763 115,197 115,940 118,121 117,629 1,412,519
EXPENSES
ADMINISTRATION
MANAGER SALARIES 6,047 6,047 5,852 6,047 6,047 5,852 6,047 5,852 4,787 5,482 69,370
PAYROLL TAXES 1,075 720 726 776 746 1,099 714 710 1,156 392 9,587
HEALTH INSURANCE 1,571 (32)1,252 1,978 855 880 1,064 1,064 (1,228)1,255 11,405
WORKERS COMP INSURANCE 217 145 145 145 145 217 145 145 97 121 1,811
MAINTENANCE SALARIES/WAGES 4,778 4,937 4,558 4,711 4,796 4,578 4,672 4,468 4,956 4,284 55,466
EMPLOYEE COSTS 120 80 80 80 80 80 80 80 80 85 1,005
SEMINAR/TRAINING 0 0 0 0 0 0 0 0 0 0 35
DATA PROCESSING 0 0 0 22 31 31 62 39 27 31 244
BANK FEES 87 84 95 98 98 102 87 97 99 116 1,142
DUES, SUBS & MEMBERSHIPS 0 0 0 60 0 0 0 0 0 0 60
LICENSE & PERMITS 676 200 0 0 0 0 0 0 0 200 1,076
POSTAGE/OVERNIGHT EXPRESS 3 2 0 0 4 2 13 2 0 0 44
PRINTING 0 227 0 0 0 0 170 227 0 0 624
MANAGEMENT FEES 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,991 57,780
PROFESSIONAL FEES 0 0 0 50 25 1,411 75 0 75 0 1,636
TELEPHONE EXPENSE 529 528 528 534 433 494 492 552 635 559 6,452
EQUIPMENT LEASE/REPAIR 140 168 395 168 125 665 125 1,025 170 530 4,955
OFFICE SUPPLIES 34 0 339 0 204 227 0 101 103 0 1,304
TOTAL ADMIN EXPENSES 20,076 17,905 18,769 19,468 18,386 20,436 18,544 19,161 15,756 18,046 223,996
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 363 508 324 418 556 192 826 909 1,547 79 6,485
TOTAL LIFE ENRICHMENT EXPENSES 363 508 324 418 556 192 826 909 1,547 79 6,485
Twelve Month Profit and Loss
VICKSBURG CROSSING
For Year 2024
Period End Period End
Feb 28, 2023 Apr 30, 2023
104,186 106,123
2,950 2,950
3,750 3,750
4,200 4,020
70 140
0 0
0 0
425 429
330 320
0 0
115,911 117,732
5,462 5,852
752 720
603 2,143
145 145
4,252 4,476
80 80
0 35
0 0
93 87
0 0
0 0
0 18
0 0
4,799 4,799
0 0
539 628
125 1,319
226 539
296 0
17,145 20,303
226 539
36
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Mar 31, 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 Jan 31, 2024 Total
Twelve Month Profit and Loss
VICKSBURG CROSSING
For Year 2024
Period End Period End
Feb 28, 2023 Apr 30, 2023
HOUSEKEEPING
CONTRACT LABOR 1,361 1,361 1,361 1,361 2,281 1,571 1,826 2,540 1,361 1,517 19,262
CLEANING SUPPLIES 118 270 0 43 33 138 47 0 0 164 941
TOTAL HOUSEKEEPING EXPENSES 1,479 1,631 1,361 1,404 2,314 1,709 1,873 2,540 1,361 1,681 20,203
BUILDING & GROUNDS
CONTRACT LABOR 433 193 153 582 700 241 193 153 442 131 3,933
CABLE TV EXPENSE 291 281 281 281 281 281 283 283 283 315 3,419
UTILITIES - ELECTRICITY 2,658 2,129 2,002 2,285 2,728 2,291 1,937 2,040 2,258 2,806 28,196
UTILITIES - GAS 3,853 1,106 602 622 517 612 921 891 3,869 4,093 24,314
UTILITIES - WATER/SEWER 1,459 1,594 1,711 1,805 2,244 2,024 1,678 1,641 1,976 1,809 21,062
WATER SOFTENING SERVICE 230 263 0 0 249 0 185 0 219 321 1,466
DOORS, KEYS & WINDOWS 0 554 0 0 0 0 0 29 11 33 627
FIRE SYSTEM SERVICE 55 928 55 55 55 517 55 57 57 845 2,787
LAWN SERVICE/LANDSCAP/SNOW RMVL 2,450 3,570 1,300 1,450 1,300 1,420 3,205 1,675 1,500 2,320 23,740
PEST CONTROL 153 0 153 0 0 153 0 0 153 0 867
TRASH REMOVAL 2,186 2,184 2,184 2,180 2,180 2,210 2,175 2,250 2,166 2,749 26,850
UNIT TURNOVER REPAIRS 0 0 0 0 13,965 0 18,594 14,619 0 7,543 54,721
ELEVATOR-REPAIRS & MAINT 607 607 607 607 607 607 607 607 607 607 7,283
REPAIRS & MAINTENANCE 2,673 3,480 5,838 6,461 3,400 827 539 2,856 2,479 3,006 41,916
BUILDING & GROUNDS SUPPLIES 350 459 1,610 0 343 136 195 412 621 1,019 5,575
HVAC - REPAIRS & MAINTENANCE 260 260 1,077 1,599 260 678 1,109 577 273 4,934 12,023
TOTAL BUILDING & GROUNDS 17,659 17,606 17,574 17,927 28,829 11,996 31,675 28,091 16,915 32,530 258,779
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,553 3,553 3,054 3,387 3,283 3,283 3,283 3,283 3,283 3,283 40,284
PAYMENT IN LIEU OF PROPERTY TAX 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,357 5,388 64,375
TOTAL OTHER OPERATING EXPENSES 8,916 8,916 8,417 8,750 8,646 8,646 8,646 8,646 8,640 8,671 104,659
TOTAL OPERATING EXPENSES 48,494 46,567 46,444 47,967 58,731 42,979 61,563 59,347 44,218 61,007 614,122
NET OPERATING INCOME / ( L0SS)68,780 71,754 83,266 64,478 58,746 73,783 53,634 56,593 73,903 56,623 798,397
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 24,876 316,046
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 14,945 67,845 0 0 11,712 42,618 0 9,086 0 9,890 170,871
INTEREST EXPENSE 11,909 11,733 11,911 11,733 11,733 11,905 11,734 11,733 11,898 10,620 140,375
TOTAL DEPREC, INTEREST & OTHER 50,999 103,723 36,056 35,878 47,590 78,668 35,879 44,964 36,043 43,061 599,392
NET INCOME / (LOSS)17,781 (31,969)47,210 28,600 11,156 (4,885)17,754 11,629 37,859 13,562 199,005
1,361 1,361
60 69
1,421 1,430
193 521
280 281
2,573 2,488
4,601 2,625
1,392 1,728
0 0
0 0
55 55
2,450 1,100
255 0
2,186 2,200
0 0
607 607
1,597 8,759
430 0
735 260
17,355 20,623
3,485 3,553
5,363 5,363
26,470 26,470
(2,325)(2,325)
8,848 8,916
44,994 51,812
70,917 65,920
35,039 15,267
0 14,775
11,733 11,733
35,878 50,653
37
MTD Actual Budget Last Year YTD Actual Budget Last Year
106,223 103,861 104,557 103,861
2,287 2,944 2,950 2,944
3,750 3,750 3,750 3,750
4,080 4,080 4,070 4,080
320 140 0 140
35 35 35 35
0 500 0 500
425 417 428 417
509 290 723 290
117,629 116,017 116,514 116,017
5,482 6,150 6,047 6,150
392 911 403 911
1,255 1,018 1,053 1,018
121 185 145 185
4,284 5,191 5,016 5,191
85 85 80 85
31 0 0 0
116 110 89 110
200 0 0 0
0 10 0 10
0 10 0 10
0 20 0 20
4,991 4,991 4,799 4,991
0 205 75 205
559 550 529 550
530 333 1,049 333
0 122 117 122
18,046 19,891 19,402 19,891
79 225 228 225
79 225 228 225
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 79 228
TOTAL LIFE ENRICHMENT EXPENSES 79 228
OFFICE SUPPLIES 0 117
TOTAL ADMIN EXPENSES 18,046 19,402
TELEPHONE EXPENSE 559 529
EQUIPMENT LEASE/REPAIR 530 1,049
MANAGEMENT FEES 4,991 4,799
PROFESSIONAL FEES 0 75
POSTAGE/OVERNIGHT EXPRESS 0 0
PRINTING 0 0
LICENSE & PERMITS 200 0
MILEAGE REIMBURSEMENT 0 0
DATA PROCESSING 31 0
BANK FEES 116 89
MAINTENANCE SALARIES/WAGES 4,284 5,016
EMPLOYEE COSTS 85 80
HEALTH INSURANCE 1,255 1,053
WORKERS COMP INSURANCE 121 145
EXPENSES
ADMINISTRATION
MANAGER SALARIES 5,482 6,047
PAYROLL TAXES 392 403
MISCELLANEOUS REVENUE 509 723
TOTAL INCOME 117,629 116,514
TRANSFER FEE REVENUE 0 0
INVESTMENT INCOME 425 428
GUEST ROOM REVENUE 320 0
APPLICATION FEE REVENUE 35 35
HRA SUBSIDY - TAX LEVY 3,750 3,750
GARAGE RENT 4,080 4,070
APARTMENT RENTAL REVENUE 106,223 104,557
APARTMENT RENTAL REVENUE - COUNTY 2,287 2,950
Comparative Profit and Loss
VICKSBURG CROSSING
Through January 31, 2024
Description
INCOME
38
MTD Actual Budget Last Year YTD Actual Budget Last Year
Comparative Profit and Loss
VICKSBURG CROSSING
Through January 31, 2024
Description
1,517 1,800 1,581 1,800
164 155 84 155
1,681 1,955 1,665 1,955
131 900 346 900
315 270 282 270
2,806 1,900 2,777 1,900
4,093 5,100 5,659 5,100
1,809 1,400 1,641 1,400
321 152 211 152
33 70 22 70
845 1,400 55 1,400
2,320 4,000 4,360 4,000
2,749 2,190 2,213 2,190
7,543 4,250 0 4,250
0 0 50 0
607 690 596 690
3,006 1,500 357 1,500
1,019 1,500 40 1,500
4,934 850 669 850
0 1,000 0 1,000
32,530 27,172 19,279 27,172
3,283 5,335 3,485 5,335
5,388 5,388 5,363 5,388
8,671 10,723 8,848 10,723
61,007 59,966 49,422 59,966
56,623 56,051 67,092 56,051
24,876 24,876 26,470 24,876
(2,325)2,207 (2,325)2,207
9,890 0 16,791 0
10,620 10,620 11,733 10,620
