HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 01-22-2015MEETING AGENDA
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
THURSDAY, JANUARY 22, 2015 - 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 October 23, 2014.
B. Plymouth Towne Square. Accept Monthly Housing Reports.
C. Vicksburg Crossing. Accept Monthly Housing/Marketing Reports.
D. HRA Program Updates.
3. NEW BUSINESS
A. Sand Companies. Potential mixed income development.
B. Consider Home Energy Squad Enhanced Audit Program.
C. TIF 1-1. Approve Paying Off Bonds and Pledge Agreement with the City
for an Inter -fund Loan.
D. Plymouth Towne Square. Amend 2015 Operating Budget.
4. ADJOURNMENT
DRAFT MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
OCTOBER 23, 2014
PRESENT: Chairman Jeff Kulaszewicz, Commissioners Katie Black, Jim Willis, and Toni
Jelinek
ABSENT: None
STAFF PRESENT: HRA Manager Jim Barnes, HRA Executive Director Steve Juetten, and
Office Support Representative Tina Beckfeld
OTHER: Grace Management Representative Jody Boedigheimer
1. CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and
Redevelopment Authority meeting to order at 7:00 p.m.
2. CONSENT AGENDA
A. Approve IIRA Meeting Minutes for September 25, 2014.
B. Plymouth Towne Square. Accept Monthly Housing Reports
C. Vicksburg Crossing, Accept Monthly IIousing/Marketing Reports
MOTION by Commissioner Willis, seconded by Commissioner Jelinek to approve the consent
agenda. Vote. 4 Ayes. MOTION passed unanimously.
3. NEW BUSINESS
A. Senior Buildings — 2014 Residential Satisfaction Survey Results
Grace Management Representative Boedigheimer gave a recap of the survey results for
Plymouth Town Square and Vicksburg Crossing. She stated concerns voiced about the condition
of the carpet at Vicksburg Crossing are being addressed in budget. The carpet is 9 years old and
the lobby area in question sees the majority of traffic.
Chairman Kulaszewicz asked how often the carpet is cleaned.
Grace Management Representative Boedigheimer stated the carpet is cleaned annually and spot
cleaned monthly or as needed.
LIRA Manager Barnes added the condition of the corridor carpet is good; the lobby area is the
main concern.
Commissioner Jelinek asked if the carpet is being replaced with carpet or another material.
Draft
Plymouth Housing and Redevelopment Authority
October 23, 2014
Page 2
Grace Management Representative Boedigheimer replied they are leaning toward replacing with
carpet for safety and noise reduction.
Chace Management Representative Boedigheimer stated she is please with the overall results of
the survey especially with the results from Vicksburg Crossing as the results were better than last
year.
Katie Black asked about the exterior lighting concerns at Plymouth Towne Square,
HRA Manager Barnes stated the reduced lighting in the parking lot is a result of overgrown trees
that will be trimmed back next spring, He also indicated that staff is addressing the sign and
flagpole lighting.
Grace Management Representative Boedigheimer commented that some light fixtures in the
lobby and stairwells are very high and we are looking at changing the fixtures to LED for
longevity and energy efficiency.
B. Plymouth Towne Square. Review and approve 2015 Budget.
HRA Manager Barnes gave an overview of the Plymouth Towne Square budget.
Chairman Kulaszewicz asked if the $84,000 replacement reserve money is being adding to zero.
HRA Manager Barnes stated it will be added to the Replacement Reserve account that currently
has a balance of approximately $868,000.
Commissioner Jelinek asked why we are holding such a large amount of money in the reserve
account.
HRA Manager Barnes explained that funds are set aside for future major expenses to maintain
the buildings.
Commissioner Willis added the replacement reserve amount is based on a schedule of
anticipated replacement items amortized over a certain number of years.
Commissioner Willis asked staff to bring the reserve schedule to the commission for
clarification.
Commissioner Willis asked if the 2% rent increase is only on the low income rent.
HRA Manager Barnes replied the 2% increase is across the board with the exception of market
rent units.
Draft
Plymouth Housing and Redevelopment Authority
October 23, 2014
Page 3
Commissioner Willis asked when the 2% increase will go into effect and if the commission will
have to approve the increase.
HRA Manager Baines answered the increase will go into effect January 1, 2015. Approval of
the budget tonight will allow the 2%increase to go into effect January 1, 2015.
Chairman Kulaszewicz asked if staff feels the minimum rents for the affordable units are
reasonable compared to surrounding communities.
HRA Manager Barnes stated staff reviews other communities for comparisons and he believes
we are in line with what the market is charging.
Chairman Kulaszewicz asked when the debt service will be done.
HRA Manager Barnes replied 2023.
Commissioner Willis asked what the rate is for the affordable units.
Grace Management Representative Boedigheimer replied on average rent is $570/month and the
subsidized portion is equal to that.
Chairman Kulaszewicz asked Grace Management Representative Boedigheimer about their
management fees increasing and the services Grace Management provides.
Grace Management Representative Boedigheimer stated the rate increases alternate yearly
between Plymouth Towne Square and Vicksburg Crossing. Services provideD include, but not
limited to are, preparation of financials, pay bills, employment of four staff members, employee
payroll, site visits, organizing activities, marketing for Vicksburg Crossing, and general
oversight of both buildings.
Commissioner Jelinek asked if the HRA has a contract with Grace Management and the terms.
Grace Management Representative Boedigheimer replied yes, the HRA has an annual contract
with Grace Management.
Commissioner Jelinek asked if Grace Management is the only management company the IIRA
has used.
HRA Manager Bares replied originally Walker Management was used. In January 2002 the
switch was made to Grace Management.
MOTION by Commissioner Willis, seconded by Commissioner Black to adopt the attached
resolution approving the 2015 Plymouth Towne Square Operating Budget with the 2% proposed
rent increase. Vote. 4 Ayes. MOTION passed unanimously.
Draft
Plymouth Housing and Redevelopment Authority
October 23, 2014
Page 4
C. Vicksburg Crossing. Review and approve 2015 Budget.
HRA Manager Barnes gave an overview of the Vicksburg Crossing budget.
Chairman Kulaszewicz asked why the rate increase is not a percentage increase as with
Plymouth Towne Square verses a set amount.
HRA Manager Barnes replied Vicksburg Crossing is more sensitive to the market. He also
stated that Vicksburg Crossing and Plymouth Towne Square are very different in how rents are
determined.
HRA Executive Director Juetten stated there should not be a concern comparing Vicksburg
Crossing to Plymouth Towne Square because they are so different.
Chairman Kulaszewicz asked if we will spend the remaining balance of last years reserve
budget.
Grace Management Representative Boedigheimer stated the planned projects for the year have
been done, but some of the funds may have been coded as operating expenses. She will Iook into
it.
HRA Manager Barnes asked the commission to keep in mind budgets fluctuate year-to-year.
Commissioner Jelinek asked what happens to the remaining unspent budget amount.
HRA Manager Barnes stated the funds will be moved to the reserve account.
Chairman Kulaszewicz asked if there is a maintenance schedule to change the filters on the
Magic Pac HVAC units and cleaning of exterior venting for those units.
ITRA Manager Barnes stated the filters are replaced quarterly. The biggest problem we are
facing now are wasp nests blocking the venting tubes. There have been one or two instances
where the CO detectors have gone off due to blockage of the vents. The first priority is the
safety of the residents. Currently, a prototype screens is being built with smaller holes that will
be installed and monitored through the next season for effectiveness. Staff is also investigating
the inspection and cleaning of the vents from the exterior along with dryer vent cleaning and
window cleaning to reduce costs.
Chairman Kulaszewicz asked what was determined to be the problem with the catch basins.
HRA Manager Barnes replied the concrete rings have not proven to last over time. The
replacements rings will be made of plastic.
Draft
Plymouth Housing and Redevelopment Authority
October 23, 2014
Page 5
Chairman Kulaszewicz asked Grace Management Representative Boedigheimer about marketing
of the buildings.
Grace Management Representative Boedigheimer replied Vicksburg Crossing has its own
website and advertising has been reduced to quarterly ads as word of mouth seems to be our best
marketing tool at this point.
MOTION by Commissioner Willis, seconded by Commissioner 7elinek to adopt the attached
resolution approving the 2015 Vicksburg Crossing Operating Budget and the proposed rent
increase. Vote. 4 Ayes. MOTION passed unanimously.
5. ADJOURNMENT
MOTION by Chairman Kulaszewicz, seconded by Commissioner Jelinek, to adjourn the
meeting at 7;55 p.m.
r a•B.1
PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Jeff Lelivelt, Managing Director, Plymouth Towne Square
Date: November 17, 2014
Re: PTS Monthly Report for October 2014
November Newsletter and Calendar attached
Occupancy/Marketing
Current Occupancy — 97 Units (98%)
Current Wait List Status
One Bedroom -- 59 applicants; closed
Two Bedroom — 33 applicants
Administrative/Building Operations
The outside entrance doors were re -keyed on 1018 completing the FOB installation process.
On 10113 it was verified that proper police and fire keys were in the outside lock box. The
sprinkler system was also blown out in preparation for winter.
On 10115 First Impressions installed the first phase of the new counters and cupboards in the
Craft Room.
The annual fire extinguisher inspections took place on 10129.
Resident Services
Candidate Audrey Britton did a door to door on 1017 and candidate Marge Beard attended
resident coffee on the 9th. The Birthday Bash and resident meeting was held on the 20th with 66
attendees. The annual Halloween Party was held on 10129. 55 residents were in attendance.
15500 37th Avenue North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Fax: (763) 551-0144
0-ncd by Plyniauth Housing and Redevelopment Aurhorky
Balance Street
PLYMOUTH -roWNE SQUARE
A5 Of October 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 RFC -TENANTS
INTEREST RECEIVABLE
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
COMPUTERS/OFFICE 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
ACCRUED OTHER
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 INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance Total
500
215,552
56,375
861,726
47,732)
2,164)
1,250
18,651
128
4,301
459,247
111,390
5,767,619
301,779
379,211
8,698
13,060
3,539,329)
15,851
3,255
1,454
7,370
26,155
806
54,968
2,670,000
66,672
108,648
1,560,342
1,128,567
3,501,672
4,630,239
54,890
2,791,860
2,046,750
1,668,990
114,499
4,630,239
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through October 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 51,327 52,562 1,236) 532,767 525,820 7,147 630,744
HRA INDIVIDUAL 17,917 17,917 0 179,170 179,170 D 215,004
GARAGE RENT 2,700 2,8BD 180) 28,669 28,BOO 131) 34,56D
GUEST ROOM REVENUE 55 193 138) 2,605 1,930 875 2,318
LAUNDRY REVENUE 766 855 90) 8,424 8,550 126) 10,26D
APPLICATION FEE REVENUE 0 53 53) 275 530 255) B35
TRANSFER FEE REVENUE 500 D 50D 50D 500 0 50D
INVESTMENT INCOME 1,7D3 1,25D 453 27,366 12,500 14,886 15,000
MISCELLANEOUS REVENUE 353 185 16B 1,128 1,850 724) 2,220
T07AL INCOME 75,320 75,895 575) 781,102 759,450 21,652 911,240
EXPENSES
ADMINISTRATION
MANAGER SALARIESIWAGES 3,982 3,877 05) 38,651 36,770 81) 46,524
PAYROLLTAXES 512 1,069 557 7,459 10,690 3,231 12,826
HEALTH INSURANCE 1,137 446 691) 12,244 4,460 7,784) 5,352
WORKERS COMP INSURANCE 65 178 113 717 1,780 1,063 2,136
MAINTENANCE SALARIESIWAGES 3,754 3,761 7 35,908 37,010 1,702 45,132
EMPLOYEE COSTS 80 80 0 HBO 880 0 1,040
SEMINARIFRAINING 0 25 25 370 250 120) 300
BANK FEES a9 5 84) 169 50 119) 60
DUES, SUBS & MEMBERSHIPS D 0 0 100 0 IOD) 0
LICENSE & PERMITS 694 0 694) 917 894 23) 894
MILEAGE REIMBURSEMENT 7B 09 11 793 690 97 1,008
POSTAGE/OVERNIGHT EXPRESS 0 6 8 49 80 31 96
PRINTING 176 10 166) 176 100 76) 120
MANAGEMENT FEES 4,400 4,400 0 44,000 44,000 0 52,900
PROFESSIONAL FEES 0 350 350 1,159 3,50D 2,341 4,200
TELEPHONE EXPENSE 500 500 0 4,988 5,00D 12 6,000
EQUIPMENT LEASEIREPAIR 295 130 165) 3,435 1,30D 2,135) 1,560
OFFICE SUPPLIES 122 95 27) 1,057 950 107) 1,140
TOTAL ADMIN EXPENSES 15,866 15,D23 843) 153,272 151,204 2,068) 181,250
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIE9 652 300 352) 2,549 2,80D 251 5,200
TOTAL RES SERV EXPENSES 652 300 352) 2,549 2,800 251 5,200
MARKETING
PROMOTIONALIPARTIES 0 15 15 0 159 150 180
TOTAL MARKETING EXPENSES 16 15 0 150 150 180
HOUSEKEEPING
CONTRACTLABOR 1,439 1,521 a3 14,80D 15,210 41D 18,252
CLEANING SUPPLIES 36 115 79 823 1,150 327 1,38D
TOTAL HOUSEKEEPING EXPENSES 1,474 1,636 162 15,623 16,360 737 19,632
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through October 31, 2014
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
MISGELLANEOUS B & G EXPENSES
TOTAL BUILDING & GROUNDS
OTHEROPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE
PAYMENT IN LIEU OF PROPERTY TAX
TOTAL OTHER OPERATING EXPENSES
TOTAL OPERATING EXPENSES
NET OPERATING INCOME I ( LOSS)
DEPREC, INTEREST & 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 5 554 600 46 72D
2,194 2,100 94) 23,302 23,20D 102) 27,300
1,411 2,300 8e9 21,999 16,700 5,299) 22,000
942 690 252) 7,518 8,160 642 9,546
351 345 6) 3,245 3,450 205 4,140
411 350 61) 5,173 3,506 1,673) 4,200
231 415 104 4,008 4,560 142 4,980
1,271 1,800 329 22,861 16,000 8,661) 19,200
0 465 465 509 4,650 4,141 5,580
384 300 84) 3,449 3,000 449) 3,600
16,835 2,867 14,1(38) 32,448 28,870 5,778) 32,004
538 60D 62 5,223 6,000 777 7,200
100 1,500 1,400 30,308 32,500 2,192 35,500
1,546 1,600 54 9,937 16,000 6,083 19,200
383 935 552 3,541 9,350 5,809 11,220
0 833 833 0 6,330 6,330 9,996
26,651 16,760 9,891) 173,875 182,260 8,365 216,380
2,621 2,638 17 25,882 26,380 898 31,856
2,895 2,587 28) 26,155 25,870 285) 31,044
5,236 5,225 11) 51,836 52,250 414 62,700
49,880 38,959 10,921) 397,155 405,024 7,669 485,342
25,440 36,936 11,496) 303,946 354,426 29,520 425,898
16,450 16,833 383 164,497 168,330 3,833 201,996
527 527 0 5,206 5,270 5 0,324
0 0 0 25,609 32,000 6,391 32,000
7,370 7,37D 0 74,076 73,700 376) 88,440
24,346 24,730 384 289,448 279,300 9,852 328,760
1,094 12,206 11,112) 114,499 75,126 39,373 97,138
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www.ZiveYes, com
Garage Sweep, Wednesday, November 5
The garage will be cleaned of summer sand, dirt and debris on Wednesday,
November 12. Cars must be out of the garage by 7:30 AM. If you are an early bird,
this is no problem. If you are not, it will be best to move it the night before.
