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HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 10-24-2013MEETING AGENDA PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, OCTOBER 24, 2013 - 7:00 p.m. WHERE: Medicine Lake Room City of Plymouth 3400 Plymouth Boulevard Plymouth, MN 55447 CONSENT AGENDA All items listed on the Consent Agenda are considered to be routine by the Housing and Redevelopment Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner, citizen or petitioner so requests, in which event the item will be removed from the consent agenda and considered in normal sequence on the agenda. 1. CALL TO ORDER - 7:00 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes for September 26, 2013. B. Plymouth Towne Square. Accept Monthly Housing Reports. C. Vicksburg Crossing. Accept Monthly Housing/Marketing Reports. 3. NEW BUSINESS A. Plymouth Towne Square. Review and approve 2014 Budget. B. Vicksburg Crossing. Review and approve 2014 Budget. 4. ADJOURNMENT DRAFT MINUTES 01,40 PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY September 26, 2013 PRESENT: Commissioners Paul Caryotakis, Carl Runck, and Toni Jelinek ABSENT: Chair Kulaszewicz and Commissioner Willis STAFF PRESENT: Housing Program Manager Jim Barnes, HRA Executive Director Steve Juetten, Support Services Manager Denise Whalen, and Office Support Representative Tina Beckfeld 1. CALL TO ORDER Acting Chairman Caryotakis called the Plymouth Housing and Redevelopment Authority meeting to order at 7:00 p.m. 2. CONSENT AGENDA A. Approve July 25, 2013 HRA Meeting Minutes. B. Plymouth Towne Square. Accept Monthly Housing Report. C. Vicksburg Crossing. Accept Monthly Housing/Marketing Report. MOTION by Commissioner Jelinek, seconded by Commissioner Runck, to approve the consent agenda. Vote. 3 Ayes. MOTION approved. 3. PUBLIC HEARING A. Section 8 Housing Choice Voucher Program. Proposed changes to the Housing Choice Voucher Administrative Plan. Support Services Manager Whalen gave an overview of the staff report. Acting Chairman Caryotakis opened and closed the public hearing. No one was present to speak. MOTION by Commissioner Runck, seconded by Commissioner Jelinek, to approve the proposed changes to the Housing Choice Voucher Administrative Plan to be effective immediately and submission of the 50077 CR to Housing and Urban Development (HUD) for the fiscal year beginning January 1, 2014. Vote. 3 Ayes. MOTION approved. Draft Plymouth Housing and Redevelopment Authority September 26, 2013 Page 2 4. NEW BUSINESS A. HRA Budgets. Review and approve 2014/2015 HRA Budgets. Housing Manager Barnes gave an overview of the proposed CDBG budget. Support Services Manager Whalen gave an overview of the proposed Section 8 budget. Support Services Manager Whalen explained that it is important to try and stay at the number of allocated vouchers to ensure HAP funding at the beginning of the new year. This will assure adequate funding on both the HAP and administrative sides. Commissioner Jelinek asked what would affect the percentage of funding for HAP. Support Services Manager Whalen responded that funding is determined by HUD at the federal level, which staff has no control over. Commissioner Jelinek asked when we will know what the HUD funding will be. Support Services Manager Whalen responded March or April. HRA Executive Director Juetten added we are two to three months into the year before we know what the HUD funding will be. Commissioner Jelinek asked if there would be an adjustment at that time. HRA Executive Director Juetten responded to date we have not had to go into reserves for HAP funding. The reserves have been built up over time and help cover the gap. We will reevaluate if we want to continue the Section 8 program if the reserve goes too low. Housing Manager Barnes added that the reserves are from federal money not HRA General Fund reserves. Support Services Manager Whalen stated the unrestricted net assets come from savings of administrative fees due to many port in clients. Housing Manager Barnes gave an overview HRA General Fund staff report. He stated that the Garland property was added to the budget. He gave a history of the Garland property to the commission as to how the HRA came to acquire the property. Commissioner Runck asked if there was a need for scattered site rental housing in Plymouth. Draft Plymouth Housing and Redevelopment Authority September 26, 2013 Page 3 Housing Manager Barnes stated that other HRAs do scattered site rental housing and that it was one way to provide affordable housing. Additional rentals would require more staff to manage or the HRA could expand its contract with Grace Management to manage them. The tax levy would have to be used on a year-to-year basis or reserves to fund the acquisition. The decision to fund the Garland property was because $70,000 of HRA money was invested and the property went into foreclosure. Housing Manager Barnes stated that more of these opportunities could be brought to the board. Commissioner Jelinek said she liked the idea of bring opportunities to the board, but she didn't necessarily want the staff to seek them out. Housing Manager Barnes responded that staff would bring any future viable opportunities to the board for discussion. Commissioner Jelinek questioned the Revenues (4200.200) in the CDGB budget. Housing Manager Barnes explained that the report may look skewed because the CDBG program has a fiscal year July -June and the city budget is January -December. Commissioner Jelinek asked why the drop in funding for CDGB compared to 2012 and 2013. Housing Manager Barnes replied the CDGB funding levels have been reduced over the years. There were years that we were getting more dollars and they were allocated to affordable housing. Part of the funding in 2012 was from the stimulus money. HRA Executive Director added that in some years we have carry-over funds in the CDBG program. Commissioner Runck as why the tax levy has remained flat. Housing Manager Barnes responded the entire Community Development program has been directed by HRA Executive Director Juetten to maintain budgets as not to raise the levy. The council adopted 2 'h % or less for an increase but would like to be at 2 %. HRA Executive Director Juetten explained the HRA conservative budgeting. Even with the new construction revenue generating funds, the budget remains stable. This allows for building reserves for a time when new construction revenues fall. Housing Manager Barnes stated our buildings are getting older and will require more maintenance so we may need to increase the levy in coming years to account for the increases. MOTION by Commissioner Jelinek, seconded by Commissioner Runck, to approve the 2014 HRA budgets and recommend that the City Council adopt the 2014 HRA preliminary budgets. Draft Plymouth Housing and Redevelopment Authority September 26, 2013 Page 4 Vote. 3 Ayes. MOTION approved. 5. ADJOURNMENT MOTION by Commissioner Runck, seconded by Commissioner Jelinek , to adjourn the meeting at 7:48 p.m. P PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Jeff Lelivelt, Managing Director, .Plymouth Towne Square Date: October 16, 2013 Re: PTS Monthly Report for September 2013 October Newsletter and Calendar attached Occupancy/Marketing Current Occupancy — 99 units Current Wait List Status: One Bedroom — 70 applicants; the list is closed Two Bedroom -- 22 applicants Apartment 124 new resident moved in on 917. Administrative/Building Operations The garage leak in the west wing was fixed on 916. Cost was $3,400. 2'B All cracked and damaged windows in the building were replaced on 9/16 with the exception of the first floor north wing. Windows have been ordered for those and will be replaced in early October. Total cost is $15,252.42. After a loss of internet access the PTS computers were repaired. It was determined that the wireless access needed to updated. The office computer is now on an entirely separate network from the resident computers. Resident Services On 9/4 PTS hosted its annual Flu Shot Clinic. 31 residents received their immunizations. On 9112 Phil Breker, Pharmacy Manager of the Lund's Prairie Stone Pharmacy gave a presentation on Prescription Safety. 24 residents attended. The Resident Meeting and Birthday Bash were held on 9/19 with 57 residents attending. 