HomeMy WebLinkAboutHousing and Redevelopment Authority Packet 03-28-2024Housing and Redevelopment Authority 1 of 2 March 28, 2024
CITY OF PLYMOUTH
AGENDA
Regular Housing and Redevelopment Authority
March 28, 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 - February 2024 Meeting
HRA 02-22-2024
4.2 Accept Plymouth Towne Square monthly housing report and financials
PTS BALANCE SHEET 2.2024
PTS 12-MONTH P&L 2.2024
PTS COMPARATIVE P&L 2.2024
PTS VARIANCE 2.2024
PTS CASHFLOW 2.2024
4.3 Accept Vicksburg Crossing monthly housing report and financials
VC - Balance Sheet - 2.2024
VC - 12-Month P&L - 2.2024
VC COMPARATIVE 2.2024
VC P&L VARIANCE 2.2024
VC - Cashflow - 2.2024
5. PUBLIC HEARINGS
5.1 Program Year 2024 Community Development Block Grant (CDBG) Annual Action
Plan Public Hearing
1
Housing and Redevelopment Authority 2 of 2 March 28, 2024
6. NEW BUSINESS
6.1 Homes Within Reach Presentation
Plymouth Presentation 3-28-2024
7. UPDATES
7.1 Staff Updates
HRA Updates (March 2024-V3)
2024 Work Plan (HRA) 1-25-2024
8. ADJOURNMENT
2
Regular
Housing and
Redevelopment
Authority
March 28, 2024
Agenda
Number:4.1
To:Dave Callister, City Manager
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Grant Fernelius, Community and Economic Development
Director
Item:HRA Minutes - February 2024 Meeting
1. Action Requested:
Staff recommends approval of the February 22, 2024 HRA minutes.
2. Background:
The February 22, 2024 minutes are attached.
3. Budget Impact:
N/A
4. Attachments:
HRA 02-22-2024
3
DRAFTED MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
FEBRUARY 22, 2024
MEMBERS PRESENT: Chair Michelle Soderberg, Commissioners Wayne Peterson, James Williams, Ronald Kelner
Joel Spoonheim, Kim Vohs and Tony Kuechle
ABSENT: None
STAFF PRESENT: HRA Executive Director Grant Fernelius, Housing Manager Steven Schmidt, Housing
Coordinator Shelonda Marie-Alves and Permit Technician Michelle Baste
OTHERS PRESENT: Mayor Wosje
1. CALL TO ORDER
Chair Soderberg called the Plymouth Housing and Redevelopment Authority meeting to order at
7:00 p.m.
2. PUBLIC FORUM
Chair Soderberg opened and closed the Public Forum as there was no one present to speak.
3. APPROVE AGENDA
MOTION by Commissioner Williams, seconded by Commissioner Kelner, to approve the Agenda.
Vote. 7 Ayes. MOTION passed unanimously.
4. CONSENT AGENDA
4.1. Approved minutes from January 25, 2024.
4.2. Metropolitan Housing Opportunities Program (MHOP) Conversion.
4.3. Plymouth Towne Square. Accept Monthly Housing Reports.
4.4. 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
5.1. Program Year 2024 Community Development Block Grant (CDBG) Annual Action Plan
Housing Manager Schmidt gave an overview of the staff report.
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Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 2
Chair Soderberg opened the public hearing.
Mike Vraa, HOME Line, commented the HRA makes an annual contribution to HOME Line for which the
organization is thankful. He explained the organization works with tenants in Plymouth that may have an
issue with their landlord and need assistance. He relayed the top reasons renters from Plymouth call
HOME Line is because of needed repairs, evictions, people trying to get out of their lease, and security
deposits. He stated he is present tonight to answer any questions the HRA may have.
Commissioner Spoonheim expressed appreciation for the services that HOME Line provides to residents
and that the service is available to residents in Plymouth.
Commissioner Williams echoed the appreciation. He asked for more information on the number of
evictions in Minnesota in the past year and whether there is reasoning behind the increase.
Mr. Vraa answered in the decades prior to COVID, Minnesota averaged 13,000 to 15,000 residential
evictions per year. He stated during COVID there were moratoriums in place preventing evictions from
happening for almost any reason, which were lifted in the summer of 2022. He said there was a huge
spike in evictions after that time and since that, the same level has continued. He noted there is a new
rule in place where a 14-day notice must be provided to a tenant before filing the eviction and explained
that would allow the tenant time to pursue outside funding or assistance through emergency assistance
sources.
John Burkhow, Senior Community Services, commented his organization has also partnered with the HRA
for a number of years. He reported in 2023 they helped 78 older adults in Plymouth, a total of about 900
hours of services. He explained the goal is to allow older residents to remain in their homes by assisting
with different chores and services. He said the organization also engages volunteers to assist with things
such as yard projects. He stated they also partnered with the local Lowes in Plymouth and noted the
company provided a new dryer and range in a resident’s home at no cost. He relayed that in the next
year they are expanding their technology programming and provided some examples. He thanked the
HRA and welcomed any questioned the group may have.
The HRA expressed their appreciation.
Sarah Squillace, PRISM, commented the organization focuses on basic needs and also refers participants
to other sources that could provide assistance with their basic needs. She provided more details on their
homelessness prevention program, which utilizes CBDG funds and other funds, to assist participants in
crisis to remain in their homes. She said the organization serves five cities, including Plymouth. She stated
that 12 participants from Plymouth are served through the organization every three months, explaining
that the organization helps about 25 people in total each month. She commented there is a dramatic
need for their services and the demand exceeds their ability to assist therefore they are very grateful for
the funding the HRA provides. She provided details on eligibility for participants. She stated that the
organization screened about 1,500 more calls during the last year but unfortunately did not have the
funding to support more participants than they did the year before.
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Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 3
Commissioner Kelner asked the number of residents that utilize the organization.
Ms. Squillace commented that in one month the organization sees about 1,700 participants, and 350 are
Plymouth residents.
Commissioner Peterson asked if the service area is primarily the Robbinsdale school district.
Ms. Squillace replied that the organization does service that area but also serves residents in other school
districts. She stated that the organization does have a partnership with the Robbinsdale school district for
the food shelf program.
Chair Soderberg closed the public hearing.
Commissioner Spoonheim commended staff for the thorough staff report. He recognized that in
addition to the CBDG allocation, the group will also be discussing TIF allocation noting that those
sources are highly related.
HRA Executive Director Fernelius commented that he would prefer to keep those issues separate
noting that TIF generally applies to more brick-and-mortar purposes while CBDG is more
appropriately used for service programs.
Commissioner Spoonheim commented there are funds within the CBDG allocation that could be
used for a downpayment on a home, noting that pooled TIF funds could also be used as a source
for that activity. He recognized there were both brick and mortar recommendations along with
service recommendations within the CBDG allocation. He stated there are excess pooled TIF
funds that could be used for housing purposes, such as construction and rehabilitation. He noted
most of the service organizations are asking for $1,000 or less per month to serve many Plymouth
residents. He stated Prism is asking for $2,500 per month to serve 350 Plymouth families. He said
his recommendation would be to adjust the funding proposed to raise the amount allocated to
the social service agencies very close to their requested amounts. He reviewed his recommended
increases for each of the public service organizations which would total an additional $25,000.
Chair Soderberg commented these are CDBG funds that need to be allocated in this action.
HRA Executive Director commented that the CBDG has a limitation of 15 percent of funds for
public service programs, therefore funds could be moved around between the organizations
proposed but the total allocation cannot increase.
Chair Soderberg understood the desire of Commissioner Spoonheim but perhaps there is another
way to accomplish that.
Commissioner Peterson asked for clarification on what 15 percent of the current year’s program
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Drafted Minutes
Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 4
income would be, as it states the limit is 15 percent of the CBDG allocation plus 15 percent of the
current year’s program income.
Housing Manager Schmidt commented that the allocation already factors in the $80,000 in
program income.
Chair Soderberg clarified that $80,000 is already allocated to housing rehabilitation and first-time
homebuyer programs.
Housing Manager Schmidt confirmed that 15 percent of the current year’s program income was
already included with the 15 percent of the allocation in the proposed recommendation as well.
Commissioner Kuechle said in his experience there has been so much staff time and thought put
into the recommendation he would be hesitant to change that recommendation.
Commissioner Vohs asked for information on the utilization of rehab loans and grants, as it
appeared there were only a few last year. He asked if there should be additional outreach to
advise residents of the programs. He noted a mobile home park in the community where multiple
homes could benefit from rehabilitation and stated that area would benefit from outreach about
the programs as there is a need.
Housing Manager Schmidt replied that type of housing would not be eligible for the rehab loan
program.
Chair Soderberg stated the packet includes details on the utilization of the programs, noting that
there are currently seven rehab loans in progress.
Commissioner Vohs asked if the program restriction is local.
Housing Manager Schmidt replied that restriction is of CDBG.
MOTION by Commissioner Vohs, seconded by Commissioner Williams, to approve Resolution No.
2024-2. Vote. 7 Ayes. MOTION passed unanimously.
6. NEW BUSINESS
6.1. Presentation on Plymouth Tax Increment Financing (TIF) Program
HRA Executive Director Fernelius gave an overview of the staff report.
Stacey Kvilvang, Ehlers, provided a presentation on TIF basics and the annual TIF status report for the City
of Plymouth HRA.
Commissioner Peterson recognized maintaining a AAA bond rating is important for the City. He asked if
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Drafted Minutes
Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 5
there is threshold you cannot go beyond a certain level and maintain that bond rating.
Ms. Kvilvang replied there is not a threshold of that nature as agencies like to see the community
reinvesting in itself. She stated if the city is reinvesting to increase its market value and tax capacity, that is
also good for the bond rating. She reviewed her recommendations to decertify Housing TIF District 1-2
(Vicksburg Crossing), keep Housing TIF District 7-5A (Village at Basset Creek) open through legal term of
district, and to make an election to retain an additional ten percent for affordable housing in TIF Districts
1-3 (Plymouth Crossroads) and 7-8 (Quest Development).
Commissioner Peterson referenced the pooling percentage the ability to pool 25 percent for other
purposes. He asked if the ten percent for administration would come off of that 25 percent.