43,061 37,703 52,669 37,703
13,562 18,348 14,423 18,348 NET INCOME / (LOSS)13,562 14,423
INTEREST EXPENSE 10,620 11,733
TOTAL DEPREC, INTEREST & OTHER 43,061 52,669
AMORTIZATION EXPENSE (2,325)(2,325)
RESERVE/REPLACE CAPITAL EXPENSE 9,890 16,791
NET OPERATING INCOME / ( L0SS)56,623 67,092
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 24,876 26,470
TOTAL OTHER OPERATING EXPENSES 8,671 8,848
TOTAL OPERATING EXPENSES 61,007 49,422
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,283 3,485
PAYMENT IN LIEU OF PROPERTY TAX 5,388 5,363
MISCELLANEOUS B & G EXPENSES 0 0
TOTAL BUILDING & GROUNDS 32,530 19,279
BUILDING & GROUNDS SUPPLIES 1,019 40
HVAC - REPAIRS & MAINTENANCE 4,934 669
ELEVATOR-REPAIRS & MAINT 607 596
REPAIRS & MAINTENANCE 3,006 357
UNIT TURNOVER REPAIRS 7,543 0
EQUIPMENT LEASE/REPAIR 0 50
LAWN SERVICE/LANDSCAP/SNOW RMVL 2,320 4,360
TRASH REMOVAL 2,749 2,213
DOORS, KEYS & WINDOWS 33 22
FIRE SYSTEM SERVICE 845 55
UTILITIES - WATER/SEWER 1,809 1,641
WATER SOFTENING SERVICE 321 211
UTILITIES - ELECTRICITY 2,806 2,777
UTILITIES - GAS 4,093 5,659
BUILDING & GROUNDS
CONTRACT LABOR 131 346
CABLE TV EXPENSE 315 282
1,581
CLEANING SUPPLIES 164 84
TOTAL HOUSEKEEPING EXPENSES 1,681 1,665
HOUSEKEEPING
CONTRACT LABOR 1,517
39
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
INCOME
APARTMENT RENTAL REVENUE 106,223 103,861 106,223 103,861 2,362 1,250,797
APARTMENT RENTAL REVENUE - COUNTY 2,287 2,944 2,287 2,944 (657)35,328
HRA SUBSIDY - TAX LEVY 3,750 3,750 3,750 3,750 0 45,000
GARAGE RENT 4,080 4,080 4,080 4,080 0 48,960
GUEST ROOM REVENUE 320 140 320 140 180 2,100
APPLICATION FEE REVENUE 35 35 35 35 0 560
TRANSFER FEE REVENUE 0 500 0 500 (500)1,000
INVESTMENT INCOME 425 417 425 417 8 5,000
MISCELLANEOUS REVENUE 509 290 509 290 219 3,480
TOTAL INCOME 117,629 116,017 117,629 116,017 1,612 1,392,225
EXPENSES
ADMINISTRATION
MANAGER SALARIES 5,482 6,150 5,482 6,150 668 73,800
PAYROLL TAXES 392 911 392 911 519 10,888
HEALTH INSURANCE 1,255 1,018 1,255 1,018 (237)12,872
WORKERS COMP INSURANCE 121 185 121 185 64 2,220
MAINTENANCE SALARIES/WAGES 4,284 5,191 4,284 5,191 907 62,296
EMPLOYEE COSTS 85 85 85 85 0 1,110
SEMINAR/TRAINING 0 0 0 0 0 150
DATA PROCESSING 31 0 31 0 (31)0
BANK FEES 116 110 116 110 (6)1,320
DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 65
LICENSE & PERMITS 200 0 200 0 (200)906
MILEAGE REIMBURSEMENT 0 10 0 10 10 120
POSTAGE/OVERNIGHT EXPRESS 0 10 0 10 10 120
PRINTING 0 20 0 20 20 225
MANAGEMENT FEES 4,991 4,991 4,991 4,991 0 59,892
PROFESSIONAL FEES 0 205 0 205 205 2,460
TELEPHONE EXPENSE 559 550 559 550 (9)6,600
EQUIPMENT LEASE/REPAIR 530 333 530 333 (197)4,000
OFFICE SUPPLIES 0 122 0 122 122 1,464
TOTAL ADMIN EXPENSES 18,046 19,891 18,046 19,891 1,845 240,508
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 79 225 79 225 146 6,575
79 225 79 225 146 6,575 TOTAL LIFE ENRICHMENT EXPENSES 146
122
1,845
146
205
(9)
(197)
10
20
0
0
(200)
10
0
(31)
(6)
64
907
0
668
519
(237)
8
219
1,612
180
0
(500)
(657)
0
0
Profit and Loss Variance
VICKSBURG CROSSING
Through January 31, 2024
2,362
40
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
Profit and Loss Variance
VICKSBURG CROSSING
Through January 31, 2024
MARKETING
ADVERTISING 0 0 0 0 0 500
TOTAL MARKETING EXPENSES 0 0 0 0 0 500
HOUSEKEEPING
CONTRACT LABOR 1,517 1,800 1,517 1,800 283 21,600
CLEANING SUPPLIES 164 155 164 155 (9)1,860
1,681 1,955 1,681 1,955 274 23,460
BUILDING & GROUNDS
CONTRACT LABOR 131 900 131 900 769 10,800
CABLE TV EXPENSE 315 270 315 270 (45)3,240
UTILITIES - ELECTRICITY 2,806 1,900 2,806 1,900 (906)28,500
UTILITIES - GAS 4,093 5,100 4,093 5,100 1,007 32,900
UTILITIES - WATER/SEWER 1,809 1,400 1,809 1,400 (409)20,300
WATER SOFTENING SERVICE 321 152 321 152 (169)1,824
DOORS, KEYS & WINDOWS 33 70 33 70 37 840
FIRE SYSTEM SERVICE 845 1,400 845 1,400 555 6,600
LAWN SERVICE/LANDSCAP/SNOW RMVL 2,320 4,000 2,320 4,000 1,680 27,300
PEST CONTROL 0 0 0 0 0 880
TRASH REMOVAL 2,749 2,190 2,749 2,190 (559)26,280
UNIT TURNOVER REPAIRS 7,543 4,250 7,543 4,250 (3,293)51,000
ELEVATOR-REPAIRS & MAINT 607 690 607 690 83 8,280
REPAIRS & MAINTENANCE 3,006 1,500 3,006 1,500 (1,506)28,450
BUILDING & GROUNDS SUPPLIES 1,019 1,500 1,019 1,500 481 18,000
HVAC - REPAIRS & MAINTENANCE 4,934 850 4,934 850 (4,084)10,300
MISCELLANEOUS B & G EXPENSES 0 1,000 0 1,000 1,000 12,000
TOTAL BUILDING & GROUNDS 32,530 27,172 32,530 27,172 (5,358)287,494
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,283 5,335 3,283 5,335 2,052 64,846
PAYMENT IN LIEU OF PROPERTY TAX 5,388 5,388 5,388 5,388 0 64,650
8,671 10,723 8,671 10,723 2,052 129,496
TOTAL OPERATING EXPENSES 61,007 59,966 61,007 59,966 (1,041)688,033
NET OPERATING INCOME / ( L0SS)56,623 56,051 56,623 56,051 572 704,192
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 24,876 24,876 24,876 24,876 0 298,514
AMORTIZATION EXPENSE (2,325)2,207 (2,325)2,207 4,532 26,486
RESERVE/REPLACE CAPITAL EXPENSE 9,890 0 9,890 0 (9,890)105,000
INTEREST EXPENSE 10,620 10,620 10,620 10,620 0 127,440
43,061 37,703 43,061 37,703 (5,358)557,440
NET INCOME / (LOSS)13,562 18,348 13,562 18,348 (4,786)146,752
0
TOTAL DEPREC, INTEREST & OTHER (5,358)
(4,786)
0
4,532
(9,890)
TOTAL OTHER OPERATING EXPENSES 2,052
(1,041)
572
2,052
0
(4,084)
1,000
(5,358)
83
(1,506)
481
0
(559)
(3,293)
1,680
37
555
1,007
(409)
(169)
769
(45)
(906)
283
(9)
TOTAL HOUSEKEEPING EXPENSES 274
0
0
41
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Feb 29, 2024 Apr 30, 2024 May 31, 2024 Jun 30, 2024 Jul 31, 2024 Aug 31, 2024 Sep 30, 2024 Oct 31, 2024 Nov 30, 2024 Dec 31, 2024 Year To Date
CASHFLOW RECONCILIATION:
NET INCOME / (LOSS)0 0 0 0 0 0 0 0 0 0 13,562
ADJUSTMENTS TO NET CASHFLOW:
DEPRECIATION & AMORTIZATION 0 0 0 0 0 0 0 0 0 0 24,876
(INCR) / DECR IN A/R 0 0 0 0 0 0 0 0 0 0 3,053
(INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0
(INCR) / DECR IN PREPAID EXP 0 0 0 0 0 0 0 0 0 0 3,395
(INCR)/DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 (3,750)
(INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0
INCR /( DECR) IN ACCTS PAYABLE 0 0 0 0 0 0 0 0 0 0 533
INCR /( DECR) IN ACCRD LIAB 0 0 0 0 0 0 0 0 0 0 17,706
TOTAL ADJUSTMENTS 0 0 0 0 0 0 0 0 0 0 45,813
NET OPERATING CASHFLOW:0 0 0 0 0 0 0 0 0 0 59,375
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 0 0 0 0 0 0 0 0 0 0 (2,325)
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:0 0 0 0 0 0 0 0 0 0 57,050
0 0
0 0
57,050 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(2,325)0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
45,813 0
59,375 0
0 0
0 0
533 0
17,706 0
0 0
3,395 0
(3,750)0
13,562 0
24,876 0
3,053 0
Twelve Month Profit and Loss
VICKSBURG CROSSING
For Year 2024
Period End Period End
Jan 31, 2024 Mar 31, 2024
42
Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:5.1
To:Housing and Redevelopment Authority
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Grant Fernelius, Community and Economic Development
Director
Item:Program Year 2024 Community Development Block Grant
(CDBG) Annual Action Plan
1. Action Requested:
Staff recommends, approval of Resolution No. 2024-2 after the Plymouth Housing and
Redevelopment Authority considers comments from the public hearing related to the CDBG 2024
program allocations as noted in the attached report.