15500 37th Avenue North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 • Fax: (763) 551-0144 Owned by Plymouth Nousing and Redevelopment Audiotity Balance Sheet PLYMOUTH T'OWNE SQUARE As Of September 30, 2013 ASSETS CURRENT ASSETS M I PETTY CASH M I OPERATING ACCOUNT M I SEC DEPOSIT CASH ACCOUNT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REGTENANTS INTEREST RECEIVABLE PREPAID PROPERTY INSURANCE PREPAID OTHER TOTAL CURRENT ASSETS FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING BUILDING IMPROVEMENTS FURN, EIXT & EQUIP -GENERAL FURNITURE & FIXTURES - HOUSEKEEPING COMPUTERSIOFFICE EQUIPMENT ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES TOTAL. CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS BONDS PAYABLE - SERIES 2011A BOND PREMIUM TOTAL LIABILITIES EQUITY RETAINED EARNINGS RSRVD FOR DS RETAINED EARNINGS TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Ending Balance Total 500 134,423 54,666 808,286 272,466 1,750) 2,500 20,495 3,257 459,247 111,390 5,767,619 301,779 379,211 8,696 13,060 3,320,752) 22,469 2,036 3,515 47,894 23,685 54,266 3,165,000 72,664 111,865 1,436,248 1,294 ,844 3,720,248 5,015,093 99,601 3,291,930 3,391,531 1,547,913 75,649 5,015,093 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Throilgh September 30, 2013 MTD Actual Budget Var. YTD Actual Budget Var, Year Budget INCOME APARTMENT RENTAL REVENUE 52,528 53,871 1,143) 469,918 483,039 13,121) 644,052 HRA INDIVIDUAL 17,167 17,167 0 154,503 154,503 0 206,004 BAD DEBT 0 0 0 5,039) 0 5,039) 0 GARAGE RENT 2,981 2,880 81 26,676 25,920 758 34,560 GUEST ROOM REVENUE 110 193 83) 1,430 1,737 307) 2,316 LAUNDRY REVENUE 642 690 48) 7,569 8,010 441) 10,880 APPLICATION FEE REVENUE 0 53 53) 325 477 152) 636 TRANSFER FEE REVENUE 0 0 0 0 500 500) 500 INVESTMENT INCOME 839 833 6 15,853) 7,497 23,380) 9,996 MISCELLANEOUS REVENUE 20 275 255) 202 2,475 2.273) 3,300 TOTAL INCOME 74,487 76,962 1,495) 639,700 684,158 44,458) 912,044 EXPENSES ADMINISTRATION MANAGER SALARIESIWAGES 3,709 3,750 41 32,225 33,750 1,525 45,000 PAYROLLTAXES 625 692 67 6,368 6,228 040) 6,304 HEALTH INSURANCE 534 1,050 516 4,251 9,450 5,199 12,600 WORKERS COMP INSURANCE 54 178 124 511 1,602 1,091 2,136 MAINTENANCE SALARIESIWAGES 1,523 1,551 28 13,299 13,959 660 18,812 MAINTENANCE ASST SALARIESIWAGES 1,631 9138 E43) 9,782 8,892 890) 11,656 EMPLOYEE COSTS 80 51 29) 807 459 408) 612 SEMINARITRAINING 0 25 25 255 225 30) 300 BANK TEES 15 5 10) 43 45 2 60 DUES, SUBS & MEMBERSHIPS 0 0 0 0 55 55 55 LICENSE & PERMITS 0 0 0 200 694 694 094 MILEAGE REIMBURSEMENT 45 78 33 695 702 6 936 POSTAGFJOVERNIGHT EXPRESS 46 8 38) 92 137 45 151 PRINTING 0 10 10 695 9D 605) 120 MANAGEMENT FEES 4,40U 4,400 0 39,600 39,600 0 52,800 PROFESSIONAL FEES 0 300 300 1,409 2,700 1,291 3,600 TELEPHONE EXPENSE 500 470 30) 4,401 4,230 171) 5,640 EQUIPMENT LEASLIREPAIR 468 130 33B) 1,663 1,170 493) 1,560 OFFICESUPPLIES 122 85 37) 1,070 765 305) 1,020 MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 9U 90 120 TOTAL ADMIN EXPENSES 13,752 13,781 29 117,427 125,043 7,618 166,385 RESIDENT SERVICES RESIDENT PROGRAWACTIVITIES 101 200 99 3,249 2,500 749) 5,000 TOTAL RES SERV EXPENSES 101 200 99 3,249 2,500 749) 6,000 MARKETING ADVERTISING 0 15 15 0 135 135 180 PROMOTIONALIPARTIES 0 0 0 84 0 84) 0 TOTAL MARKETING EXPENSES 0 15 16 84 135 51 180 HOUSEKEEPING CONTRACTLABOR 1,394 1,489 96 12,992 13,401 410 17,666 CLEANING SUPPLIES 76 200 24 091 1,000 909 2,400 TOTAL HOUSEKEEPING EXPENSES 1,469 1,689 220 13,683 15,201 1,318 20,288 Profit and Loss Variance PLYMOUTH TOWNS SQUARE Through September 30, 2013 BUILDING & GROUNDS CABLE TV EXPENSE UTILITIES - ELECTRICITY UTILITIES - GAS UTILITIES - WATERISEWER WATER SOFTENING SERVICE DOORS, KEYS & WINDOWS FIRE SYSTEM SERVICE LAWN SERVICEILANDSCAPISNOW RMVL PEST CONTROL TRASH REMOVAL UNIT TURNOVER REPAIRS ELEVATOR -REPAIRS & MAINTENANCE REPAIRS & MAINTENANCE BUILDING & GROUNDS SUPPLIES HVAC - REPAIRS & MAINTENANCE MISCELLANEOUS B & G EXPENSES TOTAL BUILDING & GROUNDS OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE PAYMENT IN LIEU OF PROPERTY TAX TOTAL OTHER OPERATING EXPENSES TOTAL OPERATING EXPENSES NET OPERATING INCOME I( LOSS) DEPREC, INT EREST& OTHER EXPENSE DEPRECIATION EXPENSE AMORTIZATION EXPENSE RESERVEIREPLACE CAPITAL EXPENSE INTEREST EXPENSE TOTAL DEPREC, INTEREST & OTHER NET INCOME I (LOSS) MTD Actual Budget Var. YTD Actual Budget Var. Year Budget 55 60 4 501 540 39 720 2,905 2,371 535) 22.602 18,993 3,609) 24,966 585 700 115 13,530 17,025 3,495 24,525 952 665 207) 6,906 7,325 419 9,320 235 345 109 2,550 3,105 555 4,140 205 428 223 628 3,852 3,226 5,136 2,157 400 1,757) 3,377 3,600 224 4,800 1,094 1,600 506 17,811 14,400 3,411) 19,200 145 47$ 328 434 4,257 3,823 5,676 296 670 375 3,226 6,030 2,604 8,040 0 3,850 3,850 27,125 34,650 1,525 46,200 505 623 118 4,549 5,607 1,058 7,475 3,985 1,500 2,485) 19,977 353500 15,523 40,000 1,872 1,600 72) 7,508 14,400 6,892 19,200 218 900 662 3,306 8,100 4,794 10,600 0 15 15 0 135 135 180 15,012 16,200 1,188 134,029 177,519 43,490 230,379 2,537 2,592 55 22,132 23,328 1,195 31,104 2,632 2.666 34 23,685 23,994 309 31,992 5,168 5,258 90 45,817 47,322 1,505 63,096 35,502 37,143 1,641 314,4BB 367,720 53,232 485,309 38,965 38,819 146 325,212 316,430 8,774 426,735 16,450 16,833 383 148,045 151,497 3,449 201,996 527 250 277) 4,739 2,250 2,409) 3,000 13,616 0 13,516) 24,596 28,200 3,604 28,200 8,097 7,982 115) 72,180 71,838 342) 95,784 38,690 25,065 13,625) 249,563 253,785 4,222 320,900 276 13,754 13,470) 75,649 62,653 12,996 97,755 W N pp m N N N d m Y vi M W N F ry W CNOI_ N V1 4 W N N m 50 m V V h 9 p Q N 7 n LO luN LU4 m w 7 Z K F' w Mn 7 W CL r CJ Z a g W xx N W Wx 4 wW W 0 v "1 p o 0 0 0 o p o o O o o P o Q P P P P O O P P 0 0 0 P 0 O P O O O O O O c a vv~ i Z 4 z a Zg¢¢ w}( li U W a W O I W i W z LL, F w 0 W O Z 0 o D U a> z z w a N Z U Z Z w Q O w p Z rc rc w N Q w d z 5 W r m 0Fw a m w m F g U c7 w z WNwyuwlwC7wN0 d w a w o I n 0 Z r w w o i 2 W z o o Oa> vi Q z r Y cr x i¢ F F g w nz. v 6 W f w 9 a a w a J 0 a 6 W w 0 p, o' w 6 w p 0 u a w m a z m o o p o fl o p o 0 0 0 0 0 0 0 0 0 0 0 o a a o 0 0 0 o a o 0 0 0 0 o p o 0 wa n O CL G0 W 4 M a m W ep r ry m r m T ti N y m N ry ry y 40 N d a o v M r CL _5 W, 2 0 v m a a m 0 rN, l P c c M a CL a w oN R o rn o0 0w u°oi m w N w m m a p a n N N r a n IL w CL l WWwN W N y TWw luN LU4 m w 7 Z K F' w Mn 7 W IL CJ Z a g W xx N W Wx 4 wW Zd r >> O 7 F W w (] Y g l7 a w C7 w w w ul m 111 w 0 F w W w vv~ i Z 4 z a Zg¢¢ w}( li U W a W O I W i W z LL, F w 0 W O Z 0 o D U a> z z w a N Z U Z Z w Q O w p Z rc rc w N Q w d z 5 W r m 0Fw a m w m F g U c7 w z WNwyuwlwC7wN0 d w a F W d' w Z r w w o i 2 W z o o Oa> vi Q z r Y cr x i¢ F F g w nz. v 6 W f w 9 a a w a J 0 a 6 W w 0 6 K m O w 6 w p 0 u a w m a W N C F a v r ry r y M M ry N v. en w o 0 NO ' d 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o a o 0 0 0 0 0 p {2 W o O o 0 0 0 O o 0 0 0 0 0 O o 0 0 0 0 0 O O 0 0 0 0 0 O 0 0 a o z v o 0 0 0 0 0 0 0 0 o a o 0 0 0 o a o a o 0 o a o o a a w o v N F r" N p O La n N ry .- N r c ry ry ViM M r r m in N 9 m o w O o N r Oi g O N y ViWO p M NN a M N d W 4 N Y N M m b N a - mq N N ry ry N N r N N oWmmN m a N •- r vi r T ry N y m N r C pw N N o 0 0 a O N m v4i r r N m Y m m r in N N N 0. 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Z a w 3 rc 4q O w 2 N W W Z V g d K pdrca 'U" w O w w 9 5- O c7w K --¢' u°Ci Y q z z z W O O a 6 N N y Y w O O h [7 rc mVw p p a y ul w w O W O w Y 4 90~ W a i F d Lurc W a H LSz p F¢ o w z w i pWF pF a O w w p g m 7 7 7 1 a J R m= a a r W z W 0 W z sky but rather openings where our loved ones shine down to letus THE FAR SWE GARY CARSON IYE7 IJ+x,x51 Pres Sy uhrax Ajrl--q's ionly I1Gf L1C7 0 u p, bo-cewp {7 0 R A WA M °p i7 b:-04a dit uwr OR A4 now Wpi s gOatigS- goMg on ckmon i Wdr STUFF YOU MUST KNOW DONKEYS KILL MORE PEOPLE ANNUALY THAN PLANE CRASHES M05T LIPSTICK CONTAINS FISH SCALES YOU BURN MORE CALORIES WHEN YOU SLEEP THAN WHEN WATCHING TV 80% OF ALL THE PEOPLE THAT WATCH THE 5UPERBOWL DO 50 TO SEE THE COMMERCIALS MCDONALD'5 CALLS FREQUENT CUSTOMERS "HEAVY U5ER5".... just sayin.... 1 RAGWEED PLANT CAN RELEASE AS MANY AS Z BILLION GRAINS OF POLLEN....so that's why I'm sneezing today.... yy i i & L• a R' a 4 .. GROANERS WHAT DO YOU CALL A BOOMERANG THAT DOESN'T COME BACK? .... A STICK. WHAT'S RED AND SMELLS LIKE BLUE PAINT? .... RED PAINT. STATISTICALLY, 6 OUT OF 7 DWARFS ARE NOT HAPPY. WHAT'S GREEN AND FUZZY AND IF IT FELL OUT OF A TREE IT COULD KILL YOU? .... A POOL TABLE. Building Repair The outside work to repair the leak into the garage has been completed and the bushes have been replaced. The window replacement is almost completed. You can find updates on the bulletin board when the installation of the remaining windows is scheduled. Computers and Internet Activity The problem with the computers in the computer room has been fixed. Also, an unse- cured Internet connection has been set up in the building which will allow anyone without an Internet connection to use their own laptop in the building. Referred to as `hot spots' you can find these spots in the sun room, fireplace room, lobby area, activity room, some of the dining room and a few other places. Try connecting to those spots in various places to find the best signal. You may even be lucky enough to find a spot in your own apart- ment. It depends how far away you are from the modem. When you open your computer and use your server, such as Internet Explorer, a list should pop up_ Click on the PTS connection. That should be enough to connect you to the Inter- net. Be advised that these spots are unsecured! Agiffoad %owl( cfjaa -& Oe, ta6e, 2013 October Activities Monday, October 21 -Soup and Salad With Jeff Jeff will be hosting another of his famous soup and salad luncheons on October 21st, 11:30 am. He will supply the salad and we supply the soups. A sign up sheet will be in the dining room. Thursday, October 24 -Birthday Bash The usual Birthday Bash held on the 17th at 2:00 will include entertainment to make it even more special. No word yet as to who or what will be here. Be surprised! Wednesday, October 30, Halloween Party and Catered Dinner, 5:00 PM What better way to celebrate fall than with a Halloween party. You are invited, but not required, to come attired in a