Ms. Kvilvang confirmed that to be true. She stated most cities do not fully utilize the full ten percent in
administration and therefore use the remainder for other housing or redevelopment purposes.
Commissioner Vohs stated his concern would be that as a property is developed into a larger use, the
need for public services and infrastructure also increases. He said it seems the cost for those additional
services would then be paid by the public in general if TIF is being collected.
Ms. Kvilvang commented the law requires fiscal implication and provided details on that process and the
findings it provides. She stated for a larger city there are typically not impacts on public safety from a
larger development as the public safety departments are already established and able to handle any
additional demand on services.
Commissioner Williams referenced demolition and decontamination that occurred for Four Seasons Mall
and asked if TIF was used.
Ms. Kvilvang replied the purchase of the property was covered by transportation funds and the
demolition was covered by grant funds the city received.
Commissioner Kuechle asked for additional details on what would happen or need to occur prior to a note
being paid in full.
Ms. Kvilvang commented the city would have up until the time the note is paid in full to make the
election. She stated the election could also be made when the district is established.
Commissioner Spoonheim asked if the HRA is making decisions tonight.
HRA Executive Director Fernelius replied that part of the case tonight was the presentation which was
informational. He stated staff would like input on the recommendations from Ehlers, noting that if there
is support for those items staff would draft the necessary resolutions for future consideration by the HRA
and City Council.
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Drafted Minutes
Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 6
Commissioner Spoonheim thanked Ms. Kvilvang for her great presentation. He stated he does support
the second and third recommendations but would like more information on the first recommendation.
He asked the cost of collecting the $11,000 in the first recommendation and whether it would ultimately
cost money to collect those funds.
Ms. Kvilvang replied that if the dollars are kept those could be used for rental housing or owner-occupied
housing. She stated that at the end of the day, collecting $11,000 may not be worth administering the
district and reporting on it, especially when there will be additional dollars coming to the city for
affordable housing.
Commissioner Spoonheim asked for more clarification on the cost to keep the district open and whether
there would still be a net gain from keeping the district open.
Ms. Kvilvang replied it is not a large cost to administer the district.
Commissioner Spoonheim stated if they leave the district open for the remainder, that could be $100,000
which is still a benefit. He recognized that there is an annual cost to keeping the districts open and would
like to have more complete information before making the decision whether or not to decertify.
HRA Executive Director Fernelius commented there is an administrative cost and provided details on the
income verification and annual reporting that is required. He stated he could tally the different costs to
bring back. He said in his opinion it would make sense to decertify as there would be better use of staff
time.
Chair Soderberg commented it is not just the cost but the staff time as well, noting staff time is a limited
resource and therefore she would support better utilization of that time.
Commissioner Vohs stated tht he gets the impression that the available sources for affordable housing
funds are being maximized.
HRA Executive Director Fernelius confirmed the consensus of the HRA to direct staff to bring back
resolutions to consider related to the recommendations from Ehlers. He noted that at a future meeting
they could also discuss how pooled TIF could be used.
Mayor Wosje noted upcoming council workshop topics and advised that the two city owned senior
apartments were identified.
HRA Executive Director Fernelius confirmed the City Council would like to learn more information on the
HRA programs as well as the long-term plan for the two senior buildings. He also noted additional topics
that staff would like to discuss with the HRA this coming year.
Chair Soderberg commented they need to develop a list of capital improvements needed for the two
buildings and recognized TIF may need to be used for that purpose, depending on the cost.
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Plymouth Housing and Redevelopment Authority
February 22, 2024
Page 7
Commissioner Vohs commented that often reserve funds are used for maintenance purposes and asked if
the reserves would be sufficient to address ongoing maintenance rather than using TIF.
HRA Executive Director Fernelius stated it has been a number of years since the capital project list has
been updated. He noted there is storm damage at both properties and therefore it is most likely that
both roofs would need to be replaced. He stated staff will be compiling a list more specifically. He stated
they will also review how adequate the reserve funds are after those capital needs are identified.
7. UPDATES
HRA Executive Director Fernelius provided a summary of his report and update.
Mayor Wosje reported that Councilmember Davis has resigned due to ongoing health concerns. He
stated that the council would like to fill the position with someone that would not be interested in
running in the election in November.
8. ADJOURNMENT
MOTION by Chair Soderberg, with no objection, to adjourn the meeting at 8:21 p.m.
10
Regular
Housing and
Redevelopment
Authority
March 28, 2024
Agenda
Number:4.2
To:Dave Callister, City Manager
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Steven Schmidt, Housing Manager
Item:Accept Plymouth Towne Square monthly housing report and
financials
1. Action Requested:
Accept attached Plymouth Towne Square monthly housing report and financials.
2. Background:
The Plymouth HRA contracts with Grace Management, Inc. to manage the Plymouth Towne Square
apartments. The attached report and financial statements cover the most recent reporting period
(February 2024 and YTD).
3. Budget Impact:
N/A
4. Attachments:
PTS BALANCE SHEET 2.2024
PTS 12-MONTH P&L 2.2024
PTS COMPARATIVE P&L 2.2024
PTS VARIANCE 2.2024
PTS CASHFLOW 2.2024
11
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 1,589,050
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 2,850,370
NON-CURRENT ASSETS
TOTAL ASSETS 4,439,420
7,465
8,696
13,060
3,608
(5,288,131)
11,650
459,247
211,914
5,767,619
1,195,121
471,772
917,906
346,234
3,449
834
10,682
450
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of February 29, 2024
Ending Balance
226,282
71,563
12
Total
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of February 29, 2024
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE-TRADE
PREPAID MONTHLY RENT
401K WITHHOLDINGS PAYABLE
ADVANCES FROM CITY
ACCRUED PAYROLL
ACCRUED COMPENSATED BALANCES
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
LEASES PAYABLE -SHORT TERM
NOTES PAYABLE-SERIES 2021A -ST
ACCRUED OTHER
TOTAL CURRENT LIABILITIES 82,802
LONG-TERM LIABILITIES
SECURITY DEPOSITS
NOTES PAYABLE-SERIES 2021A -LT
402,551
TOTAL LIABILITIES 485,353
EQUITY
RETAINED EARNINGS RSRVD FOR DS
RETAINED EARNINGS
