HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 08-28-2014MEETING AGENDA
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
THURSDAY, August 28 - 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 July 24, 2014.
B. Plymouth Towne Square. Accept Monthly Housing Reports.
C. Vicksburg Crossing. Accept Monthly Housing/Marketing Reports.
3. NEW BUSINESS
A. Elim Care. Bond refunding request for Cornerstone Commons Assisted Living in
Plymouth.
B. Joint Meeting date with City Council, HRA and Planning Commission to discuss
future economic development.
4. ADJOURNMENT
APPROVED MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
JULY 24, 2014
PRESENT: Chairman Jeff Kulaszewicz, Commissioner Toni Jelinek, and Commissioner Katie
Black.
ABSENT: Commissioner Jim Willis and Commissioner Adam Schmitt.
STAFF PRESENT: Housing Program Manager Jim Barnes, Housing Specialist Spencer
Agnew, and Office Support Representative Tina Beckfeld.
L CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and
Redevelopment Authority meeting to order at 7:05 p.m.
The commission welcomed Commissioner Katie Black to the board. She is replacing
Commissioner Paul Caiyotakis.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes for May 22, 2014.
B. Plymouth Towne Square. Accept Monthly Housing Reports
C. Vicksburg Crossing, Accept Monthly Housing/Marketing Reports
D. Community Development Block Grant (CDBG). Accept Consolidated Annual
Performance and Evaluation Report (CAPER).
MOTION by Commissioner Jelinek, seconded by Commissioner Black to approve the consent
agenda. Vote. 3 Ayes. MOTION passed unanimously.
3. NEW BUSINESS
A. First Time Homebuyer and Rehabilitation Program Guidelines Updates.
Housing Specialist Agnew gave an overview of the staff report.
In respect to the proposed change to the First Time home Buyer Loan Program, Total Amount of
Assistance, Chairman Kulaszewicz asked if many homeowners use multiple HRA programs.
Housing Manager Barnes responded multiple programs are used by one or two homeowners
every two or three years. The combined $40,000 limit keeps our exposure low.
Commissioner Jelinek asked why the limit was being raised.
Approved
Plymouth Housing and Redevelopment Authority
July 24, 2014
Page 2
Housing Manager Barnes stated two years ago the Rehabilitation Loan Program maximum loan
amount was raised from $25,000 to $30,000. The new combined total would reflect that change.
In respect to the Rehabilitation Loan Program Guideline change to equity limit waivers,
Chairman Kulaszewicz asked if waivers were to be used, would the board be consulted.
Housing Manager Barnes stated staff would grant waivers within the guidelines. Most commonly
waivers are used for raising the loan amount when life/safety issues are in question.
Commissioner Jelinek asked if the guidelines were meant for internal use.
Housing Manager Barnes replied these guidelines are public information and can be requested.
The guidelines are also on the city website.
Chairman Kulaszewicz asked how a homeowner can dispute a decision made by staff.
Housing Manager Barnes responded any decision made by staff can be brought before the board
for review and a final decision.
Commissioner Jelinek asked why the calculations were being removed fiom the document.
Housing Manager Barnes stated including the calculations in the document was quite
cumbersome and anyone with questions on that portion of the guide could contact staff for
clarification.
MOTION by Commissioner Jelinek, seconded by Commissioner Black to accept the First Time
Homebuyer and Rehabilitation Program Guidelines Updates. Vote. 3 Ayes. MOTION passed
unanimously.
4. ADJOURNMENT
MOTION by Commissioner Jelinck, seconded by Commissioner Black, to adjourn the meeting
at 7:27 p.m.
P
PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Jeff Lelivelt, Managing Director, Plymouth Towne Square
Date: August 14, 2014
Re: PTS Monthly Report for July 2014
August Newsletter and Calendar attached
Occupancv/Marketing
Current Occupancy — 99 units (100%)
Current Wait List Status
One Bedroom — 59 applicants; closed
Two Bedroom — 32 applicants
Administrative/Building. Operations
Installation and wiring for FOB entry system has been going off and on all month. The process
has not gone as smoothly as hoped. There have been some changes to storage area doors as
a result of the FOB system.
City of Plymouth dropped off barriers for driveway access control during Music in Plymouth. It's
very helpful in preventing abuse of our close proximity parking.
We had another power outage (approx. 5 hours) on 7122.
Attempted generator test on 7/24 and it failed. It was determined there is a faulty fuel gauge
which did not indicate the fuel was low.
We are exploring options for cabinetry re -finishers for the apartment kitchen & bathroom
cabinetry. We had a company do a test run by re -finishing the party room kitchen cabinets.