costume. Serving will begin at 5:00 and include a catered dinner. Cost is $5. Ticket sales to be announced Entertainment will be a sing along with Dee Rees. This is the usual monthly sing along. Maybe we can come up with some scary songs? American Flag Disposal One day last week someone found an Ameri- can flag by the dumpster. Most likely whoever put it there knew there was an appropriate way to dispose of it but did not know what it was. If you have a flag that you don't know what to do with you can bring it to Jeff. He has some- one who will dispose of it appropriately. Paul and Sally Hahn Paul and Sally have been at PTS since August 24, the day the movers brought in their bed. They moved here from Ft. Myers, Florida where they lived in a retirement community for ten years but decided to exchange warm winters for the joy of being close to their three children here in Minnesota. Until they moved here they stayed with a daughter who lives in Plymouth. Before moving to Florida they lived in Bloomington and Eden Prairie. Paul had a tax business for many years before he and Sally retired. Paul was the numbers guy and Sally managed the employees and the business that grew to around 80 people each tax season. Their positive experi- ence in Florida encouraged them to be part of another retirement community with other like minded people and we are fortunate they choose our community. Ailing He Ifyou are up early enough you may see Ailing outside going through her Tai Chi exercises and maybe even jogging around the building! What an inspiration. Ailing grew up in China in Shanghai. Her father was a businessman and she was one of 8 children. She attended college in Peking and wanted to be a scientist but that did not happen because the Mao revolution did not honor education. She was sent to the country to work on a farm in very primitive conditions. She married and had a daughter. Eventually she became a physics teacher at a university until she retired ten years ago. She began visiting her daughter after she retired and returned periodically until she was granted a green card a year ago. She lived with her daughter until she moved to PTS in August. She is learning to play the piano and likes sewing. radifill ADVICE FROM A TREE Stand tall and proud Go out on a limb Remember your roots Drink plenty of water Be content with your natural beauty Enjoy the view Groaners Part II -4h NoahN Why were there no worms on the ark?... worms come in apples not pairs.... Why couldn't they play cards on the ark?.... Noah was sitting on the deck.... What did Noah say as he loaded the ark?.... now I herd everything.__. Where did Noah keep the bees?... in the ark -hives... Where was Noah when the lights went out?.. in dark.. As we grow up, we realize it becomes less important to have more friends and more important to have real ones. PT OCTOBER BIRTHDAYS Happy Birthday to the following residents who are celebrating birthdays this month! JIMMY CARTER 1 AVRAM MENDYUK 2 BETSY PALM 3 MARILYN BOS 5 ELEANOR NAPOLITAN 6 PETR MYSKIV 7 SIMON COWELL 7 BRETT FAVRE 10 LEONA PETERSON 16 SHIRLEY SKAY 23 PAT SAJAK 26 GEN MOORE 27 EVA TRACY 27 BILL LEACH 29 ELAYNE MCFARLAND 29 HENRY WINKLER 30 U U U U U h h h h O O O O 00 00 00 N E—s qboo ba eo bo On cn d 0 N R b R N R 011 Uce, G qu00i 0.i Q M q N 00tl ^' 4 N 4 M QN N co q N qC q C% N NN Ql ON N N ON ON N U Ln UU Ln UU 6L cn O O O aD O O OM g M p M p ti M p O tl W q R] O q d W q oq M N o t3oq M N M Cn N 00 t3 o n N o; r ti n cy o\ . n M O n f .4L, r V cLburg CmSsitg MEMORANDUM To: Jim Barnes From: Sara Paquette Date: October 11, 2013 RE: Vicksburg Crossing Monthly Report for September 2013 October Newsletter and October Calendar attached Rentals: As of September 30th we have 93 occupied apartments with 1 vacant, and we have 2 deposits at this time, giving us a total of 0 apartments available to rent. Because we are anticipating a move out in October we have a deposit on an occupied apartment. The Low Income Apartment waiting list now has 39 names so we have been adding interested people to the list. Listed below is a breakdown of units that are occupied and vacant. Style (Total 9) Square Feet Bedrooms Occupied Vacant Deposits Est'd Move in Style A (23) 850 Sq Ft 1 Bedroom 22 1 1 October 15th Style C (8) 884 Sq Ft 1 + Den 8 0 1 Style C2 (8) 950 Sq Ft 1 + Den 8 0 0 Style D (8) 1187 Sq Ft 2 Bedroom 8 0 0 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 0 Style E2 (3) 055 Sq Ft 2 Bedroom 3 0 0 Affordable 33) 725 Sq Ft 1 Bedroom 33 0 0 TOTALS I 1 93 1 1 12 3755 vicksburg Lane N • Plymouth, 1%11N 55=147 9 Phone (763)559-1877 * Fax (763)559-0144 • NVAVVi.ci.plyinouEm-nn.us Owned by Plymouth Horsing and Redevelopment Authority EQUAL HOUSING OPPORTUNITY Move-Ins/Move-Outs: In September we had 1 move into an affordable apartment. Marketing Traffic is slowing down as the fall and winter approach. We have enough people that came earlier in the year to tour, and are now waiting for apartments, that we have been able to fill the apartments when they become available. Resident Services On Monday, September 23rd we had a volunteer appreciation luncheon. Vicksburg Crossing has a lot of residents that volunteer their time helping at parties, planting our outdoor landscaping pots, and doing other various things around the building. It was nice to take time to acknowledge them. We had good turn out for the luncheon which consisted of sandwiches, fruit, chips and cookies for dessert. In September we were able to offer a free Yoga class one day a week for the entire month. There was very good turn out for the class so in October we will start offering it once a week at a very minimal charge of $3.00 per resident per class. On Wednesday, September 11th the pharmacist from Lund's Pharmacy came to talk to the residents about drug safety and to answer any questions they have concerning their medications. We had someone come on Wednesday, September 18"' during coffee hour to provide information to residents about upcoming changes to Medicare in 2014. We had our monthly birthday party on Thursday, September 19th. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster and sang Happy Birthday. We also give each resident a card on their birthday. Building Issues We did not have any building issues this month. Balance Sheet VICKSBURG CROSSING A5 Of September 30, 2013 ASSETS CURRENTASSETS M I PETTY CASH M I OPERATING ACCOUNT M I SECURITY CASH ACCOUNT INVESTMENTS -WORKING CAPITAL FUND INVESTMENTS- DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID OTHER TOTAL CURRENT ASSETS FIXED ASSETS LAUD SITE IMPROVEMENTS BUILDING FURNITURE, FIXTURES & EQUIP -GENERAL COMPUTERSIOFFICE EQUIPMENT ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE HEARTS & MEMORIALS FUND DONATIONS ACCRUED PAYROLL ACCRUED COMPENSATED BALANCES ACCRUED INTEREST ACCRUED REAL ESTATE TAXES TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS BONDS PAYABLE BOND PAYABLE -2012A BOND DISCOUNT BOND DISCOUNT -2012A TOTAL LIABILITIES EQUITY RETAINED EARNINGS-RSRVD FOR US RETAINED EARNINGS TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Ending Balance 516 693,627 57,147 332,923 9,442,005 326 2,250 1,370 21,441 3,080 874,593 238,793 9,025,428 348,957 8,680 2,515,919) 7,882 16 2,153 3,516 58,815 40,942 58,199 9,880,000 9,890,ODO 26,760) 26,449) 10,135,881 11,243,779) Total 10,554,686 7,980,532 18,535,218 113.322 19,774,990 19,888,312 1,107,899) 245,196) 18,535,218 Profit and Loss Variance VICKSBURG CROSSING Through September 30, 2013 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 92,612 88,774 3,838 819,845 795,186 24,659 1,050,248 APARTMENT RENTAL REVENUE - COUNTY 2,135 2,646 511) 19,215 23,814 4,599) 31,752 HRA SUBSIDY - TAX LEVY 2,500 2,500 0 22,500 22,500 0 30,000 GARAGE RENT 2,943 2,925 18 26,527 26,325 202 35,100 GUEST ROOM REVENUE 0 100 100) 3,160 900 2,260 1,200 LATE FEE REVENUE 60 15 45 300 135 165 180 APPLICATION FEE REVENUE 70 53 17 595 477 118 636 TRANSFER FEE REVENUE 500) 0 500) 2,100 1,000 1,100 1,000 INVESTMENT INCOME 756 750 6 8,370) 6,750 15,120) 9,000 MISCELLANEOUS REVENUE 196 630 434) 3,859 5,670 1,811) 7,560 TOTAL INCOME 100,773 98,393 2,380 889,730 882,757 6,973 1,176,676 EXPENSES ADMINISTRATION MANAGER SALARIES 4,092 4,137 45 37,234 37,233 1) 49,644 PAYROLLTAXES 630 734 104 6,605 6,608 2 8,808 HEALTH INSURANCE 1,110 1.233 123 9,336 11,097 1,761 14,796 WORKERS COMP INSURANCE 61 160 99 415 1,440 1,025 1,920 MAINTENANCE SALARIESIWAGES 1,523 1,551 28 13,299 13,959 660 18,612 MAINTENANCE ASSTSALARIES 1,631 968 643) 9,793 8,892 891) 11,856 EMPLOYEECOSTS 80 51 29) 800 459 341) 612 SEMINARIrRAINING 0 25 25 255 225 30) 300 BANK FEES 5 5 1 17 45 28 60 DUES, SUBS 8 MEMBERSHIPS 0 10 10 55 90 35 120 LICENSE & PERMITS 0 0 0 876 876 0 876 MILEAGE REIMBURSEMENT 20 Be 48 437 612 175 816 POSTAGEfOVERNIGHT EXPRESS 13 11 2) 125 99 26) 132 PRINTING 0 5 5 50 45 5) 60 MANAGEMENT FEES 4,000 4,000 0 36,000 36,000 0 48,000 PROFESSIONAL FEES 80 225 146 4,338 2,025 2,313) 2,700 TELEPHONE EXPENSE 529 507 22) 4,616 4,563 53) 6,084 EQUIPMENT LEASEIREPAIR 76 120 52 604 1,152 468 1,536 OFFICE SUPPLIES 214 85 129) 889 765 124) ip20 TOTAL ADMIN EXPENSES 14,062 13,923 139) 125,813 126,183 370 167,952 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 432 275 157) 3,087 2,475 612) 4,825 TOTAL RES SERV EXPENSES 432 275 