NET INVESTMENT IN CAPITAL ASSETS
TOTAL EQUITY 3,935,035
CURRENT YEAR INCOME/(LOSS)19,032
TOTAL LIABILITIES & EQUITY 4,439,420
49,128
796,164
3,089,743
43,460
516
328,000
7,652
71,551
331,000
462
6,810
(328,000)
6,595
3,656
828
12,825
13
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Apr 30, 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 Feb 29, 2024 Total
INCOME
APARTMENT RENTAL REVENUE 64,395 65,775 65,324 64,566 62,847 63,001 62,725 61,552 62,074 63,318 765,983
HRA INDIVIDUAL 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,587 18,000 18,000 231,834
GARAGE RENT 3,990 3,970 4,010 4,015 3,955 4,020 3,960 3,960 3,990 3,960 47,885
GUEST ROOM REVENUE 165 675 65 130 0 0 65 0 0 0 1,100
LAUNDRY REVENUE 1,248 608 1,271 696 2,188 257 440 1,301 1,175 316 11,044
APPLICATION FEE REVENUE 70 0 0 35 105 35 0 0 0 0 280
TRANSFER FEE REVENUE 0 0 0 0 500 (500)0 0 0 0 0
INVESTMENT INCOME 427 10,852 (1,741)428 427 (362)425 421 424 423 12,577
CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0 0
MISCELLANEOUS REVENUE 100 1,445 79 376 0 0 327 (241)95 237 3,207
TOTAL INCOME 89,978 102,909 88,592 89,830 89,605 86,034 87,525 86,579 85,757 86,254 1,073,909
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 5,299 5,299 5,476 5,476 5,299 5,476 5,299 5,010 4,967 6,063 64,618
PAYROLL TAXES 754 727 724 717 1,014 788 690 1,115 381 814 9,543
HEALTH INSURANCE 2,196 581 1,092 1,035 1,387 2,431 3,379 670 1,353 1,017 18,371
WORKERS COMP INSURANCE 137 137 137 137 206 137 137 99 118 118 1,706
MAINTENANCE SALARIES/WAGES 3,940 4,712 4,917 4,819 4,797 4,725 4,786 4,831 4,478 5,295 58,142
EMPLOYEE COSTS 80 80 80 80 80 80 80 80 90 90 1,020
SEMINAR/TRAINING 0 0 0 0 0 0 0 0 0 0 35
DATA PROCESSING 0 0 52 31 31 32 39 27 31 31 275
BANK FEES 107 102 119 111 125 106 115 102 109 355 1,571
DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 0 0 0 60 0 60
LICENSE & PERMITS 0 165 694 200 0 40 0 0 0 0 1,099
PRINTING 0 0 0 143 0 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 62,808
PROFESSIONAL FEES 0 0 0 0 1,455 23 0 0 0 0 1,503
TELEPHONE EXPENSE 437 411 414 418 414 418 427 489 392 426 5,088
EQUIPMENT LEASE/REPAIR 769 579 469 1,620 451 450 720 424 675 360 8,055
OFFICE SUPPLIES 184 41 0 161 49 85 18 0 75 254 866
TOTAL ADMIN EXPENSES 19,138 18,070 19,408 20,181 20,543 20,025 20,924 18,082 17,964 20,057 234,903
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 117 67 221 639 119 165 882 1,647 895 518 5,579
TOTAL LIFE ENRICHMENT EXPENSES 117 67 221 639 119 165 882 1,647 895 518 5,579
Twelve Month Profit and Loss
PLYMOUTH TOWNE SQUARE
For Year 2024
Period End Period End
Mar 31, 2023 May 31, 2023
64,901 65,505
19,583 19,583
4,060 3,995
0 0
1,358 185
35 0
0 0
425 428
333 456
0
90,695 90,152
5,476 5,476
1,091 729
1,876 1,355
206 137
5,888 4,953
120 80
0 35
0 0
103 117
0 0
0 0
0 0
5,234 5,234
0 25
421 420
773 765
0 0
21,188 19,325
262 48
262 48
14
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Apr 30, 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 Feb 29, 2024 Total
Twelve Month Profit and Loss
PLYMOUTH TOWNE SQUARE
For Year 2024
Period End Period End
Mar 31, 2023 May 31, 2023
HOUSEKEEPING
CONTRACT LABOR 1,470 1,470 1,470 1,620 1,470 1,470 1,470 1,470 1,470 1,470 17,790
CLEANING SUPPLIES 0 36 4 363 57 0 10 549 390 0 1,610
TOTAL HOUSEKEEPING EXPENSES 1,470 1,506 1,474 1,983 1,527 1,470 1,480 2,019 1,860 1,470 19,400
BUILDING & GROUNDS
CONTRACT LABOR 411 700 578 324 193 206 385 385 735 193 4,646
CABLE TV EXPENSE 110 97 103 110 103 103 111 104 127 126 1,310
UTILITIES - ELECTRICITY 1,580 2,352 2,449 2,632 2,547 2,715 2,529 1,950 1,800 238 24,853
UTILITIES - GAS 1,613 797 824 528 991 991 994 2,067 1,299 3,510 22,510
UTILITIES - WATER/SEWER 1,774 2,149 2,322 2,587 2,219 2,219 1,949 1,833 1,891 1,891 24,692
WATER SOFTENING SERVICE 784 340 439 346 0 180 720 547 376 406 4,759
DOORS, KEYS & WINDOWS 0 0 0 0 0 9 0 0 0 0 9
FIRE SYSTEM SERVICE 210 2,051 2,271 210 210 210 941 212 3,387 212 10,756
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,745 2,583 1,570 8,969 1,460 1,340 1,825 1,725 1,545 1,275 26,612
PEST CONTROL 0 141 0 0 201 0 29 0 141 0 653
TRASH REMOVAL 1,927 2,225 1,924 1,953 1,923 1,922 1,917 1,699 1,917 2,333 24,049
UNIT TURNOVER REPAIRS 6,512 0 0 3,188 3,740 2,010 12,399 5,946 4,669 1,035 39,499
ELEVATOR-REPAIRS & MAINT 713 713 713 713 713 738 738 738 738 1,739 13,332
REPAIRS & MAINTENANCE 5,208 710 1,441 1,791 1,798 3,933 1,494 4,174 3,881 4,534 52,033
BUILDING & GROUNDS SUPPLIES 170 525 789 117 182 527 979 81 1,251 1,674 8,187
HVAC - REPAIRS & MAINTENANCE 299 315 873 299 299 910 833 299 2,030 299 7,972
TOTAL BUILDING & GROUNDS 23,056 15,698 16,295 23,768 16,579 18,012 27,842 21,759 25,786 19,465 265,873
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,987 3,607 3,860 3,755 3,755 3,755 3,755 3,755 3,755 3,755 45,713
PAYMENT IN LIEU OF PROPERTY TAX 3,083 3,083 3,083 3,083 3,083 3,083 3,083 3,087 3,230 3,230 37,294
TOTAL OTHER OPERATING EXPENSES 7,070 6,690 6,943 6,838 6,838 6,838 6,838 6,842 6,985 6,985 83,007
TOTAL OPERATING EXPENSES 50,851 42,031 44,341 53,408 45,606 46,509 57,967 50,349 53,490 48,494 608,762
NET OPERATING INCOME / ( L0SS)39,127 60,878 44,251 36,422 43,999 39,525 29,558 36,230 32,267 37,759 465,147
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 16,325 16,325 16,325 16,325 16,325 16,325 16,325 16,325 17,500 17,500 198,250
RESERVE/REPLACE CAPITAL EXPENSE 1,200 6,547 0 0 7,200 1,715 0 8,293 0 15,995 40,950
INTEREST EXPENSE 0 166 0 0 159 0 0 157 0 0 648
TOTAL DEPREC, INTEREST & OTHER 17,525 23,038 16,325 16,325 23,684 18,040 16,325 24,775 17,500 33,495 239,848
NET INCOME / (LOSS)21,602 37,840 27,926 20,097 20,316 21,485 13,233 11,455 14,767 4,264 225,299
1,470 1,470
202 0
1,672 1,470
346 193
110 103
1,772 2,287
5,798 3,099
2,013 1,845
369 253
0 0
637 210
1,110 1,465
0 141
2,053 2,254
0 0
4,363 713
7,765 15,303
744 1,149
543 975
27,622 29,990
3,987 3,987
3,083 3,083
7,070 7,070
57,814 57,903
32,881 32,248
16,325 16,325
16,491 16,325
16,390 15,923
0 0
166 0
15
MTD Actual Budget Last Year YTD Actual Budget Last Year
63,318 65,313 66,035 130,626
18,000 18,000 19,583 36,000
3,960 3,840 4,040 7,680
0 0 65 65
316 1,025 901 2,050
0 35 0 35
423 417 424 834
237 100 30 200
86,254 88,730 91,077 177,490
6,063 5,573 4,946 11,146
814 838 833 1,680
1,017 915 (268)1,830
118 180 137 360
5,295 4,907 5,241 9,814
90 90 80 180
31 0 0 0
355 115 110 230
0 0 0 60
0 15 0 30
0 50 0 50
0 15 0 30
5,234 5,234 5,483 10,468
0 229 0 458
426 425 382 850
360 750 876 1,500
254 115 53 230
20,057 19,451 17,874 38,916
518 260 147 325
518 260 147 325 TOTAL LIFE ENRICHMENT EXPENSES 1,413 507
TOTAL ADMIN EXPENSES 38,020 35,060
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 1,413 507
EQUIPMENT LEASE/REPAIR 1,035 1,236
OFFICE SUPPLIES 328 355
PROFESSIONAL FEES 0 23
TELEPHONE EXPENSE 818 782
PRINTING 0 0
MANAGEMENT FEES 10,468 10,468
MILEAGE REIMBURSEMENT 0 0
POSTAGE/OVERNIGHT EXPRESS 0 0
BANK FEES 464 219
DUES, SUBS & MEMBERSHIPS 60 60
EMPLOYEE COSTS 180 160
DATA PROCESSING 62 0
WORKERS COMP INSURANCE 236 274
MAINTENANCE SALARIES/WAGES 9,774 10,179
PAYROLL TAXES 1,195 1,232
HEALTH INSURANCE 2,369 (351)
TOTAL INCOME 172,011 180,854
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 11,029 10,422
INVESTMENT INCOME 847 848
MISCELLANEOUS REVENUE 332 176
LAUNDRY REVENUE 1,491 1,772
APPLICATION FEE REVENUE 0 35
GARAGE RENT 7,950 8,070
GUEST ROOM REVENUE 0 65
APARTMENT RENTAL REVENUE 125,392 130,721
HRA INDIVIDUAL 36,000 39,166
Comparative Profit and Loss
PLYMOUTH TOWNE SQUARE