They look great.
Resident Services
The Resident Meeting was held on 7/17 with the monthly Birthday Bash. 46 attended. Breakfast
with Ray was held on 7/19 with 36 diners in attendance. The 2nd Annual Dog Daze Fest
celebrating the middle of summer with hot dogs, salads and other good food. 54 attended.
15500 37th Avenue North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Fax: (763) 551-0144
0--d by Plymoudh Housing and Itedevelopmeut Authority
Balance Sheet
PLYMOUTH TQWNE SQUARE
As Of July 31, 2014
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 REC-TENANTS
INTEREST RECEIVABLE
ACCOUNTS REC-OTHER
PREPAID PROPERTY INSURANCE
PREPAID WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
BUILDING IMPROVEMENTS
FURN, FIXT & EQUIP -GENERAL
FURNITURE & FIXTURES- HOUSEKEEPING
COMPUTERSIOFFICE EQUIPMENT
ACCUMULATED DEPRFCIATION
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
ACCRUED OTHER
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BONDS PAYABLE - SERIES 2011A
BOND PREMIUM
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RSRVD FOR DS
RFTAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance Total
500
164,749
54,601
677,197
193,073
652)
1,250
275
26,512
219
5,419
459,247
111,390
5,767,619
301,779
379,211
8,696
13,060
3,489,960)
25,289
4,759
1,454
29,479
18,306
986
54,704
2,920,0DO
65,292
108,648
1,560,342
1,343,144
3,551 , 021
4,894,165
80,255
3,039,997
3,120,252
1,666,990
104,923
4,894,165
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through July 31, 2014
MTD Actual Budget Var, YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 53,567 52,562 1,005 375,097 367,934 7,183 630,744
HRA INDIVIDUAL 17,917 17,917 0 125,419 125,419 0 215,004
GARAGE RENT 2,835 2,880 45) 20,826 20,160 468 34,58U
GUEST ROOM REVENUE 495 193 302 1,980 1,361 629 2,316
LAUNDRY REVENUE 840 855 15) 6,058 5,985 73 10,260
APPLICATION FEE REVENUE 0 53 53) 115 371 256) 636
TRANSFER FEE REVENUE 0 0 0 0 500 500) 500
INVESTMENT INCOME 8,813 1,250 7,563 23,151 8,750 14,401 15,000
MISCELLANEOUS REVENUE 9 185 176) 132 1,295 1,163) 2,220
TOTAL INCOME 64,476 75,895 8,581 552,580 531,765 20,815 911,240
EXPENSES
ADMINISTRATION
MANAGER SALARIESIWAGES 3,962 3,877 85) 27,093 27,130 46 46,524
PAYROLL TAXES 712 1,069 357 5,421 7,483 2,062 12,828
HEALTH INSURANCE 1,137 446 691) 8,980 3,122 5,858) 5,352
WORKERS COMP INSURANCE 65 176 113 489 1,246 757 2,136
MAINTENANCE SALARIESAMAGES 3.600 3,761 181 24,634 26,327 1.693 45,132
EMPLOYEE COSTS 80 80 0 600 600 0 1,040
SEMINAR/TRAINING 0 25 25 0 175 175 300
BANK FEES 3 5 2 70 35 35) 60
LICENSE 8 PERMITS 0 0 0 23 0 23) 694
MILEAGE REIMBURSEMENT 71 09 18 570 823 53 1,068
POSTAGE/OVERNIGHT EXPRESS 0 8 8 49 58 7 96
PRINTING 0 10 10 0 70 70 120
MANAGEMENT FEES 4,400 4,400 0 30,600 30,600 0 52,800
PROFESSIONAL FEES 0 350 350 289 2,450 2,161 4,200
TELEPHONE EXPENSE 496 500 4 3,496 3,500 4 6,000
EQUIPMENT LEASE/REPAIR 870 130 740) 3,140 910 2,230) 1,560
OFFICE SUPPLIES 200 95 105) 898 865 233) 1,140
TOTAL ADMIN EXPENSES 15,595 15,023 572) 106,551 105,201 1,350) 181,250
RESIDENT SERVICES
RESIDENT PROGRAWACTIVITIES 105 200 95 1,710 2,000 290 5,200
TOTAL RES SERV EXPENSES 105 200 95 1,710 2,000 290 5,200
MARKETING
PROMOTIONALIPARTIES 0 15 15 0 105 105 180
TOTAL MARKETING EXPENSES 0 15 15 0 105 105 180
HOUSEKEEPING
CONTRACT LABOR 1;574 1,521 53) 10,26D 10,847 388 18,252
CLEANING SUPPLIES 35 115 80 592 805 213 1,380
TOTAL HOUSEKEEPING EXPENSES 1,6D9 1,636 27 10,852 11,452 600 19,632
Profit and Loss Variance
PLYMOUTH TOWNS SQUARE
Through July 31, 2014
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES - ELECTRICITY
UTILITIES - GAS
UTILITIES - WATERISEWER
WATER SOFTENING SERVICE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVICEMNDSCAP/SNOW 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 ! ( LOSS)