2. Background:
The Community Development Block Grant (CDBG) is a federally funded program administered by the
U.S. Department of Housing & Urban Development (HUD). It’s intended to support community
development activities to build stronger and more resilient communities. The CDBG program has
three national objectives and in order for an activity to be eligible, it must meet one of the three
national objectives listed below.
1. Benefit low- and moderate-income individuals
2. Aid in the prevention or elimination of slums or blight
3. Meet community needs that present a serious or immediate threat to the overall health or
welfare of the community
Since 1994, the City of Plymouth has annually received a CDBG allocation for being an entitlement
community and a member of the Hennepin County Consortium. The HRA continues to carry out
identified activities that best serve the housing and community development needs of the city.
These activities include providing for preservation of the City’s housing stock, improving housing
affordability, providing essential social services, and supporting fair housing activities.
Staff anticipates for the 2024 program year, which runs from July 1, 2024, to June 30, 2025, HUD will
allocate $262,452 to the City. The HRA allocates these funds in three different ways to accomplish
identified activities within the City: 1) internal programs, 2) external programs, and 3) public service
programs. HUD regulates the amount of CDBG funds that may be provided for public service
programs. The amount may not exceed 15% of the City’s total allocation plus 15% of the current
year’s program income. For FY 2024, the maximum allocation amount may not exceed $51,382.
Through the annual public service RFP process, $51,000 is recommended for allocation to public
services, as detailed below. This leaves $211,452 for internal and external housing programs as
outlined below.
43
3. Budget Impact:
NA
4. Attachments:
CDBG Staff Report 2-24.pdf
2024 CDBG HRA Resolution 02.pdf
44
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Steven Schmidt, Housing Manager
MEETING DATE: February 22nd, 2024
SUBJECT: Community Development Block Grant (CDBG) – Hold Public
Hearing on FY 2024 Program Year Allocations
BACKGROUND:
The Community Development Block Grant (CDBG) is a federally funded program
administered by the U.S. Department of Housing & Urban Development (HUD). It’s intended
to support community development activities to build stronger and more resilient
communities. The CDBG program has three national objectives and in order for an activity to
be eligible, it must meet one of the three national objectives listed below.
1. Benefit low- and moderate-income individuals
2. Aid in the prevention or elimination of slums or blight
3. Meet community needs that present a serious or immediate threat to the overall health
or welfare of the community
Since 1994, the City of Plymouth has annually received a CDBG allocation for being an
entitlement community and a member of the Hennepin County Consortium. The HRA
continues to carry out identified activities that best serve the housing and community
development needs of the city. These activities include providing for preservation of the City’s
housing stock, improving housing affordability, providing essential social services, and
supporting fair housing activities.
Staff anticipates for the 2024 program year, which runs from July 1, 2024, to June 30, 2025,
HUD will allocate $262,452 to the City. The HRA allocates these funds in three different
ways to accomplish identified activities within the City: 1) internal programs, 2) external
programs, and 3) public service programs. HUD regulates the amount of CDBG funds that
may be provided for public service programs. The amount may not exceed 15% of the City’s
total allocation plus 15% of the current year’s program income. For FY 2024, the maximum
allocation amount may not exceed $51,368. Through the annual public service RFP process,
$51,000 is recommended for allocation to public services, as detailed below. This leaves
$211,452 for internal and external housing programs as outlined below.
45
RECOMMENDATION:
Staff recommends approval of Resolution No. 2024-02 after the Plymouth Housing and
Redevelopment Authority holds a public hearing and considers any public comments related
to the CDBG FY 2024 program allocations as noted in the table below and further described
in this report:
Table 1.1: Recommended Allocations for CDBG FY 2024
Agency Amount
Requested
Estimated 2023
Carryover
Funds
2024 Funding
Recommended
Program
Income
Total Amount
Available
In
t
e
r
n
a
l
Housing Rehab Programs NA $78,146 $32,452 $40,000 $150,598
First Time Homebuyer
Program NA $0 65,000 $40,000 $105,000
CDBG Administration NA - $30,000 - $30,000
Ex
t
e
r
n
a
l
Hammer Residences –
Public Facilities
Improvements
$31,500 $17,143 $31,500 - $48,643
Homes Within Reach -
Community Land Trust $50,000 $70,000 $50,000 - $120,000
Fair Housing Activities NA $4,000 $2,500 - $6,500
+1
05
Housing Program Total: $81,500 $169,289 $211,452 $ 80,000 $460,741
Lutheran Social Services $5,000 $1,684 $5,000 $6,684
Pu
b
l
i
c
S
e
r
v
i
c
e
PRISM $35,000 $3,151 $14,000 - $17,151
HOME Line $16,009 $6,375 $10,000 - $16,375
Interfaith Outreach $19,690 $8,000 $10,000 - $18,000
Senior Community
Services $20,000 $0 $12,000 - $12,000
Public Service Total: $95,699 $19,210 $51,000 - $70,210
GRAND TOTAL: $177,199 $188,499 $262,452 $80,000 $530,951
46
HRA ADMINISTERED PROGRAMS:
Staff recommends an allocation of $127,452 to HRA administered programs as further
described below.
The HRA administers two programs internally with CDBG funds: (1) First Time Homebuyer
Program, (2) Housing Rehabilitation Program
The FTHB program assisted three homebuyers with the purchase of a home in FY 2023. There
was a total of 16 applications received which reflects a significant need for the assistance The
housing market trend of low inventory and rising home prices will continue to make it difficult
for potential home buyers to find properties that are affordable. Staff recommend allocating
$65,000 in funds to the FTHB program in the 2024 program year to assist same number of
buyer as in the previous year.
The Housing Rehab Programs have assisted, on average, seven households per year over the
past five years. Staff recommends allocating $32,452 to the Housing Rehab Programs, which
along with expected program income and carryover funds should be sufficient to provide at
least 4-6 rehab loans.
Both the First Time Homebuyer and Housing Rehab Programs generate income from the
repayment of deferred loans. Over the past couple of years, we’ve experienced a steady stream
of repayments. Repayments occur when a homeowner moves or refinances their first
mortgage. In FY 2023 (YTD), $36,940 of program income was received. Staff is
conservatively budgeting $80,000 in FY 2024 for program income.
Additionally, the HRA allocates a portion of CDBG funds towards administration costs of the
CDBG grant. HUD regulates the amount of funds that can be spent on administration to no
more than 20 percent of the total allocation plus current year program income. For FY 2024,
the maximum allocation amount is $68,490. Staff requests that $30,000 be allocated for
administration.
47
Table 1.2: Internal Programs Allocation for CDBG FY 2024
Housing
Program Proposed Activity
Estimated 2023
Carryover
Funds
2024 Funding
Recommendation
Estimated
Program
Income
Total Amount
Available
Housing
Rehab
Provide 6 deferred
loans $18,146 $32,452 $40,000 $150,598
First Time
Homebuyer
Provide 3 loans to
assist with down
payment and closing
cost assistance
$0 $65,000 $40,000 $105,000
CDBG
Administration
Program
Administration - $30,000 - $30,000
TOTAL: $18,146 $127,452 $80,000 $285,598
48
RECOMMENDATIONS FOR EXTERNAL PROGRAMS:
Staff recommends an allocation of $84,000 to external administered programs as further
described below.
There are three external programs – (1) Hammer Residences, (2) Homes Within Reach
Community Land Trust, (3) Fair Housing Implementation Council
The Hammer Residences Public Facilities Improvements account assists with the
rehabilitation of affordable long-term rental units for people with disabilities. Hammer
Residences has a long history of working with the City and the HRA to provide affordable
housing for adults with development disabilities. Staff recommends an allocation of $31,500
be awarded to Hammer Residences in FY 2024 to support their request of funds. Their request
includes renovations and accessibility improvements to three homes. Work includes
accessibility improvements to a bathroom by install a new step shower to increase mobility
for the aging residents. Ramp repair in the front of the second home, this repair will allow
caregivers to safely move the individuals into the home from outside. A drain tile system is
needed in the third home. Merrimac is prone to flooding; the drain tile system will be installed
around the inside perimeter of the basement to route the invading water into a sump pump.
Homes Within Reach (HWR) helps low- and moderate-income families purchase homes at a
reduced price through a community land trust. The land trust retains ownership of the land
and sells the physical structure to an eligible buyer. In the 2021 program year, HWR purchased
its first home in the City for inclusion in the land trust and another in FY 2022. Staff supports
continuation of the land trust and recommends an allocation of $50,000 for HWR to purchase
a home. In addition, the CDBG allocation will leverage other sources of funds from Hennepin
County, Minnesota Housing, and other private organizations and donors to purchase and rehab
a home.
Finally, the City is a member of the Fair Housing Implementation Council (FHIC), which was
established to coordinate a regional effort to ensure fair housing for all. The FHIC approved
funding for three vendors who will undertake Fair Housing related activities during the 2024
program year. Staff recommends $2,500 be allocated for the continuation of this effort.
49
Table 1.3: External Programs Allocation for CDBG FY 2024
Housing Program Proposed Activity Amount
Requested
Estimated
2023
Carryover
Funds
2024 Funding
Recommendation
Total
Amount
Available
Hammer
Residences – Public
Facilities
Improvements
Assist with renovation of 2 affordable
long-term rental homes with 8 total units
for people with disabilities
$31,500 $17,143 $31,500 $48,643
Homes Within
Reach -Community
Land Trust
Supplemental grant funding to purchase
another home $50,000 $70,000 $50,000 $120,000
Fair Housing
Activities
Outreach, education, and enforcement
actives in the Consortium - $4,000 $2,500 $6,500
TOTAL: $81,500 $91,143 $84,000 $175,143
50
RECOMMENDATIONS FOR PUBLIC SERVICES:
Staff recommends an allocation of $51,000 to public service activities as further
described below.