Through February 29, 2024
Description
INCOME
16
MTD Actual Budget Last Year YTD Actual Budget Last Year
Comparative Profit and Loss
PLYMOUTH TOWNE SQUARE
Through February 29, 2024
Description
0 10 0 20
0 10 0 20
1,470 1,560 1,470 3,120
0 185 33 370
1,470 1,745 1,503 3,490
193 550 193 1,100
126 110 110 220
238 1,500 1,477 3,400
3,510 6,800 6,776 12,050
1,891 1,950 2,076 3,900
406 470 232 940
0 255 0 510
212 1,700 210 2,300
1,275 3,700 5,135 7,400
0 0 1,243 0
2,333 2,115 1,928 4,230
1,035 3,225 0 6,450
1,739 1,100 713 2,200
4,534 3,475 1,032 6,950
1,674 1,650 532 3,300
299 1,350 3,318 2,700
0 1,000 0 2,000
19,465 30,950 24,974 59,650
3,755 5,773 3,987 11,546
3,230 3,230 3,083 6,460
6,985 9,003 7,070 18,006
48,494 61,419 51,568 120,407
37,759 27,311 39,509 57,083
17,500 17,500 16,325 35,000
15,995 0 24,375 68,000
33,495 17,500 40,700 103,000
4,264 9,811 (1,191)(45,917)
TOTAL DEPREC, INTEREST & OTHER 50,995 57,025
NET INCOME / (LOSS)19,032 14,768
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 35,000 32,650
RESERVE/REPLACE CAPITAL EXPENSE 15,995 24,375
TOTAL OPERATING EXPENSES 101,984 109,061
NET OPERATING INCOME / ( L0SS)70,027 71,793
PAYMENT IN LIEU OF PROPERTY TAX 6,460 6,166
TOTAL OTHER OPERATING EXPENSES 13,970 14,140
TOTAL BUILDING & GROUNDS 45,251 56,258
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 7,510 7,974
HVAC - REPAIRS & MAINTENANCE 2,328 3,972
MISCELLANEOUS B & G EXPENSES 0 0
REPAIRS & MAINTENANCE 8,416 1,601
BUILDING & GROUNDS SUPPLIES 2,925 2,453
UNIT TURNOVER REPAIRS 5,704 5,548
ELEVATOR-REPAIRS & MAINT 2,477 1,426
PEST CONTROL 141 3,673
TRASH REMOVAL 4,250 4,259
FIRE SYSTEM SERVICE 3,598 419
LAWN SERVICE/LANDSCAP/SNOW RMVL 2,820 12,120
WATER SOFTENING SERVICE 783 812
DOORS, KEYS & WINDOWS 0 0
UTILITIES - GAS 4,809 12,014
UTILITIES - WATER/SEWER 3,782 4,025
CABLE TV EXPENSE 253 209
UTILITIES - ELECTRICITY 2,039 3,342
TOTAL HOUSEKEEPING EXPENSES 3,330 3,096
BUILDING & GROUNDS
CONTRACT LABOR 928 385
CONTRACT LABOR 2,940 2,940
CLEANING SUPPLIES 390 156
TOTAL MARKETING EXPENSES 0 0
HOUSEKEEPING
MARKETING
ADVERTISING 0 0
17
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
INCOME
APARTMENT RENTAL REVENUE 63,318 65,313 125,392 130,626 (5,234)783,756
HRA INDIVIDUAL 18,000 18,000 36,000 36,000 0 216,000
GARAGE RENT 3,960 3,840 7,950 7,680 270 46,080
GUEST ROOM REVENUE 0 0 0 65 (65)650
LAUNDRY REVENUE 316 1,025 1,491 2,050 (559)12,300
APPLICATION FEE REVENUE 0 35 0 35 (35)350
TRANSFER FEE REVENUE 0 0 0 0 0 500
INVESTMENT INCOME 423 417 847 834 13 5,000
MISCELLANEOUS REVENUE 237 100 332 200 132 1,200
TOTAL INCOME 86,254 88,730 172,011 177,490 (5,479)1,065,836
EXPENSES
ADMINISTRATION
MANAGER SALARIES/WAGES 6,063 5,573 11,029 11,146 117 66,872
PAYROLL TAXES 814 838 1,195 1,680 485 10,060
HEALTH INSURANCE 1,017 915 2,369 1,830 (539)11,660
WORKERS COMP INSURANCE 118 180 236 360 124 2,160
MAINTENANCE SALARIES/WAGES 5,295 4,907 9,774 9,814 40 58,880
EMPLOYEE COSTS 90 90 180 180 0 1,170
SEMINAR/TRAINING 0 0 0 0 0 200
DATA PROCESSING 31 0 62 0 (62)0
BANK FEES 355 115 464 230 (234)1,380
DUES, SUBS & MEMBERSHIPS 0 0 60 60 0 60
LICENSE & PERMITS 0 0 0 0 0 1,059
MILEAGE REIMBURSEMENT 0 15 0 30 30 180
POSTAGE/OVERNIGHT EXPRESS 0 50 0 50 50 150
PRINTING 0 15 0 30 30 180
MANAGEMENT FEES 5,234 5,234 10,468 10,468 0 62,808
PROFESSIONAL FEES 0 229 0 458 458 2,750
TELEPHONE EXPENSE 426 425 818 850 32 5,100
EQUIPMENT LEASE/REPAIR 360 750 1,035 1,500 465 9,000
OFFICE SUPPLIES 254 115 328 230 (98)1,380
TOTAL ADMIN EXPENSES 20,057 19,451 38,020 38,916 896 235,049
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 518 260 1,413 325 (1,088)5,485
518 260 1,413 325 (1,088)5,485 TOTAL LIFE ENRICHMENT EXPENSES (258)
(139)
(606)
(258)
229
(1)
390
50
15
0
0
0
15
0
(31)
(240)
62
(388)
0
(490)
24
(102)
6
137
(2,476)
(709)
(35)
0
0
120
0
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through February 29, 2024
(1,995)
18
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through February 29, 2024
MARKETING
ADVERTISING 0 10 0 20 20 120
TOTAL MARKETING EXPENSES 0 10 0 20 20 120
HOUSEKEEPING
CONTRACT LABOR 1,470 1,560 2,940 3,120 180 18,720
CLEANING SUPPLIES 0 185 390 370 (20)2,220
1,470 1,745 3,330 3,490 160 20,940
BUILDING & GROUNDS
CONTRACT LABOR 193 550 928 1,100 172 6,600
CABLE TV EXPENSE 126 110 253 220 (33)1,400
UTILITIES - ELECTRICITY 238 1,500 2,039 3,400 1,361 25,300
UTILITIES - GAS 3,510 6,800 4,809 12,050 7,241 38,850
UTILITIES - WATER/SEWER 1,891 1,950 3,782 3,900 118 26,950
WATER SOFTENING SERVICE 406 470 783 940 157 5,640
DOORS, KEYS & WINDOWS 0 255 0 510 510 3,060
FIRE SYSTEM SERVICE 212 1,700 3,598 2,300 (1,298)13,500
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,275 3,700 2,820 7,400 4,580 39,500
PEST CONTROL 0 0 141 0 (141)790
TRASH REMOVAL 2,333 2,115 4,250 4,230 (20)25,380
UNIT TURNOVER REPAIRS 1,035 3,225 5,704 6,450 746 38,700
ELEVATOR-REPAIRS & MAINT 1,739 1,100 2,477 2,200 (277)13,200
REPAIRS & MAINTENANCE 4,534 3,475 8,416 6,950 (1,466)43,800
BUILDING & GROUNDS SUPPLIES 1,674 1,650 2,925 3,300 375 19,800
HVAC - REPAIRS & MAINTENANCE 299 1,350 2,328 2,700 372 16,200
MISCELLANEOUS B & G EXPENSES 0 1,000 0 2,000 2,000 12,000
TOTAL BUILDING & GROUNDS 19,465 30,950 45,251 59,650 14,399 330,670
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,755 5,773 7,510 11,546 4,036 69,997
PAYMENT IN LIEU OF PROPERTY TAX 3,230 3,230 6,460 6,460 0 38,760
6,985 9,003 13,970 18,006 4,036 108,757
TOTAL OPERATING EXPENSES 48,494 61,419 101,984 120,407 18,423 701,021
NET OPERATING INCOME / ( L0SS)37,759 27,311 70,027 57,083 12,944 364,815
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 17,500 17,500 35,000 35,000 0 210,000
RESERVE/REPLACE CAPITAL EXPENSE 15,995 0 15,995 68,000 52,005 197,431
33,495 17,500 50,995 103,000 52,005 407,431
NET INCOME / (LOSS)4,264 9,811 19,032 (45,917)64,949 (42,616)(5,547)
(15,995)
TOTAL DEPREC, INTEREST & OTHER (15,995)
12,925
10,448
0
0
TOTAL OTHER OPERATING EXPENSES 2,018
1,000
11,485
2,018
(1,059)
(24)
1,051
(218)
2,190
(639)
0
255
1,488
2,425
3,290
59
64
358
(16)
1,262
90
185
TOTAL HOUSEKEEPING EXPENSES 275
10
10
19
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)4,264 0 0 0 0 0 0 0 0 0 19,032
ADJUSTMENTS TO NET CASHFLOW:
DEPRECIATION & AMORTIZATION 17,500 0 0 0 0 0 0 0 0 0 35,000
(INCR) / DECR IN A/R 1,486 0 0 0 0 0 0 0 0 0 5,362
(INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0
(INCR) / DECR IN PREPAID EXP (1,866)0 0 0 0 0 0 0 0 0 (40)
(INCR)/DECR IN OTHER ASSETS (18,000)0 0 0 0 0 0 0 0 0 (36,000)
(INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0
INCR /( DECR) IN ACCTS PAYABLE 8,023 0 0 0 0 0 0 0 0 0 3,063
INCR /( DECR) IN ACCRD LIAB 5,661 0 0 0 0 0 0 0 0 0 10,950
TOTAL ADJUSTMENTS 12,803 0 0 0 0 0 0 0 0 0 18,334
NET OPERATING CASHFLOW:17,067 0 0 0 0 0 0 0 0 0 37,366
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:17,067 0 0 0 0 0 0 0 0 0 37,366
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
20
Regular
Housing and
Redevelopment
Authority
March 28, 2024
Agenda
Number:4.3
To:Dave Callister, City Manager
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Steven Schmidt, Housing Manager
Item:Accept Vicksburg Crossing monthly housing report and
financials
1. Action Requested:
Accept attached Vicksburg Crossing monthly housing report and financials.
2. Background:
The Plymouth HRA contracts with Grace Management, Inc. to manage the Vicksburg Crossing
apartments. The attached report and financial statements cover the most recent reporting period
(February 2024 and YTD).