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE
AMORTIZATION EXPENSE
RESERVEIREPLACE CAPITAL EXPENSE
INTEREST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME/ (LOSS)
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
55 60 5 368 420 32 720
2,1303 2,900 297 15,721 16,000 279 27,300
591 500 191) 19,262 12,41JO 8,882) 22,000
859 1,010 151 4,849 5,770 921 9,540
286 345 59 2,152 2,415 263 4,140
1,097 350 747) 4,752 2,450 2,312) 4,200
90 415 325 3,597 2,905 692) 4.980
960 1,600 640 19,512 11,200 8,312) 19,200
75 465 390 365 3,255 2,590 5,580
342 300 42) 2,419 2,100 319) 3,500
0 2,667 2,667 10,220 18,669 6,449 32,004
521 600 19 3,644 4,200 556 7,200
835 3,000 2,165 20,275 25,000 7,126 35,500
230 1,600 1.370 5,544 11,200 5,656 19,200
638 935 297 2,342 8,545 4,203 11,220
0 833 833 0 5,831 5,831 9,996
9,282 17,580 8,298 115,054 133,360 18,306 216,380
2,600 2,635 38 17,820 18,466 646 31,650
2,615 2,587 26) 96,306 16,109 199) 31,044
5,216 5,225 9 36,128 36,575 447 62,700
31,806 39,679 7,873 270,294 288,693 18,399 465,342
52,669 36,216 16,453 282,286 243,072 39,214 425,898
16,450 18,833 353 115,148 117,831 2,683 201,995
527 527 0 3,686 3,669 3 E,324
495 0 495) 64137 30,000 23,313 32,000
7,370 7,370 0 51,841 51,590 251) 68,440
24,841 24,730 111} 177,362 203,110 25,748 328,760
27,628 11,486 16,342 104,923 39,962 64,961 97,138
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mck-Aug Crossing
MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: August 14, 2014
RE: Vicksburg Crossing Monthly Report for July 2014
August Newsletter and August Calendar attached
Rentals:
ac.
As of July 31st we have 94 occupied apartments with 0 vacant, and we have 1 deposit at this time, giving
us a total of 0 apartments available to rent. The resident living in apartment 110 will be moving out at the
end of August so we currently have a deposit on that apartment. The affordable apartment waiting list
now has 49 names and we have been adding interested people to the list. On our moderately priced
waiting list we have 15 people waiting for a one bedroom and 11 people waiting for either a 1+ den or a 2
bedroom. Some people have been on this wait list for quite some time so by the time we contact them it's
possible they have made other arrangements.
Listed below is a breakdown of units that are occupied and vacant.
Style (Total #)
Square Feet Bedrooms
Occupied Vacant Deposits Est'd Move in
Style A (23) 950 Sq Ft 1 Bedroom
23 0 1 October 1st
Style C (9) 984 Sq Ft 1 +Den 8 0
0
Style C2 (8) 950 Sq Ft 1 + Den 8 0
0
Style D (8) 1187 Sq Ft 2 Bedroom S 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) 1055 Sq Ft 2 Bedroom 3 0 0
Affordable
725 Sq Ft 1 Bedroom 33 0 033)
TOTALS 94 10 11
3155 Cks .g Lane N • Plymouth, MN 55447 e Phone (763)559-1$77 •lax (763)559-01.44 • w",w.ci.plymouth.mn,us
Omaerl 6y Plymouth ITousing and Relvelopment Audioeity
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
We had 1 person move in this month to 101 which is a (style C2). We did not have any residents move
out.
Marketing
We continue to be very busy giving tours to prospective residents who either contact us by phone or drop
in. We are adding people to the waiting list for the various moderately priced apartments and for the
affordable apartment. Most people that come to visit are looking for something in the near future so it can
be hard to accommodate them at this time.
Resident Services
We had our monthly birthday party on Thursday, July 17th. 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.
BuildingIssues
This month we had cement work done in our underground parking garage. We had them caulk some
cracks in the drive lane and restore a concrete area by the main door and the first two parking stalls.