Breakfast With Chef Ray, Saturday, November 15, 8:30-10:00 AM
Our own top chef, Ray Milford, will host his monthly breakfast on Saturday,
November 15. Tickets will be sold Monday and Tuesday of the preceding week.
Cost: $3.50 in advance; $4.00 on Saturday. Watch for news of his menu on the bulletin
board and elevators.
Art Room Open House, 'Tuesday, November 18
To celebrate the completion of the art room (the former hair salon on the second floor),
an Open House will be held on Tuesday, November 18. At present, the cupboards are
installed and by the time of the Open House, the walls will be repainted There will be
activities as well as coffee and cookies. Watch for more information on this event.
Resident Meeting and Birthday Bash, Thursday, November 20,1.:00 PM
Our birthday and resident meeting will be held on Thursday, November 20 at 1:00 PM.
Jeff will give us up-to-date PTS news along with a question and answer session. Stay up
to speed on what is happening in and around our cominunity. Coffee and cake.
Thanksgiving Celebration, Tuesday, November 25, 5:00 PM
We will celebrate Thanksgiving here at PTS on Tuesday, November 25, at 5:00 PM
with a potluck. PTS will supply a turkey and we will fill up the food tables with other
Thanksgiving delights. Last year this turned out to be a huge event, and we had a wide
variety of foods. This is an opportunity for all of us, no matter our nationalities, to get
together to be thankful for all we have in our lives and celebrate each other. Look for
more information and sign-up information closer to the 25th.
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Teacher: Why are you late?
Bobby: Class started before I got here.
Teacher: John, why are you doing your math multiplication on the
floor?
John: You told me to do it without using tables.
Teacher: Chuck, how do you spell 'crocodile .P
Chuck: krokadial.
Teacher: No, that's wrong.
Chuck: It may be wrong, but you asked me how 'T" spell it.
Teacher: Donald, what is the chemical formula for water?
Donald: HIJKLMNO
Teacher: What are you talking about?
Donald: Yesterday you said it was H to O.
Teacher: Clyde, your essay on 'idly Dog" is exactly the same as
your brother's_...
Did you copy his?
Clyde: No ma 2m, it's the same dog.
Teacher: George Washington not only chopped down the cherry
tree, but also admitted it.
Now Louis, do you know why his father didn't punish him?
Louis: Because George still had the ax in his hand.
I $ee SolsAea4e;s
NOVEMBER BIRTHDAYS
Happy Birthday to the following residents
who are celebrating birthdays this month!
SCOTT H U LTMAN 3
JEAN KRAM E R 4
KENING XIANG 21
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PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Jeff Lelivelt, Managing Director, Plymouth Towne Square
Date: December 17, 2014
Re: PTS Monthly Report for November 2014
December Newsletter and Calendar attached
OccupancylMarketinq
Current Occupancy — 98 Units (99%)
Current Wait List Status:
One Bedroom — 59 applicants; closed
Two Bedroom —19 applicants (A number of applicants were removed from the
list either by request or by the third turn down of an available apartment.)
Administrative/Building Operations
The second stage of the Craft Room counter installation began on 11-4. New chairs were
delivered with tables scheduled for delivery in early December.
We received a free garage sweep on 11-5. This was the vendor's way of making amends for
poor job performance in the spring.
On 11-11, exterior lighting, including the PTS monument sign was repaired.
On 11-19 the elevators were inspected.
Phone lines for the upgraded fire monitoring system were installed.
Resident Services
Breakfast with Chef Ray was held on 11/15 with 37 in attendance. The resident meeting and
birthday bash was held on 11120 with 49 in attendance. 74 residents participated in the 2nd
annual Turkey Day celebration held on 11125.
15500 37th Avenue North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Fax: (763) 551-0144
Owned by Plyntauth Housing and Redevelopment Authociry
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of November 30, 20U
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
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 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 RSRVO FOR DS
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance Total
500
236,134
55,749
881,726
29, 815)
789)
2,500
16,030
63
5,539
459,247
111,390
5,767,619
301,779
379,211
8,696
13,060
3,555,779)
20,460
3,686
1,454
14,740
28,770
55,738
2,670,000
67,398
108,648
1,560,342
1,167,638
3,485,222
4,652,860
69,109
2,793,136
2,862,245
1,668,990
121,625
4,652,860
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through November 30, 2414
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 51,831 52,562 931) 564,398 578,162 6,216 630,744
HRA INDIVIDUAL 17,917 17,917 0 197,007 197,007 0 215,004
GARAGE RENT 2,745 2,680 135) 31,414 31,680 266) 34,560
GUEST ROOM REVENUE 220 193 27 3,025 2,123 902 2,316
LAUNDRY REVENUE 701 855 154) 9,125 9,405 29D) 10,260
APPLICATION FEE REVENUE 70 53 17 345 503 238) 838
TRANSFER FEE REVENUE 0 0 0 500 500 0 500
INVESTMENT INCOME 1,262 1,250 12 28,627 13,750 14,077 15,000
MISCELLANEOUS REVENUE 30 185 155) 1,156 2,035 879) 2,220
TOTAL INCOME 74,576 75,895 1,319) 855,677 535,345 20,332 911,240
EXPENSES
ADMINISTRATION
MANAGER SALARIESANAGES 3,934 3,677 43 42,085 42,647 3B) 46,524
PAYROLL TAXES 513 1,069 555 7,972 11,759 3,787 12,829
HEALTH INSURANCE 1,137 446 691) 13,382 4,906 8,476) 5,352
WORKERS COMP INSURANCE 65 178 113 782 1,958 1,176 2,136
MAINTENANCE SALARIESIWAGES 3,566 3,761 195 39,473 41,371 1,098 45,132
EMPLOYEE COSTS 80 80 0 960 960 0 1,040
SEMINAR/TRAINING 0 25 25 370 275 95) 300
BANK FEES 59) 5 64 110 55 55) 60
DUES, SUBS & MEMBERSHIPS 0 0 0 100 0 100) 0
LICENSE & PERMITS 40 0 40) 957 894 63) 894
MILEAGE REIMBURSEMENT 22 69 57 015 979 164 1,068
POSTAGEIOVERNIGHT EXPRESS 0 a 8 49 88 39 96
PRINTING 0 10 10 176 110 60) 120
MANAGEMENT FEES 4,400 4,400 0 48,400 48,400 0 52,800
PROFESSIONAL FEES 51 350 299 1,210 3,850 2,640 4,200
TELEPHONE EXPENSE 496 500 4 5,494 5,500 16 6,000
EQUIPMENT LEASEIRFPAIR 0 130 130 3,435 1,430 2,005) 1,560
OFFICE SUPPLIES D 95 95 1,057 1,045 12) 1,140
TOTAL ADMIN EXPENSES 14,146 15,023 877 167,417 166,227 1,19D) 161,250
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIFS 27 200 173 2,576 3,00 424 5,200
TOTAL RES SERV EXPENSES 27 208 173 2,576 3,000 424 5,200
MARKETING
PROMOTIONALIPARTIES 0 15 15 0 165 185 180
TOTAL MARKETING EXPENSES 0 i5 15 0 165 165 180
HOUSEKEEPING
CONTRACT LABOR 1,394 1,521 128 16,194 16,731 538 18,252
GLEANING SUPPLIES 414 115 299) 1,237 1,265 28 1,390
TOTAL HOUSEKEEPING EXPENSES 1,808 1,636 172) 17,431 17,996 565 19,632
Profit and Loss Variance
hrotigh November 30, 2014
MTD Actual Budget Var. YTD Actual Budge( Var. Year Budget
BUILDING & GROUNDS
CABLE TV EXPENSE 55 60 5 610 680 50 720
UTILITIES -ELECTRICITY 2,206 2,100 106) 25,508 25,3CD 208) 27,300
UTILITIES - GAS 2,492 2,500 8 24,491 19,200 5,291) 22,000
UTILITIES -WATERISEWER 585 690 105 6,103 8,850 747 9,540
WATER SOFTENING SERVICE 326 345 19 3,572 3,795 223 4,140
DOORS, KEYS & WINDOWS 4 350 346 5,178 3,850 1,328) 4,200
FIRE SYSTEM SERVICE 175} 415 590 3,833 4,565 732 4,960
LAWN SERVIGEILANDSCAP/SNOW Ri IVL 3,42D 1,600 1,82D) 28,001 17,600 8,481) 19,200
PEST CONTROL D 465 465 509 5,115 4,606 5,58D
TRASH REMOVAL 384 300 84) 3,634 3,300 534) 3,600
UNIT TURNOVER REPAIRS 6,386 2.667 3,719) 30,832 29,337 9,495) 32,004
ELEVATOR -REPAIRS & MAINTENANCE 538 600 fit 5,761 6,600 839 7,200
REPAIRS & MAINTENANCE 1,027 1,500 473 31,335 34,000 2,665 35,500
BUILDING & GROUNDS SUPPLIES 885 1,600 715 10,822 17,600 6,778 19,200
HVAC - REPAIRS& MAINTENANCE 1,116 935 181) 4,856 10,285 5,627 11,220
MISCELLANEOUS D & G EXPENSES D 633 833 0 9,103 9,163 9,996
TOTAL BUILDING & GROUNDS 19,252 16,96D 2,292) 193,127 199,220 6,093 216,380
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,621 2,638 17 28,302 29,018 716 31,656
PAYMENT IN LIEU OF PROPERTY TAX 2,615 2,587 28) 28,770 28,457 313) 31,044
TOTAL OTHER OPERATING EXPENSES 5,236 5,225 11) 57,072 57,475 403 62,700
TOTAL OPERATING EXPENSES 40,468 39,059 1,409) 437,623 444,083 6,460 485,342
NET OPERATING INCOME ! ( LOSS) 34,106 36,836 2,728) 418,054 391,262 26,792 425,698
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 16,450 13,833 383 180,947 185,153 4,218 201,996
AMORTIZATION EXPENSE 527 527 0 5,792 5,797 5 6.324
RE8ERV6REPLACE CAPITAL EXPENSE 2,036 0 2,636) 28,244 32,OOD 3,750 32.000
INTEREST EXPENSE 7,370 7,370 0 81,446 81,070 376) 68,440
TOTAL DEPREC, INTEREST & OTHER 26,982 24,730 2,252) 296,430 304,030 7,600 328,760
NET INCOME I (LOSS) 7,126 12,106 4,980) 121,625 87,232 34,393 97,138
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RESIDENT MEETING RECAP
Discussed the 5 TBN channels that are no longer appearing
on the antenna feed. Informed the residents that PTS has
no control over what channels are broadcasted over the
air.
Discussed how the thermostats in the apartments work. If
set at 72 degrees, the heat will bring the room up to that
temperature. It then turns off and does not turn back on
until the temperature drops to 67 (5 degrees). It then
turns back on and brings the temperature back up to 72.
So if 72 is your target temp, set the thermostat at 75 which
will keep the temp between 70 and 75.
Discussed the outside lights. All are currently operational
but will need some work in spring when the ground thaws.
Second floor appliance cleaning and smoke detector
replacements will begin the week of 11/24 and finish
around the first week of December. First floor will follow.
New residents were announced.
Current events:
11/25 —Thanksgiving Celebration; 5pm.