3. Budget Impact:
N/A
4. Attachments:
VC - Balance Sheet - 2.2024
VC - 12-Month P&L - 2.2024
VC COMPARATIVE 2.2024
VC P&L VARIANCE 2.2024
VC - Cashflow - 2.2024
21
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 1,656,337
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EQUIP-GENERAL
COMPUTERS/OFFICE EQUIPMENT
LEASE ASSET
ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS 5,757,541
NON-CURRENT ASSETS
TOTAL ASSETS 7,413,877
6,669
(5,892,933)
9,371
874,593
261,390
9,904,487
594,654
8,680
1,137,098
10,218
1,295
834
10,116
460
Balance Sheet
VICKSBURG CROSSING
As Of February 29, 2024
Ending Balance
411,384
75,561
22
Total
Balance Sheet
VICKSBURG CROSSING
As Of February 29, 2024
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE-TRADE
PREPAID MONTHLY RENT
401K WITHHOLDINGS PAYABLE
ACCRUED PAYROLL
ACCRUED COMPENSATED BALANCES
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
LEASES PAYABLE -SHORT TERM
ACCRUED OTHER
TOTAL CURRENT LIABILITIES 127,250
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BOND PREMIUM-2021A
BOND PAYABLE-2021A
LEASES PAYABLE -LONG TERM
6,397,993
TOTAL LIABILITIES 6,525,243
EQUITY
NET INVESTMENTS IN CAPITAL ASSETS
RESTRICTED FOR DEBT SERVICE
UNRESTRICTED
TOTAL EQUITY 839,208
CURRENT YEAR INCOME/(LOSS)49,426
TOTAL LIABILITIES & EQUITY 7,413,877
287,402
6,030,000
5,298
(1,164,950)
454,639
1,549,519
5,284
15,283
75,126
1,251
6,310
75,293
13,042
880
3,211
6,864
23
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Apr 30, 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 Feb 29, 2024 Total
INCOME
APARTMENT RENTAL REVENUE 106,123 106,321 104,966 104,681 104,879 102,958 103,687 107,038 106,223 106,993 1,265,877
APARTMENT RENTAL REVENUE - COUNTY 2,950 2,944 2,944 2,944 2,944 2,821 2,934 2,267 2,287 2,287 33,216
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 4,260 4,080 4,080 4,080 4,080 4,080 4,080 48,840
GUEST ROOM REVENUE 140 70 1,040 540 380 420 0 180 320 0 3,710
APPLICATION FEE REVENUE 0 0 35 140 0 70 140 70 35 35 560
TRANSFER FEE REVENUE 0 0 0 0 0 1,000 0 0 0 0 1,000
INVESTMENT INCOME 429 12,285 (1,921)430 430 (222)427 426 425 423 13,988
CONTRIBUTED CAPITAL REVENUE 0 0 0 0 0 0 0 0 0 0 0
MISCELLANEOUS REVENUE 320 320 (2,389)732 300 320 922 310 509 330 2,315
TOTAL INCOME 117,732 129,710 112,445 117,477 116,763 115,197 115,940 118,121 117,629 117,898 1,414,506
EXPENSES
ADMINISTRATION
MANAGER SALARIES 5,852 5,852 6,047 6,047 5,852 6,047 5,852 4,787 5,482 6,691 70,600
PAYROLL TAXES 720 726 776 746 1,099 714 710 1,156 392 853 9,688
HEALTH INSURANCE 2,143 1,252 1,978 855 880 1,064 1,064 (1,228)1,255 1,065 11,867
WORKERS COMP INSURANCE 145 145 145 145 217 145 145 97 121 121 1,787
MAINTENANCE SALARIES/WAGES 4,476 4,558 4,711 4,796 4,578 4,672 4,468 4,956 4,284 5,222 56,436
EMPLOYEE COSTS 80 80 80 80 80 80 80 80 85 85 1,010
SEMINAR/TRAINING 35 0 0 0 0 0 0 0 0 0 35
DATA PROCESSING 0 0 22 31 31 62 39 27 31 31 275
BANK FEES 87 95 98 98 102 87 97 99 116 328 1,377
DUES, SUBS & MEMBERSHIPS 0 0 60 0 0 0 0 0 0 0 60
LICENSE & PERMITS 0 0 0 0 0 0 0 0 200 0 1,076
POSTAGE/OVERNIGHT EXPRESS 18 0 0 4 2 13 2 0 0 2 46
PRINTING 0 0 0 0 0 170 227 0 0 0 624
MANAGEMENT FEES 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,799 4,991 4,991 57,972
PROFESSIONAL FEES 0 0 50 25 1,411 75 0 75 0 0 1,636
TELEPHONE EXPENSE 628 528 534 433 494 492 552 635 559 493 6,406
EQUIPMENT LEASE/REPAIR 1,319 395 168 125 665 125 1,025 170 530 128 4,958
OFFICE SUPPLIES 0 339 0 204 227 0 101 103 0 89 1,097
TOTAL ADMIN EXPENSES 20,303 18,769 19,468 18,386 20,436 18,544 19,161 15,756 18,046 20,099 226,950
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 539 324 418 556 192 826 909 1,547 79 225 6,484
TOTAL LIFE ENRICHMENT EXPENSES 539 324 418 556 192 826 909 1,547 79 225 6,484
Twelve Month Profit and Loss
VICKSBURG CROSSING
For Year 2024
Period End Period End
Mar 31, 2023 May 31, 2023
105,807 106,201
2,950 2,944
3,750 3,750
4,020 4,020
0 620
0 35
0 0
426 430
320 320
0 0
117,273 118,320
6,047 6,047
1,075 720
1,571 (32)
217 145
4,778 4,937
120 80
0 0
0 0
87 84
0 0
676 200
3 2
0 227
4,799 4,799
0 0
529 528
140 168
363 508
34 0
20,076 17,905
363 508
24
Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End
Apr 30, 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 Feb 29, 2024 Total
Twelve Month Profit and Loss
VICKSBURG CROSSING
For Year 2024
Period End Period End
Mar 31, 2023 May 31, 2023
HOUSEKEEPING
CONTRACT LABOR 1,361 1,361 1,361 2,281 1,571 1,826 2,540 1,361 1,517 1,517 19,418
CLEANING SUPPLIES 69 0 43 33 138 47 0 0 164 93 974
TOTAL HOUSEKEEPING EXPENSES 1,430 1,361 1,404 2,314 1,709 1,873 2,540 1,361 1,681 1,610 20,392
BUILDING & GROUNDS
CONTRACT LABOR 521 153 582 700 241 193 153 442 131 1,203 4,944
CABLE TV EXPENSE 281 281 281 281 281 283 283 283 315 315 3,454
UTILITIES - ELECTRICITY 2,488 2,002 2,285 2,728 2,291 1,937 2,040 2,258 2,806 2,924 28,547
UTILITIES - GAS 2,625 602 622 517 612 921 891 3,869 4,093 3,303 23,016
UTILITIES - WATER/SEWER 1,728 1,711 1,805 2,244 2,024 1,678 1,641 1,976 1,809 1,727 21,397
WATER SOFTENING SERVICE 0 0 0 249 0 185 0 219 321 296 1,762
DOORS, KEYS & WINDOWS 0 0 0 0 0 0 29 11 33 0 627
FIRE SYSTEM SERVICE 55 55 55 55 517 55 57 57 845 57 2,789
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,100 1,300 1,450 1,300 1,420 3,205 1,675 1,500 2,320 1,710 23,000
PEST CONTROL 0 153 0 0 153 0 0 153 0 0 612
TRASH REMOVAL 2,200 2,184 2,180 2,180 2,210 2,175 2,250 2,166 2,749 2,651 27,315
UNIT TURNOVER REPAIRS 0 0 0 13,965 0 18,594 14,619 0 7,543 0 54,721
ELEVATOR-REPAIRS & MAINT 607 607 607 607 607 607 607 607 607 628 7,304
REPAIRS & MAINTENANCE 8,759 5,838 6,461 3,400 827 539 2,856 2,479 3,006 3,113 43,431
BUILDING & GROUNDS SUPPLIES 0 1,610 0 343 136 195 412 621 1,019 59 5,204
HVAC - REPAIRS & MAINTENANCE 260 1,077 1,599 260 678 1,109 577 273 4,934 273 11,560
TOTAL BUILDING & GROUNDS 20,623 17,574 17,927 28,829 11,996 31,675 28,091 16,915 32,530 18,258 259,682
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,553 3,054 3,387 3,283 3,283 3,283 3,283 3,283 3,283 3,283 40,082
PAYMENT IN LIEU OF PROPERTY TAX 5,363 5,363 5,363 5,363 5,363 5,363 5,363 5,357 5,388 5,388 64,400
TOTAL OTHER OPERATING EXPENSES 8,916 8,417 8,750 8,646 8,646 8,646 8,646 8,640 8,671 8,671 104,482
TOTAL OPERATING EXPENSES 51,812 46,444 47,967 58,731 42,979 61,563 59,347 44,218 61,007 48,863 617,991
NET OPERATING INCOME / ( L0SS)65,920 83,266 64,478 58,746 73,783 53,634 56,593 73,903 56,623 69,035 796,515
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 26,470 26,470 26,470 26,470 26,470 26,470 26,470 26,470 24,876 24,876 314,452
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 14,775 0 0 11,712 42,618 0 9,086 0 9,890 0 170,871
INTEREST EXPENSE 11,733 11,911 11,733 11,733 11,905 11,734 11,733 11,898 10,620 10,620 139,262
TOTAL DEPREC, INTEREST & OTHER 50,653 36,056 35,878 47,590 78,668 35,879 44,964 36,043 43,061 33,171 596,685
NET INCOME / (LOSS)15,267 47,210 28,600 11,156 (4,885)17,754 11,629 37,859 13,562 35,864 199,830
1,361 1,361
118 270
1,479 1,631
433 193
291 281
2,658 2,129
3,853 1,106
1,459 1,594
230 263
0 554
55 928
2,450 3,570
153 0
2,186 2,184
0 0
607 607
2,673 3,480
350 459
260 260
17,659 17,606
3,553 3,553
5,363 5,363
26,470 26,470
(2,325)(2,325)
8,916 8,916
48,494 46,567
68,780 71,754
17,781 (31,969)
14,945 67,845
11,909 11,733
50,999 103,723
25
MTD Actual Budget Last Year YTD Actual Budget Last Year
106,993 104,016 104,186 207,877
2,287 2,944 2,950 5,888
3,750 3,750 3,750 7,500
4,080 4,080 4,200 8,160
0 140 70 280
35 35 0 70
0 0 0 500
423 417 425 834
330 290 330 580
117,898 115,672 115,911 231,689
6,691 6,150 5,462 12,300
853 907 752 1,818
1,065 1,018 603 2,036
121 185 145 370
5,222 5,191 4,252 10,382
85 85 80 170
31 0 0 0
328 110 93 220
0 0 0 0
0 10 0 20
2 10 0 20
0 15 0 35
4,991 4,991 4,799 9,982
0 205 0 410
493 550 539 1,100
128 333 125 666
89 122 296 244
20,099 19,882 17,145 39,773
225 360 226 585
225 360 226 585
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 304 454
TOTAL LIFE ENRICHMENT EXPENSES 304 454
OFFICE SUPPLIES 89 413
TOTAL ADMIN EXPENSES 38,145 36,546
TELEPHONE EXPENSE 1,053 1,069
EQUIPMENT LEASE/REPAIR 658 1,174
MANAGEMENT FEES 9,982 9,598
PROFESSIONAL FEES 0 75
POSTAGE/OVERNIGHT EXPRESS 2 0
PRINTING 0 0
LICENSE & PERMITS 200 0
MILEAGE REIMBURSEMENT 0 0
DATA PROCESSING 62 0
BANK FEES 444 182
MAINTENANCE SALARIES/WAGES 9,506 9,267
EMPLOYEE COSTS 170 160
HEALTH INSURANCE 2,319 1,655
WORKERS COMP INSURANCE 242 290
EXPENSES
ADMINISTRATION
