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Home My WebLink AboutHousing & Redevelopment Authority Packet 11-17-2016MEETING AGENDA PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, NOVEMBER 17, 2016 - 7:00 p.m. WHERE: Medicine Lake Room City of Plymouth 3400 Plymouth Boulevard Plymouth, MN 55447 CONSENT AGENDA All items listed on the Consent Agenda are considered to be routine by the Housing and Redevelopment Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner, citizen or petitioner so requests, in which event the item will be removed from the consent agenda and considered in normal sequence on the agenda. 1. CALL TO ORDER - 7:00 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes for September 22, 2016. B. Plymouth Towne Square. Accept Monthly Housing Reports. C. Vicksburg Crossing. Accept Monthly Housing/Marketing Reports. 3. NEW BUSINESS A. Presentation from Homes Within Reach. B. Plymouth Towne Square. Consider window and siding bid. C. Plymouth Towne Square. Review and approve 2017 Budget. D. Vicksburg Crossing. Review and approve 2017 Budget. 4. ADJOURNMENT DRAFT MINUTES ' aA. PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY September 22, 2016 PRESENT: Chairman Jeff Kulaszewicz, Commissioners Katie Black and Kira Vanderlan ABSENT: Commissioners Michelle Soderberg, and Marty McCarthy STAFF PRESENT: HRA Manager Jim Barnes, HRA Executive Director Steve Juetten, Support Services Manager Denise Whalen, and Office Support Representative Tina Beckfeld OTHERS: none 1. CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to order at 7:02 p.m. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes for August 25, 2016, B. Plymouth Towne Square. Accept Monthly Housing Report. C. Vicksburg Crossing. Accept Monthly Housing Report. MOTION by Commissioner Vanderlan, seconded by Commissioner Black, to approve the consent agenda. Vote. 3 Ayes. MOTION passed unanimously. 3. PUBLIC HEARING A. Housing Choice Voucher Program. Proposed changes to the Housing Choice Voucher Administrative Plan and submission of HUD -50077 -CR Support Services Manager Whalen gave an overview of the staff report. One additional change was made and distributed to the board. Support Services Manager Whalen stated the majority of changes were based on HUD notices. Chairman Kulaszewicz asked Support Services Manager Whalen to highlight staff s recommended changes. Support Services Manager Whalen stated a change was made to delay increasing the voucher size when foster children are added to the household from six months to one year. This policy is more consistent with other housing authorities. Another change requires two consecutive months of a change for periodic payments such as alimony and child support before staff will adjust the tenant rent. Changes were also made for required information due for their annual reexamination Draft Minutes Plymouth Housing and Redevelopment Authority September 22, 2016 Page 2 providing clear direction, and repayment agreement language was clarified with specific time periods and dollar amounts of repayment. Commissioner Black was concerned about client's requirement to show proof of all changes. Support Services Manager Whalen stated changes were made for required information due at annual reexamination by providing clear direction and flexibility by means of proof with self - certification. Chairman Kulaszewicz asked how many clients are making repayments. Support Services Manager Whalen stated typically the number ranges from three to five clients per year. Commissioner Black asked if medical expenses were a separate category or included in the total expenses documented for the reexamination process. Support Services