12/9 — New Song Kids Choir concert; bpm.
12/17 — Holiday Party; 5pm. Tickets go on sale DECEMBER
IST THROUGH DECEMBER 10TH IN THE OFFICE.
f
HELLO, EMPLOYMENT AGENCY?
THERE"S WEN A MISTAKE
I ASS FOR 100 ELVES!
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Honey, our lawyer wishes us,
but in no way guarantees,
a Merry Christmas.
fia dy t+iasb w 9n
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ow IMepeoplecallhim--- Santa Claus, some call
hi
Kris Kringle, some call him Saint Nicholas,
Obviously, a victim of identity theft!"
I read it in the want ads-..,
actual ads placed in newspapers)
LOST MIND
Last seen before wife and kids.
Any info, please call.
FREE PUPPIES
Mother is a Kennel Club registered German Shepherd
Father is a SUPER DOG, able to leap tall fences in a single bound
JOINING NUDIST COLONY
Must sell washer/dryer.
100 or best offer
WEDDING DRESS FOR SALE
Worn once by mistake.
Call Stephanie
FOR SALE BY OWNER
Complete set of Encyclopedia Britannica.
No longer needed.
Got married last weekend - wife knows everything.
Headliners
Something Went Wrong in Jet Crash, Expert Says
Iraqi Head Seeks Arms
Shot Off Woman's Leg Helps Nicklaus to 66
Killer Sentenced to Die for Second Time in 10 years
If Teachers' Strike Isn't Ended Quickly, It May Last a While
New Study of Obesity Looks for Larger Test Group
Two Soviet Ships Collide, One Dies
Red Tape Holds Up New Bridge
Man Struck by Lightning Faces Battery Charge
It's so cold outside
I just save a teenager
with his pants Mille
all the way up!
random stuff
random stuff
Before I had kids, I didn't even know it
was possible to destroy an entire house
with a granola bar.
woVrzmempm
DECEMBER BIRTHDAYS
Happy Birthday to the following residents
who are celebrating birthdays this month!
DALE DAVI ES 1
BETTY POMERLEAU 3
TSILYA KATSNELSON 4
RAISA KOCHERGINA S
LEV RIZIKOV 12
LEONID KRAVCHENKO 15
BARBARA GREENWOOD 17
CHARLOTTE WOLLMAN 29
LORRAINE SMITH 30
BEVERLY ANDERSON 31
VADZI M DZE M IAN I U K 31
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P
PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Jeff Lelivelt, Managing Director, Plymouth Towne Square
Date: January 16, 2015
Re: PTS Monthly Report for December 2014
January 2015 Newsletter and Calendar attached
Occupancy/Marketing
Current Occupancy — 98 Units (99%)
Current Wait List Status:
tOB80A&
One Bedroom — 59 applicants; closed
Two Bedroom -- 19 applicants (A number of applicants were removed from the
list either by request or by the third turn down of an available apartment.)
Apartment 119 will be rented as of 2/1/2015
Administrative/Building Operations
Through early December, the Craft Room renovations were completed with counter hardware
installed and tables and chairs delivered. The room will be painted in early February.
A problem with one of the boilers was solved with the replacement of a heat sensor.
On 12115 a PM was done on the generator and final programming for the fire monitor system
was completed. A complete test of the system was performed on 12119.
Resident Services
The New Song Kids Choir performed their annual holiday concert on 1219. 33 residents
attended.
The PTS Holiday Party was celebrated on 12117. Over 90 guests attended.
The holiday season also included caroling and a sing along party on 12123. 42 residents
attended.
15500 37th Avenuc North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Fax: (763) 551.-0144
Opened by Plymouth Housing and Aede elopment Aurboriry
Balance Sheet
PLYMOUTH TOWNE SQUARE
As 4f December 31, 201
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
INTEREST RECEIVABLE
ACCOUNTS REC-OTHER
PREPAID PROPERTY INSURANCE
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
BUILDING IMPROVEMENTS
FURN, nXT & 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
AGCRUEDINTEREST
ACCRUED REAL ESTATE TAXES
ACCRUED OTHER
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPQSITS
BONDS PAYABLE -SERIES 2011A
BOND PREMIUM
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RSRVO FOR DS
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance
50D
43,054
57,261
965,748
111,533
3,750
9
13,409
6,506
459,247
111,390
5,767,619
301,779
379,211
6,696
13,060
3,572,228)
44,876
4,538
1,454
22,109
31,385
42
55,615
2,670,000
57,925
108,648
1,560,342
Total
1,203,770
3,468,772
4,672,542
74,502
2,794,540
2,869,042
1,668,990
134,510
4,672,542
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through December 31, 2014
MTD Actual Budget Var, YTD Actual Budget Var, Year Budget
INCOME
APARTMENT RENTAL REVENUE 52,787 52,582 225 637,185 930,744 6,441 630,744
HRA INDIVIDUAL 17,917 17,917 0 215,004 215,004 0 215,004
GARAGE RENT 2,745 2,80D 135) 34,159 34,560 401) 34,560
GUEST ROOM REVENUE 110 193 83) 3,135 2,310 619 2,316
LAUNDRY REVENUE 862 056 7 9,987 10,260 273) 10,26D
APPLICATION FEE REVENUE 70 53 17 415 636 221) 036
TRANSFER FEE REVENUE 0 0 0 500 500 D 500
INVESTMENT INCOME 1,262 1,250 32 29,910 15,000 14,91D 15,D00
MISCELLANEOUS REVENUE 49 185 136) 1.205 2,220 1,015) 2.220
TOTAL INCOME 75,622 75,695 73) 931,499 911,240 2D,259 911,240
EXPENSES
ADMINISTRATION
MANAGER SALARIFS/WAGES 3,962 3,677 65) 46.647 46,524 123) 46,524
PAYROLL TAXES 511 1,069 556 6,463 12,826 4,345 12,828
HEALTH INSURANCE 1,137 446 991) 14,519 5,352 9,167) 5,352
WORKERS COMP INSURANCE 63 176 115 846 2,139 1,290 2,136
MAINTENANCE SALARIESNVAGES 3,929 3,751 166) 43,402 45,132 1,730 45,132
EMPLOYEE COSTS 80 80 0 1,040 1,040 0 1,040
SEMNARJTRAINING 0 25 25 370 300 70) 300
BANK FEES 0 5 5 110 60 50) 50
DUES, SUBS 6 MEMBERSHIPS 0 0 0 100 0 100) 0
LICENSE 6 PERMITS 0 0 0 957 694 63) 894
MILEAGE REIMBURSEMENT 81 89 8 096 1,060 172 1,006
POSTAGElOVERNIGHT EXPRESS 20 8 12) 69 90 27 96
PRINTING 0 10 10 175 120 56) 120
MANAGEMENT FEES 4,400 4,400 0 52,600 52,800 0 52,8CD
PROFESSIONAL FEES 53 350 287 1,263 4,200 2,937 4,200
TELEPHONE EXPENSE 495 500 4 5,981 6,000 19 6,000
EOUIPMLNT LEASFJREPAIR 0 130 130 3,435 1,560 1,075) 1,560
OFFICE SUPPLIES 136 95 43) 1,190 1,140 56) 1,140
TOTAL ADMIN EXPENSES 14,871 15,D23 152 182,288 181,250 1,D38) 181,250
RESIDENT SERVICES
RLSIDENT PROGRAMIACTIVITIES 1,636 2,200 564 4,212 5,200 988 5,200
TOTAL RES SFRV EXPENSES 1,636 2,20D 564 4,212 5,200 986 5,200
MARKETING
PROMOTIONALIPARTIES 0 15 15 0 180 180 18C
TOTAL MARKETING EXPENSES 0 15 15 0 180 180 180
HOUSEKEEPING
CONTRACTLABOR 1,519 1,521 2 17,712 18,252 E40 10,252
CLEANING SUPPLIES 67 115 28 1,324 1,380 56 1,380
TOTAL HOUSEKEEPING EXPENSES 1,606 1,636 3D 19,037 19,632 595 19,632
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Throtigh December 31, 2014
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES- ELECTRICITY
UTILITIES - GAS
UTILITIES - WATER/SEWER
WATER SOFTENING SERVICE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVICElLANOSCAPISNOW RMVL
PEST CONTROL
TRASH REMOVAL
UNIT TURNOVER REPAIRS
ELEVATOR -REPAIRS & MAINTENANCE
REPAIRS & MAINTENANCE
BUILDING & GROUNDS SUPPLIES
HVAC - REPAIRS & MAINTENANCE
MISCELLANEOUS D & 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, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE
AMORTIZATION EXPENSE
RESERVOREPLACE CAPITAL EXPENSE
INTEREST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME I (LOSS)
MTD Actual
55
2,531
2,677
585
431
463
90
1,317
145
384
D
53U
535
3,933
218
D
14,002
2,621
2.615
5,236
37,351
38,471
Budget Var. YTD Actual Budget
BD 5 665 720
2,OOD 531) 28,040 27,300
2,600 123 27,167 22,000
B90 105 8,688 9,540
345 86) 4,003 4,140
350 113) 5,040 4,200
415 325 3,923 4,980
1,600 283 27,398 19,200
465 320 654 5,580
300 84) 4,218 3,800
2,667 2,e67 36,832 32,004
600 B2 6,298 7,200
1,500 665 31,970 35,500
1,600 2,333) 14,750 19,200
935 717 4,876 11,220
833 833 0 9,998
17,160 3,158 207,129 216,380
2,638 17 30,923
2,507 28) 31,385
5,225 11) 62,308
41,259 3,908 474,974
34,636 3,835 456,525
16,450 16,633 383 197,397
527 527 0 6,319
1,112 0 1,112) 29,357
7,497 7,370 127) 88,943
25,565 24,730 855) 322,015
12,886 9,906 2,980 134,510
31,656
31,044
62,700
485,342
425,898
205,990
6,324
32,000
88,440
328,760
97,138
Var. Year Budget
55 72D
740} 27,300
5,167) 22,000
652 0,540
137 4,140
1,440) 4,200
1,057 4,980
8,198) 19,200
4,926 5,560
618) 3,600
6,826) 32,004
902 7,200
3,530 35,5DO
4,444 19,200
6,344 11,220
9,998 9,996
9,251 216,384
733 31,656
341) 31,044
392 62,700
10,368 465,342
30,627 425,898
4,599 201,996
5 6,324
2,044 32,000
503) 88,440
8,745 328,760
37,372 97,136
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Resident Meeting Recap
12/18/2014
We reviewed the annual Holiday Party; the food was great as was
the entertainment. 90 + attended.
We discussed management and maintenance entering
apartments. In most cases there is a 24 hour notice.
A controlled entry occurs when the resident wants to be
home during the visit. This is usually done by appointment.
A non -controlled entry occurs during Emergency Systems
tests as well as annual apartment inspections and fire and
building inspections. We will give notice but can't always
control the timing of the entry.
An emergency entry occurs when management believes that
there is immediate danger to the resident, other residents
or the building.
If there are any questions regarding this, please see Jeff.
We reviewed the situation with illness at PTS, the seriousness of
the situation and what needs to be done to ward off this danger
to the residents. A full page is devoted to this in the January 2015
newsletter.
We reviewed the rent increases starting January 15t 2015.
A holiday sing along will take place on January 23rd at 7pm.
New Year's Day will be held on January 15t, 2015
As of this day, there are only 48 days left until Jeff's birthday.
Am I Contagious?' When to Stay Home Sick
Maybe it began with a tickle in your throat or a stuffy nose. The next morning, you wake
up coughing and sneezing, and are faced a serious dilemma: to stay in or go out?
Everyone has a strong incentive to go to out every day—even when sick. However,
sometimes it's important for your health --and the health of others ---to stay home.
If you are suffering from a sore throat, runny nose, and general feeling of exhaustion,
but don't have a fever, you could have a common cold; the flu, seasonal allergies, or a
different virus altogether_
Both the common cold and the flu are caused by viruses. Viruses can easily spread
from person to person—either through the respiratory system or through direct physical
contact. If you have a cold or the flu, you are contagious.
If you have a cold you may remain contagious for as long as you have
symptoms.,
ff ou have the flu -you ma -v remain conta ious for up to seven €ia s after
becoming sick,
Onset
While colds begin gradually, the flu often appears quite suddenly, as the person
experiences a headache, a severe cough, muscle aches, diarrhea, chills, and fever.
Cold Versus Flu
If your symptoms indicate a cold and the flu, it is likely that you have a virus and are
contagious. However, you might still feel well enough to go out. Should you?
If you have reason to suspect the flu, stay home. Although cold and flu might initially
cause similar symptoms, the flu can cause serious complications in some people
such as influenza encephalitis (swelling of the brain), pneumonia, kidney problems, and
respiratory failure. While you might recover from the flu without complications, you
could s read the virus to someone who mi ht not be so lucky.
Because you may still be contagious, it's important to know how to reduce your impact
on others. Use the following simple tips to help keep everyone healthy:
Avoid direct contact. Stay home. The less time you spend with others, the less likely it is
that you will make them sick.
Cover your cough (and sneezes). Because viruses travel through the air, `one way to
stop the spread of illness is to practice respiratory etiquette," Wash your hands.
Whether you use soap and water or alcohol -based gel, hand hygiene prevents the
spread of illness by contact.
Please help us all at PTS to stay as healthy as possible this cold and flu season and to
prevent an outbreak at out building.
44---t,
No. its not water. You seem to
be retaining food."