MANAGER SALARIES 12,173 11,508
PAYROLL TAXES 1,245 1,155
MISCELLANEOUS REVENUE 839 1,053
TOTAL INCOME 235,527 232,425
TRANSFER FEE REVENUE 0 0
INVESTMENT INCOME 848 854
GUEST ROOM REVENUE 320 70
APPLICATION FEE REVENUE 70 35
HRA SUBSIDY - TAX LEVY 7,500 7,500
GARAGE RENT 8,160 8,270
APARTMENT RENTAL REVENUE 213,216 208,743
APARTMENT RENTAL REVENUE - COUNTY 4,574 5,900
Comparative Profit and Loss
VICKSBURG CROSSING
Through February 29, 2024
Description
INCOME
26
MTD Actual Budget Last Year YTD Actual Budget Last Year
Comparative Profit and Loss
VICKSBURG CROSSING
Through February 29, 2024
Description
0 500 0 500
0 500 0 500
1,517 1,800 1,361 3,600
93 155 60 310
1,610 1,955 1,421 3,910
1,203 900 193 1,800
315 270 280 540
2,924 1,900 2,573 3,800
3,303 4,500 4,601 9,600
1,727 1,500 1,392 2,900
296 152 0 304
0 70 0 140
57 185 55 1,585
1,710 3,000 2,450 7,000
0 0 255 0
2,651 2,190 2,186 4,380
0 4,250 0 8,500
0 0 0 0
628 690 607 1,380
3,113 1,500 1,597 3,000
59 1,500 430 3,000
273 850 735 1,700
0 1,000 0 2,000
18,258 24,457 17,355 51,629
3,283 5,335 3,485 10,670
5,388 5,388 5,363 10,776
8,671 10,723 8,848 21,446
48,863 57,877 44,994 117,843
69,035 57,795 70,917 113,846
24,876 24,876 26,470 49,752
(2,325)2,207 (2,325)4,414
0 35,000 0 35,000
10,620 10,620 11,733 21,240
33,171 72,703 35,878 110,406
35,864 (14,908)35,039 3,440
TOTAL DEPREC, INTEREST & OTHER 76,232 88,547
NET INCOME / (LOSS)49,426 49,462
RESERVE/REPLACE CAPITAL EXPENSE 9,890 16,791
INTEREST EXPENSE 21,240 23,466
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 49,752 52,940
AMORTIZATION EXPENSE (4,650)(4,650)
TOTAL OPERATING EXPENSES 109,869 94,416
NET OPERATING INCOME / ( L0SS)125,658 138,009
PAYMENT IN LIEU OF PROPERTY TAX 10,776 10,726
TOTAL OTHER OPERATING EXPENSES 17,342 17,696
TOTAL BUILDING & GROUNDS 50,788 36,633
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 6,566 6,970
HVAC - REPAIRS & MAINTENANCE 5,207 1,404
MISCELLANEOUS B & G EXPENSES 0 0
REPAIRS & MAINTENANCE 6,119 1,954
BUILDING & GROUNDS SUPPLIES 1,078 470
EQUIPMENT LEASE/REPAIR 0 50
ELEVATOR-REPAIRS & MAINT 1,235 1,203
TRASH REMOVAL 5,400 4,400
UNIT TURNOVER REPAIRS 7,543 0
LAWN SERVICE/LANDSCAP/SNOW RMVL 4,030 6,810
PEST CONTROL 0 255
DOORS, KEYS & WINDOWS 33 22
FIRE SYSTEM SERVICE 901 110
UTILITIES - WATER/SEWER 3,536 3,033
WATER SOFTENING SERVICE 617 211
UTILITIES - ELECTRICITY 5,730 5,350
UTILITIES - GAS 7,396 10,261
BUILDING & GROUNDS
CONTRACT LABOR 1,334 538
CABLE TV EXPENSE 630 562
CLEANING SUPPLIES 256 144
TOTAL HOUSEKEEPING EXPENSES 3,290 3,086
HOUSEKEEPING
CONTRACT LABOR 3,034 2,942
MARKETING
ADVERTISING 0 0
TOTAL MARKETING EXPENSES 0 0
27
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
INCOME
APARTMENT RENTAL REVENUE 106,993 104,016 213,216 207,877 5,339 1,250,797
APARTMENT RENTAL REVENUE - COUNTY 2,287 2,944 4,574 5,888 (1,314)35,328
HRA SUBSIDY - TAX LEVY 3,750 3,750 7,500 7,500 0 45,000
GARAGE RENT 4,080 4,080 8,160 8,160 0 48,960
GUEST ROOM REVENUE 0 140 320 280 40 2,100
APPLICATION FEE REVENUE 35 35 70 70 0 560
TRANSFER FEE REVENUE 0 0 0 500 (500)1,000
INVESTMENT INCOME 423 417 848 834 14 5,000
MISCELLANEOUS REVENUE 330 290 839 580 259 3,480
TOTAL INCOME 117,898 115,672 235,527 231,689 3,838 1,392,225
EXPENSES
ADMINISTRATION
MANAGER SALARIES 6,691 6,150 12,173 12,300 127 73,800
PAYROLL TAXES 853 907 1,245 1,818 573 10,888
HEALTH INSURANCE 1,065 1,018 2,319 2,036 (283)12,872
WORKERS COMP INSURANCE 121 185 242 370 128 2,220
MAINTENANCE SALARIES/WAGES 5,222 5,191 9,506 10,382 876 62,296
EMPLOYEE COSTS 85 85 170 170 0 1,110
SEMINAR/TRAINING 0 0 0 0 0 150
DATA PROCESSING 31 0 62 0 (62)0
BANK FEES 328 110 444 220 (224)1,320
DUES, SUBS & MEMBERSHIPS 0 0 0 0 0 65
LICENSE & PERMITS 0 0 200 0 (200)906
MILEAGE REIMBURSEMENT 0 10 0 20 20 120
POSTAGE/OVERNIGHT EXPRESS 2 10 2 20 18 120
PRINTING 0 15 0 35 35 225
MANAGEMENT FEES 4,991 4,991 9,982 9,982 0 59,892
PROFESSIONAL FEES 0 205 0 410 410 2,460
TELEPHONE EXPENSE 493 550 1,053 1,100 47 6,600
EQUIPMENT LEASE/REPAIR 128 333 658 666 8 4,000
OFFICE SUPPLIES 89 122 89 244 155 1,464
TOTAL ADMIN EXPENSES 20,099 19,882 38,145 39,773 1,628 240,508
LIFE ENRICHMENT
RESIDENT PROGRAM/ACTIVITIES 225 360 304 585 281 6,575
225 360 304 585 281 6,575 TOTAL LIFE ENRICHMENT EXPENSES 135
33
(217)
135
205
57
205
8
15
0
0
0
10
0
(31)
(218)
64
(31)
0
(541)
54
(47)
6
40
2,226
(140)
0
0
(657)
0
0
Profit and Loss Variance
VICKSBURG CROSSING
Through February 29, 2024
2,977
28
MTD Actual Budget Var.YTD Actual Budget Var.Year Budget
Profit and Loss Variance
VICKSBURG CROSSING
Through February 29, 2024
MARKETING
ADVERTISING 0 500 0 500 500 500
TOTAL MARKETING EXPENSES 0 500 0 500 500 500
HOUSEKEEPING
CONTRACT LABOR 1,517 1,800 3,034 3,600 566 21,600
CLEANING SUPPLIES 93 155 256 310 54 1,860
1,610 1,955 3,290 3,910 620 23,460
BUILDING & GROUNDS
CONTRACT LABOR 1,203 900 1,334 1,800 466 10,800
CABLE TV EXPENSE 315 270 630 540 (90)3,240
UTILITIES - ELECTRICITY 2,924 1,900 5,730 3,800 (1,930)28,500
UTILITIES - GAS 3,303 4,500 7,396 9,600 2,204 32,900
UTILITIES - WATER/SEWER 1,727 1,500 3,536 2,900 (636)20,300
WATER SOFTENING SERVICE 296 152 617 304 (313)1,824
DOORS, KEYS & WINDOWS 0 70 33 140 107 840
FIRE SYSTEM SERVICE 57 185 901 1,585 684 6,600
LAWN SERVICE/LANDSCAP/SNOW RMVL 1,710 3,000 4,030 7,000 2,970 27,300
PEST CONTROL 0 0 0 0 0 880
TRASH REMOVAL 2,651 2,190 5,400 4,380 (1,020)26,280
UNIT TURNOVER REPAIRS 0 4,250 7,543 8,500 957 51,000
ELEVATOR-REPAIRS & MAINT 628 690 1,235 1,380 145 8,280
REPAIRS & MAINTENANCE 3,113 1,500 6,119 3,000 (3,119)28,450
BUILDING & GROUNDS SUPPLIES 59 1,500 1,078 3,000 1,922 18,000
HVAC - REPAIRS & MAINTENANCE 273 850 5,207 1,700 (3,507)10,300
MISCELLANEOUS B & G EXPENSES 0 1,000 0 2,000 2,000 12,000
TOTAL BUILDING & GROUNDS 18,258 24,457 50,788 51,629 841 287,494
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 3,283 5,335 6,566 10,670 4,104 64,846
PAYMENT IN LIEU OF PROPERTY TAX 5,388 5,388 10,776 10,776 0 64,650
8,671 10,723 17,342 21,446 4,104 129,496
TOTAL OPERATING EXPENSES 48,863 57,877 109,869 117,843 7,974 688,033
NET OPERATING INCOME / ( L0SS)69,035 57,795 125,658 113,846 11,812 704,192
DEPREC, INTEREST & OTHER
DEPRECIATION EXPENSE 24,876 24,876 49,752 49,752 0 298,514
AMORTIZATION EXPENSE (2,325)2,207 (4,650)4,414 9,064 26,486
RESERVE/REPLACE CAPITAL EXPENSE 0 35,000 9,890 35,000 25,110 105,000
INTEREST EXPENSE 10,620 10,620 21,240 21,240 0 127,440
33,171 72,703 76,232 110,406 34,174 557,440
NET INCOME / (LOSS)35,864 (14,908)49,426 3,440 45,986 146,752
0
TOTAL DEPREC, INTEREST & OTHER 39,532
50,772
0
4,532
35,000
TOTAL OTHER OPERATING EXPENSES 2,052
9,014
11,240
2,052
0
577
1,000
6,199
62
(1,613)
1,441
0
(461)
4,250
1,290
70
128
1,197
(227)
(144)
(303)
(45)
(1,024)
283
62
TOTAL HOUSEKEEPING EXPENSES 345
500
500
29
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)35,864 0 0 0 0 0 0 0 0 0 49,426
ADJUSTMENTS TO NET CASHFLOW:
DEPRECIATION & AMORTIZATION 24,876 0 0 0 0 0 0 0 0 0 49,752
(INCR) / DECR IN A/R (2,817)0 0 0 0 0 0 0 0 0 236
(INCR) / DECR IN ESCROW 0 0 0 0 0 0 0 0 0 0 0
(INCR) / DECR IN PREPAID EXP (2,539)0 0 0 0 0 0 0 0 0 856
(INCR)/DECR IN OTHER ASSETS 533,495 0 0 0 0 0 0 0 0 0 529,745
(INCR) / DECR IN OTHER ASSETS 0 0 0 0 0 0 0 0 0 0 0
INCR /( DECR) IN ACCTS PAYABLE (4,164)0 0 0 0 0 0 0 0 0 (3,631)
INCR /( DECR) IN ACCRD LIAB (518,275)0 0 0 0 0 0 0 0 0 (500,569)
TOTAL ADJUSTMENTS 30,576 0 0 0 0 0 0 0 0 0 76,389
NET OPERATING CASHFLOW:66,441 0 0 0 0 0 0 0 0 0 125,815
LESS CAPITAL EXPENDITURES:
LAND 0 0 0 0 0 0 0 0 0 0 0
SITE IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0
BUILDING 0 0 0 0 0 0 0 0 0 0 0
BUILDING IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0
FURNITURE, FIXTURES & EQUIP-GENERAL 0 0 0 0 0 0 0 0 0 0 0
CONSTRUCTION IN PROGRESS 0 0 0 0 0 0 0 0 0 0 0
FURNITURE & FIXTURES - HOUSEKEEPING 0 0 0 0 0 0 0 0 0 0 0
COMPUTERS/OFFICE EQUIPMENT 0 0 0 0 0 0 0 0 0 0 0
APARTMENT IMPROVEMENTS 0 0 0 0 0 0 0 0 0 0 0
VEHICLES 0 0 0 0 0 0 0 0 0 0 0
SMALL EQUIPMENT/FURNISHINGS 0 0 0 0 0 0 0 0 0 0 0
LEASE ASSET 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL PYMTS ON LT DEBT (2,325)0 0 0 0 0 0 0 0 0 (4,650)
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:64,116 0 0 0 0 0 0 0 0 0 121,165
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
30
Regular
Housing and
Redevelopment
Authority
March 28, 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 Public Hearing
1. Action Requested:
Hold a public hearing and consider comments related to the 2024 CDBG Action Plan.
