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HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 03-15-2001HRA -STAFF REPORTS MARCH 15, 2001 Contains somedoubt" ided documents. Film beth sides J t J REVISED AGENDA ANNUAL MEETING PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, March 15, 2001, 7:00 pm WHERE: Medicine Lake Room Plymouth City Center 3400 Plymouth Boulevard Plymouth, MN 55447 1. Call to Order — 7:00 p.m. 2. Introduction and Administration of Oath of Office for New Commissioner Sandy Hewitt 3. Recognition for Former Commissioner Dick Abel 4. Approval of Minutes 5. US Bank Application for Community Activity Set -Aside Mortgage Program 6. Purchase Agreement for Sale and Declaration of Restrictive Covenants for Village At Bassett Creek Townhome 7. Nomination and Election of Officers 8. Plymouth Towne Square Monthly Housing Reports 9. Other Business 10, Adjournment If you have any questions regarding the HRA meeting please call Barb Peterson, HRA Office Support Representative at 763-509-5411 or Ed Goldsmith, HRA Supervisor at 763-509-5412. N:\Commwity Developmt£30USIN6\£II2A\A6DNDA5\2001\010315. doc REVISED AGENDA ANNUAL MEETING PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY,. March 15, 2001,7:00 pm WHERE: Medicine Lake Room Plymouth City Center 3400 Plymouth Boulevard Plymouth, MN 55447 1. Call to Order — 7:06jLm. 2. Introduction and Administration of Oath of Office for New Commissioner Sandy Hewitt 3. Recognition for Former Commissioner Dick Abel 4. Approval of Minutes S. US Bank Application for Community Activity Set -Aside Mortgage Program 4 6. Purchase Agreement for Sale and Declaration of Restrictive Covenants for Village At Bassett Creek Townhome 7. Nomination and Election of OlBcers S. Plymouth Towne Square Monthly Housing Reports 9. Other Business 10, Adjournment If you have any questions regarding the HRA meeting please call Barb Peterson, HRA Office Support Representative at 763-509-5411 or Ed Goldsmith, HRA Supervisor at 763-509-5412. S. MEMO CITY OF PLYMOUTH 3400 PLYMOUTH BOULEVARD, PLYMOUTH, MN 55447 DATE: March 6, 2001 for Housing & Redevelopment Authority Meeting of March 15, 2001 TO: Amtil u Executive Director FROM: Melissa Camicel Specialist through Edward Goldsmi, HRA Supervisor SUBJECT: Application for 2001 Community Activity Sr Aside Funding (CASA) from the Minnesota Housing Finance Agency (MHFA) for Employees in Plymouth The Minnesota Housing Finance Agency (MHFA) operates a Community Activity Set -Aside Funding CASA) program. The CASA program provides lenders, local government and/or nonprofit housing providers with reserved amounts of MHFA mortgage funds to enable these groups to meet the homeownership objectives/needs of their communities. The lenders, localities and nonprofits apply for CASA funds and address the identified housing goals of the community through specific targeting criteria. The HRA has applied. for CASA fiords in the past to address general homeownership needs and targeted housing developments in the City of Plymouth. The last CASA funding received by the HRA was used at the Village at Bassett Creek townhome development in 1999. All CASA funds spent in Plymouth have been used to assist only first time homebuyers. In recent discussions with Community Action for Suburban Hennepin (CASH), staff learned of US Bank's interest in applying for CASA funds that could be used in Plymouth. Staff saw an opportunity to further the goal of connecting housing and employment by targeting the CASA funds to persons employed in the City of Plymouth. US Bank has an outstanding success rate with the CASA program and an excellent reputation with MHFA. Em order to assure that all of the CASA funds applied for are utilized, application will be made for 5 to 6 loans of up to $120,000, for a total of $600,000. The mortgage funds will be targeted to households having income at the CDBG maximum income limits or less, generally 80% of the HUD area median income adjusted by family size. HUD generally revises these income limits every March. The program currently limits the home values to a maximum of $149,485. MHFA's year 2000 income limits are as follows: I to 4 person household $50,200 6 prison household $58,250 8 person household $66,250 5 person household $54,200 7 person household $62,250 The HRA will promote the program to employees through employers and community service agencies in the City and provide additional financial assistance through our First Time Homebuyer program. US Bank will provide additional outreach to community groups and Realtors working in Plymouth and be responsible for the CASA mortgages. All homebuyers receiving CASA funds will be required to attend the homebuyer workshop classes offered by CASH. CASH will also promote the program among its clients. I recommend that the HRA Board support US Bank's submission of an application to the Minnesota Housing Finance Agency (MHFA) for funding under the Community Activity Set Aside Fund program for employees in Plymouth a outlined In this report. r) MEMO CITY OF PLYMOUTH 3400 PLYMOUTH BOULEVARD, PLYMOUTH, MN 55447 DATE: Manch 9, 2001 for Housing and Redevelopment Authority Meeting of March 15, 2001 TO: AnneeC,HuKburt, Executive Director FROM: RebbTca Stoen, HRA Specialist, through Edward Goldsmith, HRA Supervisor f SUBJECT: Update on Village at Bassett Creek Townhome Sale, Adoption of Declaration of Restrictive Covenants, and Approval of Purchase Agreement to Sell the Townhome. The marketing and application process to sell the townhome at the Village at Bassett Creek has been completed. An income qualified fust :ime homebuyer who works for the *'opkins School District has been selected to purchase the townhome at the sale price of S125,0..,. She has completed all necessary requirements including First Time Homebuyer Classes, obtained a mortgage commitment, and has a sufficient downpayment to purchase the home. A purchase agreement has been drafted, signed by the buyer, and is attached for Board approval. t According to the HRA's Legal Counsel, the Board must approve the purchase agreement and Declaration of Restrictive Covenants. As presented at the January Board meeting, the Restrictive Covenants will require sale to a low -moderate income buyer and maintain the affordability of the home by limiting the future resale price while providing a reasonable return on the homeowners equity in the property. The formula for determining subsequent re -sale prices is basically unchanged from the existing Rottlund/City Declaration. The formula will continue to be based upon the average increase in the sale price for owner occupied homes in the metropolitan area. We have attempted to strengthen the restrictions by creating an indefinite term to the Declaration, however have been advised by HRA Counsel that a permanent restriction may be considered a violation of the legal Restriction Against Alienation of Real Property and Rule Against Perpetuity. '!RA Counsel has recommended using a maximum restriction of 30 years, which will also make the restrictions more acceptable to lenders. Provisions were added that would void the resale restrictions in the event of a foreclosure sale by a mortgagee of the property. This is necessary for a qualified purchaser of the property to be able to obtain financing. We have been successful in eliminating the owners ability to buy out of the resale restrictions, improving the formula for determining the subsequent sale prices, restricting the incomes of prospective purchasers, and simplifying the right of first refusal procedure for the owner to offer the unit for sale to the HRA. We have tentatively scheduled the closing for March 30th. Although the buyer is pre -approved, there may be a potential delay in closing if the sender's underwriters have any problems with the restrictive covenants. As the buyer's current apartment lease expires at the end of March and any delay in closing will be due to the'HRA's restrictions, I'm requesting the Board authorize the leasing of the J property to the buyer if closing is delayed past March 301h. 1 would recommend the HRA permit Short term occupancy until closing with a written lease stating the terms of the occupancy, such as the buyer paying any costs such as utilities and Association dues from the time of occupancy. This would save the HRA money, staff time checking on the home, and wauld greatly help the future homeowner. Both the lease and purchase agreement would bind the buyer to complete the purchase of the property once any issues with the restrictive covenants had been resolved. If the restrictive covenants have to be revised after the Board approves them due to the lender's requirements, the Board will need to approve the revised covenants at the April 190 Board meeting. The closing would need to be delayed until after the Board officially approves the revised covenants. 1 recommend that the HRA Board approve the attacked purchase agreement and restrictive covenants, authorize the Chair and Executive Director to sign the purchase agreement, and authorize the Executive Dhwtor to execute all remaining documents necessary to seg the property to the selected buyer. 