Manager Whalen said medical expenses are included in the total expenses to determine the tenant rent. Clients are sent the necessary documents that need to be returned for their annual recertification. Many times, all required information in not provided when due. Language was added to submit all remaining required information within ten days of their recertification meeting to avoid delays and reworking payments. Chairman Kulaszewicz opened and closed the public hearing as there was no one present to speak on the issue. MOTION by Chairman Kulaszewicz, seconded by Commissioner Black, to 1) Approve proposed changes to the Administrative Plan to be effective immediately; and, 2) Authorize submission of the 50077 CR to Housing and Urban Development (HUD) for the fiscal year beginning January 1, 2017. Vote. 3 Ayes. MOTION passed unanimously. 4. NEW BUSINESS A. BRA Budgets. Review and approve 2017 HRA Budgets. Housing Program Manager Barnes gave an overview of the staff report. Chairman Kulaszewicz asked for clarification on new HRA staff job share responsibilities and the increase in budget for that position. HRA Manager Barnes stated the new HRA hire will be transitioning into additional planning duties and special projects. Based on needs of the department, the position was upgraded to. Chairman Kulaszewicz asked which department pays for shared staff. Draft Minutes Plymouth Housing and Redevelopment Authority September 22, 2016 Page 3 HRA Executive Director Juetten clarified the new HRA hire is presently paid exclusively through the HRA and will be evaluated over the next year to determine where it should be budgeted. Support Services Manager Whalen also tracks her time allocations dedicated to each division. Chairman Kulaszewicz asked about the Section 8 staff increase from .75 to full time. Support Services Manager Whalen stated with the resignation of one of the HRA Specialists for Section 8, the new staff person was brought on at .75 hours that reduced the staffing levels from two fulltime employees to 1.75. The workload shifted to the support services manager and has become increasingly taxing, not allowing enough time to be spent on duties. The City Manager approved the .75 HRA Specialist to once again become a fulltime position. Chairman Kulaszewicz asked about the increase in the cell phone budget. HRA Executive Director Juetten explained that employees are reimbursed for cell phones and iPads they purchased for job duties through this line item. Chairman Kulaszewicz asked about the decrease in medical insurance expenses. HRA Manager Barnes answered that the budget changed with the new HRA hire. Chairman Kulaszewicz asked about $80,000 transfer out of the budget. HRA Manager Barnes stated $80,000 is a transfer out of the HRA tax levy for the senior buildings for the hiring of Economic Development Manager. In turn, TIF funds will be transferred back in as a revenue for capital expenses for the senior buildings. MOTION by Chairman Kulaszewicz, seconded by Commissioner Black, to recommend City Council adopt the 2017 HRA preliminary budgets. Vote. 3 Ayes. MOTION passed unanimously. 5. ADJOURNMENT MOTION by Chairman Kulaszewicz, seconded by Commissioner Black, to adjourn the meeting at 7:41 p.m. Vote. 3 Ayes. Motion approved unanimously. PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Jeff Lelivelt Date: November 7, 2016 RE: Plymouth Towne Square Monthly Report for October 2016 November Calendar attached Rentals: As of October 31, we have 96 occupied apartments with 3 vacant apartments. We have 0 deposits at this time, giving us a total of 3 apartments available to rent. We are in the process of turning the apartments. We have candidates for all of the vacancies. Apartment Type Occupied Vacant Deposits Est'd Move in 1 Bedroom 59 1 0 2 Bedroom 1 -Bath 19 1 2 Bedroom 2 -Bath 38 1 Totals 97 13 0 Move-Ins/Move-Outs: We had one resident move out during the month of October. 