The HRA allocates a portion of CDBG funds to community organizations to undertake public
service activities. These activities are directed towards low- and moderate-income individuals.
Staff solicited five social service agencies to submit a public service application and also
posted the Request for Funding application on the City website. Five agencies have requested
CDBG funds to continue programs currently being supported by the City. Staff evaluated and
ranked each proposal based on the following criteria:
• Feasibility: the likelihood that the proposed project may be completed within the
timeline proposed and within reasonable parameters of risk
• Organizational Capacity: the likelihood of the organization being able to complete the
proposed project
• Leverage of Other Funds: the extent to which the proposal demonstrates the
involvement of local partnerships and the extent to which other funds are leveraged
Table 1.4: Public Service Programs Allocation for CDBG FY 2024
Agency Proposed Activity Amount
Requested
Estimated 2023
Carryover Funds
2024 Funding
Recommended
Total Amount
Available
PRISM Provide homelessness prevention
services to 12 households $35,000 $3,151 $14,000 $17,151
HOME Line
Provide a tenant hotline and represent
tenants in negotiations to preserve
affordable housing to 220 households
$16,009 $6,375 $10,000 $16,375
Lutheran Social
Services of MN
Provide foreclosure prevention,
rehab, prepurchase and reverse
mortgage counseling to 50
households
$5,000 $1,684 $5,000 $6,684
Interfaith
Outreach
Provide housing assistance and
homelessness prevention to 5
residents
$19,690 $8,000 $10,000 $18,000
Senior
Community
Services
Provide minor home maintenance
services for 56 senior residents $20,000 - $12,000 $12,000
TOTAL: $95,699 $19,210 $51,000 $70,210
51
ATTACHMENT 1
FY 2024 CDBG Action Plan Progress (as of 1/31/2024)
Goals Progress FY 2023
Carryover
FY 2024
Allocation
Program
Income
Committed
Funds Balance
Rehabilitate 6 homes through deferred
loans of up to $40,000
7 rehab loans in progress, $78,146 $32,452 $40,000 $32,452 $150,598
Provide 3 first time homebuyer
deferred loans up to $35,000
12 clients pre-qualified 3
application were funded $0 $65,000 $40,000 $65,000 $105,000
Assist with the rehab of 2 affordable
rental units operated by Hammer
Residences, Inc.
3 units scheduled for
rehab work to by
completed early spring
$17,143 $31,500 - $31,500 $48,643
Assist with the purchase of 1 home for
Homes Within Reach’s land trust
Search for home is
ongoing $70,000 $50,000 - $50,000 $120,000
Provide 30 households homeownership
and financial counseling services
through Lutheran Social Services of
MN
32 households served $1,684 $5,000 - $5000 $6,684
Provide services to 190 renters
households through HOME Line 128 households served $6,375 $10,000 - $10,000 $16,375
Provide services to 65 seniors with the
H.O.M.E (Household and Outside
Maintenance for Elderly) program
through S.C.S.
68 seniors served $0 $12,000 - $12,000 $12,000
Provide homelessness prevention
assistance to 12 households through
PRISM and Interfaith Outreach.
19 households served $3,151 $14,000 - $14,000 $17,151
Interfaith Outreach provides
emergency housing assistance to
prevent homelessness
will prevent homelessness
for 5-10 families. $8,000 $10,000 - $10,000 $18,000
Fair Housing Activities Outreach, education, and
enforcement activities $4,000 $2,500 - $2,500 $6,500
CDBG Administration Administration Services - $30,000 - $30,000 $30,000
TOTALS: $188,499 $262,452 $80,000 $262,452 $530,951
52
ATTACHMENT 2
Summary of 2024 CDBG Public Service Funding Applications
Lutheran Social Services of Minnesota (LSS)
• Amount requested: $5,000
• Amount recommended: $5,000
LSS’ application is to provide financial coaching and counseling to residents of Plymouth.
Their services help families and individuals move toward improved financial health and
building/maintaining wealth. The focus of the counseling is for aspiring homeowners,
current homeowners that express concerns about their mortgage or property taxes, and
current homeowners interested in reverse mortgages. The goals set for the 2024 program
year are to reach approximately 50 households with these services at income levels 35%
at or below 50% of AMI and 65% between 51 and 80% of AMI. . LSS had demonstrated
competent compliance with CDBG requirements, thus HRA staff is recommending fully
funding LSS’s request.
People Responding in Social Ministry (PRISM)
• Amount requested: $35,000
• Amount recommended: $14,000
PRISM proposes to use CDBG funds to support its Homelessness Prevention programs for
Plymouth individuals and families. The Homelessness Prevention program provides 0%
interest loans and grants to families experiencing financial crises so that they can stay
current on their rent or mortgage obligations and maintain stable housing while resolving
the crisis. PRISM additionally provides one-on-one casework and financial literacy
counseling to Plymouth residents. HRA staff recommend a lower award, in-line last year’s
funding levels.
HOME Line
• Amount requested: $16,009
• Amount recommended: $10,000
HOME Line operates a tenant hotline staffed by 6 full-time attorneys (1 fluent in Spanish),
2 half-time attorneys, one full-time volunteer coordinator, 7 tenant advocates, six of whom
are fluent in different languages (Spanish, Hmong, Somali, Portuguese and Tigrinya) and
volunteer phone advocates (primarily law students from the three area law schools). The
hotline logged a record 19,699 total calls last year. For over 20 years they have provided
legal representation to renter families faced with eviction as part of their Homeless
Prevention Program. The need and financial feasibility of the program was very defined
and showed that the program would have an impact in the City. The goals for the 2023
program year are like last years. Staff is recommending decrease in funding, due to
projected lower allocation amount.
53
Interfaith Outreach
• Amount requested: $19,690
• Amount recommended: $10,000
Interfaith Outreach’s application is seeking assistance for its Emergency Financial
Assistance program. The program provides individuals and families experiencing financial
emergencies with financial assistance, supportive services and connections to internal and
external resources to support continued movement toward financial stability. Interfaith
Outreach’s application scored lower due to no leveraged funds or partnerships. HRA staff
is recommending a slight reduction in funding compared to recent years.
Senior Community Services (SCS)
• Amount requested: $20,000
• Amount recommended: $12,000
SCS’s application is to provide outside maintenance for the elderly through their
Household and Maintenance for Elderly (H.O.M.E.) program. H.O.M.E. services include:
lawn mowing, snow removal, exterior interior painting, seasonal outdoor work (raking,
pruning, weeding, mulching), minor repairs (leaky faucets, door handles, replace light
bulbs), disability related projects (installing grab bars) and homemaking (dishwashing,
laundry, grocery shopping, meals and cleaning). HRA staff are recommending a funding
amount with a slight decrease from previous years due to less allocation amount
anticipated.
ATTACHMENTS:
1. FY 2024 CDBG Action Plan Progress
2. Summary of 2024 CDBG Public Service Applications
3. Resolution No. 2024-02
54
CITY OF PLYMOUTH
HRA RESOLUTION 2024-02
A RESOLUTION TO APPROVE THE APPLICATION AND ALLOCATION OF FISCAL
YEAR 2024 COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
WHEREAS, the City of Plymouth, as an entitlement community, participates in the Community
Development Block Grant Program; and
WHEREAS, the City of Plymouth has developed a proposal for the use of CDBG funds, and held a
public hearing on February 22nd, 2024, to obtain the views of citizens on the proposed use of $262,452
in grant funding plus $80,000 in anticipated program income funds for the 2024 Community
Development Block Grant Program; and
WHEREAS, the Housing and Redevelopment Authority in, and for the City of Plymouth, MN, has
determined the following to be an appropriate use of Community Development Block Grant funds in
accordance with federal guidelines and the City’s HUD approved Consolidated Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF PLYMOUTH, MINNESOTA, that it hereby recommends that the
City Council authorize the City Manager to apply for 2024 Community Development Block Grant
funds totaling $262,452 in addition to $80,000 in anticipated program income totaling $342,452 from
the U.S. Department of Housing and Urban Development with the following allocations:
1. Housing Rehabilitation Grant/Loans 32,452.00
2. First Time Homebuyer Program 65,000.00
3. Program Administration 30,000.00
4. Hammer Residences 31,500.00
5. Community Land Trust 50,000.00
6. Lutheran Social Services of MN 5,000.00
7. Fair Housing Activities 2,500.00
8. PRISM 14,000.00
9. HOME Line 10,000.00
10. Interfaith Outreach 10,000.00
11. Senior Community Services 12,000.00
Total $262,452.00
BE IT FURTHER RESOLVED, that it is hereby recommended to the City Council that all CDBG
program income may be used to cover expenses generated in any existing CDBG program or
activity and not just expenses related to the activity generating the income, unless otherwise
reallocated by the City Council.
BE IT FURTHER RESOLVED, that it is hereby recommended to the City Council that all
unexpended 2023 CDBG funds be allocated to an eligible activity in 2024, unless otherwise
reallocated by the City Council.
55
Approved this 22nd day of February 2024 by the Plymouth Housing and Redevelopment Authority.
Michelle Soderberg, Chair
Grant Fernelius, Executive Director
56
Regular
Housing and
Redevelopment
Authority
February 22, 2024
Agenda
Number:6.1
To:Housing and Redevelopment Authority
Prepared by:Grant Fernelius, Community and Economic Development
Director
Reviewed by:Grant Fernelius, Community and Economic Development
Director
Item:Presentation on Plymouth Tax Increment Financing (TIF)
Program
1. Action Requested:
Staff and Ehlers will provide a presentation on the City's Tax Increment Financing (TIF) program.
2. Background:
The HRA has requested additional information and learning opportunities on Tax Increment
Financing (TIF). TIF is a municipal development tool used for a variety of housing, redevelopment
and environmental clean-up purposes. The City and HRA have utilized TIF for a number of years and
currently have seven (7) active districts. Five are sponsored by the City and two by the Plymouth
HRA.
Staff has arranged for Stacie Kvilvang, Senior Municipal Advisor with Ehlers to provide a
presentation on TIF 101 basics, an overview of the City's TIF program, potential uses of pooled TIF for
affordable housing and recommendations on TIF District 1-2. Ehlers assists the City in managing its
TIF program, including periodic updates of a TIF Management Report that provides compliance
information and other recommendations. Attached is an Executive Summary that Ehlers has
prepared. The presentation will include key takeaways from the report.