Geology
Nme 6c &ree types CF; TV&
j. cc-V-n>
Aunk
Cold is a relative thing....
65 above zero
Floridians turn on the heat
People in Minnesota plant gardens
50 above zero
Foreign cars won't start
People in Minnesota drive with the windows down
35 above zero
New York landlords finally turn up the heat
Minnesotans have the last cookout before it gets cold
Zero
Californians fly away to Mexico
People in Minnesota get out their winter coats
20 below zero
Washington DC runs out of hot air
Minnesotans check to see if all the windows are closed
40 below zero
ALL sub -atomic motion stops
People in Minnesota start saying "Cold enough for ya"
50 below zero
Hell actually freezes over
Minnesota public schools will open 2 hours late
CS. M.,2
JJJTJI
laugh.. I honestly think it's the
thing I like most, to laugh. It
cures a multitude of ills: It's
probably the most important
thing in a person.
Audrey Hepburn
JANUARY BIRTHDAYS
Happy Birthday to the following residents
who are celebrating birthdays this month!
MAZAH I R MAMMADOV 1
YANSHAN LI 1
ANATOLIY MORKIN 5
HELEN ANDEREERG 6
FANGHU PENG 6
SANDI REKSTAD 6
ELIZAVETA MORKINA 10
GEORGE FOREMAN 10
BOB EASTLACK 12
HELEN THOMPSON 13
RENHAO ZHANG 13
DANNY KAYE 13
MAGGYVER 23
MARGARET PEARSON 29
PAUL HAH N 31
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MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: November 10, 2014
RE: Vicksburg Crossing Monthly Report for October 2014
November Newsletter and November Calendar attached
Rentals:
As of October 31st we have 92 occupied apartments with 2 vacant units, and we have 2 deposits at this
time, giving us a total of 0 apartments available to rent. The affordable apartment waiting list now has 40
names and we have been adding interested people to the list. On our moderately priced waiting list we
have 14 people waiting for a one bedroom and 9 people waiting for either a 1+ den or a 2 bedroom.
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) 850 Sq Ft 1 Bedroom
23 0 0
Style C (8) 884 Sq Ft 1 + Den 8 0
0
Style C2 (8) 950 Sq Ft 1 + Den S 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 1
1 November lst
Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0 0
Affordable
33) 725 Sq Ft 1 Bedroom 32 1 1 December 15th
TOTALS 192 12 12
3155 Vicksburg Lane N • Plyniou111, PIN 55447 • Phone (763)559-1877 • Fax (763)559-0144 • wnRu.ci.plymoutli.inn.us
ow;ied ley Plymouth l lousing and Redevelopment Autl-iorit, 12Y
EQUAL HOUSING
OPPORTUNITY
Move-InslMove-Outs;
In October we had 3 move in, one in to 214 an affordable apartment, apartment 206 a 2 bedroom (style
D2) and apartment 110 a moderately priced 1 bedroom.
Marketing
We continue to be very busy giving tours to prospective residents who either contact us by phone, email
or drop in. We had 2 affordable apartments available at the same time so our list for that style apartment
has gone down.
Resident Services
The residents really enjoyed our Halloween party this month which included, tacos, fruit, chips and
pumpkin cake roll for dessert. The entertainment was provided by the Dixieland Jazz Band Maple Street
Ramblers and they had several residents dancing in the aisles.
We had our monthly birthday party on Thursday, October 16°i. 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
After experiencing a problem with water getting into the underground parking garage during heavy rain,
this month Rite Way Waterproofing installed a drain pipe that diverts water that was entering the
underground parking garage to a drain outside the garage door. We had all our security door locks
changed following the installation of a new keyless entry system. Owens Companies installed the metal
grate, intended to keep hornets out, on a 1' floor Magic Pak unit. We will monitor it during the winter for
frost build up.
Balance Sheet
VICKSB JRG CROSSING
As Of October 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 REG -TENANTS
INTEREST RECEIVABLE
ACCOUNTS REG -OTHER
PREPAID PROPERTY INSURANCE
PREPAID WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EOUIP-GENERAL
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
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 INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance
500
1,036,688
64,068
362,051
9,056,966
1,035
417
65
10,319
130
4,207
874,593
238,793
9,025,428
341,736
8,680
2,012,087)
26,322
3,155
1,454
175,419
45,820
108
61,045
9,675,000
9,890,000
25,401)
25,106)
11,833,D46
9,883,'177
23,136,941)
Total
10,545,446
7,577,143
18,122, 589
252,276
19, 575, 538
19, 827, 815
1,420,718)
284,508)
18,122,589
Profit and Loss Variance
VICKSBURG CROSSING
Through October 31, 2014
MTD Actual Budget Var, YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 92,998 89,785 3,213 927,763 899,740 28,023 1,079,940
APARTMENT RENTAL REVENUE - COUNTY 1,621 2,135 514) 21,133 21,350 217) 25,620
HRA SUBSIDY - TAX LEVY 4,167 4,167 0 41,670 41,670 0 50,904
GARAGE RENT 3,012 2,925 67 29,695 29,250 645 35,100
GUEST ROOM REVENUE 250 130 120 2,720 1,300 1,420 1,560
LATE FEE REVENUE 30 15 15 480 150 330 180
APPLICATION FEE REVENUE 35 53 18) 490 530 40) 636
TRANSFER FEE REVENUE 500 0 500 1,000 1,000 0 1,000
INVESTMENT INCOME 940 417 523 22,159 4,170 17,999 5,004
MISCELLANEOUS REVENUE 350 450 100) 3,465 4,500 1,035) 5,400
TOTAL INCOME 103,903 100,077 3,826 1,050,775 1,003,660 47,115 1,204,444
EXPENSES
ADMINISTRATION
MANAGER SALARIES 4,355 4,261 94) 42,706 42,610 96) 51,132
PAYROLL TAXES 517 1,038 521 7,287 10,360 3,093 12,456
HEALTH INSURANCE 1,358 1,624 266 13,265 16,240 2,975 19,488
WORKERS COMP INSURANCE 68 160 94 726 1,600 674 1,920
MAINTENANCE SALARIESIWAGES 3,154 3,153 1) 30,747 31,530 783 37,836
EMPLOYEE COSTS 80 80 0 880 980 0 1,040
SEMINARITRAINING 0 25 25 185 250 65 300
BANK FEES 25 5 20) 38 50 12 6D
DUES, SUBS & MEMBERSHIPS 0 10 10 55 100 45 120
LICENSE & PERMITS 0 0 0 699 876 23) 676
MILEAGE REIMBURSEMENT 26 68 42 430 660 250 816
POSTAGE/OVERNIGHT EXPRESS 28 12 16) 171 120 51) 144
PRINTING 176 5 171) 226 50 176) 60
MANAGEMENT FEES 4,200 4,200 0 42,000 42,000 0 50,400
PROFESSIONAL FEES 53 267 214 1,570 2,670 1,100 3,204
TELEPHONE EXPENSE 882 527 135) 6,540 5,270 1,270) 6,324
EQUIPMENT LEASEIREPAIR 55 104 49 2,099 1,040 1,059) 1,248
OFFICE SUPPLIES 65 90 25 909 900 9) 1.080
TOTAL ADMIN EXPENSES 14,819 15,629 810 150,733 157,246 6,513 188,504
RESIDENT SERVICES
RESIDENT PROGRAWACTIVITIES 372 283 89) 3,184 2,830 354) 5,113
TOTAL RES SERV EXPENSES 372 283 89) 3,184 2,830 354) 5,113
MARKETING
ADVERTISING 0 40D 400 6,712 4,000 2,712) 4,800
PROMOTIONALIPARTIES 0 0 0 0 700 700 700
TOTAL MARKETING EXPENSES 0 400 40O 6,712 4,700 2,012) 5,500
HOUSEKEEPING
CONTRACT LABOR 926 1,030 104 9,204 10,300 1,095 12,360
CLEANING SUPPLIES 179 11D 69) 1,346 1,100 246) 1,320
TOTAL HOUSEKEEPING EXPENSES 1,104 1,140 36 10,550 11,400 850 13,680
Profit and Loss Variance
VICKSBURG CROSSING
Through October 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
BUILDING & GROUNDS
CABLE TV EXPENSE 119 125 6 1,299 1,250 49) 1,500
UTILITIES -ELECTRICITY 1,839 2,000 181 18,995 21,500 2,505 25,300
UTILITIES - GAS 729 1,100 371 27,922 17,200 10,722) 22,700
UTILITIES - WATER/SEWER 1,328 935 393) 10,734 10,510 224) 12,380
WATER SOFTENING SERVICE 177 182 5 1,594 1,820 228 2,184
DOORS, KEYS & WINDOWS 549 93 456) 1,411 930 481) 1,118
FIRE SYSTEM SERVICE 53 321 266 2,553 3,210 657 3,852
LAWN SERVICEILANDSCAPISNOW RMVL 1,228 1,225 3) 17,610 12,250 5,366) 14,700
PEST CONTROL 0 625 B25 663 4,879 4,198 5,672
TRASH REMOVAL 539 300 239) 6,162 3,000 3,162) 3,600
UNIT TURNOVER REPAIRS 6,546 2,763 3,785) 26,323 27,630 693) 33,156
ELEVATOR -REPAIRS & MAINTENANCE 42B 534 108 4,248 5,340 1,094 6,408
REPAIRS & MAINTENANCE 2,745 3,500 755 22,071 25,ODO 2,929 27,400
BUILDING & GROUNDS SUPPLIES 758 750 0) 6,088 7,500 814 9,000
HVAC - REPAIRS & MAINTENANCE 641 740 99 7,279 7,4DO 121 8,880
MISCELLANEOUS B & G FXPPNSES 0 933 833 0 6,330 6,330 9,996
TOTAL BUILDING & GROUNDS 17,680 16,029 1,654) 157,573 157,749 176 187,844
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,719 2,710 9) 26,759 27,100 341 32,520
PAYMENT IN LIEU OF PROPERTY TAX 4,582 4,664 82 45,820 46,640 82D 55,986
TOTAL OTHER OPERATING EXPENSES 7,301 7,374 73 72,579 73,740 1,161 88,488
TOTAL OPERATING EXPENSES 41,276 40,852 424) 401,331 407,665 6,334 469,129
NET OPERATING INCOME I ( LOSS) 62,626 59,225 3,401 649,444 595,995 53,449 715,315
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 30,723 30,723 0 307,226 307,23D 4 360,676
AMORTIZATION EXPENSE 208 208 0 2,079 2,080 2 2,496
RESERVEIREPLACE CAPITAL EXPENSE 13,298 D 13,298) 41,202 42,100 096 42,100
INTEREST EXPENSE 58,473 37,456 21,D17) 583,445 374,56D 208,885) 449,472
TOTAL DEPREC, INTEREST & OTHER 102,701 68,387 34,314) 933,951 725,970 207,981) 862,744
NET INCOME! (LOSS) 40,075) 9,162) 30,913) 284,508) 129,975) 154,533) 147,429)
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aPp4
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time of the year again!! I will be decorating the building on Monday,
d December 1 st. If you are available, and would like to help, please F
come down to the community room at 10:00. a
We will be having coffee and treats following the decorating. a a g4
Wednesday,
community
Four Steps to healthy aging
Engage your mind. Training your brain every day can help you avoid the gradual loss of
memory that sometimes comes with aging. Try doing word puzzles. Read a book, maga-
zine, or newspaper. Learn a new skill or hobby.
Keep moving. Regular exercise helps you maintain a healthy weight and stave off depres-
sion, fatigue, and anxiety. A good amount of exercise is 30 minutes, five times per week,
but any amount is beneficial. Movement is also good for older joints that suffer from ar-
thritis or stiffness.
Take care of your heart. Eat foods low in saturated fats, refined sugar, and sodium. Avoid
processed junk and fatty foods. Increase your intake of Omega-3 fatty acids, which is
found in foods such as salmon and walnuts.
Nourish your soul. Research shows that people with strong relationships have improved
health. Any informal group of friends that you socially engage with will help ease stress.
Try to foster positive relationships with people in your church, apartment building or senior
center.
UCare
Things happening in Plymouth during November
Plymouth Arts Fair Saturday, November 15th and Sunday, November 16th from 10:00 a.m.
to 5:00 p.m. at the Plymouth Creek Center. Free admission. There will be many artists
selling their products.
Kids Garage Sale from 12:00 to 2:30 on Sunday, November 2nd at the Plymouth Creek
Center.
If you enjoy walking you can stay active this winter by taking advantage of the free walk-
ing provided at the Plymouth Creek Center.
There. Now it's haiBime. What do you say
we all go to the table and have a nice,
quiet Thanksgiving dinner."
No/ '144 144 !0 Ai 144 .114Ili Ili Ili Ili i Ai Ili Ili I4KAi
7*- '70- 71K i1*- 71- 71K 71K 71K 71K 71. 71. 71- 711Z 71- 71 71 71.
i Rent is due on or before Wednesday,
zke November 5th
1 m
71 71C 71 71 il. 70> 71. i+. 71K 71%. 71%. 70. il- 70-70-i+- 0-
4 P' . Y7 c.,,' - Ye"- '', ;y. S `'mac y+ ,,.:G .»'" Tod" `..d S. Ix ' IT ' Le- I,- * 7Z l
New Resident W
4 h
ry Elizabeth Stenoien moved into apartment 417 and we are
happy to have Regina Pshetizky back at Vicksburg
f
Crossing, she moved into apartment 214. 1r
M.
f {
a:xx4 F STr . f f m l W`11yiP S. r~{x
Delores Wolfarth
Whist
November 29th
111111 1111 1111 1111pl !I III :11I 11 11111
In case you have not found a card game that appeals to you, among the many that are offered
at Vicksburg Crossing, we are adding another game on Tuesdays at 6:30 in the community
room. You do not have to be an experienced Whist player to join in the fun, it's easy to learn,
just come down to the community room on Tuesdays at 6:30 and
e j have fun getting to know your neighbors. A
T r o ' N
May your turkey be plump.,
may :your potatoes and gravy have never a.lump.,
may your pies take the prize.