We had some repairs made to the waterproofing around the entire building. They originally only fastened
the term bar every Yd hole. They added fasteners into the missing holes on the termination bar. They also
replaced old caulking above the term bar.
Balance Sheen
VICKSBURG CROSSING
As Of July 31, 2014
ASSETS
CURRENT ASSETS
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 WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES 8 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
ACCRUED OTHER
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BONDS PAYABLE
BOND PAYABLE -2012A
BOND DISCOUNT
BOND DISCOUNT -2012A
TOTAL LIABILITIES
EQUITY
NET INVESTMENTS IN CAPITAL ASSETS
RETAINED EARNINGS-RSRVD FOR DS
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance Total
516
866,544
62,71D
361,961
9,371,179
75)
417
65
27,475
222
3,272
874,593
238,793
9,025,426
341,736
B,6B0
2,819,919)
24,692
16
4,611
1,454
350,838
32,074
944
60,791
9,675,000
9,890,000
25,714)
25,416)
11,633,046
9,883,177
23,136,941)
10, 696, 305
7,669,311
18,365,615
414,628
19,574,661
19,989,289
1,420,718)
202,955)
18,365,615
Profit and Loss Variance
VICKSBURG GLOSSING
Through July 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 94,039 89,785 4,254 650.166 629,755 20,411 1,079,940
APARTMENT RENTAL REVENUE -COUNTY 2,168 2,135 33 16,176 14,945 231 25,620
HRA SUBSIDY - TAX LEVY 4,167 4,187 0 29,169 29,169 0 50,004
GARAGE RENT 2,950 2,925 25 20,988 20,475 513 35,100
GUEST ROOM REVENUE 440 130 310 1,630 910 720 1,560
LATE FEE REVENUE 60 15 45 300 105 195 180
APPLICATION FEE REVENUE 105 53 52 360 371 21) 636
TRANSFER FEE REVENUE 0 0 0 500 500 0 1,000
INVESTMENT INCOME 2,583 417 2,166 12) 2,919 2,931) 5,004
MISCELLANEOUS REVENUE 270 450 1 BO) 2,221 3,150 929) 5,400
TOTAL INCOME 106,782 100,077 6,705 72D,488 702,299 18,189 1,204,444
EXPENSES
ADMINISTRATION
MANAGER SALARIES 4,355 4,261 94) 29,782 29,827 46 59,132
PAYROLL TAXES 589 1,038 349 5,328 7,266 1,036 12,456
HEALTH INSURANCE 1,350 1.624 266 9,381 11,368 1,987 10,488
WORKERS COMP INSURANCE 66 160 94 495 1,120 625 1,920
MAINTENANCE SALARIESIWAGES 3,168 3,153 15) 21,501 22,071 570 37,035
EMPLOYEE COSTS 80 BO 0 600 600 0 1,040
SEMINARITRAINING 0 25 25 185 175 10) 300
BANK FEES 0 5 5 9 35 26 60
DUES, SUBS S MEMBERSHIPS 55 10 45) 55 70 15 120
LICENSE & PERMITS 0 0 0 B99 676 23) 876
MILEAGE REIMBURSEMENT 27 68 41 332 476 144 816
POSTAG&OVERNIGHT EXPRESS 10 12 2 117 84 33) 144
PRINTING 0 5 5 50 36 15) 00
MANAGEMENT FEES 4,200 4,200 0 29,400 29,400 0 50,40U
PROFESSIONAL FEES 79 267 190 B73 1,669 1,196 3,204
TELEPHONE EXPENSE 658 527 131) 4,562 3,689 873) 6,324
EQUIPMENT LEASEIREPAIR 50 104 54 1,644 728 916) 1,248
OFFICE SUPPLIES 0 90 90 516 630 114 1,080
TOTAL ADMIN EXPENSES 14,795 15,629 834 105,529 110,319 4,790 188,5D4
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 129 263 154 2,045 1,981 64) 5,113
TOTAL RES SERV EXPENSES 129 283 154 2,045 1,981 64) 5,113
MARKETING
ADVERTISING 977 400 577) 0,712 2,600 3,912) 4,800
PROMOTIONAUPARTIES 0 0 0 350 350 700
TOTAL MARKETING EXPENSES 977 400 577) 6,712 3,150 3,562) 5,60D
HOUSEKEEPING