1 also recommend that the Board authorize haw of the property to the buyer as explained, In the event the closing Is delayed past March 30th. Attachments: 1. Purchase Agreement 2. Declaration of Restrictive Covenants Attachment #1 REAL ESTATE PURCHASE AGREEMENT THIS AGREEMENT (the "Agreement") made and entered into this 15th day of March , 2001, by and between die HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH, a public body corporate and politic under the laws of the State of Minnesota, with offices at 3400 Plymouth Boulevard, Plymouth, MN SS447-1482 (referred to herein as the. "Seller"), and JoAnne K. Robinson of 912 90 Avenue South, Apartment 06, Hopkins, Minnesota 55343 (referred to herein as the Buyer"). IN CONSIDERATION of the mutual covenants and agreements herein, it is hereby mutually agreed by Seller and Buyer as follows: SECTION 1. SALE AND PURCHASE OF LAND 1.1) Seller shall sell to Buyers on an "as is" "where is" basis and upon the other terms and conditions hereof the land in Hennepin County, Plymouth, Minnesota, legally described on the attached Exhibit "A" ("Subject Property"). SECTION 2. PURCHASE PRICE 2.1) The purchase price for the Subject Property shall be $125,000.00 (the "Purchase Price") and shall be payable by Buyer to Seller as follows: 2.1.1) Earnest money deposit of $2,000.00, the receipt of which is hereby acknowledged; 2.1.2) The balance of the Purchase Price of $123,000.00 on the Date of Closing. 92)51.02 SECTION 3. TITLE MATTERS 3.1) Seller, at its own expense, shah furnish to Buyer within twenty (20) days hereof a current commitment forthe issuance of a 1987/1990 ALTA Form B owner's policy of title insuranc e.(the "Commitment") issued by a Title Insurance Company acceptable to Buyer Title") in the amount of the Purchase Price, committing to insure that Buyer will have good and marketable title to the Subject Property, except as to the Declaration of Restrictive Covenants to. be recorded by the Seller as provided under Section 7.2 and any other matters to which Buyer may consent in writing. 3.2) In the event any exceptions are listed in the Commitment for title insurance, the Seller shail promptly cause the exception to be removed. if the Seller fails to remove the same within the time allowed for closing on the Subject Property, the Buyer shall have the right to terminate this Agreement. SECTION 4. CLOSING 4.1) The closing (the "Closing") shall be at a location approved by Buyer and Seller, and shall occur on March 30, 2001 (Closing Date"). 4.2) On the Closing Date, Seller shall deliver to Buyer possession of the Subject Property in an "as -is" "wher&is" condition. 4.3) On the Closing Date, Seller shall execute and deliver or otherwise provide to Buyer: 4.3. 1) A duly executed warranty deed, subject only to the exceptions provided under Section 3.1; 4.3.2) A customary affidavit that there are no -unsatisfied judgments of record; no actions pending in any state or federal courts, no tax liens, and no bankruptcy proceeding filed against Seller, and no labor or materials have been fumished to the Subject Property for which payment has not been made, and that to the best of Seller's knowledge there are no unrecorded interests relating to the Subject Property; 1 92351 4.e-.) Seller shall pay at Closing all general real estate taxes levied against Vic Subject Property due and payable for all years prior to the year of Closing, together with any unpaid installments of special assessments due therewith, including any deferred taxes. Seller shall pay at closing the remaining balance on all levied and'pending special assessments owing against the Subject Property. Seller and Buyer shall prorate to the date of Closing all the general real estate taxes levied against the Subject Property due and payable in the year of Closing. 4.5) Seller shall pay on or before Closing: 4.5.! ) state deed tax; 4.5.2) all costs associated with obtaining a title insurance commitment, including name searches, tax searches, bankruptcy searches, and property inspection fees; 4.5.3) recording fees for corrective instruments required to remove encumbrances and place marketable title in Buyees name; 4.5.4) the obligations of Seller under Section 4.4; and 4.5.5) one-half of the Closing fee charged by a title company, if any. 4.6) Buyer shall pay at Closing: 4.6.1) all recording fees and charges relating to the filing of the deed; 4.6.2) title insuranc: premiums; and 4.6.3) one-half of the Closing fee charged by a title company, if any. SECTION S. COVENANTS. REPRESENTATIONS. AND WARRANTIES OF SELLER 5.1) Seller, as an inducement to Buyer to enter into this Agreement, and as part of the consideration therefor, represents, warrants, and covenants with Buyer and its successors and assigns that: 5.1.1) There are no leases, options, purchase agreements, rights to redeem, tenancy agreements, or rights of occupancy, written or verbal, and no person or party has. or will have any rights of adverse possession, regarding or arising out of the occupancy of the Subject Property; 923.11 5.1.2) To the best knowledge of Seller, no person or entity, has, at any time, ever installed, used. or removed any underground storage tank on or in connection with the Subject Property; 5.1.3) Seller represents and warrants that there are no wells or private sewer systems on the Subject Property and that the Subject Property is served by municipal water and sewer, and 5.2) Except for the representations, warrant. es and covenants listed in Section 5.1 above, Buyer acknowledges that it is acquiring the Subject Property in an "AS IS" condition with all faults accepted. 5.3) The covenants, representations, and warranties contained in Section 5 shall be.. deemed to benefit Buyer and its successors and assigns and shall survive any termination or expiration of this Purchase Agreement or the giving , rthe Deed. All of Seller's covenants, representations and warranties in rnis Agreement shall be true as of the date hereof and of the Closing Date, and shall be a condition precedent to the performance of Buyers obligations hereunder. If Buyer discovers that any such covenant, representation, or warranty is not true, Buyer may elect prior to closing, in addition to any of its other rights and remedies, to cancel this Agreement, or Buyer may postpone the Closing Date up to ninety (90) days to allow time for correction. SECTION 6. ENVIRONMENTAUSOIL INVESTIGATION AND TESTING 6.1) Buyer and its agents shall have the right, at the sole option of Buyer, to enter upon the Subject Property without charge and at all reasonable times from the date of the execution of this Agreement, to perform such environmental investigation and soil tests as Buyer may reasonably deem appropriate. If Buyer investigates and tests the Subject Property pursuant to this section, Buyer shall pay all costs and expenses of such investigation and testing and shall hold Seller harmless from all costs and liabilities arising out of Buyers activities. If the purchase 92351 and -sale contemplated by this Agreement is not closed, Buyer shall, at its own expense, repair and restore any damage to the Subject Property caused by Buyers investigation and testing, and shall return the Subject Property to substantially the same condition as existed prior to such entry. SECTION % 7.1) The obligations of Buyer under this Agreement are contingent upon each of the following: 7.1.1) The representations and warranties of Seller set forth in Section 5 of this Agreement must be true as of the date of this Agreement and on the Closing Date, end Seller shall have delivered to Buyer at Closing a certificate dated the Closing Date, signed by Seller, certifying that such representations and warranties are true as of the Closing r o; 7.1.2) Buyer shall have detennined on or before the Closing Date, that it is satisfied, in its sole discretion, with the results of the survey, and environmental/soil investigations and tests of the Subject Property; 7.1.3) Buyer obtaining necessary financing to close the transaction. 7.2) The obligations of Seller under this Agreement are contingent upon the City of Plymouth HRA having approved, executed and filed of record with the Hennepin County a Declaration of Restrictive Covenants against the Subject Property to replace, with modifications, the Declaration of Restrictive Covenants against the Subject Property recently released by the City of Plymouth and recording of the Restrictive Covenants, in form and substance approved by the City of Plymouth HRA. 7.3) With the exception r` the contingency set forth in Section 7.1.1, if any of the remaining contingencies have not been satisfied by at least seven days before the Closing Date, the Buyer may, at Buyer's option, ( and Se!ler at Seller's option as to Section 7.2) terminate this Agreement by giving written notice to Seller. Upon such termination, neither party shall have any further rights or obligations under this Agreement. The contingencies are for the sole and 92351 exclusive benefit of Buyer (and Seiler as to Section 7.2), and Buyer (and Seller as to Section 7.2) shall have the right to waive the contingencies by giving written notice to the other party. SECTION & MISCELLANEOUS 8.1) The covenants, Wwranties and representations made by Seller shall survive the Closing of this transaction. 8.2) Any notice, demand, or request which may be permitted, required or desired to be given in connection herewith shall be in writing and sent by certified mail, hand delivery, overnight mail service such as Federal Express, or Western Union telegram or other form of telegraphic communication, directed to Seller or Buyer. Any notice shall be deemed effective when delivered to the party to whom it is directed. Unless other addresses are given in writing, notices shall be sent to Seller or Buyer at the applicable address stated on the first page of this Agreement. , w 8.3) Time shall be of the essence in this Agreement. If any date or time prescribed by this Agreement falls on a Saturday, Sunday or holiday, such date or time shall automatically be extended to the next normal business day. 8.4) Each party hereto shall promptly,.on the request of the other party, have acknowledged and delivered to the other party any and all further instruments and assurances reasonably requested or appropriate to evidence or give effect to the provisions of this Agreement. 