And may your Thanksgiving dinner
stay off your thighs.
Thanksgiving Holiday
The office will be closed on Thursday, November
27th and Friday, November 28th for the
Thanksgiving holiday.
Happy Thanksgiving?
Happy Birthday to the following-:
residents this month:
November birthdays will be celebrated on
Thursday, November 20th 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.
Vivian Flaherty
Don Fraley
Arlene Olson
Virginia Yeager
Gregory Nielsen
Irving Adams
Dave Yeager
November 3rd
November 9th
November 10th
November 12th
November 18th
November 19th
November 28th
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MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: December 1 S, 2014
RE: Vicksburg Crossing Monthly Report for November 2014
December Newsletter and December Calendar attached
Rentals:
As of November 30th we have 93 occupied apartments with 1 vacant units, and we have 1 deposit at this
time, giving us a total of 0 apartments available to rent. The affordable apartment waiting list now has 40
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 10 people waiting for either a 1+ den or a 2 bedroom.
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) 850 Sq Ft 1 Bedroom
23 0 0
Style C (8) 884 Sq Ft 1 + Den S 0
0
Style C2 (8) 950 Sq Ft 1 + Den S 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 S 0
Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0 0
Affordable
33) 725 Sq Ft 1 Bedroom 32 1 1 December 15th
TOTALS 193 1 11
3155 Vicksburg Lane N • Plynioutb, 55447 •Phone (763)559-1877 • Fax (763)559-0144 • immwi.plyrnouth.mn,us
0%%me(t 1)y PtyinouLh Housing anal Redevelopment ALILkOrity
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
In November we had 1 person move in to apartment 417, a 2 bedroom (style E).
Marketing
We had several tours this month, but at this time of year most people are more interested in moving once
spring arrives. We anticipate that our traffic will slow down during the holidays.
Resident Services
We had our monthly birthday party on Thursday, November 20'- 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
No building issues this month.
Balance Sheet
VICKSBURG CROSSING
Ant of November 30, 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 RFC -TENANTS
INTEREST RECEIVABLE
ACCOUNTS RFC -OTHER
PREPAID PROPERLY INSURANCE
PREPAID WORKERS COMP INSUR
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EQUIP -GENERAL
COMPUTFRSIOFFICE EQUIPMENT
ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS
NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLETRADE
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
590
1,097,581
61,808
362,051
9,061,133
1,570
833
40
16,000
64
4,833
874,593
236,793
9,025,428
341,736
8,680
2,942,809)
9,758
3,630
1,454
233,892
50,402
2,530
61,795
9,675,000
9,890,000
25,298)
25,003)
11,833,046
9,883,177
23,136,941)
Total
10, 607, 013
7,546,420
18,153,433
301,665
19,576,496
19,878,162
1,420,718)
304,010)
18,153,433
Profit and Loss Variance
VICKSBURG CROSSING
Through Novenilier 30, 2014
MTD Actual Budget Var. YTD Actual Budget Var, Year Budget
INCOME
APARTMENT RENTAL REVENUE 94,729 89,785 4,944 1,022,442 989,525 32,857 1,079,940
APARTMENT RENTAL REVENUE - COUNTY 1,631 2,135 504) 22,764 23,465 721) 25,620
HRA SUBSIDY- TAX LEVY 4,167 4,167 0 45,837 45,837 0 50,004
GARAGE RENT 3,015 2,925 90 32,910 32,175 735 35,100
GUEST ROOM REVENUE 0 130 130) 2,720 1,430 1,290 1,560
LATE FEE REVENUE 60 15 45 540 165 375 180
APPLICATION FEE REVENUE 35 53 18) 525 583 58) 636
TRANSFER FEE REVENUE 0 0 0 1,000 1,000 0 1,000
INVESTMENT INCOME 430 417 13 22,588 4,587 18,001 5,004
MISCELLANEOUS REVENUE 345 450 105) 3,810 4,950 1,140) 5,400
TOTAL INCOME 104,412 100,077 4,335 1,155,186 1,103,737 51,449 1,204,444
EXPENSES
ADMINISTRATION
MANAGER SALARIES 4.214 4,261 47 46,921 46,871 50) 51,132
PAYROLL TAXES 491 1,038 547 7,778 11,418 3,640 12,456
HEALTH INSURANCE 1,356 1,624 266 14,623 17,664 3,241 19,488
WORKERS COMP INSURANCE 66 160 94 792 1,760 966 1,920
MAINTENANCE SALARIESIWAGES 3,055 3,153 97 33,803 34,683 600 37,636
EMPLOYEE COSTS 80 00 0 960 960 0 1,040
SEMINARITRAINING 0 25 25 185 275 90 300
DANK FEES 25) 5 30 13 55 42 60
DUES, SUBS 8 MEMBERSHIPS 0 10 10 55 110 55 120
LICENSE R PERMITS 0 0 0 899 876 23) 676
MILEAGE REIMBURSEMENT 22 68 46 452 748 295 616
POSTAGEIOVERNIGHT EXPRESS 6 12 6 177 132 45) 144
PRINTING 0 5 5 226 55 171) 00
MANAGEMENT FEES 4,200 4,200 0 46,200 46,200 0 5U,40D
PROFESSIONAL FEES 0 267 257 1,570 2,937 1,367 3,204
TELEPHONE EXPENSE 661 527 134) 7,201 5,797 1,404) 6,324
EQUIPMENT LEASE/REPAIR 55 104 49 2,154 1,144 1,010) 1,248
OFFICE SUPPLIES 0 90 90 909 990 61 1,080
TOTAL ADMIN EXPENSES 14,185 15,629 1,444 164,918 172,875 7,957 188,504
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 222 283 01 3,405 3,113 292) 5,113
TOTAL RES SERV EXPENSES 222 283 61 3,405 3,113 292) 5,113
MARKETING
ADVERTISING 0 400 400 6,712 4,400 2,312) 4,600
PROMOTIONAUPARTIES 0 0 0 0 700 700 700
TOTAL MARKETING EXPENSES 0 400 400 6,712 5,100 1,612) 5,500
HOUSEKEEPING
CONTRACT LABOR 949 1,030 61 10,154 11,330 1,176 12,360
CLEAN INGSUPPLIES 205 110 95) 11551 1,210 341) 1,320
TOTAL HOUSEKEEPING EXPENSES 1,155 1,140 15) 11,704 12,540 836 13,680
Profit and Loss Variance
VICKISBU G CROSSING
Through November 3101, ?014
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES - ELECTRICITY
UTILITIES - GAS
UTILITIES - WATERISEWER
WATER SOFTENING SERVICE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVIC&LANDSCAPISNOW 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
RESERVF(REPLRCE CAPITAL EXPENSE
INTEREST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME I (LOSS)
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
118 125 5 1,418 1,375 43) 1,500
1,498 1,900 4D2 20,493 23,400 2,007 25,300
2,563 2,500 63) 30,484 18,700 10,784) 22,700
853 935 82 11,587 11,445 142) 12,380
187 182 5) 1,781 2,002 221 2,164
185 83 82) 1,596 1,023 573) 1,115
1,200 321 879) 3,754 3,531 223) 3,852
2,530 1,225 1,305) 20,146 13,475 8,571) 14,700
0 625 525 683 5,504 4,821 5,672
539 300 239) 6,701 3,300 3,401) 3,600
425 2,763 2,338 28,748 30,393 1,645 33,156
425 534 108 4,672 5,874 1,202 5,408
335 1,200 855 22,400 26,200 3,794 27,400
563 750 187 7,249 6,250 1,001 9,000
225 740 515 7,504 8,140 636 8,880
0 833 833 0 9,163 8,153 9,998
11,649 15,026 3,377 169,223 172,775 3,552 187,844
2,719 2,710 9) 29,478 29,810 332 32,520
4,582 4,684 82 50,402 51,304 902 55,968
7,301 7,374 73 79,879 81,114 1,235 88,488
34,511 39,852 5,341 435,842 447,517 11,675 489,129
69,901 60,225 9,676 719,344 856,220 63,124 715,315
30,723 30,723 0 337,949 337,953 4 368,676
208 208 0 2,286 2,286 2 2,496
0 0 0 41,202 42,100 898 42,100
58,473 37,456 21,017) 641,916 412,016 229,902) 449,472
89,403 58,387 21,016) 1,023,355 794,357 228,998) 862,744
19,503) 8,162) 11,341) 304,0101 138,137) 165,873) 147,429)
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December 2014
We had a great Halloween party this year? Many thanks to the wonderful
group of volunteers, as you know I could not do it without you
Vicksburg Cr ssing enjoyed the Maple Street Ramblers Dixieland Jazz Band they
Everyone
even had
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Holiday Decorating
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I will be decorating the building on Monday, December 1 st. If you are
available, and would like to help, please come down to the
community room at 10:00.
9 We will be having coffee and treats following the decorating.
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AARP Fraud Watch Network
On Wednesday, December 14th at 14:44 in the community room, someone from AARP will be
here for a presentation on fraud. The presentation is based on analysis of undercover FBI
fraud investigations. The FBI gave AARP access to recordings of con artists in action for the
purpose of educating the public. Topics covered will be:
1) Fraud trends
2) The Con Artist's Playbook—Tactics
3) Practice Spotting Fraud
4) Reporting Fraud
5) Resources for Learning More
Hope you can attend! -
Holiday
The office will be closed Thursday, December 25th and Friday, December 26th
for the Christmas Holiday.
Happy Birthday to the following
q residents this month:
December birthdays will be celebrated on
Thursday, December 18th 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.
Ann Ladd
Eunice Golfis
Irving Kellman
Helen B eckstrand
December 5th
December 16th
December 20th
December 22nd
Welcome Ascension Pre -School
The children fiom Ascension Pre-school will be returning to Vicksburg Crossing on
Wednesday, December 17th at 10:00 in the community room. The children love to perform
for an audience and residents always enjoy their show. If you have never had a chance to
attend the performance I hope you will be able to this year.
After their performance the children stay to visit and have cookies and
u milk with the residents. c ;
r
Building and Maintenance Issues
Please do not over load your washing machine. If you wash bulky items such as
pillows make sure you are home and checking on your machine.
It's the season of salt, salt and more salt which can be very hard on your car,
so I`m glad residents are able to make use of the
carwash bay, but please be sure when you are finished using it that you empty the
buckets, hang the wet rags, and put everything back against the wall so that it is
ready for the next resident to use.
Thank You!
Thank You I
I know many of you have commented on the beautiful fresh flowers in our lobby. One of our
residents, Kathy Erickson, is responsible. I would like to thank Kathy and let her know that it
is greatly appreciated, especially during these cold, dark days of
winter!
The Holiday Happenings in Plyinouth
Old Fashioned Christmas on Saturday, December 6th from 2-5 p.m. at
Plymouth Creek Park 3625 Fernbrook Lane. The event is free and people can
visit with Santa Claus, meet the reindeer, snack on cookies, roast s'mores and go for a sleigh
ride. If you would like they are also having a PRISM toy drive.
New Year's Eve Event on Wednesday, December 31st from 6-9 p.m. at Plymouth lee Cen-
ter 3650 Plymouth Blvd. There will be ice skating, crafts, face painting, enteitainment,
swimming, games and open gym time. Cost is $13.
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VidIIburg CTOSSii g
MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: January 12, 2015
RE: Vicksburg Crossing Monthly Report for December 2014
January Newsletter and January Calendar attached
Rentals:
014,03
As of December 31st we have 93 occupied apartments with 1 vacant unit. The affordable apartment
waiting list now has 40 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 10 people waiting for either a l+ den
or a 2 bedrooms. Listed below is a breakdown of units that are occupied and vacant.
Style (Total ff)
Square Feet Bedrooms
Occupied Vacant De osits Est'd Move in
Style A (23) 850 Sq Ft 1 Bedroom
22 1 0
Style C (8) 884 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 8 0 0
Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0
Style E (7) 1055 Sq Ft 2 Bedrooms 8 0
Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0 0
Affordable
33) 725 Sq Ft 1 Bedroom 32 0 0
TOTALS 1 193 1 0
3155 `&J,l ;burg Lane N • PlymoutL, MN 55447 • Plioaie (763),559-1877 • Fax (763) 59-0144 • WV.M.ci.jIIymoutb.,m,.us
Owned l,y PlymouLh Housing and Redevelopment kutboriLy
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
In December we had 1 person move in to apartment 311, which is an affordable apartment.
Marketing
Our traffic has slowed down during the holiday season. We did have 3 tours in December. We have a
moderately priced one bedroom apartment available so we have been contacting people on our waiting
list. At this time several people that have been contacted are still interested but do not want to move until
spring.
Resident Services
December was a very busy month for residents at Vicksburg Crossing. On Wednesday, December 3ra,
during our resident meeting, Jim Long from the City of Plymouth Police Department came to tally to
residents about building safety. He discussed the importance that residents monitor who they let in and
out of the building, watching the garage door close behind you, proper disposal of medications and
different scams that target seniors.