CONTRACT LABOR 926 1,030 104 6,427 7,210 703 12,360
CLEANING SUPPLIES 17 110 93 890 770 120) 1,320
TOTAL HOUSEKEEPING EXPENSES 943 1,140 197 7,316 7,980 664 13,68D
Profit and Loss Variance
VICKSBURG CROSSING
Through July 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budge{
BUILDING 8 GROUNDS
CABLE TV EXPENSE 119 125 6 940 875 65) 1,500
UTILITIES -ELECTRICITY 2,157 2,500 343 12,897 14,800 1,903 25,300
UTILITIES - GAS 575 400 176) 26,068 15,000 11,066) 22,700
UTILITIES - WATERISEWER 1,082 1,300 218 6,962 7,125 163 12,380
WATER SOFTENING SERVICE 193 182 11) 1,055 1,274 219 2,184
DOORS, KEYS & WINDOWS 0 93 93 162 651 469 1,116
FIRE SYSTEM SERVICE 53 321 268 1,692 2,247 555 3,852
LAWN SERVICOLANDSCAPISNOW RMVL 939 1,225 286 13,504 8,575 4,929) 14,700
PEST CONTROL 0 625 625 519 3,461 2,942 5,672
TRASH REMOVAL 599 300 299) 4,484 2,100 2,384) 3,600
UNIT TURNOVER REPAIRS 566 2,763 2,197 16,313 19,341 3,028 33,155
ELEVATOR -REPAIRS & MAINTENANCE 426 534 108 2,956 3,738 770 6,408
REPAIRS & MAINTENANCE 1,060 5,000 3,940 14.722 19,100 4,378 27,400
BUILDING& GROUNDS SUPPLIES 1,156 750 406) 4,813 5,250 437 9,000
HVAC - REPAIRS & MAINTENANCE 762 740 42) 5,252 5,180 72) 8,660
MISCELLANEOUS 8 & G EXPENSES 0 833 833 0 5,831 5,831 9,996
TOTAL BUILDING & GROUNDS 9,710 17,691 7,981 112,350 114,548 2,196 187,844
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,629 2,710 81 18,603 18,970 367 32,520
PAYMENT IN LIEU OF PROPERTY TAX 4,582 4,664 82 32,074 32,648 574 55,968
TOTAL OTHER OPERATING EXPENSES 7,211 7,374 163 50,677 51,618 941 88,488
TOTAL OPERATING EXPENSES 33,764 42,517 8,753 284,628 289,596 4,966 489,129
NET OPERATING INCOME I( LOSS) 73,018 57,56D 15,458 435,86D 412,703 23,157 715,315
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 30,723 30,723 0 215,056 215,061 3 368,675
AMORTIZATION EXPENSE 208 208 0 1,455 1,456 1 2,496
RESERVEIREPLACE CAPITAL EXPENSE 193) 0 193 12,368 42,100 29,732 42,100
INTEREST EXPENSE 58,473 37,456 21,017) 409,934 262,192 147,742) 449,472
TOTAL DEPREC, INTEREST & OTHER 89,210 68,387 ZD,823) 638,815 520,809 118,006) 862,744
NET INCOME (LOSS) 16,192} 10,827} 5,365) 2132,955) 108,106) 94,849) 147,429)
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August 2014
Garden Tour
n Eunice Golfis will be sponsoring a tour of our
µbeautiful Vicksburg Crossing gardens on
Wednesday, August 13th from 1-2. There is no charge
and refreshments will be served in the community
room following the
tour. Comedian at
Vicksburg If you have not heard the news Irving Kellman, in apartment 413,
won 1 st prize in the Acme Comedy Club's amateur night held on July
5th. The next round will be some time in early
August. We will keep you posted in case anyone would like to attend
the performance. I'm sure Irving would like some neighbors
there for
encouragement! i#i#E #i#i#i 1#i Ali Ali Ali #i Ali li }i }i Ali }i#i
Ali Rent is due on or before Tuesday, August
5th i #
G -)
11111Z, i #i }i Ali #i Ali Ali li #i #i #4} }i 1i # lle Y i} 411E -)K i} 7} i}C i}- i} -i} 4 i} i} A 0 i#
511E Night to
Unite Don't miss our Night to Unite party on Tuesday, August 5th.