15500 37th Avenue North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 • Fax: (763) 551-0144 Owned by Plymouth Housing and Redevelopment Authority Marketinp, The wait lists remain open with 28 names on the 1 -Bedroom list and 28 names on the 2 -Bedroom list. We have many inquiry calls each day. Applications are sent to those who want them until the wait lists are closed. Resident Services Flu shots were given in the dining room by Phil, the pharmacist from Lund's on October 12th. 26 residents took the shots. Our monthly birthday party was on Thursday, October 27th. Cake and ice cream were served to 48 residents. Everyone had a good time. The Halloween Pizza Party was held on the 31St. 75 residents attended the brunch and magic show. BuildingIssues The annual fire inspection was conducted on Thursday, October 6th. There were no problems found. Balance Sheet ASSETS CURRENT ASSETS M IPETTY CASH M I OPERATING ACCOUNT M I SEC DEPOSIT CASH ACCOUNT INVESTMENTS - WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER TOTAL CURRENT ASSETS FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING BUILDING IMPROVEMENTS FURN, FIXT & EQUIP -GENERAL FURNITURE & FIXTURES- HOUSEKEEPING 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 BONDS PAYABLE -SERIES 2011A ST ACCRUED OTHER TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS BONDS PAYABLE - SERIES 2011A LT BOND PREMIUM TOTAL LIABILITIES EQUITY RETAINED EARNINGS RSRVD FOR DS RETAINED EARNINGS NET INVESTMENT IN CAPITAL ASSETS TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Ending Balance Total 500 148,347 59,783 990,617 (113,296) (33) 1,250 880 18,614 356 3,276 459,247 111,390 5,767,619 301,779 395,283 8,696 13,060 (3,726,794) 11,221 3,594 2,219 6,745 26,549 255,000 1,920 59,642 2,160,000 60,554 111,744 963,020 813,044 1,110,295 3,330,279 4,440,574 307,248 2,280,197 2,587,445 1,887,808 (34,679) 4,440,574 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through October 31, 205 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 53,783 53,527 256 532,059 535,270 (3,211) 642,324 HRA INDIVIDUAL 11,500 11,500 0 115,000 115,000 0 138,000 GARAGERENT 2,806 2,880 (75) 27,317 28,800 (1,483) 34,560 GUEST ROOM REVENUE 55 210 (155) 1,226 2,100 (874) 2,520 LAUNDRY REVENUE 880 855 25 7,889 8,550 (661) 10,260 APPLICATION FEE REVENUE 35 53 (18) 525 530 (5) 636 TRANSFER FEE REVENUE 0 0 0 500 0 500 500 INVESTMENT INCOME 7,026 1,250 5,776 20,914 12,500 8,414 15,000 MISCELLANEOUS REVENUE 10 85 (75) 1,027 850 177 1,020 TOTAL INCOME 76,095 70,360 5,735 706,457 703,600 2,857 844,820 EXPENSES ADMINISTRATION MANAGER SALARIESIWAGES 4,088 4,000 (8B) 40,047 40,001) (47) 48,000 PAYROLLTAXES 547 896 349 7,360 8,960 1,600 10,752 HEALTH INSURANCE 1,181 1,251 69 11,704 12,507 803 15,008 WORKERS COMP INSURANCE 142 80 (62) 1,610 800 (810) 960 MAINTENANCE SALARIESIWAGES 4,065 3,467 (598) 38,525 34,667 (3,859) 49,600 EMPLOYEECOSTS 80 47 (33) 929 470 (459) 564 SEMINARITRAINING 0 0 0 0 300 300 300 BANK FEES 98 5 (93) 929 50 (879) 60 DUES, SUBS & MEMBERSHIPS 0 18 18 100 175 75 210 LICENSE & PERMITS 0 0 0 894 919 25 919 MILEAGE REIMBURSEMENT 70 89 19 605 890 285 1,068 POSTAGEIOVERNIGHT EXPRESS 49 0 (49) 98 110 12 110 PRINTING 0 15 15 0 150 150 180 MANAGEMENT FEES 4,550 4,550 0 45,500 45,500 0 54,600 PROFESSIONAL FEES 24 357 334 5,185 3,570 (1,615) 4,284 TELEPHONE EXPENSE 540 540 0 5,288 5,400 112 6,480 EQUIPMENT LEASE/REPAIR 46 140 94 614 1,400 786 1,680 OFFICESUPPLIES 69 106 37 