On Tuesday, December 9"' we had our annual holiday party. The Banjo Boys performed some holiday
favorites and the residents were happy to sing along. This year we had the food catered by Spectacular
Catering and everyone agreed that it was the best food we've had at a party.
On Wednesday, December 10th we had a speaker from AARP come to talk to the residents about different
forms of fraud that target seniors. It was a very informative presentation and the residents had a lot of
good input and questions.
Ascension pre-school came again this year to perform their Christmas program. The residents really
enjoy the show and visiting with the children when they pass out cookies and milk after the performance,
We had our monthly birthday party on Thursday, December 18th. 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
Balance Sheet
VICKSBURG GROSSING
As Of December 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 OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EQUIP -GENERAL
COMPUTERS/OFFICE 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
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 INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance
500
500,747
61,821
422,051
9,690,010
835
1,250
59
13,881
8,756
874,593
238,793
9,025,428
341,736
8,660
2,973,532)
10,078
4,304
1,454
292,365
54,984
261
61,428
9,675,000
9,890,000
25,192)
24,900)
11,633,046
9,883,177
23,136,941)
Total
10,699,912
7,515,698
18,215,610
363,445
19, 576, 337
19,939,782
1,420,718)
303,454)
18,215,610
Profit and Loss Variance
VICKS UR G CROSSING
Through December 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 94,214 90,415 3,799 1,116,708 1,079,940 36,788 1,079,940
APARTMENT RENTAL REVENUE - COUNTY 1,631 2,135 504) 24,395 25,620 1,225) 25,620
HRA SUBSIDY -TAX LEVY 4,187 4,167 0 50,004 50,004 0 50,004
GARAGE RENT 3,015 2,925 90 35,925 35,100 825 35,100
GUEST ROOM REVENUE 300 130 170 3,020 1,550 1,460 1,560
LATE FEE REVENUE 60 15 45 600 180 420 180
APPLICATION FEE REVENUE 0 53 53) 525 636 111) 636
TRANSFER FEE REVENUE D 0 0 1,000 1,000 0 1,000
INVESTMENT INCOME 20,664 417 20,247 43,252 5,004 38,248 5,004
MISCELLANEOUS REVENUE 299 450 151) 4,110 5,400 1,291) 5,400
TOTAL INCOME 124,350 100,707 23,643 1,279,537 1,204,444 75,093 1,204,444
EXPENSES
ADMINISTRATION
MANAGER SALARIES 4,355 4,261 94) Si,275 51,132 143) 51,132
PAYROLL TAXES 488 1,038 550 8,266 12,456 4,190 12,456
HEALTH INSURANCE 1,358 1,824 206 15,882 19,488 3,506 19,488
WORKERS COMP INSURANCE 64 180 96 658 1,920 1,084 1,920
MAINTENANCESALARiESIWAGES 3,081 3,153 72 36,883 37.836 953 37,838
EMPLOYEE COSTS 60 80 0 1,040 1,040 0 1,010
SEMINARITRAINING 0 25 25 185 300 115 300
BANK FEES 0 5 5 13 60 47 60
DUES, SUBS & MEMBERSHIPS 0 10 10 55 120 65 120
LICENSE & PERMITS 0 0 0 899 B76 23) 876
MILEAGE REIMBURSEMENT 42 6B 26 494 B16 322 816
POSTAGFJOVERNIGHT"PRESS 10 12 2 188 144 44) 144
PRINTING 0 5 5 226 00 186) 60
MANAGEMENT FEES 4,200 4,200 0 50,400 50,400 0 50,400
PROFESSIONAL FEES 0 267 267 1,570 3,204 1,634 3,204
TELEPHONE EXPENSE 681 527 134) 7,602 6,324 1,538) 0,324
EQUIPMENT LEASE/RI-PAIR 55 104 49 2,209 1,249 981) 1,246
OFFICE SUPPLIES is 90 75 924 1,060 158 1,080
TOTAL ADMIN EXPENSES 14,410 15,629 1,219 179,328 188,504 9,176 188,504
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 1,250 2,000 750 4,655 5,113 458 5,113
TOTAL RES SERV EXPENSES 1,250 2,000 750 4,655 5,113 458 5,113
MARKETING
ADVERTISING 0 400 400 6,712 4,800 1,912) 4,000
PROMOTIONALIPARTIES 0 0 0 0 700 700 700
TOTAL MARKETING EXPENSES 0 400 400 6,712 5,500 1,212) 5,500
HOUSEKEEPING
CONTRACTLABOR 949 1,030 81 11,103 12,380 1,257 12,360
CLEANING SUPPLIES 33 110 77 1,584 1,320 264) 1,320
TOTAL HOUSEKEEPING EXPENSES 983 1,149 157 12,687 13,689 993 13,680
Profit and Loss Variance
V1G'A,SoUR'G CROSSING
ThrOUc}h December 31, 2014
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
BUILDING & GROUNDS
CABLE TV EXPENSE 119 125 6 1,537 1,500 37) 1,500
UTILITIES - ELECTRICITY 1,918 1,90D 18) 22,411 25,300 2,889 25,3DD
UTILITIES - GAS 2,266 3,00D 734 32,750 22,700 10,050) 22,706
UTILITIES- WATERISEWER 898 935 37 12,485 12,360 105} 12,38
WATER SOFTENING SERVICE 235 182 53) 2.1316 2,164 168 2,184
DOORS, KEYS & WINDOWS 0 93 93 1,596 1,116 460) 1,116
FIRE SYSTEM SERVICE 53 321 288 3,808 3,852 48 3,852
LAWN SERVICEILANDSCAPISNOW RMVL 1,238 1,225 13) 21,384 14,700 66641 14,700
PEST CONTROL 164 166 4 847 5,672 4,625 5,672
TRASH REMOVAL 539 30D 239) 7,240 3,600 3,640) 3,800
UNIT TURNOVER REPAIRS 1,927 2,763 836 30,676 33,156 2,460 33,156
ELEVATOR -REPAIRS & MAINTENANCE 426 534 106 5,098 6,408 1,31D 6,408
REPAIRS & MAINTENANCE 110 1,200 1,09D 22,516 27,400 4,664 27,400
BUILDING & GROUNDS SUPPLIES 185 750 565 7,434 9,000 1,566 9,000
HVAC - REPAIRS&MAINTENANCE 225 740 515 7,729 8,880 1,151 8,880
MISCELLANEOUS B & G EXPENSES 0 833 833 0 9,996 9,996 9,996
TOTAL BUILDING 8 GROUNDS 10,302 15,069 4,767 179,525 187,844 8,319 187,844
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,719 2,710 e) 32,197 32,520 323 32,520
PAYMENT IN LIEU OF PROPERTY TAX 4,582 4,664 82 54,984 55,988 984 55,986
TOTAL OTHER OPERATING EXPENSES 7,301 7,374 73 87,180 88,488 1,308 88,488
TOTAL OPERATING EXPENSES 34,246 41,612 7,366 470,088 489,129 19,041 489,129
NET OPERATING INCOME 1 ( LOSS) 90,105 59,095 31,010 609,449 715,315 94,134 715,315
DEPREC, INTEREST &. OTHER EXPENSE
DEPRECIATION EXPENSE 30,723 30,723 0 368,671 366,676 5 360,676
AMORTIZATION EXPENSE 208 208 0 2,494 2,498 2 2,496
RESERVEIREPLACE CAPITAL EXPENSE D D 0 41.202 42,10D 896 42,100
INTEREST EXPENSE 58,618 37,456 21,162) 700,536 449,472 251,064) 449,472
TOTAL DEPREC, INTEREST & OTHER 89,549 68,387 21,162) 1,112,903 862,744 250,159) 862,744
NET INCOME I (LOSS) 556 9,292) 9,848 303,454) 147,429) 156,025) 147,429)
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January 2015
It is hard to believe it's been almost 7 years since I started my job as
Manager at Vicksburg Crossing, and many of you were here when I
started so you are aware how fast that time goes. I would just like to let
everyone know that I feel very lucky to have the chance to get to know
and work with such a wonderful group of residents and their families.
I look forward to another year!
Our final party of the year, on Tuesday, December 9th, was a great way to
say good-bye to 2014! We tried a new catering company and I think it
was unanimous among residents that the food was much improved. The
Banjo Boys provided musical entertainment that included many familiar,
sing along, holiday songs. We had a group of wonderful volunteers that
made sure set up, delivery of food and clean up all went smoothly.
I would like to say thank you to all the residents that volunteered in many
different ways throughout 2014. I couldn't do it without you!! I would
like you to know your hard work is greatly appreciated.
Thank You!! Thank You!!
New Resident
We had a new resident move in to apartment 311 in December.
Please welcome Nancy Klemm to Vicksburg Crossing.
Welcome!
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Take Down Holiday Decorations
I always find taking down your holiday decorations more tedious than putting
them up but unfortunately it has to be done. If you would be willing and able to
help with this chore please come down to the community room at 10:00 a.m, on
Monday, January 5th.
Of course there will be treats and coffee following all that hard work!
Thank You!
Resident Coffee and Meeting
v °Y Our next resident meeting will be Wednesday,
January 7th at 9:44 in the community room.
At our last resident meeting James Long, from the Plymouth Police Department,
here keepingwastotalkabout our building safe. He had some good, useful infor- p g g g :-
mation. He addressed issues such as, watching the garage door close when you en
ter and leave the garage, keeping your car doors locked, even in the garage, and not
letting people you do not know in any of the security doors.
Jim Barnes, the Housing Manager from the Cit of Plymouth, also attended theggYYms
meeting. He discussed rent increases for 2015 and explained the improvements°
that are scheduled. He also talked to residents about things they would like to see
done in 2015. Some of the items that residents addressed were painting the com- om
munitymunity room and changing artwork in the building. Jim explained how we keep
fcD° T track of improvements and incorporate them into the budget. Please remember that
p
we do review resident surveys when considering budget items.
Hope to see you at the meeting!
m
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.
Laura Roiger January 7th
Cheri Balthazor January 8th
Elizabeth Stenoien January 14th
Pat Forcier January 21 st
Regina Pshetizky January 26th
Ida Beltrand January 29th
LuElla Stokke January 31 st
Building and Maintenance Issues
Please remind family and friends not to park in front on the entryway. We have
residents that need to be picked up by Metro Mobility or Plymouth Dial -a -Ride and
they cannot get into the vehicle if the driver is unable to pull up to the door.
We have had a couple of reports from residents concerned that they smelled
cigarette smoke in the garage. Please be sure that your family and friends are aware
there is no smoking anywhere in the building or on the grounds.
In the month of December we had several speakers come during our coffee hour, I
would like to remind residents to turn off their cell phones if attending a
presentation.
Thanks to those of you that took the time to fill out and return your resident
surveys. These surveys give you a chance to help Management
determine what items you feel should have priority so that we can incorporate
them into the budget. Please remember that with over 100 residents in the building
everyone has different requests that they feel are important. We do our best to try
to balance these requests and accommodate as many people as possible.
Thank You!
Hearts & Memorial Luncheon IV
Every year that we have extra funds in our Hearts & Memorial donation account we have a
luncheon to remember those residents that, either had to move, have passed away, or resi-
dents that still live at Vicksburg Crossing but perhaps lost a loved one in 2014. We do not
charge for the luncheon, I just ask that residents who would like to come sign up on the
sheet outside my office.
IV The luncheon will be on Thursday, January 22nd at 12:00 in the community room. IV
If you know anyone you would like to be remembered or acknowledged during the
luncheon please let me know.
I hope you can join us!
W
Holiday e,
The office will be closed Thursday, January 1 st for New Year's Day.
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Agenda Number 9' D'
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Spencer Agnew, HRA Specialist through Jim Barnes, HRA Manager and
Steve Juetten, Executive Director
MEETING DATE: January 22"a, 2014
SUBJECT: HRA Programs Update
BACKGROUND:
This report reviews the activity of several HRA programs over the last year, including the
Emergency Repair Assessment Program, the Emergency Repair Loan Program, and the
Architectural Design Consultation Program.
Emergency Repair Assessment Program
The Emergency Repair Assessment Program was approved in July 2012. The purpose of the
program is to provide assistance to Plymouth residents who are facing the unexpected financial
burden of a needed exterior private utility repair (sewer or water line repair that is the
responsibility of the property owner). It is targeted to households whose income level is at or
below the HUD median but above the limits for the HRA's CDBG housing rehab loan programs.
The program provides loans of up to $5,000 for small and emergency exterior private utility
repairs. The funds are repaid through a special assessment to the property for the cost of the
repairs and interest in accordance with the City's current Public Irnprovement Assessment
Policy. The program is funded through the City Sanitary Sewer and Water Utility Funds.
No Emergency Repair Assessments have been completed to date. HRA staff have fielded a
handful of inquiries for the program each year since its inception. One household was ultimately
assisted through the CDBG housing rehab program as the income level was low enough to
qualify for the more favorable financial terms of that prograrn (0% interest deferred loans). Other
households have been over the income limit and/or opted to pursue other financing options for
the repairs. The primary marketing for the program has been through City Public Works staff
that respond to inquiries from homeowners dealing with utility leaks on their property.
Emergency Repair Loan Program
The Emergency Repair Loan Program was approved in July 2012. The purpose of this program
is to provide assistance to Plymouth residents who are facing the unexpected financial burden of
urgent needed repairs, such as replacement of failed plumbing, heating, or electrical systems.