3. Budget Impact:
N/A
4. Attachments:
Plymouth Management Review Analysis TIF Districts - Executive Summary - FINAL
57
January 2024
TIF DISTRICT MANAGEMENT REVIEW &
ANALYSIS – EXECUTIVE SUMMARY:
City of Plymouth, MN
Tax Increment Financing Districts
Prepared by:
Ehlers
3060 Centre Pointe Drive
Roseville, Minnesota 55113
BUILDING COMMUNITIES. IT’S WHAT WE DO.
58
TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 2
Table of Contents
OVERVIEW ................................................................................................................................................................................... 3
TIF DISTRICT SUMMARY ...................................................................................................................................................................... 6
TIF AS A DEVELOPMENT TOOL ........................................................................................................................................................ 8
TIF FOR AFFORDABLE HOUSING ................................................................................................................................................... 10
IMPACT OF DECERTIFIED AND AFFORDABLE HOUSING POOLING TIF DISTRICTS ......................................................... 13
RECOMMENDATIONS .......................................................................................................................................................................... 14
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TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 3
OVERVIEW
Tax increment is a financing tool authorized by state law, that allows an authority to capture and use most of the increased local property tax
revenues from new development within a defined geographic area for a defined period of time. The management of TIF districts is an ongoing
activity and requires administrative oversight for reporting to the State, tracking parcel information, maintaining compliance with use restrictions in
the TIF law and the development agreements, and matching TIF revenue to debt service.
In general, tax increment revenues are used to pay for eligible project costs which encourage creation or retention of jobs, redevelop blighted areas
or polluted sites and construction of affordable housing. Revenue from tax increment financing (TIF) districts is a financial asset of the City. This
revenue tool allows the City to address blight, contamination, housing or redevelopment needs for the parcels in the TIF district for a specified
period of time. The revenues from the districts within the City are largely site specific, meaning that the revenues are restricted by law and/or by
contract with the developers. The revenue generated is first used to pay debt service on outstanding bonds, interfund loans and developer pay-as-
you-go notes (PAYGO). A portion, but not all, of the remaining revenues can be used to participate in other eligible development projects and City
initiatives. Over the years, the City utilized unobligated revenues from older TIF districts to complete the following projects:
Westview Estates - $600,000 30-year deferred loan
HRA Vicksburg Crossing senior housing facility – 10% pooling for bonds, if needed
Annual capital improvements to Plymouth Town Square Apartments
Cranberry Ridge Apartments - $250,000 grant and $527,000 30-year deferred loan
The City has proactively utilized TIF to spur significant redevelopment within the City and to create options for an industrial park, retail uses and life-
cycle housing including different tenure of housing and affordable units. In 1995 the City began investing in public/private partnerships for job
creation, affordable housing and redevelopment, with the first district being a redevelopment tax increment district for Plymouth Technology Park (7-
4 Hoyt) to complete public infrastructure improvements. Since that time, the City/HRA has invested (TIF PAYGO Notes issued) approximately
$17.45 million. Of the $17.45 million invested, the current taxable market value is approximately $186.7 million. Below is a chart showing total
residential units and/or commercial/industrial uses that are or under construction:
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TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 4
Use Total Units
or Sq. Ft.
Market
Rate Affordable %
Affordable
TIF
Investment
Residential 795 458 337 42%
Commercial 257,652
Industrial 194,418
17,453,145$
N/AN/AN/A
Overall, the City’s TIF districts have met their intended purpose, performed well, and furthered other City projects as noted above. In summary:
1. Number of Districts. The City has created ten (10) TIF Districts since 1995. Three (3) districts are decertified (7-4 Hoyt, 1-1 Shops at
Plymouth Creek and TIF 7-6 Berkshire). The following chart summarizes the remaining seven (7) TIF districts by type:
Type of District Administrative
Authority Number
Housing HRA 1
Housing City 4
Redevelopment HRA 1
Redevelopment City 1
TOTAL 7
2. Increase in Market Value. The overall market value of the City’s six (6) TIF districts where development is complete and generating tax
increment (excludes TIF District 7-11 Doran since it is not yet generating TIF) has increased approximately 854 percent since their
establishment (see chart on page 9).
3. Tax Capacity Captured in TIF. In 2024, the City has approximately .6% of its tax capacity captured in TIF districts. Over the next five (5)
years this is expected to decline to less than ½ percent, if no new TIF districts are created (see chart on page 10).
4. Redevelopment TIF Districts and Affordable Housing. To date, the City has elected to retain an additional 10% of the TIF in two (2) of its
four (4) redevelopment districts (7-6 Berkshire and TIF 1-1 Shops at Plymouth Creek) for affordable housing. This allowed the City to retain
35% of the TIF for this purpose (total of approximately $1.9 million) and provides a crucial funding source that can assist the City in meeting
its affordable housing goals. The City has decertified these two districts since they have collected the maximum dollars and is retaining
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TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 5
those funds in the respective TIF districts until qualified projects are identified. The City can make the election to retain an additional 10%
for affordable housing in its other two redevelopment districts if it chooses (TIF 7-8 Quest and TIF 1-3 Plymouth Crossroads).
5. Pooling For Redevelopment. The City has approximately $727,000 in TIF District 7-4 (Hoyt) available for redevelopment pooling
anywhere in the City.
6. Returned Increment. The City will be returning approximately $2.319 million from three (3) of its decertified districts noted in the chart
below. This increment has to be returned since they were decertified and the City has collected the maximum amount allowed for affordable
housing (TIF 1-1 (Shops at Plymouth Creek, and TIF 7-6 (Berkshire)) and the maximum allowed for legal pooling for redevelopment (7-4
(Hoyt)). The County will redistribute the dollars back to the various taxing jurisdictions and the City’s proportionate share of these dollars is
expected to be approximately $678,000. These are unrestricted dollars and the City will utilize them for General government purposes.
District Amount Returned City Portion
1-1 Shops at Ply 516,583$ 151,838$
7-4 (Hoyt)550,076$ 158,462$
7-6 Berkshire 1,252,000$ 367,998$
TOTAL 2,318,659$ 678,299$
7. Financial Health of TIF Districts. The City’s TIF districts are self-supporting, and most districts are anticipated to fully pay off their
obligations to developers ahead of their term. No general fund dollars have been used to supplement TIF obligations to date, nor are they
expected to.
8. City Bond Rating. Projects assisted with TIF are making a substantive contribution to the City’s economy, taxable market value, affordable
housing goals and its AAA bond rating.
Management of the City’s TIF districts are regularly monitored by Ehlers and City staff and annual reports on the financial condition of each TIF
district are filed with the State Auditor’s Office. While the EDA’s use of TIF is positively contributing to the City’s economic vitality, it will need to
continue monitoring the desire to keep districts open to fund affordable housing goals versus utilizing those captured dollars to reduce the financial
impacts to taxpayers.
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TIF District Management Review & Analysis – Executive Summary January 2024
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TIF DISTRICT SUMMARY
Currently the City has seven (7) active TIF districts.
TIF 7-5A TIF 7-7 TIF 7-8 TIF 1-2 TIF 1-3
Village at Stone Creek Quest Vicksburg Plymouth
Bassett Creek Village Development Commons Crossroads
TIF Authority City City City City City HRA HRA
District Type Housing Housing Redevelopment Housing Housing Qualified Housing Redevelopment
Project
71 for-sale town homes &
46-unit senior apartments
with 45 units affordable at
50% AMI
130-unit Stone Creek
Village Apartments 157-Unit City Flats Apartments 61-unit Affordable
Apartment Building
176-Unit Bassett Creek Apartments
(20%, or 35 units affordable at
50%AMI)
50-unit rental town homes 90-unit sr. assisted living facility,
McDonalds & Caribou Coffee
Certified 4/16/1999 6/6/2002 2/28/2011 7/17/2020 4/27/2023 7/17/2006 5/10/2007
Legal Max Term 12/31/2026 12/31/2028 12/31/2040 12/31/2047 12/31/2049 12/31/2033 12/31/2033
Anticipated Term 12/31/2026 12/31/2028 12/31/2026 12/31/2047 12/31/2049 12/31/2033 12/31/2026
Keep Open for
Pooling for Aff.
Hsg.