8.5) This Agreement represents the entire agreement of the parties with respect to the Subject Property and all prior agreements, understandings, or negotiations between the parties are hereby revoked and superseded hereby. No representations, warranties, inducements, or oral agreements have been made by any ofMe. parties, except as expressly set forth herein, or %-i other 92351 J contemporaneous written agreements. This Agreement may not be changed or modified except by a written agreement signed by Seller and Buyer. 8.6) If Buyer defaults under any of the terms hereof, Seller shall have the right to pursue any remedies available to Seller at law or in equity, including without limitation, specific performa,w.e, damages (including reasonable attorneys fees), and to the cancellation of this Agreement. 8.7) If Seller defaults under any of the terms hereof, including, without limitation, the delivery of marketable title to the Subject Property as set forth in Section 4 hereof, then Buyer shall have the right to pursue any remedies that are available. to Buyer at law or in equity, including without limitation, specific performance and damages (including attorneys fees), and to the cancellation of this Agreement. 8.8) If any provision of this Agreement is declared void or unenforceable, such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and effect. 8.9) Failure of any party to exercise any right arising out of a breach of this Agreement shall not be deemed a waiver of any right with respect to any subsequent or different breach, or the continuance of any existing breach. 92351 7 8.10) This Agreement shall inure to the benefit of and be binding upon the parties hereto /-,% and their respective heirs, personal representatives, successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. BUYER: HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH By: Its Chairperson By: Its Executive Director STATE OF MINNESOTA ) 65. COUNTY OF HENNEPIN ) SELLER: wt,, k 461y& Jorma K. Robinson The foregoing instrument was acknowledged before me this day of2001, by and by respectively the Chairperson and Executive Director of the HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH, a public body corporate and politic under the laws of the State of Minnesota, on behalf of said Housing andRedevelopmentAuthority. Notary Public 92351 J STATE OF miNNESOTA) ss. COUNTY OF yoyyOl ) 0100 S wcaanYbn6psi.„.:tas fie foregoing instrument was acknowledged before me this day ofICA2001, by JoAnne K Robinson. THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNUTSON Projessiond Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, MN 55121 Telephone: (651) 432-5009 AMP EXHIBIT "A" to REAL ESTATE PURCHASE AGREEMENT LAM Descriotlon of the Sublect Pronerty Lot 41, Block 2, THE VILLAGE AT BASSETT CREEK according to the plat thereof on file and ofrecord in the office of the Registrar of Titles, Hennepin County, Minnesota. 92351 10 01 Attachment # 2 DECLARATION OR RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (this "Agreement")dated as of , 2001, by the Housing and Redevelopment Authority In and For the City of Plymouth, Minnesota (the "Declarant"). RECITALS WHEREAS, the Property (as herein defined) has been purchased by the Declarant. under a program intended to assist low- and moderate -income families to afford' homeownership within the City of Plymouth, Minnesota; and WHEREAS, the terns and conditions hereof are intended in part to enhance the Property by making it affordable to low- and moderate -income families who, absent such provisions, would be unable to afford to purchase the.Property. WHEREAS, the Declarant under this Agreement intends. declares and covenants that the restrictive covenants ad forth herein governing the transfer of the Property shall be and are covenants running with the Property (for the benefit of the Declarant and all future Owners of the Property) and binding upon all Owners of the Property, and are not merely personal covenants of the Declarant. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth, and of other valuable consideration, the receipt at.d sufficiency of which is hereby acknowledged, the Declarant agrees as follows: Secdon 1. DeBnldons. In this Agreement, unless a different meaning appears from the context: Additional Disbursement(s)" means the dollar valuation of any amounts disbursed by the Declarant to protect its interest in the Property, that have not been reimbursed by the Owner, plus interest on such amount at a rate of eight percent (81/6) per amtum. 92456 Additional Improvement(s)" means physical enhancements or additions that increase the usefulness of the Property, or increase the useful lifetime of any improvements, and may include buildings, structures and improvements, foundations, footings, driveways, roads, utilities, Wings, landscaping, fixtures, and permanently installed equipment in, upon, under or over the land, including but without limiting the generality of the foregoing, all furnaces, piping, wiring, connections, conduits, ducts, equipment, partitions, windows, and doors together with any and all repairs, renewals and replacements thereof or additions thereto or substitutes therefor, Improvements not qualified for consideration as Additional Improvements shall include, but are not limited to; housecleaning, yardwork, purely routine maintenance, and all improvements and repairs for which reimbursement was, could be, or couldhave been obtained from insurer is or other third party. Depreciated Value of Additional Improvement(s)" means the dollar valuation, as provided in any applicable Building Permits properly issued by the appropriate local municipal official(s) for modest non -luxury improvements to the Property subsequent to original construction adjusted by an industry standard depreciation factor determined by the Declarant. Copies of such Permits are to be provided by the Owner at the time of the calculation of the Depreciated Value. Any and all improvements not provided for by the applicable Building, Plumbing, Mechanical or other such Permit cannot be considered as Additional Improvement(s) for the calculation of the Maximum Sale Price of the Property. Average Sales Price" means the average sales price for single family detached homes, condominiums, townhouses, and twinhomes, in the entire areareported by the Minneapolis Area Association of Realtors ("MAAR"), as reported in the Residential Real Estate Activity Report published by MAAR; or, in the. event the report described in this paragraph is no longer produced by MAAR, any reasonably comparable index of average residential sale prices for the Minneapolis metropolitan area that is reasonably comparable to the data provided by MAAR and is approved by the Declarant. Calculated Percent Increase" means the total percent increase in Average Sales Price for a minimum of twelve months from the end of the first period of the Calculation Cycle reported by the MAAR or any comparable index used in its place, to the most recent available Average Sales Price at the time of the calculation of the Maximum Sale Price, which shall be calculated no later than 60 days prior to the anticipated date of the proposed sale of the Property. In the evFAmt that the Owner has held title to the Property for less than a full twelve months, the C.lr:ubded Percent Increase shall be computed as zero. Calculation Cycle" is the time from and including the date on which the Owner acquires the current title to the Property, through and including the most recent period for which an Average Sales Price is available to within 60 days of the subsequent transfer of the Property. First Mortgage" means the mortgage executed by the Owner at or prior to the time of purchase of the Property to fund a portion of the Purchase Price. nUw Maximum Sale Price" means the amount calculated in accordance with Section S(f) herein. Moderate income Resident" shall mean a penton or group of persons within a household whose combined income does not exceed eighty percent (801/6) of the HUD Adjusted Median Family income (HAMFI) for such number of persons for the Minneapolis -St. Paul Standard Metropolitan Statistical Area as determined from time to tirw by the U.S. Department of Housing and Urban Development (HUD) under Section 8 of the United States H.ausing Act of 1937, or if such program is terminated any similar program designated to fu e -M in its place, based on the median family income in the Minneapolis -St. Paul Standard Metropolitan Statistical Area. Owner' means any future legal owner of the Property, whether the owner purchased the Property from the HRA or from subsequent owners of the Property. Property" means the real property described in Exhibit A hereto, together with the housing unit located thereon. Purchase Option" means the Declarant's option, in accordance with Section S(d), herein, to purchase the entire Property for the Maximum Sale Price. Purchase Price" means the cost of acquiring the Property and includes the following: all amounts paid, either in cash or in kind, by the purchaser (or a related party or for the benefit of the purchaser) to the Owner (or a related party or for the benefit of the Owner) as consideration for Transfer of the Property to the purchaser, including any appliances incidental to the occupancy of the home. If, as part of the sale of the Property the purchaser agrees to pay or assume liability for a debt of the Owner, the principal amount of such debt must be included as part of the cost of