Like the Emergency Repair Assessment Program, the program is targeted to households whose
income level is at or below the HUD median but above the limits for the HRA's CDBG housing
rehab loan programs, The program provides loans of up to $5,000. Loans are secured as lien on
the property and repaid with interest over three or five years. The program is funded by the HRA
General Fund.
No Emergency Repair Loans have been completed to date. HRA staff have fielded
approximately ten inquiries for the program since its inception. Some inquiries have been for
work that is ineligible for the program (replacing trees damaged by storms), while others have
pursued other financing options. The program has not been heavily marketed, but is typically
offered as an option to homeowners who are denied for the CDBG housing rehab loan program
due to being over the income limit for that program.
Fire Suppression Loan Program
The Fire Suppression Loan Program was approved in July 2013. The purpose of the program is
to provide assistance to Plymouth apartment building owners who are interested in installing a
new fire suppression system. The Fire Suppression Loan Program is a pool of funds set aside
within the Plymouth HRA funded by the HRA Reserves. The program provides a maximum
loan of $125,000 per eligible property to fund the installation of a fire suppression system. The
loan funds plus interest are recovered through a special assessment on the improved property, in
accordance with the City's current Public Improvement Assessment Policy.
HRA staff have received one inquiry regarding the Fire Suppression Loan Program. The inquiry
was from the owner of Vicksburg Village, a 334 -unit apartment property that experienced a
damaging fire in July of 2013. IIowever, the building owner ultimately decided not to move
forward with installing fire suppression.
Architectural Design Consultation Pilot Program
The Architectural Design Consultation pilot program was approved in January 2014. The
program assists homeowners in making renovations to older homes by paying the majority of the
cost of a two-hour consultation with an AIA -licensed architect. A budget of $5,000 was
approved for the program, which is open to owner -occupied Plymouth homes that are 30 years
old or older.
Since being approved and first publicized in April 2014, HRA staff have received applications
from four households. Two households have completed consultations. The remaining two
approved households have yet to complete a consultation but plan do so within two months.
Program participants are surveyed regarding their opinion of the program upon completion of the
consultation. Wbile the number of surveys is not yet sufficient to warrant meaningful analysis of
the program, both respondents thus far reported satisfaction with the architect consultation and a
high likelihood of completing renovations to their homes within the next year,
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of
Commissioners review and discuss activity for these programs.
Agenda Number 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: January 22, 2015
SUBJECT: Sand Companies — Potential Mixed Income Project.
BACKGROUND,
Sand Companies, a multi -family apartment developer based out of St. Cloud, has approached staff with
the idea of developing a mixed income apartment community project on the remaining parcel of the
Plymouth Crossroads development (see attached location map).
This site is located In the HRA's Tax Increment district 1-3, which was created in 2006 to facilitate the
redevelopment of the Plymouth Shopping center on Highway 55 just west of County road 73. As you may
recall, the original developer, Dove Capital, was unable to follow through on their redevelopment project
and Minn West Bank foreclosed on their loan and took the property back. In 2010, Minn West reached
an agreement with Oppidan Development to complete the project.
oppidan began the project in 2012 and currently has two of the three main parcels developed with an
assisted living project and a McDonald's fast food restaurant. Tha remaining parcel, which has about 4
acres of developable land, remains vacant and the developer has struggled to identify an end user.
Sand Companies believes this may be an ideal site to develop a mixed income project and is interested in
soliciting feedback from the HRA Board about their plans and will be in attendance at the January meeting
to share their concept. At this point they have not formally requested any assistance, but have indicated
that they would if the NRA showed favorable interest in this project.
RECOMMENDATION -
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners
provide feedback to the developer and staff regarding a multifamily mixed income housing project on
this site.
ATTACHMENTS:
1. Location map
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Agenda Number 3 . 5
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
Plymouth Housing and Redevelopment Authority
Spencer Agnew, HRA Specialist through Jim Barnes, HRA Manager and
Steve Juetten, Executive Director
January 22", 2014
Home Energy Squad Enhanced Program
This report reviews the Home Energy Squad Enhanced program offered by the Center for Energy
and Environment (CEE) in some Twin Cities communities. The information is presented so that
the IIRA may consider whether it would be beneficial to Plymouth residents.
The Home Energy Squad (IIES) is a service provided by CEE on behalf of Xcel Energy and
CenterPoint Energy. The basic IIES program provides homeowners with a visit from a home
energy technician for a fee of $70. During the visit the technician assesses the home's energy
efficiency, identifies opportunities for savings, and installs materials such as programmable
thermostats, weather stripping, efficient light bulbs, and faucet aerators. The cost of these
materials is included in the $70 fee for the visit.
The basic HES program is available and marketed to all residents in the Twin Cities metro area.
However, the IIome Energy Squad also offers an "Enhanced" program in cities that have
partnered with CEE to do so. The HES Enhanced visit provides the same benefits of the basic
program but also includes blower door testing to identify air leaks, an insulation inspection, and
a combustion safety check for the furnace and water heater. Afterwards, the homeowner receives
a detailed report identifying improvements and repairs which would result in substantial energy
savings for that specific home. The report provides a cost estimate for the recommended repairs,
notes available utility rebates, and lists financing options. The cost for these Enhanced visits is
100.
The contract between CEE and the utility companies for the operation of the HES program
stipulates that the Enhanced option may only be marketed to residents in communities that are
Partner Cities" for the program. Partner Cities are those that have entered into a programmatic
agreement with CEE to market the Enhanced visits and to pay a portion of the $100 cost.
Partner Cities decide the amount they will contribute to each Enhanced visit and the maximum
number of visits the city will pay for each year. Current Partner Cities for the Enhanced program
include Bloomington, Edina, Hopkins, Minneapolis, Richfield, and St, Louis Park. Budgets
range from $5,000 to $15,000 per year, and most Partner Cities pay for half ($50) of the cost of
each visit with the homeowner paying the remaining half.
The primary benefit of the HES Enhanced program is that it helps homeowners save money on
energy costs by making efficiency improvements to their homes. The program additionally
benefits cities by encouraging homeowners to invest in home improvements such as replacing
older mechanical systems and installing insulation. The program also helps ensure the safe
operation of fiunaces and water heaters through the inclusion of a combustion safety test.
If Plymouth were to become a Partner City for the program, CEE would then be able to market
the program to Plymouth residents. Currently only the basic visit is marketed in Plymouth.
Homeowners may obtain an Enhanced visit if they are aware that it exists and ask for it, but CEE
may not offer it as an option to Plymouth residents unless specifically asked. In 2014, 94
Plymouth residents received the basic HES visit while 19 received an Enhanced visit. Should
Plymouth become a Partner City for the Enhanced program, CEE staff recommends budgeting
for participation of approximately 200 households per year.
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of
Commissioners discuss the Horne Energy Squad Enhanced program,
Agenda Number 3 " fo
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Jim Barnes, HRA Manager through Steve Juetten, Executive Director
MEETING DATE: January 22, 2015
SUBJECT: Tax Increment Redevelopment District 1-1— Approve Redemption of General Obligation
Tax Increment Bonds, Series 2005A and Enter into a Pledge Agreement with the City of
Plymouth.
BACKGROUND:
In April of 2005, the City issued General Obligation Tax Increment Bonds in the amount of $1,370,000 pursuant to a
pledge agreement with the HRA in order to pay for infrastructure improvements identified in the TIF Redevelopment
District 1-1 Plan. This TIF district is located on the southwest corner of Highway 55 and Vicksburg Lane and includes
Lowe's Home Improvement store along with other retail businesses (see attached map).
The bonds are pre -payable on February 1, 2015 and will have a remaining principal balance of $835,000 for maturities
dated 2016 through 2023. In order to reduce interest costs and provide flexibility in future pre -payment options, the
City and HRA intend to utilize City funds to pay off all $835,000 in remaining principal on the Bonds on February 1,
2015,
Under guidance from our financial advisor, Ehlers, and bond counsel, Briggs & Morgan, staff is recommending paying
off the remaining balance of these bonds utilizing funds from the General Construction improvement fund and
establishing an interfund loan to provide reimbursement back to this fund from future tax increment. The Pledge
agreement will allow for the transfer of tax increments received from TIF District 1-1 to be transferred to the City to
pay back the funds used to redeem the Bonds (see attached agreement),
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners approve the
attached resolution authorizing the redemption of General Obligation Tax Increment Bonds, Series 2005A and
enter into a Pledge Agreement with the City of Plymouth.
ATTACHMENTS:
1. Location Map
2. Pledge Agreement
3. Resolution
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City of Plymouth, Lake
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TAX INCREMENT PLEDGE AGREEMENT
THIS TAX INCREMENT PLEDGE AGREEMENT, entered into as of February 1, 2015,
by and between the City of Plymouth, Minnesota (the "City"), and the Housing and
Redevelopment Authority in and for of the City of Plymouth, Minnesota (the "Authority");
WITNESSETH:
A. WHEREAS, attached hereto as Exhibit A is a resolution adopted on December 9,
2014, by the City Council entitled "Resolution Calling for Redemption of Certain Outstanding
Bonds" (the "Call Resolution"). The Call Resolution authorizes the City to redeem the
outstanding principal balance of the City's $1,370,000 General Obligation Tax Increment Bonds,
Series 2005A, dated April 1, 2005 (the "Prior Bonds") of which $835,000 remains outstanding.
B. WIIEREAS, the Prior Bonds were issued by of the City for the purpose of
providing money to pay public development costs attributable to certain improvements made by
the City pursuant to a Development Agreement by and between the Authority and Shops at
Plymouth Creek, L.L.G., dated as of February 1, 2005. The principal and interest on the Prior
Bonds were paid primarily from tax increments realized by the Authority from Tax Increment
Financing (Redevelopment) District No. 1-1 (the "TIF District"), within Redevelopment Project
Area No. 1 (the "Project") established by the City; and
C. WHEREAS, the City has adopted a resolution, attached hereto as Exhibit B,
entitled "Resolution Authorizing an Interfund Loan for Refinancing of Certain Obligations Paid
From Tax Increment Financing District No. 1-1" (the "Interfund Loan Resolution"), wherein the
City has established an intcrfund loan to utilize City funds to redeem the Prior Bonds and create
a new obligation for the TIF District (the "Interfund Loan"); and
D. WHEREAS, to provide funds sufficient for the timely payment of the Interfund
Loan, it is necessary for the Authority and the City to enter into this Agreement,
NOW, THEREFORE, the Authority hereby pledges to the City for the repayment of the
Interfund Loan tax increments that are derived by the Authority from the TIF District in the
amounts and payable at the times set forth in Exhibit C attached hereto and which are available
pursuant to applicable law for such purposes.
This Agreement shall become effective upon the adoption of the Interfund Loan
Resolution.
IN WITNESS WHEREOF, the City and the Authority have caused this Agreement to be
duly approved and executed as of the day and year first above written.
6857512v2
CITY OF PLYMOUTH, MINNESOTA
By
Its Mayor
By
Its City Clerk
Signature page to Tax Inuernent Pledge Agreement
S-1
G857512v2
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
PLYMOUTH, MINNESOTA
By
Its Chair
By
Its Executive Director
Signature page to Tax Increment Pledge Agreement
S-2
6857512v2
EXHIBIT A
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA
HELD: December 9, 2014
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Plymouth, Hennepin County, Minnesota, was held at the City Hall on December 9, 2014, at
7:00 o'clock P.M.
The following members were present: Mayor Slavik, Councilmembers Willis, Bildsoe,
Wosje, Johnson, and Prom.
and the following were absent: None,
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION NO. 2014-366
RESOLUTION CALLING FOR REDEMPTION OF CERTAIN OUTSTANDING BONDS
A. WHEREAS, the City of Plymouth, Minnesota (the "City") issued $1,370,000
General Obligation Tax Increment Bonds, Series 2005A, dated April 1, 2005 (the "Bonds"), of
which $920,000 remains outstanding; and
B. WHEREAS, all Bonds maturing in the years 2016 and thereafter, are subject to
redemption and prepayment at the option of the City, on February 1, 2015, and on any date
thereafter, at par and accrued interest, all as provided in the resolution of the City Council
adopted on March 8, 2005, authorizing the issuance of the Bonds (the "Prior Reso)ution"); and
C. WHEREAS, the City Council deems it desirable and in the best interest of the
City to call the 2016 through 2023 maturities of the Bonds, totaling $835,000 in principal
amount, on February 1, 2015, in accordance with the Prior Resolution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. Bonds to be Redeemed, Bonds maturing or subject to mandatory redemption in
the years 2016 through 2023, inclusive, shall he redeemed and prepaid on February 1, 2015 at
par and accrued interest,
2. Mailingof Notice of Call for Redemption. The City Clerk shall cause the Notice
of Call for Redemption attached hereto as Exhibit A to be mailed thirty days prior to February 1,
2015, to the paying agent for the Bonds.
A-1
6857512v2
3, Reposit of Sufficient Funds, The City Finance Manager is hereby authorized and
directed to deposit with the paying agent prior to February 1, 2015, sufficient funds to pay the
principal and interest due on the Bonds called for redemption.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Bildsoe and upon a vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
STATE OF'MINNESOTA
COUNTY OF H NNEPIN
CITY OF PLYMOUTH
The undersigned, being the duly qualified and acting City Clerk of the City of Plymouth,
Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of
minutes of the City Council of the City of Plymouth, Minnesota, held on the date therein
indicated, with the original thereof on file in niy office, and the same is a full, true and complete
transcript therefrom insofar as the same relates to authorizing the redemption of Bonds.