157) 3,087 2,475 612) 4,825 MARKETING ADVERTISING 0 400 400 1,945 10,608 8,663 11,808 PROMOTIONAUPARTIES 0 0 0 0 800 B00 900 TOTAL MARKETING EXPENSES 0 400 400 1,945 11,408 9,463 12,708 HOUSEKEEPING CONTRACT LABOR 926 1,040 114 6,817 9,360 543 12,480 CLEANING SUPPLIES 132 120 12) 1,008 1,080 72 1,440 TOTAL HOUSEKEEPING EXPENSES 1,057 1,160 103 9,825 10,440 615 13,920 Profit and Loss Variance VICKSBURG CROSSING Through September 30, 2013 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING 8 GROUNDS CABLE TV EXPENSE 120 123 3 1,083 1,107 25 1,476 UTILITIES - ELECTRICITY 2,421 2,674 253 18,089 21,225 3,136 27,437 UTILITIES - GAS 486 545 57 16,932 13,129 5,803) 10,794 UTILITIES - WATERISEVVER 1,178 1,160 18) 9,645 9,265 380) 12,040 WATER SOFTENING SERVICE 169 141 28) 1,441 1,269 172) 1,682 DOORS, KEYS & WINDOWS 0 93 93 133 037 704 1,116 FIRE SYSTEM SERVICE 246 321 75 1,551 2,669 1,338 3,852 LAWN SERVICE L.ANOSCAP/SNOW RMVL 912 1,500 58B 20,691 13,500 7,191) 18,000 PEST CONTROL 164 160 4 1,553 4,254 2,701 5,672 TRASH REMOVAL 953 800 63) 8,111 7,200 911) 9,600 UNIT TURNOVER REPAIRS 0 2,667 2,667 36.849 24 003 12,645) 32,004 ELEVATOR -REPAIRS & MAINTENANCE 413 460 47 5,253 4,140 1,113) 5,520 REPAIRS & MAINTENANCE 653 1,200 547 32,015 21,500 10,515) 27,400 BUILDING & GROUNDS SUPPLIES 769 800 31 6,024 7,200 1,176 9,600 HVAC - REPAIRS&MAINTENANCE 225 710 485 5,206 6,390 1,184 8,520 MISCELLANEOUS B & G EXPENSES 0 15 15 0 135 135 180 TOTAL BUILDING & GROUNDS 8,621 13,377 4,756 166,574 138,043 28,531) 182,903 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,662 2,669 7 23,316 24,021 705 32,028 PAYMENT IN LIEU OF PROPERTY TAX 4,549 4,490 59) 40,942 40,410 532) 53,880 TOTAL. OTHER OPERATING EXPENSES 7,212 7,159 53) 64,258 64,431 173 85,908 TOTAL OPERATING EXPENSES 31,383 36,294 4,911 371,502 352,980 18,522) 468,216 NET OPERATING INCOME I ( LOSS) 69,390 62,099 7,291 518,228 629,777 11,549) 708,460 DEPREC, INTEREST& OTHER EXPENSE DEPRECIATION EXPENSE 30,723 30,646 77) 276,503 275,814 689) 367.752 AMORT17ATION EXPENSE 208 303 95 1,871 2,727 856 3,635 INTERESTLXPENSE 181,338 38,415 142,923) 485,050 345,735 13B,315) 460,980 TOTAL DEPREC, INTEREST & OTHER 212,269 69,364 142,905) 763,424 624,276 139,148) 032,368 NET INCOME I (LOSS) 142,879) 7,265) 135,614) 245,196) 94,499) 150,697) 123,906) IvIA% v% 0 a y l a z N C 0 0 V C'jY CO R L 0 U. 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W a u K a W x Z ccOO0g 0 W U r O w FQy P4 LLWK "0 wm 7 w w w N - i m 0 L, 7 0E- z a a F H 0z Wa z a S F w J}-- d o K w O w Q } F 4 O 44 W z °1 w i m U 7 7 7 1 J R f 7 W R m S ' r rc ¢ O a a 6 W A' W L` W 4 Z f WD N z 0 z October 2013 I'm glad we had such good attendance at our volunteer appreciation luncheon. We have a lot of residents that volunteer in a variety of ways. Many people may not realize all that the volunteers do around the build- ing. They help at our parties, setting up, serving, and cleaning up after the party, and we also have volunteers who decorate the building, plant our outdoor flower pots, and make coffee for our Wednesday morning coffee hour. It was nice to take time to recognize all those who help make Vicks- burg Crossing such a great community. tiick5bttag Crossing September was warm and sunny so lets hope that pattern continues into October. It would be nice to have an extended fall after our abbreviated summer. By the end of the month, just in time for our Halloween party, I'm sure we can count on some frosty weather! Halloween Party This year our party will be on Thursday, October 3 i st at 5:30 in the community room. The entertainment will be provided by CUDO which is a saxophone and keyboard duet. They have performed here before and everyone really enjoyed the show. We will be having penne with meatballs, garlic bread, salad and dessert. The cost for the party will be $6.00. Tickets will be on sale in the community room on Thursday, Oc- tober 24th and Friday, October 25th. You may purchase tickets in the office until Monday, October 28th. If you would like to volunteer to help the night of the party there will be a sign up sheet outside the office. 1k tt, Ilk b1, ."?bloc k S' It, 11k 'k kt, .!s, .5;, It, ~'k, t, K', kk, 'n`, t, tk k, ek kv 11\ Happv Birthdavto the followinu Thursday, October 17th at 2:00 in the Community Room The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday) Our birthday party is always on the 3rd Thursday of the month. Dennis Patraw October 6th Claudia Tomlin October 9th AJ Doerner October 17th Joan Nelson October 22nd Nancy Rohrer October 23rd Betty Peterson October 24th Carol Clemens October 25th s Donna Hawkinson Marion Hall Mary Ann Bauer Yoga October 25th October 26th October 28th We had great turn out for Yoga this month and everyone seemed to really enjoy the class. I will be in contact with Kelly, from Comfort Keepers, and I hope she will be able to 4-1 continue teaching Yoga at Vicksburg Crossing. As soon as I have more information 11-11 I will let everyone know whether Kelly is still interested in teaching the class, what the cost would be and when she would be available. Don't miss our next resident meeting on Wednesday, October 2nd at 9:00 in the community room. All residents are welcome! Hope to see you at the meeting. Maintenance and Building Updates Many residents do not realize that doing your wash late at night or really early in the morning can disturb your neighbors. Please try to get your washing done during reasonable day time hours. Maintenance would like to inform residents that when you purchase the globe lights for your bathroom you should get Sylvania bulbs. Thank You!! Hearts & Memorial P If you would like to donate to the Hearts and Memorial fund lease include $1 cash with V y p f your rent check. You may donate 1 time, each month, every other month or not at all, it is completely voluntary. We use the funds to buy flowers for the residents who have been Vhospitalizedorwhohavelostalovedone. V, Thank You ! ! ! 1 Rent is due on or before Saturday, October 5th 9/ Y }- 1! lZad mq i r U - C 0 2 S rz 0 Lo a o a Cc) L;i 13 Q) E ca U Erz 00 Cl Cl) co Q, Cl) AD m —i ZS OAS j OQ) JS Q ZOE S Ei is Qs tl 01u r4 (Z' C4 cz tl C4 cz r4 N 4i Q) Ei E Ei ts v C13 ca 6 cu CUa b 0 0 Z3, 0 a Co Co ol 21 C) C-) Cc) Q) C4. C) top co cc p 0, N co pi TO: FROM: MEETING DATE: SUBJECT: BACKGROUND: Agenda Number PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT Plymouth Housing and Redevelopment Authority 3.q. Jim Barnes, Housing Manager through Steve Juetten, Executive Director October 24, 2013 Plymouth Towne Square Approve 2014 Operating Budget Staff has reviewed the budget for Plymouth Towne Square (PTS) submitted by Grace Management for the operation of the property for January 1, 2014 through December 31, 2014, including a current estimate of actual expenditures for 2013. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the IIRA board. 2014 BUDGET: Revenue: Overall revenues for the 2014 budget are based on maintaining occupancy of 98%. Income is also received from garage rentals, application fees, and investment income. Rental Revenues for 2014 are anticipated to be $630,739, which is down approximately 13,000 from last year. This is a result of more residents occupying the building with lower incomes. The overall income for the building is projected to be $911,219. Staff is recommending that rents be increased for the 2014 budget year. This will assist the HRA in offsetting lower rental revenue and lessen the levy increase. The levy amount proposed for 2014 is projected to be $215,000, which is $9,000 higher than 2013. Expenditures: Staff has reviewed the 2013 year-to-date budget and contacted our vendors to arrive at the anticipated 2014 expenditures. Expenditures will be similar to 2013. While some line items increased, staff was able to make adjustments in other line items to keep the overall expenditures in line with the previous years. Reserve/Replacement Account: The 2014 budget anticipates adding $84,000 to our replacement reserve account, which is the same as last year. In 2013, staff updated the Reserve/Replacement schedule to ensure that there is sufficient capital set aside to maintain the property over the long term. Staff is proposing a number of capital improvements to the building in 2014 including the replacement of appliances, the purchase of chairs and tables for one of the community rooms, the installation of a security camera key fob entry system and replacement of the entry system call panel. The estimated cost for this work is $32,000 RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2014 Plymouth Towne Square Operating Budget. ATTACHMENTS: 2014 Budget Assumptions 2014 Budget Resolution Approving 2014 Plymouth Towne Square Operating Budget PLYMOUTH TOWNE SQUARE 2014 Budget Assumptions DRAFT REVENUE: Resident Rent Revenue is based on calculating the average year to date rent per unit amount of $532 at 96.5 units occupied per month with a 2% increase added to that figure. We budget 98% occupancy to allow for turnover time & rent fluctuations based on new resident's rent rate which is driven by income. All current residents will be subject to a 2% rent increase on January 1, 2014. The minimum rents are proposed to increase 2% to $396 for a one -bedroom (up $8) and $530 (up $10) for a