This is a fun, well attended party. We will cook hamburgers on the
grill, Q and have chips, potato salad, watermelon, beverages and
dessert. We will also have a drawing the night of the
party. The vocal ensemble After 5 will be performing. They have
per- formed at Vicksburg Crossing before and all the residents
really enjoyed their blend of jazz, swing, gospel and
blues. Hope to see you at the
party? !! Garden
Tour n Eunice Golfis will be sponsoring a tour of
our µbeautiful Vicksburg Crossing gardens
on Wednesday, August 13th from 1-2. There is no
charge and refreshments will be served in the
community room following
the tour. Comedian
at Vicksburg If you have not heard the news Irving Kellman, in apartment
413, won 1 st prize in the Acme Comedy Club's amateur night held on
July 5th. The next round will be some time in
early August. We will keep you posted in case anyone would like to
attend the performance. I'm sure Irving would like some
neighbors there
for encouragement! i#i#E #i#i#i 1#i Ali Ali Ali #i Ali li }i }i Ali }i#
i Ali Rent is due on or before Tuesday,
August 5th
i #
G -)11111Z, i #i }i Ali #i Ali Ali li #i #i #4} }i 1i # lle Y i} 411E -)K i} 7} i}C i}- i} -i} 4 i} i} A 0
Maintenance and Building Issues
I would like to thank all of the residents ( and friends and family) A- for their patience during the work we have been doing this summer,
both in the underground parking garage and the waterproofing
around the building. I know it was inconvenient to park behind the
building but it was very nice of the businesses to share their
parking space with us.
If you use the computers up in the library please do not change them in any
way by downloading or saving items to the desktop. Also, do not change the
default settings we have installed.
The printing paper provided in the library is strictly for printing things off the
computer. Please do not take it back to your apartment for personal use.
Do not put soiled paper of any kind in the recycling. If the paper is soiled
please put it in the trash.
Be sure to keep your car doors locked in both the outdoor parking lot and the
underground parking garage.
Thank You! !
Just for the fun of it!
My first job was working in an orange juice factory, but I got canned because I couldn't
concentrate......... .
I used to work at Starbucks but I got tired of the daily grind.
I thought I had it made working in a blanket factory but it folded.
I tried being a tennis instructor, but it wasn't my racket.
I was a tailor for a brief time but found the work to be just so-so.
Being a doctor was my best job but then I lost patients.
A Velcro salesman seemed like a pretty good job but I couldn't stick with it.
I thought of becoming a witch, so I tried it for a spell.
For a little while I was a hotel clerk, but then I had reservations.
I liked being a shoe salesman, till they gave me the boot.
Working for H&R Block was interesting but it was too taxing.
Being a baker was fine, but I didn't make enough dough.
My last job was selling computer parts, but I lost my drive.
0 Finally I decided to retire and turns out it's the perfect fit for me.
Happy Birthday to the foliowing
residents this month;
August birthdays will be celebrated on
Thursday, August 21st 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.
Al Keding August 6th
Mary Templeton August 7th
Margot Schuleman August 12th
Clay Hagen August 14th
Sharon Langland August 15th
Russ Peterson August 15th
Reola Riley August 19th
Flu Shot Clinic
Unfortunately, it is time to think about the upcoming flu season. We will be
offering a flu shot clinic again this year. The clinic will be on Tuesday,
September 16th from 1:15-2:15 in the community room.
There will be more information in the September Newsletter.
Dr
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D yResidentCoffeeandMeeting
Our next resident meeting will be Wednesday, August 6th at 9:00 in
the community room.
All residents are welcome!
Hope to see you at the meeting.
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Agenda Number 3 • 41.
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Jim Barnes, Housing Program Manager through Steve Juetten, Executive
Director
MEETING DATE: August 28, 2014
SUBJECT: Elim Care — Bond Refunding Request for Cornerstone Commons
Assisted Living in Plymouth.
BACKGROUND:
In 2003, the HRA. approved the issuance fof $9,400,000 in tax exempt housing revenue bonds on
behalf of Elim Care for the development of Cornerstone Commons Assisted Living of Plymouth.
Cornerstone Assisted Living of Plymouth is a 501 (c)(3) organization set up by Elim Care, Inc.
that is the legal entity for the project. Their primary purpose is serving the Plymouth community
through assisted living services. The 84 -unit assisted living building is located at the corner of
Lawndale Lane N. and 38`x' Avenue N. and was their final phase of a larger project. The entire
project is located within an age -restricted campus that includes a 77 -unit senior cooperative and
164 owner occupied senior town homes. There are also 56 non -age restricted town homes on the
campus.
Since this is a refunding of an existing bond issue we are not required to hold a public hearing or
receive City Council approval. However, staff has informed the Council of this request.
PROPOSED FINANCING:
Elim Care is requesting the HRA approve the refunding of approximately $5,251,000 in existing
debt. This refunding will only lower their interest rate by an average of 1.5% and will not add
any new debt to the project. They anticipate a savings of $387,000 over the remaining life of the
bonds.