acquiring the Property. If the terms of the Transfer provide for installment payments by the purchaser to the Owner, the Selling Price shall be determined by including the principal amount owing to the Owner as of the date of Transfer, or, if no principal amount is stated under any instrument of Transfer, then the Selling Price shall be determined by calculating the present value of the installment payments as of the date of the Transfer, assuming a discount rate equal to the prevailing market rate for owner -occupied residential mortgage loans in the Minneapolis/St. Paul metropolitan area as of the date of the Transfer, as approved by the City. For the purposes of this definition, the cost of acquiring the Property does not include the usual and reasonable settlement and financing costs. Settlement costs include titling and transfer costs, title insurance, survey fees, or other similar costs. Financing costa include credit reference fees, legal fees, appraisal expenses, permitted origination fees that are paid by the buyer, or other costs of financing the acquisition. State" means the State of Minnesota Transfer" means any total sale, assignment, conveyance, or transfer in any other mode or form of or with respect to the Property, or any contract or agreement to do any of the same. A lease of the Property without purchase option, or a lease with option to purchase at fair market 9N56 value, shall not constitute a Transfer. Any lease with option to purchase at less than fair market value shall constitute a Transfer. Section 2. Recording and Fillne: Covenants to Run With the Land. a) The Declaram intends, declares and covenants, on behalf of itself and all Acture Owners of the Property during the tern of this Agreement, that this Agreement and the covenants set forth herein restricting the Transfer of the Property (i) shall be and aro covenants running with the Property, encumbering the Property for the term of this Agreement, binding upon the Declarants successors in title and all subsequent Owners of the Property, (ii) are not merely personal covenants of the Declarant, and (iii) shall bind d:- Declarant and all future Owners during the tern of this Agreement. The Declarant hereby agrees that any and all requirements of the laws of the State to be satisfied in order for the provisions of this Agreement to constitute deed restrictions and covenants running with the land shall be deemed to be satisfied in full, and that any requirements or privileges of estate are intended to be satisfied, or in the alternate, that an equitable servitude has been created to insure that these restrictions run with the land. For the term of this Agreement, each and every contract, deed, or other instrument hereafter executed conveying the Property or portion thereof shall expressly provide that such convey..nce is subject to this Agreement, provided, however, that the covenants contained herein shall survive and be effective regardless of whether such contract, deed or other instrument hereafter executed conveying the Property or portion thereof provides that such conveyance is subject to this Agreement. b) The tern of this Agreement shall be 30 years from the recording hereof and thereafter, this Agreement shall be null and void. Section 3. Representations. Covenants and Warranties of the Declarant. a) The Declarant is a body corporate and politic organized and qualified to transact business under the laws of the State, has the power and authority to own its properties and assets and to carry on its business as now being conducted, and has the full legal right, power and authority to execute and deliver this Agreement. b) The execution and performance of this Agreement by the Declarant will not violate, or as applicable, have not violated any provision of law, rule or regulation, or any order of any court or other agency or governmental body, and will not violate any provision of any L--- ..:are, agreement, mortgage, mortgage note, or other instrument to which the Declarant is a ps sy or by which it is bound. c) The Declarant has good and marketable title to the premises constituting the Property fire and clear of any lien or encumbrance other than easements, rights-*Pwan servitudes, restrictions, taxes, assessments and other minor defects in the title to the Property which do not materially impair the use or value of the Property. 9"M d) The Declarant warrants that it has not and will not execute any other agreement with provisions contradictory to, or in opposition to, the provisions hereof, and that in any event the requirements of this Agreement are paramount and controlling as to the rights and obligations herein set forth and supersede any other requirements in conflict herewith. Section 4. Floonclom a) An Owner may mortgage, pledge, or encumber the Property or any portion thereof or interest therein only pursuant to a Permitted Mortgage. "Permitted Mortgages" shall be mortgages which: i) run in favor of either (1) a so-called "institutional lender" such as, but not limited to, a federal, state, or local housing finance agency, a bank (including savings and loan association or insured credit union), aninsurance company, a pension and/or profit- sharing fund or trust, or any combination of the foregoing, the policies and procedures of which institutional lender are subject to direct governmental supervision, or (2) a community loan fund", or similar non-profit lender to housing projects for low and moderate income persons (as defined by reference to the membership criteria for the National Association of Community Development Loan Funds, a non-profit corporation with its principal office located in Philadelphia, Pennsylvania). The institutional lender" and "community loan fund described above are hereinafter referred to as ("Permitted Mortgagee'); ii) is a first lien on all or any of the Property (the "Property'l; iii) provide, among other things, that in the event of a default in any of the mortgagor's obligations thereunder, the Permitted Mortgagee shall notify Declarant of such fact and Declarant shall have the right (but shall not have the obligation) within 120 days after its receipt of such notice, to cure such default in the mortgagor's name and on mortgagor's behalf, provided that current payments due the Permitted 4-trtgagee during such 120 day period (or such lesser time period as may have been I to cure such default) are made to the Permitted Mortgagee, and shall forth,; --e that said Permitted Mortgagee shall not have the right, unless such default si have been cured within such time, to accelerate the note secured by such Permittt . /.,ortgage or to commence to foreclose under the Permitted Mortgage on account of such defat . iv) provide, among other things, that if after such cure periai the Permitted Mortgagee intends to accelerate the note secured by such Permitted Mortgage or initiate foreclosure proceedings under the Permitted Mortgage, all in accordance with this Section, the Permitted Mortgagee shall first notify Declarant of its intention to do so and Declarant shall have the right, but not the obligation, upon notifying the Permitted Mortgagee within thirty (30) days of receipt of said notice from said Permitted Mortgagee, to pay off the indebtedness secured by the Permitted Mortgage and to acquire the Property; and IRA v) provide that such Permitted Mortgagee shall use reasonable efforts to sell the Property pursuant to any sale after or in lieu of foreclosure to a purchaser who is a Moderate Income Resident as defined herein. b) Rights of Permitted Mortgagee: Any Permitted Mortgagee shall without requirement of consent by the Declarant have the right, but not the obligation, to: i) cure any default under this Agreement and perform any obligation required hereunder, such cure or performance by a Permitted Mortgagee being effective as if the same had been undertaken and performed by Declarant. ii) acquire and convey, assign, transfer and exercise any right, remedy or privilege granted to Owner by this Agreement or otherwise by law, subject to the provisions, if any, in said Permitted Mortgage, which may limit any exercise of any such right, remedy or privilege; and iii) rely upon and enforce any provisions of this Agreement to the extent that such provisions are for the benefit of a Permitted Mortgagee. Permitted Mortgagee shall not, as a condition to the exercise of its rights hereunder, be required to assume personal liability for the payment and performance of the obligations of the Owner hereunder. Any such payment or performance or other act by Permitted Mortgagee hereunder shall not be construed as an agreement by Permitted Mortgagee to assume such personal liability except to the extent Permitted Mortgagee actually takes possession of the ` Property and the premises [or collects fees or rentals from unit owners]. In the event Permitted Mortgagee does take possession of the Property and thereupon transfers the Property, any such transferee shall be required to enter into a written agreement assuming such personal liability and upon any such assumption the Permitted Mortgagee shall automatically be released from personal liability hereunder. c) Provisions Subject to Foreclosure: In the event of foreclosure sale by a Permitted Mortgagee of the delivery of a deed to a Permitted Mortgagee in lieu of foreclosure in accordance with the provisions hereof, at the election of the Permitted Mortgagee the provisions of Sections 5(a) through 5(1). Shall be deleted and thereupon shall be of no further force or effect as to only so much of the Property so foreclosed upon or transferred. d) Notice: Whenever in this Article notice is to be given to Permitted