2. Background:
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 of Plymouth. Plymouth will carry out activities that will provide for the
preservation of the City's housing stock, improve housing affordability, provide essential social
services, and support fair housing activities. The City will continue to provide 0% interest deferred
loans for housing rehabilitation and first-time homebuyers city-wide. The City will also provide
capital funding to assist with the improvement of residential public facilities for disabled individuals
and with acquisition of property for inclusion in a community land trust. Lastly, the City will provide
CDBG funds to support social services and fair housing implementation.
The City of Plymouth follows regulatory requirements as outlined in 24 CFR 91.105 Citizen
Participation Plan to encourage participation from its citizens. The public comment period and the
public hearing notice was included in the local newspaper, the city website, and by placing physical
copies of the Annual Action Plan at the Plymouth branch of the Hennepin County Library, Plymouth
Community Center, and City Hall.
The HRA's public hearing on March 28, 2024 provides an opportunity for the public to comment on
the proposed activities. Written comments will be accepted through April 1st and the City Council is
scheduled to take formal action on April 9th to adopt the 2024 CDBG Annual Action Plan.
Since the public comment period extends beyond the March 28th public hearing, the city will
consider that input during the 5-Year Consolidated Plan period. All comments received will be
evaluated by staff, and amendments to the goals of the Plan will be considered if warranted. Any
resulting changes to Plan goals would be made in accordance with the procedures outlined in the
Consortium's Citizen Participation Plan.
3. Budget Impact:
NA
31
4. Attachments:
32
Regular
Housing and
Redevelopment
Authority
March 28, 2024
Agenda
Number:6.1
To:Housing and Redevelopment Authority
Prepared by:Steven Schmidt, Housing Manager
Reviewed by:Grant Fernelius, Community and Economic Development
Director
Item:Homes Within Reach Presentation
1. Action Requested:
Provide consensus regarding next steps with two scattered site properties on Garland Lane.
2. Background:
In 1999 the HRA worked in collaboration with two non-profit housing agencies and a private
developer to construct two accessible homes in Plymouth. These two homes were a first for the
HRA in working on scattered site new development projects. The initial intent of the program was
to promote homeownership and provide accessible housing to qualified families.
In 2010, one of the original owners experienced financial difficulties and was in the process of losing
the home to foreclosure. The owner then approached the HRA about purchasing the home and
renting it back to them. The HRA agreed to the request. In 2020, the owner of the second home
approached the HRA with a similar request, which was approved that same year. Since then both
homes became vacant. One tenant passed away in May 2023 and the other moved out in December
2023. Before re-leasing the properties staff believes there is an opportunity re-evaluate the
program and consider other options.
The requirements of a small scale, scattered site rental property management has become quite
onerous for staff and represents a considerable time commitment. One idea is to consider placing
the units into a home ownership land trust which would allow an income-qualified buyer to
purchase the home and build wealth. Staff has had an initial conversation with the non-profit
Homes Within Reach (HWR) that operates a land trust in Hennepin County. HWR also receives CDBG
funds through the City to provide affordable homeownership opportunities in Plymouth and nearby
communities.
The land trust model can be an effective strategy for supporting homebuyers by helping to create
more affordability through the write-down of the land in the transaction. While home prices
continue to rise in Plymouth, placing the homes in a land trust helps extend affordability through a
99-year land lease. At the time of sale, the owner is allowed to recoup their equity in the home
(minus the land value) and the new buyer would need to be income-qualified to purchase the
home. HWR provides an important bridge to homeownership in communities like Plymouth, where
the high median sales price of homes makes it difficult for first-time homebuyers to purchase a
home. Staff has arranged for representatives from Homes Within Reach to provide a short
33
presentation on what the group does and how the land trust model works. In the event the HRA is
interested in this concept, staff would come back at a later date with more details, including
potential deal points with HWR.
The current plan is to focus on disposition of the Garland Lane properties. The HRA also owns two
additional units known as Valor Place, which provides rental housing for veterans. HWR has
indicated that they are not interested in taking over these units due to the restrictions placed on
potential buyers. Staff has had some initial conversations with representatives from ODC about
Valor Place. Due to the complex financing arrangement on Valor Place, staff has prioritized the
Garland Lane properties for the time being. A long-term plan will also be needed for Valor Place.
Those options will be explored in the coming months.
RECOMMENDATION:
Staff is seeking feedback and direction from the HRA on whether to pursue disposition of the
Garland Lane properties at this time and working with HWR on a potential land trust arrangement.
3. Budget Impact:
N/A
4. Attachments:
Plymouth Presentation 3-28-2024
34
COMMUNITY
LAND TRUSTS
PROVIDING
AFFORDABLE
HOMEOWNERSHIP
OPPORTUNITIES THAT
LAST FOR
GENERATIONS
35
AGENDA
CLT’s in MN
How CLTs Work
Community Benefits
Buyer Requirements
Unique to CLT’s
CLT’s vs Other funding
CLT Myths
CLT Funding
Homes Within Reach
Q & A
36
BROADER
ECOSYSTEM OF
CLTS
•Over 350 CLTs nationally
•14 CLTs in MN
•MN Community Land Trust
Coalition
•Over 1,400 Homes in Trust in MN
•7 CLTs in Twin Cities Metro
(largest concentration of
affordable homeownership CLT
homes in Nation)
•Increasing interest from funders
and government in shared equity
homeownership
37
OUR WHY
38
Average cost
of a home in
Twin Cities
metro area
in 2023
$434,912
39
Median Household Income
Needed to purchase Average Home
$100,548
40
The land trust
boosts buying power
making
homeownership
possible
41
THE LAND TRUST MAY
NOT BE FOR
EVERYONE…
FOR THOSE WHO
NEED IT, IT’S A TOOL
UPON WHICH TO
BUILD A POWERFUL
NEXT STEP.
42
CLT: THE BASICS
Bridge the difference between
buyer’s mortgage and cost of
property
The typical CLT investment
ranges from 20%-50% of the
total purchase price of the
property
Affordability Investment -
typically tied to title of land via
Ground Lease (Deed
Restriction if Condo)
If property sells, owner agrees
to income + resale restrictions
43
RESALE EXAMPLE
Purchase Price:
Buyer’s Mortgage:
CLT Affordability Investment:
10 years later…..
Property Value:
Property Value Increase:
Homeowner’s Share (25%) of Increase:
Property Value:
Less Initial CLT Investment:
Less CLT’s Share (75%) of Increase:
CLT Future Affordable Price at Resale:
$350,000
$200,000
$150,000
$450,000
$100,000
$ 25,000
$450,000
-$150,000
-$ 75,000
$225,000
Assume same as appraised value
57% of total property value
Multiple sources of funding,
Less $350,000 original appraised value
Plus mortgage principal paid + DPA
satisfied + eligible capital improvements
50% of total property value
44
HOMEBUYER
REQUIREMENTS
80% or less of Area Median Income at time of buyer closing
CLT orientation
CLT Application
Homestretch Certificate
Lender Pre-approval
Attorney Review
Other –project/program/funder specific as necessary
45
ITEMS UNIQUE
TO CLTS
Owner-Occupancy Requirement
Lease Fee
4d Property Tax Class Rate of .75% (2025)
Leasehold Appraisal w/site (land) valuation
Refi –HELOC consideration
Capital Improvements
Stewardship and Homeowner Support
46
HOMEBUYER AND COMMUNITY BENEFITS
47
BONUS
FACTOR
WITH
CLTS
#1: CLT homeowners don’t pay PMI (Private Mortgage Insurance)
#2: CLT homeowners will have 25%reduction in property taxes
beginning in 2025.