Yes Yes TBD Yes Yes Yes TBD
1st Increment 2001 2003 2015 2023 2024 2008 2008
Current
Obligations None
$236,000 30-year
deferred loan and
$688,000 Interfund
Loan to HRA General
Fund
$2,500,000 PAYGO Note to
169/55 LLC
$459,000 PAYGO Note to
Plymouth Element, LLC and
$475,000 interfund loan from
TIF 7-6 (but only $244,000
drawn to date)
$5,300,000 PAYGO Note to DC-OV
BassettCreek LLC None $1,899,645 PAYGO Note to
Minnwest Bank Metro
Other Uses
Unlimited pooling for
affordable housing as long
as existing project maintains
affordability and reports to
City
Unlimited pooling for
affordable housing as long
as existing project
maintains affordability and
reports to City
Up to 25% for legal pooling for other
redevelopment projects
Unlimited pooling for
affordable housing as long as
existing project maintains
affordability and reports to
City
Up to 25% for legal pooling for other
redevelopment projects
Unlimited pooling for affordable
housing as long as existing project
maintains affordability and reports
to City
Up to 25% for legal pooling for other
redevelopment projects
2023 TIF Revenue $249,327 $230,910 $447,979 $11,070 $0 $34,873 $207,256
District TIF 7-10
(Sands)
TIF 7-11
(Doran)
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TIF District Management Review & Analysis – Executive Summary January 2024
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OBLIGATIONS OF THE TIF DISTRICTS
The revenues from these districts are largely site specific, meaning that the revenues are restricted by law and by contract with the developers. The
revenues must be used primarily to address blight, contamination, housing or redevelopment needs for the parcels in the TIF district within a
specified period of time. The City has the following obligations outstanding (after the February 1, 2024 payments were made):
District Note Amount Outstanding
After 2/1/2024
1-3 Plymouth Crossroads Minnwest Bank Metro 1,899,645$ 451,994$
7-8 Quest Development 169/55 LLC (Quest)2,500,000$ 969,412$
TOTAL OBLIGATIONS ISSUED 4,399,645$ 1,421,406$
7-10 Sands Sands Company 459,000$ 459,000$
7-11 Doran DC-OV BassettCreek LLC 5,300,000$ 5,300,000$
TOTAL OBLIGATIONS NOT ISSUED 5,759,000$ 5,759,000$
GRAND TOTAL 10,158,645$ 7,180,406$
District Loan Fund Amount Outstanding
After 8/1/2023
7-10 Sands TIF 7-6 241,000$ 241,000$
TOTAL 241,000$ 241,000$
Pay As You Go Obligations
Interfund Loans After 8/1/2023
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TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 8
TIF AS A DEVELOPMENT TOOL
Continuous redevelopment is vital to maintaining the City’s long-term economic health and vitality. Plymouth has judiciously utilized TIF for key
redevelopment and housing projects since 1995 when TIF District 7-4 (Hoyt) was established. Utilizing this tool to accomplish the various
community development goals of the City has optimized land uses, strengthened the tax base and diversified housing options, while cleaning up
contaminated sites and increasing employment opportunities. One immediate benchmark of the benefit of utilizing TIF is the overall increase in
market value from when the district was created to when it is fully developed and aging. As indicated in the following table, the overall market value
of the City’s TIF district portfolio has increased by 854% (Districts that are active, and collecting TIF):
District
Original Market
Value
Pay 2023 Market
Value
Percent Increase in
Valuation
TIF 1-2 Vicksburg Commons 1,487,700 11,115,000 647.13%
TIF 1-3 Plymouth Crossroads 2,544,100 21,186,000 732.75%
TIF 7-5 Village at Basset Creek 749,694 29,190,531 3793.66%
TIF 7-7 Stone Creek Village 296,000 25,544,000 8529.73%
TIF 7-8 Quest Development 1,244,900 40,282,000 3135.76%
TIF 7-10 Sands 443,000 10,873,000 2354.40%
** TIF 7-11 Doran 1,271,250 4,520,000 255.56%
** TOTAL 8,036,644 142,710,531 854.27%
** This District is excluded from the calculation since it is still under construciton at the time of this report
While there are undoubtedly many benefits to utilizing TIF as a development tool, cities still wonder if they are utilizing the tool too much or not
enough. A city’s use of TIF should be independent from comparison to like size or neighboring cities. It should be balanced between a
community’s strategic priorities/goals and an appropriate level of taxation. To quantify a community’s use of TIF, a common benchmark or measure
is the percentage of the gross tax base captured in TIF districts. The charts on the following page demonstrates the City’s current and projected tax
base, which is captured in TIF districts, and provides a comparison to other communities.
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TIF District Management Review & Analysis – Executive Summary January 2024
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2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Current Districts
TIF 1-1 Shops at Plymouth Creek 216,188 233,561 246,364 223,982 251,117 0 0 0 0 0
TIF 1-2 Vicksburg Commons 41,386 47,486 52,464 55,224 38,784 38,901 0 0 0 0
TIF 1-3 Plymouth Crossroads 190,716 193,414 212,893 214,236 229,967 236,587 238,953 241,342 0 0
TIF 7-4 Hoyt 300,061 357,413 382,847 367,946 0 0 0 0 0 0
TIF 7-5A Village at Basset Creek 194,874 211,547 224,957 235,449 253,238 277,507 259,907 262,506 0 0
TIF 7-6 Berkshire 369,770 370,750 397,990 397,990 450,930 0 0 0 0 0
TIF 7-7 Stone Creek Village 204,216 236,103 257,420 259,843 254,720 258,218 241,217 243,629 246,065 248,526
TIF 7-8 Quest Development 343,979 371,631 445,401 445,401 487,963 487,963 492,843 497,771 0 0
TIF 7-10 Sands 0 0 0 1,712 12,212 52,145 52,666 53,193 53,725 54,262
TIF 7-11 Doran 0 0 0 0 0 53,125 450,450 600,600 606,606 612,672
Total Captured 1,861,190 2,021,905 2,220,336 2,201,783 1,978,931 1,404,446 1,736,036 1,899,042 906,397 915,460
Total Tax Capacity (Gross)146,743,414 157,825,815 167,827,497 173,272,391 201,681,360 219,125,371 221,316,625 223,529,791 225,765,089 228,022,740
Percentage of Tax Base in TIF 1.3% 1.3%1.3% 1.3% 1.0%0.6% 0.8% 0.8% 0.4% 0.4%
* Assumes 1% annual increase in tax base and TIF
ProjectedActual
Bloomington 3.1%38.013% AAA/Aaa
Edina 1.2%28.056% AAA/Aaa
Minnetonka 1.7%33.922% Aaa
Golden Valley 2.0%53.407% Aa1
Eden Prairie 1.7%28.904% AAA
Plymouth 1.0%24.307%AAA
Brooklyn Park 1.2%42.380% AA+
Maple Grove 1.0%26.902%AAA
PopulationComparable City Pay 23 City
Tax Rate
Captured TIF as a % of
Tax Base Bond Rating
84,526
70,726
89,298
52,437
52,554
21,545
63,161
79,828
As noted, the City’s use of TIF is lower compared to other similar suburbs. Although this is a small sample of municipalities, the amount of TIF used
by a City does not correlate directly with a City’s tax rate or bond rating. However, in conversations with rating agencies, we do know that market
value growth and redevelopment are important factors in maintaining Plymouth’s AAA bond rating.
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TIF District Management Review & Analysis – Executive Summary January 2024
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TIF FOR AFFORDABLE HOUSING
General
The rules for utilizing TIF for affordable housing are complex. Plymouth has used TIF from several sources to assist affordable housing
developments. The statutory authorities for each case are outlined below:
1. Special Pooling Provision for Housing. Minnesota Statutes, Section 469.1763, subdivision 2(d), allows the EDA/City to pool up to an
additional 10% above the standard allowable limit for owner-occupied housing that meets the income qualifications noted in #2 below and
rental housing that meets low-income housing tax credit requirements (the projects do not need to receive tax credits, they just need to be
tax credit eligible, meaning they are both rent and income restricted). Eligible uses include acquisition and site preparation, construction,
rehabilitation and public improvements directly related to the housing, as long as these costs were not funded through tax credits (does not
apply if all eligible expenses are funded through tax credits). The funds can be spent anywhere within the City and do not need to be
located within a Project Area. The income and rent guidelines are defined as follows:
Rental Housing: 20% of the units occupied by families at 50% of area median income (AMI) (20/50) or 40% of the units occupied by
families at 60% of AMI (40/60) and rents for all the income-restricted units must not exceed 30% of the applicable
income limit (see income charts below).
1 2 3 4 5678
50%43,500 49,700 55,900 62,100 67,100 72,050 77,050 82,000
60%52,200 59,640 67,080 74,520 80,520 86,460 92,460 98,400
Studio 1 2 3 4 5 6
50%1,087 1,165 1,397 1,615 1,801 1,988 2,173
60%1,305 1,398 1,677 1,938 2,161 2,385 2,608
Income Limits by Household Size (2023)
Maximum Gross Rents by Bedroom Size (2023)
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TIF District Management Review & Analysis – Executive Summary January 2024
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For a redevelopment district the total pooling may be up to 35%. This pooling, pursuant to Minnesota Statutes, Section 469.176 subdivision
4k, can be done without regard to project area/development district limitations. The EDA/City would not implement this pooling until the
obligations in the various TIF districts are paid off since typically 90% of the TIF is pledged to the obligation.
2. Pooling from Housing Districts. A housing district is established for either rental or owner-occupied housing. The rental housing
developments are income limited to those noted in #1 above. The owner-occupied housing is limited to 100% of AMI ($124,200 for 2023) for
families of two or less, or 115% AMI ($142,380 for 2023) for families of three or more. The rental housing restrictions remain for the life of
the TIF district while the owner-occupied restrictions apply only to the first occupants. If excess funds from a housing district are realized,
then 100% of the tax increment may be pooled for other housing projects that meet the income limitations listed above, as long as the
housing within the District either met the test with the first occupant (owner-occupied projects only) or the development agrees to continue to
keep the units affordable and continue to provide annual reports to the City (rental projects only). This pooling can be done without regard to
project area and development district limitations.
(Rest of this page left intentionally blank)
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TIF District Management Review & Analysis – Executive Summary January 2024
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TIF District Sources
The five (5) TIF Districts from which the City and HRA could fund affordable housing are summarized in the table below. Based upon this table:
The districts shaded in blue are housing districts where the City has always allowed these districts to remain open to capture 100% of the
TIF for affordable housing.
The districts in white are redevelopment districts where the City has already elected to retain the additional 10% for affordable housing.
Year 1-1 (Redevelopment)1-2
(Housing)
7-5A
(Housing)7-6 (Redevelopment)7-7
(Housing)Annual Total Cumulative
To Date 1,025,856$ 26,874$ -$ 893,139$ -$ 1,945,869$
2023 -$ 19,285$ -$ -$ 96,206$ 115,491$ 2,061,360$
2024 -$ 34,978$ 254,769$ -$ 217,748$ 507,495$ 2,568,855$
2025 -$ -$ 238,611$ -$ 219,926$ 458,537$ 3,027,392$
2026 -$ -$ 238,611$ -$ 222,125$ 460,736$ 3,488,128$
2027 -$ -$ -$ -$ 224,346$ 224,346$ 3,712,474$
2028 -$ -$ -$ -$ 226,590$ 226,590$ 3,939,064$
Total 1,025,856$ 81,137$ 731,991$ 893,139$ 1,206,941$ 3,939,064$
Pooling for Affordable Housing
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TIF District Management Review & Analysis – Executive Summary January 2024
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IMPACT OF DECERTIFIED TIF DISTRICTS
One frequent question we receive is what are the additional levy dollars the City can expect to receive from future TIF districts after they are
decertified? The City will see the gradual decertification of five (5) TIF districts over the next five (5) years as noted in the chart below. These
districts, when decertified, will return value to the tax rolls for general taxing purposes, and the City will see a corresponding increase in its tax base.
The table below shows how much more the City could levy and still maintain a stable tax rate over the next 10 years. The additional tax capacity
freed up by decertifying districts allows the city to set the levy to cover operational and debt needs without directly increasing the property tax impact
on taxpayers.