Mortgagee, such notice shall be given in the manner set forth in Section 7(b) hereof to the Permitted Mortgagee at the address which has been given by the Permitted Mortgagee to Declaraw by a written notice to Declanurt sent in the manner set forth in said Section 7(b) hereof. Seaton S. Transfer. Sale or Dhoosition of Property. a) The Owner may sell, transfer, or otherwise dispose of its interest in property only to someone who is a Moderate Income Resident (herein defined). However, such transfers shall J 92456 be subject to the Purchase Option rights set forth in this Section. Any purported sale, transfer or other disposition to any other person or entity done without following the procedures set forth below or in violation of such price limitations, except in the case of a sale, transfer or other disposition to a Permitted Mortgagee in lieu of foreclosure or a disposition to heirs under Section 5(b) below in accordance with the terms hereof, shall be null and void. b) Upon receipt of notice from the executor of the decedent's estate given within ninety (90) days of the death of an Owner (or the last surviving co-owner of the property) Declarant shall, unless for good cause shown, consent to a transfer of the Property by one or more of the following possible heirs of Owner. i) the spouse of the Owner, or ii) the child or children of the Owner, or iii) member(s) of the Owner's household who have resided upon the Premises for at least one year prior to the Owner's death. Any other penton or persons w:w are heirs, legatees or devisees of the Owner must demonstrate to Declarant's reasonable satisfaction that they meet the definition of Moderate Income Residents herein, and if any such person is unable to do so, then such person shall not be entitled to possession of the Property but must transfer the Property in accordance with the provisions hereof which relate to the sale, transfer er disposition of the Property to a third party within 120 days of the date Declarant determines that they do not meet the definition of Moderate Income Residents. i) IfProspectitioe Buyer is Known: Except in the case of a sale, transfer or other disposition to a Permitted Mortgagee in lieu of foreclosure in each event that Owner contemplates an assignment of its interest herein or a sale, transfer or disposition of the property to a particular third party, then not less than sixty (60) days prior to the contemplated closing thereof, the Owner shall give Declarant notice thereof substantially in the form of Exhibit B annexed hereto and incorporated herein by reference. Such notice shall include the following or comparable items: (1) the tax return of the assignee or buyer for the immediately preceding year; (2) a current verification of assignee's or buyer's employment; (3) the pay stubs of the assignee or buyer for the three months immediately preceding the month in which notice is given to the Declarant; (4) a Letter of Stipulation from such assignee or buyer and a Letter of Acknowledgment in form and substance similar to that of Exhibit C hereto; and (S) a statement of the terms of sale. No assignment, sale, transfer or other disposition shall be effective; unless and until Declarant confirms in writing within forty-five (45) days of receipt of such notice and accompanying documentation that such assignee or buyer is a Moderate Income J Resident and that the terms of sale are permitted under this Declaration. If Declarant fails wess to respond in writing within forty-five (45) days of its receipt of such notice, such failure on the part of Declarant shall be deemed to constitute confirmation of such status. ii) IfPrmpecrive Buyer is Not Known: If Owner intends to offer the Property for sale but has no specific person intended or committed to purchase the Property, then Owner shall give Declarant notice containing a detailed listing of the terms and conditions of such intended sale. Within ninety (90) days of Declararifs receipt of such notice. Declarant shall either. 1) exercise its option to purchase on the tam and within the time period set forth in Sections 5(d) and 5(e) below; or 2) locate an interested purchaser and obtain from such purchaser a binding commitment to purchase from the Owner, or 3) notify Owner that Owner is free to sell the Property in the open market to any party subject to the restrictions in Section 5(a), at not more than the then applicable Maximum Sale Price (as defined he -un). d) Upon receipt of any notice given in accordance with Section 5(c) above (an Intent to Sell Notice'), Declarant shall have the option to purchase the Property at the Maximum Sale Price calculated as set forth in Section 5(f) below. Such price is designed to further the goals and purposes set forth herein by helping to preserve the affordability of the Improvements to succeeding Moderate income Resident households while taking fair account of the investment of labor and capital by the Owner. e) If the Declarant elects to acquire the Property in accordance with the terms of the Purchase Option, the Declarant shall execute a purchase agreement for the Property in form and substance reasonably satisfactory to the Declarant and the Owner and shall proceed to close on the purchase of the Property within sixty (60) days of the Declarant's notice of its election to purchase. Proceeds of the sale of the Property to the Declarant shall be disbursed in the following manner. (i) To payoff the balance owed on the First Mortgage and any other outstanding mortgage liens; (ii) To payoff any taxes and assessments, other encumbrances on the Property deemed to affect the marketability thereof (other than this Agreement), and any Additional Disbursements owed to the Declarant that are the responsibility of the selling Owner, and (iii) To pay any remaining proceeds to the selling Owner, or his or her order. Declarant's notice of election shall include Declaranes good faith estimation of the Maximum Sale Price. Purchase of the Property by the Declarant shall not act as a discharge or release of this Agrwment. 9U56 f) The Maximum Sale Price of the Property for subsequent sales by Owners shall be 00) calculated as follows: 1. The Owner's Purchase Price: 2. Calculated Percent Increase: S 3. Gross Maximum Sales Price multiply line 2 times line I and add the product to the amount on line 1): S 4. Depreciated Value of Additional Improvements, if any: S 5. Maximum Sale Price of Property (line 3 plus line 4) S If an Owner has not owned the Property for a full twelve months, the Calculated Percent Increase shall be computed as zero. g) In the event that the Declarant believes the market value of the Property is, at the time of the Intent to Sell Notice, less than the Maximum Sale Price, then the market value shall be determined by appraisal of the market value of the Property. Within 60 days of the receipt of Owner's Intent to Sell Notice, Declarant with the reasonable cooperation of the Owner, shall obtain and subunit to Owner, at Declarant's expense, an appraisal (the "Appraisal") of the Property by a licensed appraiser. Upon receipt of the Appraisal from Declarant. Owner shall either (a) accept the Appraisal as accurately representing the market value of the Improvements for purposes of calculating the Maximum Sales Price, or (b) commission a second appraisal by a licensed appraiser, at Owner's expense, and submit a copy of this second appraiser's report to Declarant within forty-five (45) days of the giving of the Intent to Sell Notice. If a second appraisal is commissioned, the amount to be used in determining the market value of the Improvements shall be the average of the two appraised values reported by the two appraisers. The "Maximum Sale Price" as used in this Lease shall be the lesser of (a) the market value of the Improvements as determined according to this paragraph, or (b) the Maximum Sale Price as otherwise determined in accordance with this Section. h) If required by the Declarant to verify the value of the Additional Improvements the Owner shall document costs and expenses related to Additional Improvements by means of detailed receipts and invoices for the actual cost of materials and labor, including receipts for barter goods and services, or by other documentation reasonably acceptable to Declarant if required by Declarant to support the values identified in the required Building Permits. If the Owner contributes some or all of the labor for an improvement or repair, the documentation therefor shall state the number of hours spent on each of the major phases of any work, and the Owner's valuation of the labor. Failure to provide such documentation can result in the disallowance of such Value or a portion thereof at the discretion of the Declarant. The Declarant reserves the right to use an independent appraisal of the Improvements where costs are in excess y of the trade or other reasonable standards for similar work in the local area. 92456 i) After the Transfer of the Property from the Declarant, no subsequent Owner, except for the Declarant, shall Transfer the Property for a price that exceeds the Maximum Sale Price. A subsequent Owner may, subject to the other reshictions in this Declaration, Transfer the Property for a Selling Price that is equal to or less than the Maximum Sale Price. The price for any subsequent sales by the Declarant may exceed the Maximum Sale Price by an amount necessary to reasonably reimburse the Declarant for costs of purchase, holding, and sale of the Property. 