#3: To date,no Metro CLT home has been lost back to the market
#4 MN Housing structures affordability gap as grants to CLTs ($ stays in
your community)
#5 Metro CLTs are serving households at an average of
approximately 60% AMI, many closer to 50% AMI
#6 70% of Past CLT Homeowners have purchased market -rate home
within 2 years of selling CLT home (CLCLT survey/report)
#7 108% Return on Investment of public sector funds
48
FORGIVABLE LOAN
When to Use:
•Wealth creation
•Incentivize challenging neighborhoods
•Small investments
•Limited staff time
Forgiveness:
Loan with no expectation of repayment
Modified from Grounded Solutions Network Presentation, 2019
$335K
49
DEFERRED INTEREST LOAN
When to Use:
•Moderate markets
•Moderate investments
•Ability to make up the subsidy gap
•Moderate staff time
Recapture:
Subsidy is recaptured and reused
Modified from Grounded Solutions Network Presentation, 2019
$183K
$152K $335k
$245K
50
PERPETUAL AFFORDABILITY
When to Use:
•Hot markets
•Large investments
(even in weak markets)
•Preserving affordability
•Significant staff time
Retention:
All subsidy is retained in the home
Modified from Grounded Solutions Network Presentation, 2019
51
HOW THE APPROACHES COMPARE
Modified from Grounded Solutions Network Presentation, 2019
52
TOP 10
COMMON
CLT
MYTHS
#1: CLT homeowners don’t receive any equity when they sell.
#2: CLT homeownership is second-class homeownership, keeping low-income people poor.
#3: The CLT receives all the sales proceeds at resale.
#4 CLTs take the cost of the land out of the transaction.
#5: CLT homeowners can’t use other downpayment assistance programs.
#6: CLT homeowners are not allowed to make changes to their homes or the land.
#7: There is no incentive for CLT homeowners to make improvements to their home.
#8: CLT homes bring down surrounding property values.
#9: CLT homeowners aren’t allowed to refinance nor obtain a home equity loan.
#10: CLT homeowners aren’t allowed to give or will their homes to their children.
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HISTORICALLY (OVER THE PAST 10 YEARS), APPROXIMATELY
5%, OR ABOUT $12 MILLION/YEAR,OF THE MN HOUSING’S
(STATE OF MN), AFFORDABLE HOUSING INVESTMENTS
(CHALLENGE FUND + HOUSING INFRASTRUCTURE) THE
ENTIRE AFFORDABLE HOUSING CONTINUUM
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STATE FUNDING AWARDS (2012-2022)
35.2%
23.7%
29.5%
34.8%
41.6%
42.8%
22.4%
26.8%41.2%
44.4%
51.7%
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
MN Housing Affordable Homeownership Investments
% Permanent Affordability to Total Homeownership Awards
Total MHFA Homeownership - Permanent Affordability (CLTs)
Total MHFA Homeownership Awards - non-permanent affordability
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2023 SINGLE-FAMILY RECOMMENDATIONS (12/7)
Community Land Trust -Metro Total Recommended
Carver County CLT $100,000
City of Lakes CLT $3,294,250
Homes Within Reach $9,600,000
Rondo CLT $5,916,500
Scott County CDA $2,571,000
Twin Cities Habitat for Humanity $8,110,000
Two Rivers CLT $1,902,966
TOTALS $31,494,716
$108.4M Statewide; $73.0M Twin Cities Metro (figures do not included loan funds)
Total of $56,569,736 CLTs + Shared Equity Statewide, representing 52.1%of State SF Funding
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SERVING THE
SUBURBAN COMMUNITIES
OF HENNEPIN COUNTY
Created in 2001 in Minnetonka to provide permanently affordable home ownership
opportunities for low to moderate income households in suburban Hennepin County.
Our Vision
To transform peoples lives through homeownership!
Our Core Values
Belief in Homeownership
Bringing stability into people’s lives
Creating value for communities and families
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BENEFITS OF THE
HOMES WITHIN REACH CLT MODEL
Homeowner Benefits
Quality Properties
Affordable homes
Desired suburban locations
Community Benefits
Expanded homeownership opportunities
Retained community wealth
Enhanced residential stability
Preserved housing affordability
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HOMES WITHIN REACH CURRENT
PORTFOLIO
205 Homes in the portfolio
Serving 14 Suburban Communities
Bloomington, Brooklyn Park, Crystal, Deephaven, Eden Prairie, Edina, Golden Valley, Maple Grove,
Minnetonka, New Hope, Plymouth, St. Louis Park, Richfield and Wayzata
*Expanding to more communities in 2024
Helped 245 Families achieve Homeownership
Through 29 resales in 11 communities
Family Demographics
Average Median Income 58.6%
51% identify as underserved households
2 children average per household
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HOMES WITHIN REACH
IN THE CITY OF PLYMOUTH
2 Homes
First home acquired in August 2021
3 bed, 1 bath, 2 car detached garage
$38,000 in rehab –including adding a 2nd bathroom
Sources of funding –City of Plymouth, Hennepin County, Metropolitan Council, MN Housing
Finance Agency and Homebuyers Mortgage
Second home acquired in June 2023
3 bed, 2 bath, 2 car attached garage
$52,000 in rehab
Sources of funding –City of Plymouth, Hennepin County, Metropolitan Council,
MN Housing Finance Agency and Homebuyers Mortgage
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PLYMOUTH’S FIRST CLT HOMEOWNER
Meet Nickie, she & her 2 boys had been renting in Plymouth for 8 years!
Nickie moved to the USA 16 years ago. Through determination & hard work she become a
citizen, got an education & start a family. She works as a certified medical assistant. She always dreamed of owning a
home & had looked at but simply could not afford homes in the community she loved, Plymouth.
After searching for 2 years, Nickie learned about HWR. She applied & was approved for the program. Staff began
looking for the perfect home her. HWR acquired a great home in a wonderful neighborhood. The location meant her
boys would not need to change schools & they had friends living only a block away! The sellers of the home were
happy to sell the home to HWR as they knew the home was going to be preserved and sold to a hardworking family.
HWR began the rehab work on the home.
Nickie closed on her home the winter of 2021. She went from paying $1,600/month in rent to a house payment (PITI)
of $1,278. As a first generation homebuyer she feels truly fortunate. At the closing she received a bottle of wine
which was a gift from the previous homeowner. It had been made from the grapes from the vines in the
backyard. It brought a tear to Nickie’s eye. She stated “Homes Within Reach has been a blessing for me
and my family. You were very good to work with and so nice. This is a good organization.”
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QUESTIONS
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Regular
Housing and
Redevelopment
Authority
March 28, 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:
Attached is a written update on the latest development and housing news. Please note that the City
Council's discussion of the inclusionary housing policy has been tentatively moved to April 9th.
Previously we reported that the topic would be discussed on March 26th. Some councilmembers are
traveling and unavailable next week. The April 9th date has been identified as an alternate. Staff
will provide additional details in advance of the April meeting.
The HRA Work Plan is also attached for reference to provide context on progress made to date.
3. Budget Impact:
N/A
4. Attachments:
HRA Updates (March 2024-V3)
2024 Work Plan (HRA) 1-25-2024
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MEMORANDUM
DATE: March 22, 2024
TO: HRA Commissioners
FROM: Grant Fernelius, CED Director/HRA Executive Director
SUBJECT: Updates for March 2024
Inclusionary Housing Policy
The Inclusionary Housing Policy has been re-scheduled for April 9th because the full council
cannot participate in the discussion on March 26th. Staff will provide updates if something
changes.
Prudential Redevelopment
Image courtesy of Roers and Scannell
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On March 12th Scannell and Roers Co. received approval from the City Council for their
redevelopment of the former 75-acre Prudential site. The plan calls for a mix of housing
(apartments, 800 units +/-), restaurants, general retail, a grocery store, med-tech businesses,
and the new home of Summit Orthopedics.
Image courtesy of Roers and Scannell
The city and the developer are still discussing the details of the project as it relates to T ax
Increment Financing (TIF) assistance and level of affordability. The city plans to utilize up to
75% of the increment to pay for off-site improvements, including Phase 3 of Chankahda Trail
and nearby intersection improvements. The developer has already commenced pre-demolition
activities, tree clearing and plans to start site work this spring. Construction on the initial
buildings would likely begin this fall once building demolition, site work and utilities are
installed. The developer estimates the project will take 4-8 years to fully build-out.
Dietrich Development
No new updates since the February HRA meeting. Dietrich Development received approval in
January and is waiting for final approval from the Met Council for the Comprehensive Plan
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amendment, which is expected in April. Once that happens the developer will need to apply for
final plat approval (city council) and administrative approval of the Final PUD and Development
Agreement. As a reminder, this project includes 330 units of apartments and some stand-alone
retail on a vacant site near 10th Avenue and South Shore Drive.
Harbor Lane Proposal
Doran Companies has submitted applications for a preliminary plat, Planned Unit Development
(PUD) and PUD code amendment in support of their redevelopment of four office buildings on
Harbor Lane just north of Highway 55 and Fernbrook Lane. The applications have not yet been
deemed complete so a specific timetable cannot be provided at this time.
Wren on the Creek Apartments
No new updates since the February HRA meeting. 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)
No new updates since the February HRA meeting. The City granted a 2-year extension to the
PUD approval for Parkera in October 2023.
The Brooks Apartments
No new updates since the February HRA meeting. Construction of the Brooks Apartments
continues by Enclave Companies. The 219-unit complex is expected to open in late 2024 or
early 2025.
Four Seasons Mall
Staff continues to talk with a developer about the former Four Seasons Mall site. A preliminary
discussion with the city council is scheduled for May 14th. More details will be shared in
advance of the meeting.
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Housing Updates
The HRA division is now fully staffed! Denise Fletcher joined the HRA team on February 26,
2024, as an HRA specialist. Two HRA Specialists are responsible for the daily operations of our
Housing Choice Voucher program working directly with clients to implement the program.
Other Topics
Staff are continuing to monitor a few bills introduced this session that would severely restrict or
curtail local zoning authority (also referred to as zoning pre-emption). The bills cover a range of
topics from minimum parking requirements to the elimination of single-family zoning, lowering
minimum lot sizes, and limiting aesthetics/minimum design standards. Cities have expressed
concern that zoning pre-emption takes away local control and the ability to address land use
issues that vary widely across the state.
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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
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