TIF District Decertifies 2025 2027 2029 2034
1-2 Vicksburg Commons 12/31/2024 27,930 - - 38,784
1-3 Plymouth Crossroads Station 12/31/2026 - 241,342 - -
7-5 Village at Bassett Creek 12/31/2026 - 262,506 - -
7-7 Stone Creek Village 12/31/2028 - - 248,526 -
7-8 Quest Development 12/31/2026 - 497,771 - -
Total Annual Captured Net Tax Capacity Returned to Tax Rolls 27,930 1,001,620 248,526 38,784
City Tax Rate for Taxes Payable in 2023 (1)24.307%
Estimated Additional Annual Tax Levy Available (1)6,789$ 243,464$ 60,409$ 9,427$
(1) - Assumptions:
- Calculates additional dollars the City could levy and still maintain the same tax rate as Pay 2023.
- Assumes no change in existing tax base from prior year
- Assumes no change in the Fiscal Disparities Distribution Dollars from Pay 2023
Projected
70
TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 14
RECOMMENDATIONS
The updated financial analysis of the City’s TIF Districts offers the following recommendations for consideration by the City’s HRA and City Council:
1. Decertify Housing TIF District 1-2 (Vicksburg Crossing). The City made the final PAYGO Payment on August 1, 2023. Due to the new
reduction in the 4d affordable housing tax classification for pay 2025, the annual TIF generated from the project will decrease by
approximately 50% to $11,700. Since the TIF generated is fairly small, we recommend decertifying the district by the end of 2024 (legal term
is December 31, 2033) since the City will have other resources with less restrictions available to them for affordable housing.
2. Keep Housing TIF District 7-5A (Village at Basset Creek) Open Through Legal Term of District. The obligation for TIF District 7-5A
(Village at Bassett Creek) was paid in full on February 1, 2023. The senior apartments continue to maintain the units as 45 of the 46 units
affordable to persons at or below 50% of the area median income and provides annual reports to the City. We recommend that the City
continue to keep the District open through its legal term of 2026 to retain dollars for affordable housing (approximately $238,000/year).
3. Election to retain an Additional 10% for Affordable Housing: We recommend making this election in 2024 in TIF Districts 1-3 (Plymouth
Crossroads) and 7-8 (Quest Development).
See chart on following page for more detailed recommendations and actions required by District:
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TIF District Management Review & Analysis – Executive Summary January 2024
Plymouth, Minnesota Page 15
District Type Recommendation Actions Required
Utilize 10% of TIF for rental, tax credit eligible housing, City-owned rental
facilities or owner-occupied housing
Remaining pooling dollars of $258,129 to be retained in the TIF fund until
expended on a qualifying project
Utilize 25% for redevelopment projects Remaining pooling dollars is $767,727 to be retained in the TIF fund until
expended on a qualifying project (can also be spent on affordable housing)
1-2 (Vicksburg
Commons)Housing Decertify district in 2024 City Council resolution for early decertification
Modify TIF plan for additional 10% for tax credit eligible rental housing Review plan for budget capacity and type of amendment required
(administrative or public hearing). Estimated $1.454M available by 2032.
Decertification of District in 2026, if no 10% election made None at this time
Determine use of legal pooling dollars (approximately $380,000) if no 10%
election is made Identify project/use or retain balance in TIF account
Determine use of legal redevelopment pooling dollars Identify project/use or retain balance in TIF account ($727,366)
Determine if $600,000 deferred loan to West View Estates, LLC will be forgiven Determine if deferred loan will be forgiven
Annual income verification Review of annual submittal by developer
Keep district open after obligation is paid off in 2023 and use TIF generated in
2024-2026 for affordable rental or owner-occupied housing projects Identify project/use or retain balance in TIF account (Approx. $690K)
7-6 (Berkshire) Redevelopment
Utilize 35% of TIF for rental, tax credit eligible housing or City-owned rental
facilities or owner-occuped housing
Remaining pooling dollars of $893,000 to be retained in the TIF fund until
expended on a qualifying project
Use of increment for affordable rental or owner-occupied housing Identify projects/uses or retain balance in TIF account (estimated at $1.2M by
2028)
Annual income verification Review of annual submittal by developer
7-8 (Quest Development) Redevelopment Modify TIF plan for additional 10% for tax credit eligible rental housing Review plan for budget capacity and type of amendment required
(administrative or public hearing). Estimated $1.79M by 2029.
7-10 (Sands)Housing None at this time None at this time
7-11 (Doran)Housing None at this time None at this time
1-1 (Shops at Plymouth
Creek)Redevelopment
1-3 (Plymouth
Crossroads)Redevelopment
7-7 (Stone Creek Village) Housing
7-4 (Hoyt) Redevelopment
7-5A (Village At Bassett
Creek)Housing
72
Regular
Housing and
Redevelopment
Authority
February 22, 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 is providing the attached update on Community and Economic Development (CED) Department
activities for January 2024. In addition, you'll find a copy of CED 2023 Annual Report and HRA 2024
Work Plan.
3. Budget Impact:
N/A
4. Attachments:
HRA Updates (February 2024)
Econ_Dev_Annual_Report_2023
2024 Work Plan (HRA) 1-25-2024
73
MEMORANDUM
DATE: February 16, 2024
TO: HRA Commissioners
FROM: Grant Fernelius, CED Director/HRA Executive Director
SUBJECT: Updates for February 2024
Dietrich Development
Image courtesy of Kaas Wilson Architects
On February 6th Dietrich Development received approval for a mixed-use (apartments and
retail) project on a vacant site near 10th Avenue and South Shore Drive. This parcel is often
referred to as the John Allen site, the developer who originally bought the property in the
1990’s. The project includes 330 units of apartments and a small amount of stand-alone retail.
While the project will not involve any city financial assistance, the developer has indicated that
74
roughly 2/3 of the units will be affordable to households earning 80% of the area median
income. The developer is still working through final details but hopes to break ground later this
year. The project will serve as an important catalyst in the redevelopment of the Station 73
project area and help support various transit investments that are being made, including a pilot
Bus Rapid Transit (BRT) project along Highway 55 from downtown Minneapolis to City Center in
Plymouth.
Prudential Redevelopment
Image courtesy of Scannell Properties and Roers Companies
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Scannell and Roers Co. have submitted their land use applications which will be reviewed by the
Planning Commission at their February 21st meeting. The proposal includes a mix of
apartments, restaurants, retail shops, a grocery store, med tech businesses and a medical office
user. Summit Orthopedics has announced their intent to build a state-of-the art orthopedic
surgery and rehab facility (shown as C402 on the above image). The developer has already
started pre-demolition work which is expected to take 6 weeks. The building will be completely
recycled and re-used on-site.
Harbor Lane Proposal
Image courtesy of Doran Companies
Doran Companies has acquired four office buildings on Harbor Lane just north of Highway 55
and Fernbrook Lane. The developer presented a sketch plan concept to the city council on
January 23rd. The project will include more than 300 units of housing. The city council provided
feedback and initial support for Comprehensive Plan changes that will be needed for the
project to move forward. More details will be shared in the coming months.
76
Wren on the Creek Apartments
Photo courtesy of City of Plymouth (CED)
Doran Companies is nearing completion of a new mixed-income apartment building (Wren on
the Creek) near 6th Avenue and Highway 55 adjacent to the Waterford Plaza shopping center.
The 176-unit complex with 20% affordable units is expected to open this June.
Parkera Development (Former Dundee Nursery)
The City granted a 2-year extension to the PUD approval for Parkera in October 2023. Staff has
not received any updates from the developer on the status of the project.
77
The Brooks Apartments
Enclave Companies has begun footing and foundation work on a new apartment building near
Nathan Lane and Bass Lake Rd. The 219-unit complex is expected to open in late 2024 or early
2025.
Four Seasons Mall
Staff continues to talk with developers about the former Four Seasons Mall site. At least one
developer has expressed more serious interest in the property. Additional details will be
shared as those conversations proceed.
Housing Updates
Staff continues to administer approximately 290 Vouchers t hroughout the Plymouth
Community. Staff is working to update the Administrative Plan to include required changes to
the operation of the Program. The Housing Opportunity Through Modernization Act, (HOTMA)
will go into effect January 1st, 2025, and will implement substantial changes to the income and
asset calculations for program participants. In addition, the Housing Quality Standards (HQS)
inspection format will change to National Standards for the Physical Inspection of Real Estate
(NSPIRE). The new NSPIRE model prioritizes health, safety, and functional defects over
appearance. It implements inspections that better reflect the true physical conditions of the
property. Both HOTMA and NSPIRE changes will affect the process and implementation of our
HVC and CDBG programs. Staff continues to wait for further guidance from
HUD. Implementation for NSPIRE is scheduled for October 1, 2024
Staffing Updates
We are pleased to report that new staff will join the housing division in CED. Denise Fletcher
will serve as a Housing Specialist and report to Steven Schmidt. Denise has experience in
housing management, including senior housing and HUD programs. Denise will start on
February 26th. With Denise’s hiring the Housing Division is back to full-staffing.
CED Annual Report
Staff has published the 2023 CED annual report. The document is attached for informational
purposes. It can also be found on the city’s website. Special thanks to CED staff members
78
Chloe McGuire and Tyler Parsons and Communications staff Brian Rosemeyer for their great
work on the report.
Inclusionary Housing Policy
The Inclusionary Housing Policy is tentatively scheduled for discussion with the City Council on
March 26th at 5:00 PM.
HRA Work Plan
Chair Soderberg will present the HRA’s 2024 Work Plan to the City Council on February 21st.
The plan has been updated to reflect the feedback provided by the commissioners at the study
session in January.
Upcoming Meetings
Staff has tentatively scheduled a presentation by Homes Within Reach for the March 28th HRA
meeting to discuss a potential opportunity to sell two of the HRA’s scattered site rental
properties (Garland Lane). Homes Within Reach is a housing land trust and operates in the
western suburbs of Hennepin County. Plymouth has funded the organization in the past with
CDBG dollars. In addition, staff met with representatives from ODC about their interest in the
properties, however the organization does not have a specific plan at this point. If there is
interest from the HRA in learning more, staff would recommend scheduling a separate date to
discuss what ODC might propose.
79
Prepared by the City of Plymouth Community and Economic Development Department 80
1Plymouth Economic Development // 2023 Annual Report
The Community Development Department is proud to help implement the
City Council’s strategic priorities involving City Center 2.0, Redevelopment,
Environmental Stewardship, and being a City of Choice. There were a
number of key accomplishments in the last year that demonstrate progress
made in these areas. For example, the City Council, Planning Commission
and staff worked on policy changes that will make development in City
Center more vibrant, including new design standards that promote a
greater emphasis on housing, retail shopping, pedestrian connectivity/
safety, amenities, public art and improved livability.