0) Upon or before closing on any Transfer, other than a Transfer to the Declarant, that is subject to restriction under this Agreement, the Owner shall deliver to the Declarant written evidence reasonably satisfactory to the Declarant that the subject Transfer complies with the provisions of this Agreement. Unless otherwise agreed to by the Declarant, evidence of the Selling Price shall include at least the following items: an executed purchase agreement and an executed certificate of real estate value complying with State law. k) Promptly after receipt by the Declarant of evidence of compliance with the terms of this Section as to the subsequent Transfer of the Property, the Declarant will furnish the Owner with an appropriate instrument so certifying. Such certification by the Declarant shall be arid it shall be so provided in the certification itself) a conclusive determination of satisfaction of the covenants in this Agreement with reference to the obligations of the Owner with respect to the subject Transfer, and shall be substantially in the form :,trached hereto as Exhibit D. If the Declarant shall refuse or fail to provide any certification in accordance with the provisions of this Section, the Declarant shall, within 5 days after written request by the Owner, provide the Owner with a written statement indicating in adequate detail in what respects the Owner has failed to comply with the restrictions on Transfer under this Section and what measures or acts will be necessary, in the opinion of the Declarant, for the Owner to take or perform in order to obtain such certification. 1) ANY TRANSFER BY THE OWNER IN VIOLATION OF THE TERMS OF THIS SECTION, INCLUDING A TRANSFER WITHOUT PROVIDING PRIOR NOTICE TO THE DECLARANT IN ACCORDANCE WITH SUBSECTION (c) OF THIS SECTION, SHALL BE VOID AND THE DECLARANT SHALL HAVE THE RIGHT TO ENFORCE ALL OF THE REMEDIES SET FORTH HEREIN. The Owner acknowledges that the; primary purpose for requiring compliance by the Owner with the restrictions provided in this Agreement is to maintain the long-term affordability of the Property to low- and moderate -income families, such as the Owner, who, absent such provisions, would be unable to afford such housing, hereby agrees and consents that the Declarant shall be entitled, for any breach of the provisions of this Agreement, and in addition to all other remedies provided by law or in equity, to enforce specific performance by the Owner and the Transferee of its obligations under this Agreement in a state court of competent jurisdiction to take possession of Property and seek injunctive relief. The Owner'hereby further J 92456 10 specifically acknowledges that the Declarant cannotbe adequately compensated by monetarydamagesintheeventofanydefaulthereunder. Seetion % Miscellaneous. a) Severability. The invalidity of any clause, part or provision of this Agreement shall not affect the validity of the remaining portions thereof. b) Notices. Any notice, demand, or other communication under this Agreement shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage Prepaid, return receipt requested, or delivered personally.to parties at the addresses set forth below: To the Declarant: Plymouth PIRA 3400 Plymouth Boulevard Plymouth, MN 5544' To the Owner: 944 Trenton Lane Plymouth, MN 554 or at such other address with respect to either such party as that party may, from time to time, designate in writing and forward to the other as provided in this Section. c) Governing taw. This Agreement shall be governed by the laws of the State ofMinnesota. d) Cou . This Agreement may be executed in any number of counterparts which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Declarant has caused this Agreement to be signed by its authorized representative, as of the day and year first above written. 92436 THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH, MINNESOTA LE By Its STATE OF MINNESOTA ) ss. COUNTY OF ) The forepinv instrument was acknowledged before me this day of by . the of The Housing and Redevelopment In and For the City of Plymouth, Minnesota, a body corporate and politic, on behalfof the Authority. Notary Public This document was drafted by. CAMPBELL KNUTSON Projessiona! Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 651)452-5000 M56 12 W MEMO CITY OF PLYMOUTH 3400 PLYMOUTH BOULEVARD, PLYMOUTH, MN 53447 DATE: March 9, 2001 for Housing and Redevelopment Authority Mating of March 15, 20{0(11 TO: Anne Hurlbw Executive Director FROM: Edward Goldsmith, HRA Supervisor': J SUBJECT: NOMINATION AND ELECTION OF OFFICERS According to the HRA bylaws, the annual election of officers is to take place at the time of the annual mating in March of each year. The current HRA Officers were elected in January, 2001. Currently, the officers for the Housing and Redevelopment Authority are: Board Chair Susan Henderson Vice -Chair Tim Bildsoe Secretary Steve Ludovissie I recommend that the Board nominate and elect ofileen to serve until the next Annual Meeting In 2002. 101aee.eoe W& MEMORANDUM i*"190: Anne Hurlburt Ed Goldsmith From: Melody Lurnham, Housing Manager, Plymouth Towne Square Date: March 2001 RE: PTS Monthly Report for February 2000 March Newsletter (attached) February Resident Council Meeting Minutes (attached) Monthly Financial: January financials attached Revenue/Garage Rental - reflects two empty garage stalls Revenues/Beauty Shop - reflects no beautician Revenue/Guest Suite - reflects no rentals for month Revenues/Laundry - reflects timing of deposit Revenues/ Misc - reflects one car plugged in outside PO/Apt rehab - reflects painting and repair of 3 apartments for Feb rental PO/Supplies - reflects cost of buying paint for hallway painting Utilities/Gas - reflects high cost of gas, over the 30% increase which was planned for. GA/Meeting & Seminars - reflects mgr attending MHHA Institue GA/Supplies - reflects timing occupancy/Marketing: 97 units leased plus 2 caretaker units Plant Operations: (February) W?. -ter leakage in four apartments from roof area - ice dams All hallways painted per capitals expenditure Walker Development obtained two estimates for heat tape on roof Snow removed from roof where leaking in apartments Resident Services: (February) Valentines Party Special piano music brought in Catered noon lunch -Swedish meatballs, mashed potatoes, coleslaw, bar and coffee. J Goals Achieved this Report Month: (February) 0 Finished paining of all hallways Rewrote one job description Planned first PTS Flea Market for March Goals for next month: (March) Continue working on 3rd Floor ventilation issue:; Continue working on Roof issues Mailout first mailing. to Waiting List applicants Recommendations to HRA regarding Waiting List and VL Subsidy additions Rewrite job descriptions for Corporate cc: Denny O'Dornell ONTHLY OCCUPANCY REPORT LYMOUTH TOWNE SQUARE February 2001 sWuM car@Wwr 4psft9n 1parape space+ i P 7 7 N NO J Of ac P rl r) 1 Plymouth Towns 8* - Cash Row Anayab One Month Ended January 31, 2001 YTD YTD Annual Actual Budget Variance Budget Revenues: Rentallncgn:e 665A73 567.423 51.750) 51109,398 Investment Income 5.806 8.362 4,116 67.717 Total Revenues 71.481 72,765 51,304) 877.115 Expenses: Activities and Resident Services 235 240 5) 4,035 Housekeeping 220 459 239) 17.580 Plant Operations 8 Maintenance 5,1190 8.700 2210) 95.328 Utwas 9.867 7,829 2.038 72,775 Property 8 Related 2.513 2.720 207) 32,639 General &.Adminisgaalro 10.486 11.610 7 1241 126.794 Total Operating Expenses 28211 30.956 1. 47) 349.151 Income before Interest Depreciation 42.270 41,827 413 527.96 and Amortisation Depreciation and Amorgaation Expense 18.042 17.755 287 213.070 Income I (Lose) Before Interest 24.229 24.072 156 3114.894 Interest Expense 23.678 23.677 1 282.631 Net Income (Loss) before Gains 550 5395 8155 5 3.2267 Unrealized gain (lass) Investment 50 o s0 so Net Ineace (Lose) 5550 5395 155 532.263 Adjustments to Cash Flow: Depreciation 17.795 17,50!1 5287 5210.105 AmaJtation 247 247 0 2.965 Deer.(Inrr.)InRecehratdes 1.151) 0 1,151) 0 Dee. pner.) In Prepalds 1.670) 0 1.670) 0 Dow.) Incr. In AIP & Accrued Expanses 23,607 0 23,607 0 Ax w - I Real Estate Taxes IIAN 1.779 173) 21.350 Accrued interest 23.678 23.877 1 262.631 Real Estate Tax Payment 0 0 0 5 (22,688) Capasllm mnmams 0 1,333) 1.333 16.000) Urmnorlieed Organization Costs 0 0 0 0 Excess Cash Deposited with City 0 0 0 0 Deposits to Debt Service Fund -Principal 8,771) 6,771) 0 106,500) Deposits to Debt servlee Fund4nteresl 23.678) 23.677) 1) 282,631) Inves4nenb4rearesllncome 5.707) 5.280) 447) 68.489) Imestmems-;ap8alImprovements NJ.4781 2 7§1 0 subtotal 523281 1.695 7.56 29.700) tJ6.957) Increase (Decrease) In trash 23.631 T 1.741 z .306 Cash Balance, Beginning of Year 49.039 549.39 Cash Batance..January 31, 2001 EMM 1 129 PbTmom TOMB SQUARE RAL"m SHEET Jan 31 2002 UNAUDITED ASSETS CURRENT ASSETS. PBTTT MEN CHMING OPERATIONS BRVIMB SECURITY DEPOSITS TOTAL CRSH ACCOUNTS RWRIVAOLB-TERAM ACQUIRITS RECEIVABLE -OTHER TOTAL -RECEIVABLE zwrmdsT RweivAsLc DENY SINVICE INTENSE? RECEIVABLE PREPAID INSURANCE - GENERAL PREPAID EXPENSE - OTHER TOTAL PREPAIDS TOTAL CURRENT ASSETS PROPERTY. PLANT. AND EQUIPMENT: LAND BUILDINGS & IMPROVEMENTS LAND IMPROVEMENTS rumm G EQUIP - GENERAL EQUIPMENT - COMPUTER rum a EQUIP - HOUSEKEEPING I=$ ACCUMULATED DEPRECIATION TOTAL PROPERTY. PLANT. & EQUIPMENT OTHER ASSETS: IMVCXTpUWrS-CONSTRUCTION FUND IMMSTMBSTI-MORKING CAPITAL INVISTIOWS-DEBT SERVICE FUND INVBBTIUWfS-CAPITAL IMP. UNAMOSTISID STRRT-Up COSTS UMANURTIZCD ORGANIZATION DOM LBO ACCUMULATED AMORTIZATION CURRENT BALANCE MIT HOlml 022/31/00 CHARGE 1.000.00 1.000.00 0.00 33.144.12 9.713.36 23.430.76 30.726.02 38.32S.60 400.42 72.070.14 49.038.96 22.031.10 155.58 S.00 Iso.se 7.657.60 6.657.60 1,000.00 7.913.18 6.662.60 I.ISO.Se 21.067.76 15,360.15 5.707.61 21.067.76 IS.360-15 5,707.61 793.76 0.00 793.76 1.207.62 131.01 1.076.61 2.001 36 131.01 1.870.37 103.752.46 71.192.72 32, SS9.74 459.247.00 469.247.03 0.06 5.63S.448.23 S.63S.448.23 0.00 57.646.50 57.648.50 0.00 371.S45.GS 371.545.65 0.00 7.GSP.41 7.6SA.41 0.00 1,015.15 1.01S.I5 0.00 1.294.316.69) 1.276.521.93) 17.794.76) ri;030 . 