FINANCIAL IMPACT:
As with other revenue bond issuances, there will be no financial impact or liability for the HRA
or the City. In addition to application and bond fees paid to the HRA and the City, the applicant
pays all costs of the bond issue. The HRA will also receive 1/8 of one percent of the outstanding
bond amount at closing. This fee will help reimburse the HRA and City for any expenses
incurred, such as staff time. The HRA's good name and reputation would be connected with this
issuance.
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of
Commissioners approve the attached resolution related to the refunding of the tax exempt
housing revenue bonds on behalf of Elim Care and the Cornerstone Commons Assisted
Living of Plymouth project.
ATTACHMENTS:
1. Location map
2. Resolution
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RESOLUTION NO. 2014-04
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF A HOUSING FACILITIES REVENUE REFUNDING NOTE
CORNERSTONE ASSISTED LIVING OF PLYMOUTH, INC.),
SERIES 2014 AND EXECUTION OF RELATED
DOCUMENTATION
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Plymouth, Minnesota (the "Authority"), as follows:
Section 1. Background; Findings.
1.01. It is hereby determined that:
a) this Board has received a proposal that the Authority, pursuant to
Minnesota Statutes, Chapter 462C, as amended (the "Act"), issue its revenue note for the
purpose of refinancing in a current refunding (the "Refinancing") the Authority's
Housing Facilities Refunding Revenue Note (Cornerstone Assisted Living of Plymouth,
Inc. Project), Series 2006 (the "Refunded Note"), which Refunded Note was issued for
the purpose of refinancing a project on behalf of Cornerstone Assisted Living of
Plymouth, Inc., a Minnesota nonprofit corporation (the "Corporation") consisting of the
construction and equipping of an 84 -unit assisted living facility (the "Project") owned
and operated by the Corporation within the City of Plymouth, Minnesota (the "City");
b) the Authority is authorized by Minnesota Statutes, Chapters 462A and
462C, as amended, to issue its revenue notes in anticipation of the collection of revenues
of the Project;
c) by resolution adopted January 16, 2003, the Authority has previously
approved of a Housing Program related to the Project;
d) the Authority is authorized by the Act to enter into a revenue agreement
with any person in such manner that payments required thereby to be made by the
contracting party shall be fixed, and revised from time to time as necessary, so as to
produce income and revenue sufficient to provide for the prompt payment of principal of
and interest on all of its revenue obligations issued under the Act for the benefit of such
contracting party when due, and the revenue agreement shall also provide that the
contracting party shall be required to pay all expenses of the operation and maintenance
of the project including, but without limitation, adequate insurance thereon and insurance
against all liability for injury to persons or property arising from the operation thereof,
and all taxes and special assessments levied upon or with respect to the project and
payable during the term of the revenue agreement;
e) based on representations of the Corporation and such other facts and
circumstances as this Board deems relevant, this Board finds that it would be desirable
and would further the purposes of the Act for the Authority to finance all or a portion of
1
the costs of the Refinancing under the provisions of the Act by the issuance of a Housing
Facilities Revenue Refunding Note (Cornerstone Assisted Living of Plymouth, Inc.),
Series 2014 (the "Note"), in a principal amount not to exceed $5,400,000, payable solely
from the amounts pledged therefor;
f) pursuant to a Loan Agreement ("Loan Agreement") between the Authority
and the Corporation, the Authority proposes to loan the proceeds of the Note to the
Corporation, which the Corporation will agree to repay in installments in amounts and at
times sufficient to pay the principal of, premium, if any, and interest on the Note when
due, and which proceeds the Corporation will agree to use to pay a portion or all of the
costs of the Refinancing;
g) Neither the Authority, the City nor the State of Minnesota (the "State") or
any political subdivision thereof (other than the Authority and then only to the extent of
the pledged revenues described herein, which consist of the payments to be made by the
Corporation in accordance with the Loan Agreement) shall be liable on the Note, and the
Note shall not be a debt of the Authority, the City or the State or any political subdivision
thereof (other than the Authority and then only to the extent of the pledged revenues
described herein, which consist of the payments to be made by the Corporation in
accordance with the Loan Agreement), and in any event shall not give rise to a charge
against the credit or taxing power of the Authority, the City, the State, or any political
subdivision thereof; and
h) pursuant to an Assignment of Loan Agreement (the "Assignment")
between the Authority and Bremer Bank, National Association, as purchaser of the Note
the "Purchaser"), the Authority proposes to assign its interest in the Loan Agreement
except for certain unassigned obligations) to the Purchaser to secure repayment of the
Note.