The city also recognizes that there is less vacant land, and future growth
will focus on infi ll development and redevelopment of existing sites.
In 2023, the city helped defi ne a new vision for redevelopment of the
former Prudential site into a new mixed-use neighborhood that will
include housing, retail, medical offi ce and med-tech businesses. Several
other projects were approved that will result in additional housing and business investment in the
community. The city continues to promote the value and importance of small businesses, which
provide jobs and economic opportunity. And the city’s Housing and Redevelopment Authority (HRA)
worked on developing policies to promote more affordable housing to serve all residents.
Our 2023 Annual Report aims to not only share the city’s accomplishments in community, housing
and economic development, but to highlight areas of opportunities and the foundation being
established for continued economic growth in Plymouth. I am proud to serve with a dedicated group
of professionals who strive to provide the highest quality of service to our community. We hope
our work continues to positively impact the lives of residents and businesses throughout Plymouth.
Sincerely,
Grant Fernelius
Community & Economic Development Director
81
2Plymouth Economic Development // 2023 Annual Report
Plymouth is a nationally recognized city located just 12 miles
west of Minneapolis. Plymouth has built a reputation as a
thriving community offering an excellent quality of life, fi rst-
rate park system, picturesque open-spaces, highly regarded
school districts, and innovative companies and industries.
Boasting Minnesota’s fourth largest economy, the city
is home to an established commercial-industrial base,
a thriving med-tech scene, and access to talent from
University of Minnesota, Saint Cloud State University, and
several other private universities.
Plymouth is committed to being a trusted partner that
provides resources, cultivates business growth, and fosters
community identity through its economic development
strategies. As the city continues its transformation to an
industry leader in the region, the Community and Economic
Development Department aims to present regular updates
on projects, new business openings and expansions, and
future opportunities.
• Total population: 81,000+
• Daytime population: 95,175
• Total households: 32,118
• Median household income: $119,813
• Annual average wages in Plymouth: $86,120
• 4th largest economy in Minnesota
• Lowest tax rate of peer cities
• Total jobs: 55,000
• 63% of residents have a college degree
Demographics
82
3Plymouth Economic Development // 2023 Annual Report
• Over $500 million in new construction
value in 2023
• Minnesota Investment Funds Completed
in 2023:
• Energy Management Collaborative
• Silk Road Medical
• 217 Jobs Created from MIF
• Average salary of $50/hour*
• 30+ business tours and site visits
completed by city staff
• 134 new residential home permits issued
*per MIF reporting
Community Investment
Source: Quarterly Census of Employment and Wages, Minnesota Department of Employment and Economic
Development, 2nd quarter data; Metropolitan Council staff have estimated some data points. The most recent data
available from the Metropolitan Council is from 2022, which indicates steady job creation in Plymouth – especially in
Construction, Administrative & Waste Services, and Wholesale Trade over the past 10 years.
83
4Plymouth Economic Development // 2023 Annual Report
|Twin Cities Orthopedics
The recently completed project
features a 70,000-square-foot
medical offi ce building located
off Highway 55 and Rockford Road
on the former Dundee Nursery
site. An estimated $33 million was
invested for the new TCO building,
which is expected to bring roughly
90 new jobs.
| CFMOTO
CFMOTO moved into its
new 120,000-square-foot U.S.
headquarters on Nathan Lane
after revitalizing the former United
Hardware site. CFMOTO is a power
sports company and intends to
grow in Plymouth, adding new jobs
to the community.
| CARE Counseling
CARE Counseling hosted a
breakfast drive-through at its
new location off Rockford Road
with special guest Crunch,
the mascot for the Minnesota
Timberwolves. CARE Counseling is
committed to providing accessible
and compassionate mental health
services to the local community.
Fusion Soccer
Fusion Soccer Club moved its operations to a multi-tenant
building off Rockford Road and Highway 55. The new location
provides 20,000 square feet of indoor recreation and fi eld space for
its youth soccer programs, as well as offi ces and meeting rooms.
84
5Plymouth Economic Development // 2023 Annual Report
| The Brooks Apartments
& Commercial
The Brooks is a mixed-use
development consisting of a four-
story, 220-unit apartment building
and two new commercial buildings,
in addition to upgrades to the
existing fuel station. The estimated
economic impact of this project is
more than $53 million. Additionally,
realignment of Nathan Lane to
56th Avenue benefi ts the
community with improved traffi c
fl ow and safety in the area. The
formerly vacant site is just west
of Superior Ford on the southwest
corner of Bass Lake Road and
Highway 169.
| Hollydale
The roughly 160-acre former golf
course site was approved for
230 single-family lots. Located
off Holly Lane and Old Rockford
Road, the project has already
added a total value of $80 million
in new homes. The project also
added more than $1.1 million in park
dedication funds. The city is actively
working on Schmidt Woods, a
neighborhood park serving existing
and new residents in this area.
|The Wren Apartments
Doran Companies constructed the
Wren, a 176-unit apartment located
on Highway 55 and Highway 169.
This project boasts an investment of
$54 million and will provide luxury
housing units on the eastern edge
of Plymouth, just off Highway 55.
The site was previously an unused
surface parking lot and sits just east
of Cub Foods. The project received
TIF assistance and 20% of the units
are available for residents at 50%
or less of area median income.
| Blaze Credit Union
After years of the city attempting
to work with Burger King to
demolish the dilapidated site off
Rockford Road, Spire Credit Union,
now Blaze Credit Union, purchased
and demoed the building. Blaze
Credit Union will construct a
new 5,000-square-foot building,
investing an estimated $4 million in
the community. The city is seeing a
renewed interest in this area along
with excitement from residents.
| Suite Living
Suite Living Senior Care, located
on Zachary Lane and Rockford
Road, will feature 32 private
suites for assisted living and
memory care services. The project
includes a connection to Zachary
Playfi elds and boasts high-quality
architecture for this much-needed
use. The city also received a shared
parking agreement for the entire
property for Zachary Playfi elds.
This project investment is estimated
at $9 million.
|Honeywell Additions
Honeywell received city approval
to build a new 5,000-square-foot
detached facility on Honeywell’s
Highway 55 campus to develop
and build cutting edge weather
measurement equipment.
Honeywell also purchased the DRC
building on the northeast corner of
I-494 and Highway 55. The almost
13-acre campus is undergoing
renovations for this new facility.
85
6Plymouth Economic Development // 2023 Annual Report
| City Center
The City of Plymouth is working to
implement a long-term vision for
Plymouth City Center to draw more
people to the heart of the city and
foster a more walkable, pedestrian-
oriented district.
Pending fi nal City Council approval,
improvements slated for 2024
will pave the way for more
community activities in City Center.
Improvements include spaces for
public art and food trucks, a
newly designed entrance and
signage for the Hilde Performance
Center, seating and gathering areas
along Plymouth Boulevard, a plaza,
and more.
For more information, visit
plymouthmn.gov/citycenter.
| Former Prudential Site
A new construction, mixed-use
redevelopment is set for the
75-acre, former Prudential Campus
site off Chankahda Trail and I-494.
The site will consist of residential
units, mixed retail, dining,
groceries and offi ce park space
centered around nature trails
and greenspace. The developers,
Roers and Scannell, purchased the
property for about $20 million.
Learn more about the development
at the former Prudential Site at
plymouthmn.gov/prudential.
| Dietrich Development
Located to the north of
Highway 55 between South
Shore Drive and Revere Lane, this
proposed development will create
a new mixed-use community with
apartment homes and retail that
will help service the neighborhood.
86
1-City Center 2.0 2-Redevelopment Vision 3-Environment 4-City of Choice
Commission Purpose
The Plymouth Housing and Redevelopment Authority (HRA) promotes and contributes to the economic health of the community throu gh the
creation and maintenance of affordable, workforce and life-cycle housing and active participation in the City’s development and redevelopment
processes.
2024 Work Plan
City Council Strategic Themes
1. City Center 2.0 - Reimagining Plymouth City Center – the city’s central area – remains a top priority for City Council. Known as City Center 2.0, the city's
long-term vision involves exploring land uses and improving infrastructure to encourage redevelopment that will draw people to the area and support
commerce, art, recreation, inclusion, and community vitality.
2. Redevelopment Vision - The primary objective of this theme is to consider how Plymouth can articulate its vision for long-range redevelopment citywide.
The city will work to establish clear expectations for projects while partnering with developers to meet the desired outcomes.
3. Environment - Plymouth’s environmental efforts remain a priority, and the city will examine its impact and commitment to stewardship.
4. City of Choice - City Council determined that the city must build on its strengths in order to remain a city of choice for residents, businesses, organizations,
visitors, and events.
GOALS/PLANNING Strategic Priorities
ON-GOING ▪ Monitor the HRA’s housing programs and services; the operations and finances of two senior buildings. ☐1 ☐2 ☐3 ☒4 ☐NA
FIRST
QUARTER
▪ Review HRA Strategic Plan
▪ Review TIF Program
▪ Review CDBG Annual Action Plan + Home Rehab Funds
▪ Review HRA’s scattered site rental program
☐1 ☐2 ☐3 ☒4 ☐NA
☐1 ☐2 ☐3 ☐4 ☒NA
☐1 ☐2 ☐3 ☒4 ☐NA
☐1 ☐2 ☐3 ☒4 ☐NA
SECOND
QUARTER
▪ Consider new programming for Naturally Occurring Affordable Housing (NOAH)
▪ Consider use of pooled TIF
☐1 ☐2 ☐3 ☒4 ☐NA
☐1 ☐2 ☐3 ☐4 ☒NA
THIRD
QUARTER
▪ Discuss HRA budget and tax levy
▪ HRA legislative priorities and recommendations
☐1 ☐2 ☐3 ☒4 ☐NA
☐1 ☐2 ☐3 ☒4 ☐NA
FOURTH
QUARTER
▪ Review annual Work Plan and new initiatives for 2025 ☐1 ☐2 ☐3 ☒4 ☐NA
HOUSING AND REDEVELOPMENT AUTHORITY - HRA 2024
WORK PLAN
87