two-bedroom. The market rate rents are proposed to remain at $935 for a one -bedroom and $1200 for a two-bedroom based on market study. HRA Subsidy The HRA subsidy will be $215,000 for the year 2014. Garage Rental is based on 64 stalls leased at $45 a month each. We do not recommend making a change to this rate in 2014. Guest Room Revenue is based on 3.5 nights rented per month at $55 a night. This estimate is reasonable using an average of the past several years. Laundry Revenue is based on an increase to the 2012 actual figures while remaining on target with 2013 year to date figures. Transfer Fee Income is budgeted for one internal move at $500 each. Application Fee Revenue is budgeted at 1.5 individuals (we process a background check on each person occupying an apartment) a month. We pass on the expense for rental verification (credit check & criminal background check) to the prospective resident. The corresponding expense is included in the Legal and Other Professional line item. Investment Income & Unrealized Gain/Loss is a figure provided by City of Plymouth Finance Department. Miscellaneous Revenue includes any forfeited security deposits due to damage beyond normal wear and tear. We are budgeting based on 2012 actual. Confidential Page 1 10/16/2013 OPERATING EXPENSES: Property Administration: Manager -Salary This figure includes a 3% increase over 2013. Maintenance Salary is based on a full-time position at 40 hours/week regular time and 3 hours per week over time to account for emergency calls. Each building has a full-time maintenance technician who works primarily at that location, They assist each other as needed and share emergency call duties. Given each location has one FT position; we will no longer continue to split all maintenance salaries between the two buildings. Maintenance Asst. Salaries this position has been changed/eliminated see above line item and description. Payroll Tax is budgeted at 14% of the total of all salaries. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. We are budgeting 1 of 2 eligible employees. The amount is based on current premiums as of July 2013 plus an estimated increase by the industry trend of 10%. Worker's Compensation Insurance premium is estimated based on 2013 budget amount. Employee Costs include ADP fees, help wanted ads, background checks for new employees and are based on 2013 Jan -Jun actual figures. Dues & Subscriptions_ includes the price for a creative newsletter for resident newsletter ideas. License, Permit & Dues are based on City of Plymouth assessed fees for the dwelling license for a total of $694 and elevator license fees of $200. No increase budgeted for 2014. Employee Mileage is based on 2012 actual figures. Postage/Overnight Delivery is an estimate based on 2012 actual and 2013 year to date. Management Fees is based on the contract amount. No increase is proposed this year. Confidential Page 2 10/16/2013 Professional Fees is an estimate based on conducting background checks for new residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department. Telephone includes the cellular phones for the maintenance staff (split with VC) and the incoming lines for the property along with internet and long distance expenses. The budget is based on 2012 actual with an 8% increase Equipment Repairs/Maintenance/Lease is based the current copier maintenance fees 269/quarter) and occasional maintenance on the resident and office computers. 2014 budget is flat compared to 2013 budget. Office Supplies & Expenses include the office supplies for the office and printer cartridges and some paper for the resident computers. The budgeted amount is based on an 11 % increase over 2012 actual. Bank Charges are estimated. We have included a small amount in the event we need to place a stop payment or other unusual service that may incur a fee PL_ing is estimated based on the need for letterhead & envelopes. Seminars/Training is based on attendance at three training sessions @ $100 each. Miscellaneous Property Admin Expense is an estimate. Resident Service Expense Resident Service Expense reflect expenses for the monthly entertainment, with bigger events scheduled for Valentine's Day, St. Patrick's Day, Senior month, Night to Unite, Halloween and the Holiday party. It also includes the purchase of table decorations. 2014 is budgeted at 4% increase over 2013 budget. Marketing and Leasing: The wait lists for one & two bedrooms remain open. However, we have not incurred any material marketing expense, but will continue to budget a small amount in this line item. Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate for 2014 which represents a 8% increase over the 2012 actual figure and includes the cost of contract cleaning for the guest suite at 1.5 times per month. Supplies — cleaning. includes paper towels & toilet paper for common area restrooms, Confidential Page 3 10/16/2013 trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other supplies. It is budgeted based on a slight increase over 2013 year to date and a substantial decrease over 2013 budget. Buildings and Grounds: Cable TV is based on monthly expense incurred for the TVs in the activity room and exercise room with an 8% increase over 2012 actual, but no increase over 2013 budget. Electric is based on a 9% increase to the 2012 actual due to rate increase approved by the utility commission Water and Sewer is based on 2.4% over 2013 budget based on the increase anticipated in rates. Gas is an estimate based on a balance between the mild winter of 2011/2012 which influenced the 2012 actual figures and the year to date 2013 as that heating season was cooler & much longer. Water Softener is based on a 5% increase over 2012 actual, but flat with the 2013 budget. Contract Labor is not anticipated with a full-time maintenance employee who can cover for time off of other building's maintenance worker. Doors, Keys and Windows is for the miscellaneous window replacement/repairs, garage door repairs/service, keys made and any other lock/door repairs. Fire System Service includes costs to test, monitor and service the fire suppression system (including all manual fire extinguishers,) front entry system and emergency pull cord system. Estimate is based on 5 year average. Lawn Care/Snow Removal is based on historical. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, tree trimming, snow fencing and spring parking lot sweeping. We will be adding mulch in 2014 (this is done every other year). The 2014 budget shows an increase of 19% over 2012 actual keeping in mind 2012 had an extremely light winter with very little snow removal. Pest Control includes quarterly treatments and is based on PTS current rate. Additional 5,000 is budgeted for contingency/emergency bug treatment purposes. Trash Removal is based on pricing arranged in conjunction with City contract. This also includes the occasional extra charges for disposal of light bulbs and appliances. Confidential Page 4 10/16/2013 Unit Turnover includes carpet/vinyl replacement or cleaning, contract painter, cabinetry/counter top repair, paint and plumbing supplies, etc. for apartments that are being re-leased or turned over. This figure is based on history with a reduction in some expense as we anticipate doing more in-house with a FT maintenance person. The average cost per apartment turnover for the past 10 years is $3,777. That same 10 years shows an average number of move outs to be 10.4. We have 14 apartments with original carpet & another 11 that have carpet that is 10+ years old, thus turnover costs are greater when these apartments are available to be re-leased. Elevator Repairs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract. The 2014 budget figure reflects a 5% increase over 2013 contract plus $800 for extra service call for contingency. Repairs & Maintenance includes garage floor power washing, window washing, carpet cleaning of apartments occupied three years, painting of apartments occupied more than seven years, vinyl/carpet repair/replacement in occupied units, cleaning of common area carpet annually, generator maintenance, plumbing repairs, repairs to the exterior siding, fascia, and roofing and all other misc. repairs. We will paint remainder of metal trim and common area hallways below wallpaper border. The budget is based on the above with an 11 % decrease over 2013 budget due to the addition of a FT maintenance person who will be able to do more of these things in-house rather than contract them out. Building & Grounds_ Supplies includes common area paint and repairs, light bulbs, plumbing supplies, tractor supplies/repairs, common area blinds, guest suite supplies, holiday decorations and other misc. supplies. This reflects no increase over 2013 budget. HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. The 2014 budget reflects a 4% increase over 2013 budget. We are budgeting a large expenditure (condenser or like problem) as the systems age and want to cover the unexpected with the HVAC system. Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected. Non -Departmental Expenses Property and Liability Insurance is based on 4% increase over 2013 premiums (GL is 15,826 & Prop is $14,613). Payment in Lieu of Taxes (PILOT) is budgeted at 5% of 2013 rental dwelling revenue 620,920 estimate) to be paid in 2014. Confidential Page 5 10/16/2013 RESERVE REPLACEMENT FUND We have maintained the reserve replacement amount at $84,000. CAPITAL EXPENDITURES: We are budgeting for the purchase of tables, chairs & cabinetry for converting the beauty shop into a craft room ($4600), modifying one of the two garage/elevator access doors (electronic open/close) to make it handicap accessible ($4,000), change exterior building doors to a fob/card access control system ($16,000), upgrade entry system call panel ($2,600), front entry camera system ($2,000) and apartment A1C units, stoves & refrigerators ($4,000) Confidential Page 6 10/16/2013 PLYMOUTH TOWNE SQUARE 2014 BUDGET - DRAFT UNITS OCCUPIED PERCENTAGE OCCUPIED INCOME 2012 2013 2013 ACTUAL Jan -Jun BUDGET TOTALS ACTUALS TOTALS 98 98 97 99% 99% 98% Percentage Percentage 2014 Difference Difference BUDGET Budget 14 Budget 14 TOTALS Actual 12 to Budget 13 97 -1% 0% 98% _1% 0% RESIDENT RENTS 631,592 307,960 644,057 630,739 0% 2% HRA SUBSIDY 216,000 103,002 206,000 215,000 0% 4% GARAGE RENTAL 34,253 17,955 34,560 34,560 1% 0% GUEST ROOM REVENUE 1,450 935 2,310 2,310 59% 0% LAUNDRY REVENUE 9,885 5,102 10,680 10,260 4% 4% TRANSFER FEE 0 0 500 500 n/a 0% APPLICATION FEE 280 175 630 630 125% 0% INVESTMENT INCOME 26,335 4,735 10,000 15,000 43% 50% UNREALIZED GAINILOSS 1,829) MISC. REVENUE 2,245 152 3,300 2,220 1% 33% TOTAL INCOME 920,211 440,016 912,037 911,219 1% 0% PROPERTY ADMINISTRATION: MANAGER SALARIES 38,998 21,133 45,000 46,519 19% 3% MAINTENANCE SALARIES 18,151 9,065 18,616 45,136 149% 142% MAINTENANCE ASST SALARIES 10,688 5,301 11,856 0 100% 100% PAYROLL TAXES 7,233 4,148 8,302 12,832 77% 55% HEALTH INSURANCE 5,576 2,759 12,600 5,346 4% 58% WORKERS COMP INSURANCE 1,841 340 2,136 2,136 16% 0% EMPLOYEE COSTS 718 520 612 1,040 45% 70% DUES & SUBSCRIPTIONS 55 0 55 55 0% 0% LICENSES, PERMITS & DUES 924 0 894 894 3% 0% MILEAGE REIMBURSEMENT 1,068 480 936 1,068 0% 14% POSTAG EIOVER NIGHT DELIVERY 83 46 161 96 16% 40% MANAGEMENT FEES 52,800 26,400 52,800 52,800 0% 0% PROFESSIONAL FEES 5,385 350 3,600 4,200 22% 17% TELEPHONE EXPENSE 5,553 2,904 5,640 6,000 8% 6% EQUIP REPAIRS/MAINTILEASE 1,205 927 1,560 1,560 29% 0% OFFICE SUPPLIES & EXPENSES 1,024 663 1,020 1,140 11% 12% BANK CHARGES 14) 27 60 60 529% 0% PRINTING 0 150 120 120 0% 0% SEMINARS£FRAINING 85 255 300 300 253% 0% TOTAL PROPERTY ADMINISTRATION 151,373 75,468 166,268 181,301 20% 9% RESIDENT SERVICES EXPENSES 6,098 1,733 5,000 5,200 15% 4% MARKETING & LEASING: 0 84 180 180 n/a 0% HOUSEKEEPING: CONTRACT LABOR 16,862 8,691 17,866 18,249 8% 0% CLEANING SUPPLIES 1,040 629 2,400 1,380 33% 43% TOTAL HOUSEKEEPING EXPENSES: 17,902 9,320 20,266 19,629 10% 3% BUILDINGS & GROUNDS: CABLE TV EXPENSE 665 334 720 720 8% 0% UTILITIES -ELECTRIC 24,841 13,917 24,966 27,300 10% 9% UTILITIES -WATER & SEWER 9,101 4,106 9,320 9,540 5% 2% UTILITIES -GAS 15,783 11,899 24,525 22,000 39% 10% WATER SOFTENING EXPENSE 3,942 1,682 4,140 4,140 5% 0% CONTRACT LABOR 0 0 0 0 n/a n/a DOORS, KEYS & WINDOWS 3,577 420 5,141 4,200 17% 18% FIRE SYSTEM SERVICE 6,909 1,040 4,800 4,980 28% 4% LAWN CAREISNOW REMOVAL 16,101 14,738 19,200 19,200 19% 0% PLYMOUTH TOWNE SQUARE 2014 BUDGET - DRAFT Percentage Percentage 2012 2013 2013 2014 Difference Difference ACTUAL Jan -Jun BUDGET BUDGET Budget 14 Budget 14 TOTALS ACTUALS TOTALS TOTALS Actual 12 to Budget 13 PEST CONTROL 566 290 5,672 5,580 886% 2% TRASH REMOVAL 7,976 2,365 8,040 3,600 55% 55% UNIT TURNOVER 32,299 16,171 46,200 32,000 1°% 31% ELEVATOR REPAIRS & MAINT 5,829 3,033 7,475 7,200 24°% 4% REPAIRS & MAINTENANCE 41,521 14,153 40,000 35,500 15°% 11% BUILDING & GROUNDS SUPPLIES 22,653 3,401 19,200 19,200 15°% 0% HVAC SUPPLIES & REPAIR 18,307 2,458 10,800 11,220 39% 4% MISC UNBUDGETED EXPENSE 18,307 2,458 10,800 10,000 45% 7% TOTAL BUILDINGS & GROUNDS 210,070 90,007 230,199 216,380 3% 6°% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 28,587 14,601 31,106 31,657 11% 2°% PAYMENT IN LIEU OF PROPERTY TAX 31,580 15,790 31,994 31,046 2% 3°% SPECIAL ASSESSMENTS 16,124 0 0 0 100°% n/a TOTAL OTHER OPERATING EXPENSES 76,291 30,391 63,100 62,703 18% 1% TOTAL OPERATING EXPENSES 461,734 207,003 485,013 485,393 5% 0% NET OPERATING INCOME I (LOSS) 458,477 233,013 427,024 425,826 7% 15% OTHER EXPENSES: DEPRECIATION EXPENSE 197,359 98,698 202,000 202,000 2% 0% AMORTIZATION EXPENSE 95,574 3,159 3,000 6,320 93% 111% RESERVEIREPLACEICAP EX 41,116 6,784 28,200 32,000 INTEREST EXPENSE 198,511 48,118 95,788 88,438 55% 8% TOTAL OTHER EXPENSES: 532,560 156,759 328,988 328,758 38% 0% NET INCOME: 174,083) 76,254 98,036 97,069 231% 1% CASHFLOW ADJUSTMENTS: REPLACEIRESERVE TRANS OUT 84,000) 42,000) 84,000) 84,000) 0% 0% REPLACEIRESERVEICAPEX 171,910 6,784 28,200 32,000 81% 13% DEPRECIATION 195,288 98,698 202,000 202,000 3% 0% AMORTIZATION 5,700 3,159 3,000 6,320 11°% 111% PRINCIPAL ON DEBT 210,000) 122,500) 245,000) 250,000) 19°% 2% NETCASHFLOW: 4,815 20,395 2,236 3,389 30% 52% M Wa 00000000, c v! 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and WHEREAS, the Authority owns and operates a senior independent apartment building named Plymouth Towne Square; and WHEREAS, the Authority is required to adopt an operating budget for Plymouth Towne Square; and WHEREAS, Grace Management, Inc., the HRA's contract property management company has provided a proposed 2014 budget for Plymouth Towne Square; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Plymouth Towne Square for the fiscal year 2013. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Plymouth Towne Square Operating Budget for the fiscal year of 2014 has a total operating expense amount of $485,393 and other expenses of $328,758 for a total budget of $814,151. Passed and duly adopted by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of PIymouth, Minnesota on this 24th day of October, 2013. Agenda Number 3• C5 • PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: October 24, 2013 SUBJECT: Vicksburg Crossing — Approve 2014 Operating Budget BACKGROUND: Staff has reviewed the budget for Vicksburg Crossing submitted by Grace Management for the operation of the property for January 1, 2014 through December 31, 2014, including a current estimate of actual expenditures for 2013. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the HRA board. As the building enters its eighth year of operation, staff has once again reviewed the previous year's performance and adjusted the 2014 budget accordingly to current market conditions. 2094 BUDGET: Revenue: Overall revenues for the 2014 budget are based on maintaining the percentage of rented units throughout the year and it is anticipated that the average occupancy will be 96%. Income will also be received from garage rentals, application fees, and investment . income. Total revenues for 2014 are projected to be $1,204,430, which represents a two percent increase from the 2013 budget. Staff is recommending a small increase in rents for both the moderate income and low income units. Rent increases being recommended include a $10 per unit increase for the low income units, a $15 per unit increase for the moderate income units. In addition to the rental revenue, staff is anticipating the need for subsidy in the amount of $50,000 for this budget year, which is $20,000 higher than 2013. Please see the attached memo from Grace Management regarding rent increase. Expenditures: Expenditures are anticipated to increase by five percent. Most notable are the increases in property administration and heating. The administration costs are up because we are charging each of the maintenance personal costs to their primary building and the board approved increasing the part time maintenance staff to a full time position. In the past we had split these costs for each employee between the two buildings. Reserve/Replacement Account: The 2014 budget anticipates adding $60,000 to the replacement reserve account, which is the same as last year. In 2013, staff completed the review of the replacement reserve needs over the long term and this amount may be low. However, at this point staff is of the opinion this will be sufficient to cover any expenses in the near term. The reserve/replacement account will continue to be monitored and staff will keep the Board informed if there needs to be any adjustments. Staff is proposing a number of capital improvements to the building for 2014 including changing the building access to a fob/card system, repairing catch basins/concrete slab in parking lot, repairing cracks to garage floor and applying a sealer, add a second resident garden and reupholster lobby chairs. The estimated cost for this work is $42,100. RECOMMENDATION: Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2014 Vicksburg Crossing Operating Budget ATTACHMENTS: Letter from Grace Management 2014 Budget Assumptions 2014 Budget Resolution Approving 2014 Vicksburg Crossing Operating Budget GRACE MANAGEMENT, INC. To: Plymouth Housing and Redevelopment Authority From: Jody Boedigheimer, Grace Management, Inc. 4P, Date: October 14, 2013 Jf Subject: Rental Increase Background 6225 42nd Avenue North Minneapolis, MN 55422 763) 544.9934 FAX: (763) 544.9856 www.gr a c em an a genre n t c om We believe it is important to capture as much revenue as possible by balancing the residents' ability