WITNESS my hand as such City Clerk on December 9, 2014.
L'd, tui at-
A-2
L'ity Clerk
n
68575i2v2
Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2005A
CITY OF PLYMOUTH
HENNEPIN COUNTY
MINNESOTA
NOTICE IS HEREBY GTVEN that by order of the City Council of the City of Plymouth,
Hennepin County, Minnesota, there have been called for redemption and prepayment on
February 1, 2015
those outstanding bonds of the City designated as General Obligation Tax Increment Bonds,
Series 2005A, dated April 1, 2005, having stated maturity dates or subject to mandatory
redemption in the years 2016 through 2023, inclusive, and totaling $835,000 in principal amount.
Year CUSIP Number*
2016
2017
2018
2019
2020
2021
2022
2023
The bonds arc being called at a price of par plus accrued interest to February 1, 2015, on which
date all interest on the bonds will cease to accrue, Holders of the bonds hereby called for
redemption are requested to present their bonds for payment, at the Office of the City Finance
Manager, City of Plymouth, Minnesota.
Dated; December 9, 2014
BY ORDER OF THE CITY COUNCIL
Lktaa?lwt
CYity Clerk
The City shall not be responsible for the selection of or use of the CUSH' numbers, not is any
representation made as to their correctness indicated in the notice. They are included solely for
the convenience of the holders,
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6857512x2
EXHIBIT B
CITY OF PLYMOU'T'H
HENNEPIN COUN`T'Y
STATE OF IVMNNESOTA
Councilmember Johnson introduced The following resolution and moved its adoption -
RE SOLUTION
doption:
RESOLUTION NO, 2014-390
RESOLUTION AUTHORIZING AN INTERFUND LOAAN FOR A
REFINANCING OF CERTAIN OBLIGATIONS PAID FROM TAIL INCREMENT
TINANCINGDISTRICT NO. 1-1.
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as
follows:
Section 1. Background.
1.01. The City Council previously established Tax Increment FinancingDistsict No. 1-1 (the "TIF
District") and adopted a Tax Increment Financing Plan (thc "TIF Plan") and the Dousing and
Redevelopment Authority (the "HRA.") is the administrative authority for the TIF Disitict,
1.02. The City previously issued General Obligation Tax Increment Bonds, Series 2005A (the
Bonds' pursuant to a pledge agreement with the HRA in order to pay for certain costs identified in the
TIF Plan consisting of site improvements, other qualifying improvements, interest and administrative
costs (collectively, the "Qualified Costs").
1.03. Lander Minnesota Statutes, Section 469.178, Subd. 7, the City and fIRA are authorized to
advance or loan money from their general funds or any other fiend from which such advances may be
legally authorized, in order to finance or refinance the Qualified Costs.
1.04. The Bonds are prepayable on February 1, 2015. In order to reduce interest costs and
provide flexibility in future pre -payment options, the City and HRA iDtend to utilize City funds to pay off
all $835,000 in remaining principal on the Bonds on February 1, 2015 and create a new obligation for the
TIF District in accordance with the terms of this resolution (which terns are referred to collectively as the
Interfund Loan").
Section 2. Terms of Interfnnd Loan.
2.01, The City hereby authorizes the advance of up to $900,000, or so much thereof as may be
necessary for outstanding Bond principal and any associated administrative or accrued interest costs, from
the CON -400 Construction Improvement Fund or such other fund identified by the City Manager. The
City shall be reimbursed with future tax increment revenues from the T1F District with interest at 4% and
such rate will not fluctuate in the future.
2,02. Principal and interest ("Payments") on the Interfund Loan shall be, paid semi-annually on
each August 1 and February 1 (each a "Payment Date"), commencing on August 1, 2015, or on any other
dates determined by the City Manager, through the date of last receipt of tax increment from the TIF
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6857512v2
District.
2,03, Payments on this Interfund Loan are payable solely from "Available Tax Increment,"
which shall mean, on each Payment Date, tax increment available after other obligations have been paid,
or as determined by the HILA Executive Director, generated in the preceding six (6) montbs with respect
to the property within the TIF District and remitted to HRA by Hennepin County, all in accordance with
Minnesota Statutes, Sections 469.174 to 469.1799, all inclusive, as amended. Payments on this Interfund
Loan may be subordinated to any outstanding or future bonds, notes or contracts secured in whole or in
part with Available Tax Increment, and are on parity with any other outstanding or future interfund loans
secured in whole or in part with Available Tax Increment,
2.04. The principal sum and all accrued interest payable under this Interfund Loan are pre-
payable in whole or in part at any time by the City and HRA without premimn or penalty. No partial
prepayment shall affect the amount or timing of any other regular payment otherwise required to be made
under this Interfund Loan.
2.05. This Interfimd Loan is evidence of an internal borrowing in accordance witb Minnesota
Statutes, Section 469,178, Subd, 7, and is a limited obligation payable solely from Available Tax
Increment pledged to the payment hereof under this resolution, The IIRA sba11 have no obligation to pay
any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after
the final Payment Date, other than tax increments from (be TI13 District.
2.06. The City Council may amend the terms of this Interfund Loan at any time by resolution,
including a deterinination to forgive and/or prepay the outstanding principal amount and accrued interest
to the extent perrnissible under law.
Section 3. Effective Date. This resolution is effective upon the date of its approval and upon receipt
of a pledge of tax increment payments from the TIF District by the LIRA Board.
The motion for the adoption of the foregoing resolution was duly seconded by Couacihnember
Bildsoe, and upon a vote being talcen thereon, the following voted in favor thereof:
and file following voted against Clio same;
ADOPTED this 9th day of December, 2014.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Pfymouth City Council on
December 9, 2014 with the original thereof on file In my office, and the same is a correct transcription
thereof.
WIT €( SS my hand officially as such City Clerk and the Corporate seal of the City this Ph day
of !l/r LLJGI L,r" X 15, n
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6857512v2
EXHIBIT C
Shops at Plymouth Creek (TIF 1-1) Interlund Loan T?F Note
Dated
Date
Beg.
Balance
Payment Schedule
Total
Principal Interest Payment
Payment Payment Available TIF)
4.000%
End
Balance
PAYMENT DATE
Mth. Yr. Yrs.
2/1/2015 835,000.00 0.00 0.00 0.00 835,000.00 i -Feb 2015 0.0
835,000.00 44,797.86 16,700.00 61,497.86 790,202.14 1 -Aug 2015 0.5
790,202.14 45,693.82 15,804,04 61,497.86 744,508.33 1 -Feb 2016 1.0
744,508,33 46,607.69 14,890.17 61,497.86 697,900.64 1 -Aug 2016 1.5
697,900.64 47,539.85 13,958.01 61,497.86 650,360.80 1 -Feb 2017 2.0
650,360.80 48,49D.64 13,007.22 61,497.86 601,870.16 1 -Aug 2017 2.5
601,870.16 49,460.46 12,037.40 61,497.86 552,409.71 1 -Feb 2018 3.0
552,409.71 50,449.67 11,048.19 61,497.86 501,960.04 1 -Aug 2018 3.5
501,960.04 51,458.66 10,039.20 61,497.86 450,501.39 1 -Feb 2019 4.0
450,501.39 52,487.83 9,010.03 61,497.86 398,013.56 1 -Aug 2019 4.5
398,013.56 53,537.59 7,96027 61,497.86 344,475.98 i -Feb 2020 5.0
344,475.98 54,608.34 6,88952 61,497.86 289,867.64 1 Aug 2020 5.5
289,867.64 55,700.51 5,797.35 64,497.86 234,167.14 1 -Feb 2021 6.0
234,167.14 56,814.52 4,683.34 61,497.66 177,352.62 1 -Aug 2021 6.5
177,352.62 57,950,81 3,547.05 61,497.86 119,401.82 1 -Feb 2022 7.0
119,401.82 59,109.82 2,388.04 61,497.86 60,292.00 1 -Aug 2022 7.5
60,292.00 60,292.00 1,205.84 61,497.84 0.00 1 -Feb 2023 8.0
TOTALS 835,000.00 148,965.67 083,965.67
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6857512v2
EXTRACT OF MINUTES OF A MEETING OF THE
BOARD OF COMMISSIONERS OF THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
PLYMOUTH, MINNESOTA
HELD: January 22, 2015
Pursuant to due call and notice thereof, a regular or special meeting of the Board of
Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth,
Minnesota, (the "Authority"), was duly called and held at the City Hall on January 22, 2015, at
o'clock M.
The following members were present:
and the following were absent:
Member introduced the following resolution and moved its adoption;
RESOLUTION NO. 2015-02
RESOLUTION AUTHORIZING EXECUTION
OF A TAX INCREMENT PLEDGE AGREEMENT
A. WHEREAS, on December 9, 2014, the City Council of the City of Plymouth,
Minnesota (the "City") adopted Resolution No. 2014-366, entitled "Resolution Calling for
Redemption of Certain Outstanding Bonds" (the "Call Resolution"). The Call Resolution
authorizes the City to redeem the outstanding principal balance of the City's $1,370,000 General
Obligation Tax Increment Bonds, Series 2005A, dated April 1, 2005 (the "Prior Bonds") of
which $920,000 remains outstanding.
B. WHEREAS, the Prior Bonds were issued by of the City for the purpose of
providing money to pay public development costs attributable to certain improvements made by
the City pursuant to a Development Agreement by and between the Authority and Shops at
Plymouth Creek, L.L.C., dated as of February 1, 2005. The principal and interest on the Prior
Bonds have been paid primarily from tax increments received by the Authority from Tax
Increment Financing (Redevelopment) District No. 1- I (the "TIF District"), within
Redevelopment Project Area No. 1, established by the City; and
C. WHEREAS, on December 9, 2014, the City adopted Resolution No. 2014-390,
entitled "Resolution Afithorizing an Interfund Loan for Refinancing of Certain Obligations Paid
From Tax Increment Financing District No. 1-1" (the "Interfund Loan Resolution"), wherein the
City established an interfund loan to utilize City funds to redeem the Prior Bonds and create a
new obligation for the TIF District (the "Interfund Loan"); and
D. WHEREAS, to provide Rinds sufficient for the timely payment of the Interfund
Loan, it is necessary for the Authority and the City to execute a Tax Increment Pledge
Agreement (the "Tax Increment Pledge Agreement") as provided herein.
68660560
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 Tax
Increment Pledge Agreement on file in the office of the City Clerk is hereby approved in
substantially the form submitted and the Chair and Executive Director of the Authority are
authorized and directed to execute the same on behalf of the Authority. The approval hereby
given to the Tax Increment Pledge Agreement includes approval of such additional details
therein as may be necessary and appropriate and such modifications thereof, deletions therefrom
and additions thereto as may be necessary and appropriate and approved by the City Attorney
and by the Authority officials authorized herein to execute or accept, as the case may be, the Tax
Increment Pledge Agreement prior to its execution; and the Authority officials are hereby
authorized to approve any changes on behalf of the Authority.
The motion for the adoption of the foregoing resolution was duly seconded by member
and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof;
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
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6866056v1
STATE OF MINNESOTA
COUNTY OF HENNEPIN
I, the undersigned, being the duly qualified and acting Executive Director of the Housing
and Redevelopment Authority in and for the City of Plymouth, Minnesota, do hereby certify that
I have carefully compared the attached and foregoing extract of minutes with the original
minutes of a meeting of the Board of Commissioners held on the date therein indicated, which
are on file and of record in my office, and the same is a full, true and complete transcript
therefrom insofar as the same relates to a resolution authorizing execution of a Tax Increment
Pledge Agreement.
WITNESS my hand on January 2015,
Executive Director
68660561
Agenda Number 3.1D
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: January 22, 2015
SUBJECT: Plymouth Towne Square — Amend the 2015 Budget.
BACKGROUND:
In October of 2014, the HRA Board approved the budget for Plymouth Towne Square that included
improvements to the building such as repairing the parking lot, replacing furniture and office
equipment and the replacement of appliances.
It is estimated these items will cost approximately $91,300 and the source of funds is the
Replacement Reserve account. Staff is proposing that $11,300 come from the Plymouth Towne
Square Replacement Reserve account and $80,000 come from excess tax increment from HRA
Tax Increment Financing District 1-1 (Shops at Plymouth Creek). Staff intends on lowering the
contribution to the replacement Reserve account by the $80,000 mentioned above and utilizing
those funds for Economic Development. There is no financial impact to the HRA or Plymouth
Towne Square's budget as a result of this change.
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board of
Commissioners approve the changes discussed above to the Plymouth Towne Square
Budget for 2015.
ATTACHMENTS:
1. Resolution
PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY
HRA RESOLUTION NO. 2015-01
AMENDING THE 2015 OPERATING BUDGET FOR PLYMOUTH TOWNE SQUARE
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 Plymouth Towne Square; and
WHEREAS, the Authority is required to adopt an operating budget for Plymouth Towne
Square; and
WHEREAS, the Authority adopted the original 2015 budget on October 23, 2014; and
WHEREAS, the HRA Levy contribution to the building will be reduced by $60,000 and
will now be $158,004; and
WHEREAS, the Authority will utilize $60,000 from HRA Tax Increment Financing
District 1-1 (Shops at Plymouth Creek) to pay for a portion of the estimated $91,300 in capital
improvements to the building in 2015.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota that it approves the above
listed changes to the 2015 Plymouth Towne Square budget.
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 22"d day of
January, 2015.