1.02. It is determined that it is necessary and desirable that the Authority issue and sell
the Note to the Purchaser pursuant to the Act to finance a portion of the costs of the Refinancing.
1.03. All details of the Note and the provisions for payment thereof may be subject to
such further conditions as the Authority may specify.
Section 2. Approval and Execution of Documents. The forms of the Note and the
Loan Agreement and the Assignment (the "Authority Documents") are approved. The Authority
Documents and all additional documents, certificates and other papers as may be deemed
necessary or appropriate by the Chair and Executive Director to implement and carry out the
purposes and intent of this Resolution are authorized to be executed in the name and on behalf of
the Authority by the Chair and the Executive Director, at such time, if any, as they may deem
appropriate, or executed or attested by other officers of the Authority, in substantially the form
on file, but with all such changes therein, not inconsistent with the Act or other law, as may be
approved by the officers executing the same, which approval shall be conclusively evidenced by
the execution thereof.
2
Section 3. Approval Execution and Delivery of Notes. The Authority authorizes the
issuance of the Note, in a principal amount not to exceed $5,400,000, in the forms and upon the
terms set forth in the Note and the Loan Agreement, which terms are for this purpose
incorporated in this resolution and made a part hereof; provided, however, that the interest rate
on the Note shall be as set forth in the final form of the Note, to be approved, executed and
delivered by the officers of the Authority. authorized to do so by the provisions of this
Resolution, which approval shall be conclusively evidenced by such execution and delivery; and
provided further that, in no event, shall such rate exceed twelve percent (12%) per annum. The
Chair, the Executive Director and other Authority officers are authorized to execute the Note at
such time, if any, as they may deem appropriate, and to deliver the Note to the Purchaser,
together with a certified copy of this Resolution and the other documents required by the
Purchaser. The Authority approves the sale of the Note to the Purchaser.
Section 4. Certificates, etc. The Chair, Executive Director and other officers of the
Authority are authorized at such time, if any, as they may deem appropriate, to prepare and
fiunish to bond counsel and Purchaser, when issued, certified copies of all proceedings and
records of the Authority relating to the Note, and such other affidavits and certificates as may be
required to show the facts appearing from the books and records in the officers custody and
control or as otherwise known to them; and all such certified copies, certificates and affidavits,
including any heretofore furnished, shall constitute representations of the Authority as to the
truth of all statements contained therein.
Section 5. Tax Covenants.
5.01. The Authority covenants and agrees with the holders from time to time of the
Note that it will not take or permit to be taken by any of its officers, employees or agents any
action which would cause the interest on the Note to become subject to taxation under the
Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations
promulgated thereunder, in effect at the time of such actions, and that it will take or cause its
officers, employees or agents to take, all affirmative action within its power that may be
necessary to ensure that such interest will not become subject to taxation under the Code and
applicable Treasury Regulations, as presently existing or as hereafter amended and made
applicable to the Note.
5.02. The Authority will comply with the requirements of the Code to establish and
maintain the exclusion from gross income of the interest on the Note under Section 103 of the
Code, including without limitation requirements relating to temporary periods for investments,
limitations on amounts invested at a yield greater than the yield on the Note, and the rebate of
excess investment earnings to the United States.
5.03. It is hereby determined that the Note which is equal to the outstanding principal
amount of the Refunded Note, is deemed designated as a "qualified tax-exempt obligation" as
provided in Section 265(b)(3)(D) of the Code, since:
a) the Refunded Note, when issued, was designated by the Authority as a
qualified tax-exempt obligation under Section 265(b) of the Code;
IF
b) the aggregate face amount of the issue of which the Note is a part does not
exceed $10,000,000;
c) the weighted average maturity of the Note does not exceed the remaining
weighted average maturity of the Refunded Note; and
d) no Note has a maturity date which is later than thirty (30) years after the
date of issuance of any obligations refunded by the Refunded Note which were
designated as qualified tax-exempt obligations.
5.04. The Authority will use its best efforts to comply with any federal procedural
requirements which may apply in order to effectuate the designations made by this section.
Upon a vote being taken on the foregoing Resolution, the following Commissioners
voted in favor thereof:
and the following voted against the same:
whereupon the Resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
SS.
COUNTY OF HENNEPIN )
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, hereby certifies the attached Resolution adopted by the Housing and Redevelopment
Authority in and for the City of Plymouth, Minnesota (HRA) at a Regular Meeting held on
August 28, 2014. The originals are on file in my office.
WITNESS my hand officially as such City Clerk and the Corporate seal of the HRA this
day of , 2014.
Sandra R. Engdahl, MMC
City Clerk
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