246.25 S. OSE,. 091.01 37.794.76) 20.000-00 20.000.00 0.00 47S.036.03 475.026.03 0.00 510.444.15 48S.99S.76 32.448.39 10.965.42 160.490.41 2,475.00 7,930.35 2.930.15 0.00 Iss. I GG.!Js 1!15. 166.5E 0.00 87.190.59) 016.933.50) 1247.09) CURRFler SA1.ALTS par pDNT1 032/31/0% Cmms Continued) TOM 041 ASSM 1.297.361.71 1.212.665.91 39.676.30 TOTA16 M 6.369.360.62 6.339.919.10 99.661.26 l CURRENT BALANCE BBT MONTH 012/11/00 CRUM concinu d) LF 111ILITISS AND FIND BALANCE CURRENT LIABILITIES: ACCOUNTS PAYABLE 99.527.96 80,981.21 18,566.75 ACCRUED SALARIES App RAOBS 7,291.00 ' 927.17 61151.61 ACCRIR7 EEPWSM 51.571.05 56,866.62 1,271.17) CURSIDIT MATURITIES - IAM TERM.. 105,250.00 105,250.00 0.00 SECURITT/mAIT LIST DEPOSITS 12.610.11 12,629.91 19.78) TOTAL A/P 6 ACCRUED ESPMBN 29$.052.16 276,666.91 21,607.21 ACCRUED INTBRBST 96.710.25 71:012.69 21,677.56 ACCRUED REAL ESTATE TAXES 11,657.25 11,851.19 1.605.86 OTHER CURRENT LIABILITIES 128,167.50 102,886.08 25.281.62 TOTAL CURRENT LIABILITIES 626.219.66 177,128.99 68,090.65 Ima TERM DOT: BOHM PAYABLE 6,879,500.00 6,879.500.00 0.00 TOTAL WHO TERM OUT 6.879,500.00 6,87.9.500.00 0.00 FUND BALANCE: CONTRIBUTED CAPITAL 1,000.000.00 1,000.000.00 0.00 PARTNERS' DEFICIT 81.090.15 81,090.15 0.00 MET INCOME (LOSS) 550.61 0.00 550.61 TOTAL FIND BALANCE 1,081.0560.78 1,081,090.15 550.61 TOTAL LIABILITIES 6 FUND BALANCE 6,189.160.62 6;179,919.16 69.661.28 l rr PLYMOUTH Town SQUARE STATIMMT OF EARRINGS 1 MONTHS OIDBD Jan 31 2001 UNAUDITED CURRENT VAR. 4 YTO YM VAR.t JANUARY 2001- NORTH BUDGET VARIANCE OP BUD. ACTUAL BUDGET VARIANCE OF BUD. DF.CPJMRER 2001 BUDGET- -. REVENUE. APARTHIM RSH 63,993.00 63,993.00 0.00 0.00 43,993.00 43,993.00 0.00 0.00 527,912.00 HER IDIVIDUA 22.167.00 22,167.00 0.00 0.00 22,167.00 22,167.00 0.00 0.00 266,000.00 VACANCY-CARET 1,307.00- 1,307.00- 0.00 0.00 1,307.00- 1.307.01-- 0.00 0.00 15,684.00- VACANCT FAC1O 305.00- 370.00- 65:00 17.57 305.00- 370.00- 65.00 17.57 4,440.00- VACANCY FACTO 1,840.00- 176.00- 1,664.00- 945.45 1.840.00- 176.00- 1,664.00- 945.45 2,110.00- VACANCY - CAR 60.00- 60.00- 0.00 0.00 60.00- 60.00- 0.00 0.00 720.00- GARA138 RENAL 2,010.00 2,070.00 60.00- 2.90 2,010.00 2,070.00 60.00- 2.90 24.840.OU BEAUTY BHOP R 0.00 125.00 125.00- 100.00 0.00 125.00 125.00- 100.00 1,500.00 CHEST RDOM RB 0.00 140.00 140.00- 100.00 0.00 140.00 140.00- 100.00 2,000.00 LAUNDRY 1.000.00 833.00 167.00 20.05 1,000.00 833.00 167.00 20.05 10,000.00 MISCELLANEOUS 15.00 8.00 7.00 87.50 15.00 8.00 7.00 87.50 100.00 INVESTMENT IM 5.808.03 5.362.00 446.03 8.32 5,808.03 5,362.00 446.03 8.32 67,717.00 4OTA6 REVERBB 71,481.03 72,795.00 1,303.97- 1.79 71,481.03 72,785.00 1.303.97- 1.79 877,115.00 RPEIBRB 1 RESIDER SERVICES: MISCELLANEOUS 9.96 20.00 10.04- 50.20 9.96 20.00 10.04- - 50.20 260.00 RESIDER FROM 132.91 110.00 22.91 20.63 132-91 110.00 22.91 20.83 2,085.00 SUPPLIER - OS 91.92 110.00 18.08- 16.44 91.92 110.00 18.08- 16.44 1,690.00 TOTAL R68fOBN1' 234.79 240.00 5.21- 2.17 234.79 240.00 5.21- 2.17 4.035.00 HOUSEKEEPING: SALARE69 0.00 100.00 100.00- 100.00 0.00 100.00 100.00• Ion.00 1.200.00 BENEFITS 0.00 25.00 25.00- 100.00 0.00 25.00 25.00• 100.00 300.00 PURCS. BYCS-H 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,700.00 REPAIRS AID N 0.00 100.00 100.00- 100.00 0.00 100.00 100.00- 100.00 500.00 SUPPLIES - OR 220.07 234.00 13.93- 5.95 220.07 234.00 13.93- 5.95 2.880.00 TOTAL HOUSBRWEP 220.07 659.00 238.93- 52.05 220.07 459.00 238.93- 52.05 17,580.00 CURRENT VAR. % YTD YTD VAR.% JANUARY 2001- NONTN BUDGET VARIANCE OF BOD. ACTUAL MOST VARIANCE OP BUD. DECEIOER 2001 BUOCNT... continued) PLANT OPERATIONS AND MAINTENANCE: SALARIES 1.155.37 1,860.00 84.63 - MISFITS 177.01 660.00 82.99 - APT. RSHABILI 610.00 150.00 260.00 CARETAKER ALL SO.00 50.00 0.00 PURCE. SM -B 1.620.21 3.236.00 1.613..79 - REPAIRS 6 PAI 576.19 1.100.00 S2S.61- SOPPL3ES - OR 906.66 S00.00 606.66 TRASH REOVAL 396.38 666.00 169.62 - MISCELLANEOUS 0.00 100.00 100.00- TOTAL PIANT OPS 5.069.60 8.100.00 2.220.40 - UTILITIES: 6,000.00 60.68 UTILITIES -ELS 1.760.06 1.963.00 232.96- NTILITBS-GRS/ 7.736.70 BV669990' 4hoe"O& UTILiTIEB-RAT 382.S9 981.00 S98.41 - TOTAL UTILIT69 9.867.35 7.829.00 2.038.35 PROPERTY AND RELATED: 1,750.06 1,983.00 232.96- AMORTIZATION 267.09 267.00 0.09 DEPRECIATION 17.796.76 17.508.00 286.76 DEPRECIATION 18.061.65 17.7SS.00 2B6.BS INTRRRST BZPE 23.677.56 21.677.00 0.56 70TAL INTEMS 23.677.56 23.677.00 0.56 INSURANCE -PRO 906.88 961.00 36.12 - REAL ESTATE T 1.605.86 1.179.00 173.16 - BOND FEE$ 0.00 0.00 0.00 PROPERTY 6 RE 2.512.76 2.720.00 207.26- 6.60 1.75S.17 1.860.00 86.63- 4.60 20,868.00 18.06 377.01 660.00 2.99- 18.06 5,212.00 171.33 610.00 150.00 260.00 173.33 1.500.00 0.00 50.00 SO.00 0.00 0.00 600.00 56.09 1.620.21 1,236:00 1,813.79- 56.09 37,968.00 67.80 576.19 1.100.00 525.81- 67.80 16,000.00 81.29 906.66 500.00 606.66 81.29 6,000.00 60.68 396.38 666.00 269.62- 60.68 8,000.00 100.00 0.00 100.00 100.00- 100.00 1,200.00 27.29 5.889.60 8.100.00 2,210.60- 27.29 95,328.00 11.7S 1,750.06 1,983.00 232.96- 11.75 25.000.00 69909. 7,736.70 iri6$6M dp666d1 BOOP! 36,000.00 61.00 382.59 981.00 S98.61- 61.00 11.775.00 26.06 9,867.35 7,829.00 2.038.3S 26.06 72.775.00 0.06 267.09 267.00 0.09 0.04 2.96S.00 1.66 17,796.76 17.SOB.00 286.76 1.66 210,105.00. 1.62 18,061.85 17,755.00 286.BS 1.62 213,070.00 0.00 23,677.56 23.677.00 0.56 0.00 282,631.00 0.00 23.677.56 23,677.00 0.56 0.00 287.631.00 3.63 906.86 961.00 36.12- 3.63 11,289.00 9.73 1,605.86 1,779.00 173.16• 9.73 21.350.00 0.00 0.00 0.00 0.00 0.00 0.00 1.62 2.512.76 2,720.00 207 26- 7.62 32,639.00 CURRENT VAR. 9 TTD TTD VAR.6 JANUARY 2001- am BUDGET VARIANCE OP EDD. ACRAL BUDGET VARIANCE OP BUD. DECEMBER 2001 BUDGET--- continued) GENERAL AND Aa1INISTRATIVB: SALARIES-1938 2,706.29 2,672.00 167.72- 6.78 2.306.28 2.672.00 167.72- G.70 30.656.00 SALARIB:i-DDM 1, SS3.10 1,625.00 71.90- 6.62 1,55].10 1,625.00 71.90- 6.62 19.200.00 BEi6PITS 363.87 1,026.00 660.13- 66.67 363.87 1.026.00 660.12- 66.67 12,666.00 WORKER'S @RIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ADVERTI8ING-P 0.00 65.00 65.00- 100.00 0.00 65.00 65.00- 100.00 800.00 AUDIT 6 ACCOU 0.00 3so.00 350.00- 100.00 0.00 350.00 350.00, 100.00 6.200.00 AUTO AM TRAV 66.60 60.00 13.60- 22.33 66.60 60.00 13.60- 22.33 720.00 COPIER LEASE ' 09.15 100.00 Wes- 10.85 69.15 100.00 10.95- 10.85 1,625.00 BAN: SEWICE 3.00 0.00 1.80 0.00 1.00 0.00 1.00 0.00 0.00 COOP.IRR SERVI 0.00 25.00 25.00- 100.00 0.00 25.00 25.00- 100.00 300.00 BOSS 6 SUMCR 1,618.67 1,300.00 118.67 9.17 1,618.67 1,300.00 119.67 9.11 1,600.00 TAE PRBPARATI 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTEIBST-88C. 5.66 93.00 77.36- 93.20 5.66 83.00 77.36- 93.20 1,000.00- NORRIM-8 COMP 0.00 J.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lem 0.00 62.00 62.00- 100.00 0.00 62.00 62.00- 100.00 500.00 LICBMSES AND 0.00 56.00 56.00- 100.00 0.00 56.00 56.00- 100.00 650.00 MANAGEMENT PE 3.350.00 3.750.00 0.00 0.00 7.]SO.00 3.3so.00 0.60 0.00 60.200.00 INSURAMM GM 0.00 0.00 0.00 0.00 0.00 0.00 0.60 0.00 0.00 MEETINGS a BE 786.00 107.00 177.00 165.62 206.60 107.00 177.00 166.62 1.280.00 POSTAGE 90.00 70.00 20.80 29.57 90.00 70.00 20.00 28.57 900.00• PRINTED COON 12.50 50.00 37.50- 75.00 12.50 50.00 37.50- 75.00 600.00 PIECE S:BV!CE 122.61 125.00 2.39- 1.91 122.61 125.00 2.39- 1.91 1.SS6.00 LEAD EAE( - 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 REPI2RS G NAI 0.00 62.00 62.00- 100.00 0.00 62.00 62.00- 100.00 500.00 SPECIAL EVER 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 675.00 SUPPLIES 296.16 125.00 170.10 136.16 29S.1e 125.00 170.10 136.16 1,675.00 TELEPHONE 500.50 6eS.00 1S.SB 3.21 s00.se 685.00 IS.Se 3.21 5.020.00 MISCELLANcoIIS 69.76 S6.00 6.76- 12.06 69.26 56.00 6.76- 11..06 G7s..00 TOTAL GENERAL i 10,.406.66 11,610.00 1,123.56- 9.66 10,666.66 11.4.10.00 1.12].!:6 7.68 126.796.00 TOTAL OPERATING 70,910.60 72,390.00 1,659.60- 2.02 70,930.60 72.390.00 1,659.60- 2.02 066.BS2.00 EARNINGS (LOBS) SSO.63 395.00 1SS.63 79.60 550.63 395.00 155.63 79.60 32,263.00 Unreal 9810 (10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 EARNINGS (LOSS) 550.63 395.00 155.67 39.60 SS0.67 395.00 155.67 79.60 32.263.00 Members present - Ben Kelley, Gail Norman, Jane Moore, Thelma Paine, George Miller, Mary Kay Gormley, Jim Grange, Melody Burnham and Kathy Boesen. Roll call was taken. Minutes from the last Council Meeting were read and approved. Thelma read the financial report. The balance is 51,078.74. OLD BUSINESS The March Flea Market was discussed. The PTS By Laws were discussed. Mary Kay, Ben and Melody had changes. Tickle file - It was suggested that all new residents should receive a free ticket to the Pancake Breakfast. A motion was made to keep 7 members on the resident council. Melody made a suggestion to eliminate the need for a Parliamentarian. Motion was passed. Plants for residents who have lett the building were purchased. MANAGEMENT All apartments are rented. 