to pay more with the loss to vacancy factor. Most residents are on a fixed income and cannot absorb rent increases that they perceive as greater than their cost of living adjustments to social security, pensions or other income sources. This, coupled with the fact that Vicksburg Crossing is near the top of the rental rates when compared to the competitive market, is why we are not recommending rent increases in the 2-3% range, but rather in the 1% ($10-15) range. As an example: A $5/month increase to each occupied apartment (we budget 90) brings an additional $5,400 in annual revenue ($5 x 90 x12 = $5400). If that extra $5 increase is more than some residents can absorb and we have a move out from a One -bedroom ($1050) and a Two-bedroom ($1395) apartment we could lose more than the entire increase if those apartments are not re-leased in 2-3 months. If they both remained empty for two months the lost revenue would be $4890. Three months would be $7335, Additionally this simple example does not consider the costs to turn over the apartment. This examplOs_meant to be helpful for the bo d to have some insight into the thought process behind the Vicksburg Crossing rent increases for the 2014 budget process, We would welcome further discussion, especially if the board members have questions or additional comments. ACCREDITED MANAGEMENT 0I1GANIZAT100 Specialized Management and Marketing VICKSBURG CROSSING 2014 Budget Assumptions Draft REVENUE: Resident Rent Revenue: Is based on the attached income schedule. We propose a rent increase of $10 for the affordable apartments bringing them to $765 a month. We are recommending a $15 increase for all of the market rate apartments. We remain sensitive to price increases in that we are near the top of the competitive market for age -restricted and multi -family housing communities in the area. The budget projects an average occupancy of 90 units or 96%. This remains aggressive, but has been achieved over the past few years. Resident Rent Revenue -Section 8: Is based on July 2013 resident roster who receive Section 8 subsidy. HRA — Subsidy (tax levy): The subsidy is budgeted this year at $50,000. Garage Income: Is based on 65 spaces at a rental rate of $45 a month each. We do not recommend an increase to monthly garage rental based on comparables of other properties. Guest Suite Revenue: Is based 2 nights a month, which is historically achievable & average. The 2012 actual shows considerably more, but there was a long term stay that we don't want to budget for as it is not very likely to be repeated. Application Fee Revenue: We pass on the expense incurred for rental verification credit check & criminal background check). We are budgeting one and a half (we process a background check on each person occupying an apartment) a month. The corresponding expense is included in the Legal and Other Professional line item. Transfer Income: Is based on 2 transfer fees per year at $500 each. Investment Income: Is based on figures provided by City of Plymouth Finance Department. Late Fees: Is based on one late fee each month. Miscellaneous Revenue: Includes storage space revenue based on $10/month/space, and security deposit amounts withheld for damages incurred. It's based on 2013 year to date. Confidential Page 1 10/14/2013 OPERATING EXPENSES; Property Administration: Manager Salary This figure includes a 3% increase over 2013. Maintenance Salary is based on a full-time position with a 2% increase over 2013. The position is budgeted at 40 hours/week regular time and 3 hours per week over time to account for emergency calls. Each building has a full-time maintenance technician who works primarily at that location. They assist each other as needed and share emergency call duties. Given each building has one FT person; we will no longer split maintenance salaries between the two buildings. This is the reason for the large percentage increase over 2013 budget. Maintenance Asst. Salaries this position has been changed/eliminated see above line item and description. Payroll Tax is budgeted at 14% of the total of all salaries. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. Currently both of the eligible employees are taking coverage. The amount is based on current premiums as of July 2013 plus an estimated increase by the industry trend of 10%. Worker's Compensation Insurance premium is estimated based on 2013 budgeted amount, which is 9% over 2012 actual. Employee_Costs include ADP fees, help wanted ads, background checks for new employees. We are budgeting based on 2013 year to date figures. Dues Subscriptions & Memberships is based on fees for Costco membership. License & Permit are based on City of Plymouth assessed fees for the dwelling license at $100 for the building, plus $6 per dwelling unit ($676) and Elevator license fees 200). Employee Mileaqe is based on the 2013 budget. The mileage reimbursement for the maintenance staff is split 50150 with PTS as nearly all of the mileage for these individuals is traveling between the properties. Confidential Page 2 10/14/2013 Postage/Overnight Delivery is an estimate based on 2012 actual. This includes mailing brochures to prospects. Management Fees is based on contract amount with a proposed increase of 5%. This is the first time an increase in management fees has been proposed at Vicksburg Crossing. Professional Fees is an estimate based on conducting background checks for new residents (1 per month at $35 each) and audit/tax fees as provided by City of Plymouth Finance Department. Telephone includes the cellular phones for the maintenance staff (split with PTS) and the incoming lines for the property along with internet and long distance expenses. The budget is based on 2013 budget plus a 4% increase Equipment Repairs/Maintenance/Lease is based on the annual cost of $552 for copier maintenance fees ($46 a month) and occasional maintenance on the resident and office computers (budgeting i hours annual at $1001hr). Office Supplies & Expenses include the office supplies for the office and printer cartridges and some paper for the resident computers. The budgeted amount is based on an average over the past several years. Bank Charges are estimated. We have included a small amount in the event we need to place a stop payment or other unusual service that may incur a fee. Printing is an estimate based on the 2012 actual. This line item would include letterhead, envelopes, business cards etc. as needed. Seminars/Traininq is based on attendance at one training session per year. Resident Service Expense: Resident Service Expense is an estimate. Expenses include things like monthly musical entertainer, special holiday events, dinner served during National Night to Unite and July Fourth, May month is "celebrate seniors month" with extra events planned, and the holiday party is a big celebration. This also includes money for decorations and paper cups, coffee, etc. It is based on the 2013 budget plus 6% increase. Marketing and Leasing: Advertisinq is an estimate based on monthly ad placement for on-going marketing presence in local papers and the costs for monthly maintenance of a website for Vicksburg Crossing. Confidential Page 3 10/14/2013 Promotional Events includes speaker events, visits to seniors groups, etc. A small event like an Open House is more productive than the big expensive parties. Housekeeping: Contract Labor is budgeted using the cleaning company contract rate for 2013 plus an average of 1.5 cleanings a month of the guest suite at $35 a time with 4% increase over the 2012 actual. Supplies — cleaning includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, and other supplies. It is based on a 3% increase to the 2012 actual. Building and Grounds: Cable TV is for the exercise room, community room big screen and Guest suite. The budget is based on 5% increase to the 2012 actual. Electric is based on a 9% increase to the 2012 actual due to rate increase approved by the utility commission. Water and Sewer is based the 2012 actual figure with a 2.4% increase. Gas is an estimate based on a balance between the mild winter of 2011/2012 which influenced the 2012 actual figures and the year to date 2013 as that heating season was cooler & much longer. Water Softener is based on a 2013 year to date actual. Salt usage/costs are over budget for 2013, so 2014 reflects this increase. Contract Labor is not necessary with maintenance employees who can cover for each other for time off. Doors, Keys and Windows is for window replacement/repairs, key blanks (costly based on Primus key system) & key cuts and any other lock/door repairs. We are budgeting based on the 2013 budget figure. Fire System Service includes costs to test, inspect, monitor and service the fire suppression system, fire extinguishers and front entry system. Lawn Care/Snow Removal is based on pricing received from contractor and estimated for snow removal based on history. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, and spring parking lot sweeping. Adding mulch to the beds is done every other year; thus the reduction compared to 2013 budget. Confidential Page 4 10/14/2013 Pest Control includes quarterly treatments and is based on VC current rate plus 2% increase. Additional $5,000 is budgeted for contingency/emergency bug treatment purposes. Trash Removal is based on new contract pricing through the City and includes some extra fees for recycling light bulbs, appliance, etc. Unit Turnover includes carpet cleaning and stretching, paint, blinds and plumbing supplies, etc. for apartments that are being released. We estimate 17 turnovers at 1950 each. The average cost per turn over the past 30 months is $1954. We are averaging 17 turns per year. We continue to replace some and stretch most turnovers as the carpet &installation were not high quality. We have also had to replace several appliances. Elevator Repairs and Maintenance includes contract for maintenance, plus a $1200 contingency for service calls that may not be covered by the maintenance contract. The amount is based on the 2013 contract plus 5% increase based on historical contract price increase. Repairs & Maintenance includes window washing, garage sweeping and power washing, appliance repairs, plumbing repairs, service contract for generator, common area carpet cleaning of all common areas (full building anticipated each year), carpet cleaning for those living in their apartments longer than 3 years, repairs to the exterior and all other misc. repairs. Building & Grounds Supplies includes common area paint and repairs, all outdoor plantings and related supplies, outdoor holiday decorations and other misc. supplies Le. furnace filters for all apartments quarterly). Estimate based on 7% increase to 2012 actual, but reflects a decrease to 2013 budget. HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract with Owens. There is a 4% increase over 2013 budget based the estimated increase in contract pricing. Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected. Non -Departmental Expenses: Property Taxes are based on 5% of the estimated annual 2012 income for dwelling units (approx. $1,077,000) which is payable in 2013. Property. and Liability Insurance is based on current rates ($15,572 for liability) with a 3.5% increase and 2014 property rates ($14,936) as given by City finance staff. Confidential Page 5 10/1412013 RESERVE REPLACEMENT FUND We will continue to set aside $60,000 annually for 2014. CAPITAL EXPENDITURES: Change exterior building doors to a fob/card access control system ($13,000), repair/replace parking lot storm drain catch basins ($5,000), repair cracks & seal concrete in garage parking areas ($17,000), add an additional resident garden ($3,100), and reupholster lobby chairs ($4,000) Confidential Page 6 10/14/2013 VICKSBURG CROSSING 2014 BUDGET -DRAFT 94 INDEPENDENT UNITS - rentable, 96 constructed UNITS OCCUPIED PERCENTAGE OCCUPIED Percentage Percentage 2012 2013 2013 2014 Difference Difference ACTUAL Jan -Jun BUDGET BUDGET Budget 13 Budgetl4 TOTALS ACTUALS TOTALS TOTALS Actual 12 Budget 13 91 92 90 90 -1% 0% 97% 98% 96% 96% -1% 0% INCOME 2,904 1,945 11,808 4,800 65% 59% APARTMENT RENTAL REVENUE 1,060,803 546,837 1,060,248 1,079,940 2% 2% APARTMENT RENTAL REVENUE -COUNTY 30,980 12,810 31,752 25,620 17% 19% HRA SUBSIDY -TAX LEVY 24,000 15,000 30,000 50,000 108% 67% GARAGE RENTAL 35,327 17,876 35,100 35,100 1% 0% GUEST SUITE REVENUE 4,055 2,460 1,200 1,560 62% 30% APPLICATION FEE REVENUE 665 315 630 630 5% 0% TRANSFER FEE REVENUE 300 1,100 1,000 1,000 233% 0% INVESTMENT INCOME 5,724 1,807 9,000 5,000 13% 44% LATE FEE 320 210 180 44% nla UNREALIZED GAIN/LOSS 669) 6,023 100% 2% MISCELLANEOUS REVENUE 7,676 2,660 7,560 5,400 30% 29%u TOTAL INCOME 1,169,181 601,075 1,176,490 1,204,430 3% 2% OPERATING EXPENSES 29% CONTRACT LABOR PROPERTY ADMINISTRATION: nla DOORS, KEYS & WINDOWS 1,285 133 1,116 1,116 MANAGERSALARIES 50,314 24,687 49,646 51,135 2% 3% MAINTENANCE SALARIES 18,151 9,065 18,616 37,838 108% 103% MAINTENANCE ASST 10,688 5,301 11,856 100% 100% PAYROLLTAXES 7,616 4,456 8,813 12,456 641/ 41% HEALTH INSURANCE 13,187 6,207 14,797 19,483 48% 32% WORK COMP INSURANCE 1,758 244 1,916 1,916 9% 0% EMPLOYEE COSTS 684 520 612 1,040 52% 70% DUES & SUBSCRIPTIONS 55 120 120 nla 0% LICENSES, PERMITS 876 876 876 876 0% 0% MILEAGE REIMBURSEMENT 929 328 816 816 12% 0% POSTAGE/OVERNIGHT DELIVERY 143 80 132 144 1% 9% MANAGEMENT FEES 48,000 24,000 48,000 50,400 5% 5% LEGAL & OTHER PROFESSIONAL FEES 3,905 615 2,700 3,200 18% 19%0 TELEPHONE EXPENSE 5,982 3,051 6,084 6,324 6% 4% EQUIP REPAIRSIMAINTILEASE 1,262 456 1,536 1,252 1% 18% OFFICE SUPPLIES & EXPENSES 1,213 580 1,020 1,080 11% 6% BANK CHARGES 30 11 60 60 100% 0°/ PRINTING 58 60 60 3% 0% SEMINARSITRAINING 89 255 300 300 237% 0% TOTAL PROPERTY ADMINISTRATION 164,940 80,732 167,960 188,500 14% 12% RESIDENT SERVICE: RESIDENT SERVICE EXPLNSES MARKETING & LEASING: 4,199 $ 1,942 $ 4,829 $ 5,116 22% 6% ADVERTISING 2,904 1,945 11,808 4,800 65% 59% PROMOTIONAL EVENTS 309 900 700 127% 22% TOTAL MARKETING & LEASING 3,213 1,945 12,708 5,500 71% 57% HOUSEKEEPING: CONTRACT LABOR 11,894 5,775 12,480 12,360 4% 1% CLEANING SUPPLIES 1,282 508 1,440 1,320 3% 8%a TOTAL HOUSEKEEPING 13,176 6,283 13,920 100% 100% BUILDINGS & GROUNDS: CABLE TV EXPENSE 1,432 722 1,476 1,500 5% 2% UTILITIES -ELECTRIC 23,148 10,945 27,436 25,300 9% 8% UTILITIES -WATER & SEWER 12,087 6,023 12,040 12,380 2% 3% UTILITILS-GAS 18,645 17,601 18,793 22,700 22% 21% WATER SOFTENING EXPENSE 1,640 1,062 1,692 2,184 33% 29% CONTRACT LABOR nla nla DOORS, KEYS & WINDOWS 1,285 133 1,116 1,116 13% 0%a FIRE SYSTEM SERVICE 4,011 1,200 3,852 3,852 4°/ 0°/ LAWN CAREISNOW REMOVAL 13,080 13,343 18,000 14,700 12% 18% PEST CONTROL 5,177 1,389 5,672 5,672 10% 0% VICKSBURG CROSSING 2014 BUDGET -DRAFT Percentage Percentage 94 INDEPENDENT UNITS - rentable, 96 constructed 2012 2013 2013 2014 Difference Difference ACTUAL Jan -Jun BUDGET BUDGET Budget 13 Budget 14 TOTALS ACTUALS TOTALS TOTALS Actual 12 Budget 13 TRASH REMOVAL 9,499 5,430 9,600 3,600 62% 63% UNIT TURNOVER 25,620 23,691 32,000 33,150 29% 4% ELEVATOR REPAIRS & MAINT 4,805 2,467 5,520 6,404 33% 16% REPAIRS & MAINTENANCE 24,581 28,120 27,400 27,400 11% 0% BUILDING & GROUNDS SUPPLIES 8,414 4,370 9,600 9,000 7% 6% HVAC SUPPLIES & REPAIR 6,826 4,287 8,520 8,880 30% 4% MISC UNBUDGETED BUILDINGS & GROUNDS 6,826 4,287 8,520 10,000 46% 17% TOTAL BUILDINGS & GROUNDS 160,250 120,783 182,717 187,838 17% 3% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 30,151 15,399 32,033 32,523 8% 2% PILOT (payment in lieu of taxes) 54,589 27,294 53,880 55,965 3% 4% TOTAL OTHER OPERATING EXPENSES 84,740 42,693 85,913 88,488 4% 3% TOTAL OPERATING EXPENSES 430,518 254,378 468,047 489,122 14% 5% NET OPERATING INCOME I (LOSS) 738,663 346,697 708,443 715,308 3% 1% OTHER EXPENSES: DEPRECIATION EXPENSE 367,749 184,336 367,749 368,676 0% 0% AMORTIZATION 107,248 1,247 3,635 2,496 98% 31°% RESFRVEIREPLACEICAP EXP 42,100 nla n/a INTEREST EXPENSE 634,789 226,881 460,975 449,475 29% 2% CONTRIBUTIONS FROM PLYMOUTH TOWNE SQUARE nla n/a TOTAL OTHER EXPENSES: 1,109,786 412,464 832,359 862,747 22% 4% NET INCOME: 371,123) 65,767) 123,916) 147,439) 60°/ 19% PERCENT OF INCOME 32% 11% 11% 12% 61% 16% CASHFLOW ADJUSTMENTS: REPLACEIRESERVE TRANS OUT 60,000) 30,000) 60,000) 60,000) 0% 0% CAPITAL IMPROVE FUNDED BY REPLACE RES 2,500 42,100 1584% n/a DEPRECIATION 367,749 184,336 367,749 368,676 0% 0% AMORTIZATION 107,248 1,247 3,635 2,496 98% 31% PRINCIPAL ON DEBT 170,000) 92,500) 185,000) 205,000) 21% 11% BOND SALE CAPITALIZED INTEREST n/a n/a n/a n/a NETCASHFLOW: 123,626) 2,684) 2,468 833 101% 66% O o F- rr, w to W0 F- 7 N O 0] F 0.-, m m O d o 0 0 0 0 0 0 9 N O O Lc M O O mlapou -s 1popr cLOoMr O N m M T r N w•" / m r I Q m r Q r O N Ir N m mm F-- - 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R iICbraiABVgoev_mN rU O N N N f^ 10 r w g U a W¢ U 0 W W¢ U j o 21 w a U D w u M F F Z H F F C Z r F F F Z~ F~ F G z r r W Z Z W Z Z Z Z W Z Z Z Z Z W Z Z Z Z 2 W Z Z n 7 p 00 0 0 0 0 0 00 0 00 U 0 U 00 0 D 0 0 00 0 0 CWOOOOOODUOo000000000UOCKKKIYWKWlr !Y M n 0 00WW fi Q J. n o a o 0 0 0 a a w o o o a a[ ao o w w w w w w w w w W wm m w w w owW w w ww W uI? mmmmmmm m m m m N 99 m m m q J- LL LL LL tL tL u_ eL LL LL LL LL LL LL LL LL l LL LL LL LL IL F r F }- F 0 o 0 0 o 0 0 0 0 a 0 aim x x x i Q N N N N N N N N N N N PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY HRA RESOLUTION NO. 2013-05 AUTHORIZING THE 2014 OPERATING BUDGET FOR VICKSBURG CROSSING WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a housing and redevelopment authority to function in the City and granted to the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the powers and duties of a housing and redevelopment authority under the provisions of the HRA Act; and WHEREAS, the Authority owns and operates a senior independent apartment building named Vicksburg Crossing; and WHEREAS, the Authority is required to adopt an operating budget for Vicksburg Crossing; and WHEREAS, Grace Management, Inc., the ERA's contract property management company has provided a proposed 2014 budget for Vicksburg Crossing; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Vicksburg Crossing for the fiscal year 2014. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Vicksburg Crossing Operating Budget for the fiscal year of 2014 has a total operating expense amount of $489,122 and other expenses of $862,747 for a total budget of $1,351,869. Passed and duly adopted by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota on this 20' day of October, 2013.