302, 305 and 114. NEW BUSINESS A schedule for all bus transportation will be posted on the bulletin board. It is also in the Resident Handbook and in the Plymouth News. The Senior Center lunches are Tuesday and Thursday. The schedule is posted on the bulletin board. All articles that are posted on the'bulletin board should be dated. Complaint - the hose that is used to wash cars in the garage is leaking and very hard to tum for seniors r Residents need to remember to sweep the area down after car washing. We have hired a new caretaker to replace Tom. Complaint - the hallways have not been vacuumed since the painters finished. Meeting was adjourned. TOWNE CRIER March 2001 MAY YOUR DAYS BE AS BRIGHT AS THE LAKES OF KILLARNEY, YOUR SPIRITS BE HIGH AS THE BLUE IRISH SHY, MAY YOU WALK IN THE PATH WHERE THE SHAMROCKS ARE GROWIN3 AND BLESSING TO YOU FOR A WONDERFUL DAY!" IRISH BLESSING 6: 1 A A Note from Melody: It is with mixed emotions that 1 tell you Tom will be leaving us the end of this month. Tom has been with us since October of 1998. Tom, as you know. has been building a house in Rosemount and I am very happy for him and his new adventure. Tom has been a very dedicated employee and he will really be missed cnnourwwr. Please join mein wishing him much success and happiness in his new endeavor. Our new caretaker/maintenance person is Brent Olson and he will be moving into the building after April 1. Brent will be going around with Tom this month to learn the ropes. So please feel free to stop and.say hi. Don't forget about our upcoming Flea Market. It should be a fun day for everyone. There are about 12 people signed up for tables (you can always share a table with another person if you feel that you don't have enough to sell). What a good reason to do some spring cleaning during the month of March. Remember what is one persons trash is another persons treasure. There have been some good cooks making different recipes for donuts so they can come up with just the right recipe for the best homemade donuts around. The proceeds from the coffee and donut sale will go into the Resident Fund. Let's all remember that if there is a building planned activity in any of the common areas everyone is invited and welcome. This would include such things as bingo, games, Tripoley, Denmark, 3/13, etc. These activities are open to everyone in the building. If you wish to have a private game of cards etc, please let the office know sp that the room can be reserved for you and then you can have a limited number playing. I can only hope that March is kinder to us than February was. I don't know about you, but all of this snow needs to go. I wake up hearing the birds singing in the morning as I am getting ready for work, so I feel that Spring will be here soon. I know that we do live in MN and anything can happen in March. Hopefully March will come in like a lion and go out like a Iamb and Spring will be here soon. PLEASE COME TO OUR_ ST. PATRICK'S PARTY Friday - March 16`h 1:00 in the dinging room SPECIAL MUSIC AND TREATS! St. Patrick, the patron saint of Ireland, was not Irish. He was born in England and at the age of 16, was captured by Irish raiders and brought to Ireland as a slave. During this time, he became deeply religious and began to have visions. Six years later, he escaped and settled in France. After having visions of bringing Christianity to the Irish people, he returned to Ireland in 432 A.D. and stayed there until his death. Legend has it that St. Patrick pounded a drum and banished all the snakes from Ireland. There are no snakes in Ireland today. The first St. Patrick's Day celebration in America was in 1737 in Boston. The first St. Patrick's Day Parade in New York City was in 1779. Over 100 U.S. cities hold St. Patrick's Day parades. MARKO .. f TWO year ratAer Man a craft Sago we wide ds doimg a PYS Feoa Mar4et, wAicA wild do friday, Mardi 30'4 frook 10-2:00, in Me diming room. We Are renting taddes for $b for Me square ones and $l for Me round. you okay sedd wAatever you wisA : '%d 46ep Me Nkomey for yourself. We add AAve odds amd ends A ok Me Aouse Mat we need to recycde. Start.Aamtimg for Moss treasures amd sigm•up om Me Board for your tadees. emmy Mallonam amd Odarice Severson AAVs deem Busy trying Various donut recipes so we cam seed AomeNkade donuts and coffee during Me Fdea Mar4et. WAat a Isom event • iurm your traSA into canAl Vomit AAve emougA for a tadde? SAare a tadde witA a friemd. NOON LUNCH March 21St MENU Mock Chow Mein -Rice and Hamburger Hot Dish Jello and Roll Cherry Bar and Coffee Tickets on sale March 141" -15'" and I Vh 5.00 m 1V %' R\.il 7t.1 1 VLTL' 1 ilt'iA. •:':; POT LUCK .: 01) fEveryoneisinvited! March 141h 5:30 in the dining room! Sign up is on the bulletin board. If you chose not to bring a dish to pass, the tickets will be on sale March 7' - 8' and 9' for $5.00. IN Should You Keep Your Re=&? Tax time is upon us, and many of us have ed the various financial records needed to are our 1999 tax returns. As we sort through records, we frequently ask ourselves, "How do I need to keep all these recordst" The recommended time for keeping rds varies depending on the content of the unent/record. A list of records and the recom ded time to keep each is shown below: k records 6 years celed checks 7 years lit card records 6 years records 3 years after due tgage papers 3 years* after fir papers 3 years after frml ..int rains' policies 3 years past expiration nne Tax returns Forever contributions Forever ds Forever th certificates Forever ports Forever b Forever riage certificates Forever Dice certificates Forever r•M tr ;y, y 4 a,r ,°r q v , 7' i i •.x. .., : oaf ' } r ui' .JzAt A{ f S y' f l 1 /%•', , fit. Cj { •, Iii' S'' ' F j ` L. I o- o DID YOU KNOW. The May Month T-shirt order form is in this Towncrier. Please return to the office by March 31". Sample shirt and color will be hanging by office. 9 GROCERY CARTS NEED TO BE RETURNED WHEN YOU ARE FINISHED WITH THEM. DO NOT LEAVE THEM SIT IN FRONT OF YOUR APARTMENT. To prevent egg shells from cracking, add a pinch of salt to the water before hard boiling. 9 1970's - the GENERIC, no name brand products hit the market. A meat baster can be used to squeeze your pancake batter onto your hot griddle. Many of the previous PTS residents who were sent a plant for Valentine's Day have called or written to thank PTS for your thoughtfulness. Q Kathryn Lents is our new PTS transportation chairman. There are two suggestion boxes in the building. One by the office on the wall and the other in the Activities Room. Feel free to use them! 9 A Clothing consignment store called "Tum Style" has opened up by "Doolittles Restaurant. 9 In the area where the new Lund's store will be, there will be a Ruby Tuesday Restaurant, Marquette Bank, Chipotle Mexican Grill, Noodles & Co., and possibly a dry cleaners and a women's fashion shop. Q If you are sick of Telemarketing people calling you all the time - send a letter or postcard with your name, address and signature to TELEPHONE PREFERENCE SERVICE, J DIRECT MARKETING ASSOCIATION, P.O. BOX 9014, FARMINGDALE, NY 11735-9014. 9 If you accidentally over salt a dish while it's still cooking, drop in a peeled potato and it will absorb the excess salt. 9 Melody is a "Notary Public" if you are in need of one! HIPP, a• V III 1 Dfl W j• 0 AIMREY GRANGE 1 Apt. 220 JOAN KNUTSON 3 Apt. 201 MARGARET.NELSON 4 Apt. 310 RHODA CERISTENSON 16 Apt. 127 GAIL NORMAN 16 Apt. 204 t NaQPMarch 2001MonthlyPlanner N( 4 PrIalodby0lordorCrew Nusen00/Y7r1WI 1I 1 2 3 Fd—Y April 5M_TyyT q SMT WT ` S 10:00 AM Resident coffee 1:00 PM Games 700 PM Tripoley 7.fA PM Cads a • as• ww uro1.., 1r1 1311 114w 7:00 PM BINGO WORLD DAY OF w alD a PRAYERrs Is s n 31 » FOOTCA:.E NURSE 4 S 6 7 8 9 10 9ADAM Clinch 7-00 PM BINGO AM Ohl" L43:A I d10 PM TCF RANKING 10:00 AM Resident 1:00 PM Games 7:00 PM Cants Service ff 1:30 PM 3113 Cards DR Coffee 7:00 PM Tripoley 9:30 AM Mens Club 1:30 PM RESIDENT OFFICE CLOSED 1:30 PM Denmark (DR) COUNCIL 7:00 PM BINGO 11 12 13 14 15 16 St 17 9S0 AM Church 7:00 PM BINGO 9:01 AM Dial•A-Ride 1:30 PM 3113 Cards OR 10:00 AM Resident 1:00 PM ST. PAT- 7:001'M Canlx Service cm lrM1 5:30 PM GET Coffee RICK'S DAY ST. PATRICK'S 9:30 AM Mins Club TOGETHER 7:00 PM BINGO PARTY DAY 1:30 PM Denmark (DR) 00 PM SCHWAN'S 7:00 PM Tripoley Gama after the party! 18 19 20 21 22 24 9A0 AM Church 7:00 PM BINGO 9A0 AM mal-A-Rlde 12:00 PM NOON 1:00 PM RESIDENT 123 1:00 PM Gama ed0 AM Pancake Breakfast Service Itomemod LUNCH MEETING 7-00 PM Tripoley 10:00 AM Blood 9:30 AM Mens Club 1:30 PM 3113 Cards DR 7:00 FM BINGO Prasare 130 PM Denmark (DR) NO AM COFFEE 7:00 PM Cards SPRING BEGINS 25 26 27 28 29 30 31 yap AM Choich 7;00 PM BINGO 9.0 AM Dial -A -Ride 1:30 PM 3113 Cards DR 10:00 AM Resident 10:00 AM - 2:00 7:001'M Cads service larnimm coffee PM FLEA9:30 AM Mens Club 7:011 PM BINGO MARSCH1:30 PM Denmark (DR) 3.00 PM SCIIWAN'S 7:00 PM Tripoley PrIalodby0lordorCrew Nusen00/Y7r1WI 1I When Did I Grow Old? Please, Lord, Help the to grow old gracefully And to recognize 1 am not as I was In my youthful and needed importances" Though 1 am still myself In different packaging, I am aging. I am short in expressing any 'techs' or learning.-. I have become passe without today's accreditation." My life accomplishments don't rate any written histories, only loyalties. Hard-earned wisdoms have been superceded by other kinds of work, knowledge, and academic degrees. All this was aided and encouraged by myself!" I am so grateful they have grown tall with accomplishments far beyond my own!" Luckily, all these changes do bring courtesies, as I am on the periphery of their giving, so very accomplishing days! Help me, Lord, that I may grow old gracefully!" Amen By Mickey Larson erl'95 LOVE HANDLES by Mary Miller In fifty years of marriage, I thought I'd seen it all. But my husband's ex -trim waistline, has taken one big fall. I don't know when this happened, but all at once it's there. He says "I can't see it" and you're not being fair. Just because the scale is broken, and you can't read. it right, You don't have to laugh and scream , and say "What a sight". But now he takes his shower, and my how he does fret, . His belly gets so very clean, but his feet aren't even wet.