887 1,060 174 1,272 TOTAL ADMIN EXPENSES 15,548 15,560 12 160,274 156,928 (3,346) 188,047 RESIDENT SERVICES RESIDENT PROGRAM/ACTIVITIES 96 330 - 234 2,815 3,300 485 5,630 TOTAL RES SERV EXPENSES 96 330 234 2,815 3,300 485 5,630 MARKETING PROMOTIONAUPARTIES - 0 15 15 0 150 150 180 TOTAL MARKETING EXPENSES 0 15 15 0 150 150 180 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through October 31, 2015 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget HOUSEKEEPING CONTRACT LABOR 1,429 1,521 92 14,334 15,210 876 18,252 CLEANING SUPPLIES 110 115 5 1,259 1,150 (109) 1,380 TOTAL HOUSEKEEPING EXPENSES 1,538 1,636 98 15,593 16,360 767 19,632 BUILDING & GROUNDS CABLE TV EXPENSE 58 60 2 566 600 34 720 UTILITIES -ELECTRICITY 2,036 2,457 421 23,634 24,570 936 29,484 UTILITIES - GAS 834 2,300 1,466 14,873 21,700 6,827 28,000 UTILITIES - WATERISEWER 954 815 (139) 7,453 8,150 697 9,780 WATER SOFTENING SERVICE 475 338 (137) 3,580 3,380 (200) 4,056 DOORS, KEYS & WINDOWS 891 350 (541) 6,447 3,500 (2,947) 4,200 FIRE SYSTEM SERVICE 494 600 106 5,923 6,000 77 7,200 LAWN SERVICE/LANDSCAP/SNOW RMVL 1,920 1,920 0 16,101 19,200 3,099 23,040 PESTCONTROL 0 0 0 488 459 (29) 612 TRASH REMOVAL 444 360 (84) 4,399 3,600 (799) 4,320 UNIT TURNOVER REPAIRS 1,102 3,279 2,178 32,062 32,792 729 39,350 ELEVATOR -REPAIRS & MAINTENANCE 555 600 45 5,393 6,000 607 7,200 REPAIRS & MAINTENANCE 5,875 1,500 (4,375) 23,189 28,000 4,811 31,000 BUILDING.& GROUNDS SUPPLIES 657 1,400 743 5,722 14,000 8,278 16,800 HVAC - REPAIRS & MAINTENANCE 8,333 900 (7,433) 25,652 9,000 (16,652) 10,800 MISCELLANEOUS B & G EXPENSES 0 833 833 0 8,333 8,333 10,000 TOTAL BUILDING & GROUNDS 24,627 17,712 (6,915) 175,482 189,284 13,802 226,562 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,589 2,752 163 25,863 26,846 983 32,349 PAYMENT IN LIEU OF PROPERTY TAX 2,655 2,680 25 26,549 26,800 250 32,159 TOTAL OTHER OPERATING EXPENSES 5,244 5,432 188 52,412 53,646 1,234 64,509 TOTAL OPERATING EXPENSES 47,054 40,685 (6,369) 406,575 419,667 13,092 504,560 NET OPERATING INCOME / ( LOSS) 29,041 29,675 (634) 299,882 283,933 15,949 340,260 DEPREC, INTEREST.& OTHER EXPENSE DEPRECIATION EXPENSE 15,455 15,456 1 154,556 154,555 (1) 185,466 AMORTIZATION EXPENSE 527 527 0 5,267 5,267 0 6,320 RESERVE/REPLACE CAPITAL EXPENSE - 0 0 0 106,898 90,307 (16,591) 91,307 INTEREST EXPENSE 6,745 6,745 Q 67,841 67,448 (393) 80,937 TOTAL DEPREC, INTEREST & OTHER 22,726 22,727 0 334,562 317,577 (16,985) 364,031 NET INCOME I (LOSS) 6,315 6,948 (633) (34,679) (33,644) (1,036) (23,771) Twelve Month Profit and Loss PLYMOUTH TONE SQUARE For Year 2015 INCOME APARTMENT RENTAL REVENUE HRA INDIVIDUAL GARAGE RENT GUESTROOM REVENUE LAUNDRYREVENUE APPLICATION FEE REVENUE TRANSFER FEE REVENUE INVESTMENTINCOME MISCELLANEOUS REVENUE TOTALINCOME EXPENSES ADMINISTRATION MANAGER 6ALARIESAVAGES PAYROLL TAXES HEALTH INSURANCE WORKERS COMP INSURANCE MAINTENANCE SAtARIESAVAGES EMPLOYEE COSTS BANK FEES DUES, SUBS & MEMBERSHIPS LICENSE & PERMITS MILEAGE REIMBURSEMENT PO6TAGEIOVERNIGHT EXPRESS MANAGEMENT FEES PROFESSIONAL FEES TELEPHONE EXPENSE EQUIPMENT LEASEIREPAIR OFFICE SUPPLIES TOTAL ADMIN EXPENSES RESIDENT SERVICES RESIDENT PROGRAM/ACTIVITIES TOTAL RES SERV EXPENSES Period End loaded End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Jan 31, 2015 Feb 28, 2015 Mer 31, 2015 ApT 30, 2016 May 31, 2015 Jun 30, 2015 Jul 31, 2015 Aug 31, 2015 Sep 30, 2015 Oct 31, 2016 Nov 30, 2015 Dec 31, 2015 Year To Date 63,7/6 54,359 63,360 52,962 62,367 52,881 52,704 52,512 0,379 63,783 10 532,059 18,167 18,167 18,167 (8,5)1) 11,500 11,500 11,600 i1,W0 11,600 11,500 0 0 115,000 2,745 2,040 2,635 2,768 2,655 2,657 2,637 2,665 2,721 2,808 10 27,317 0 126 0 276 0 66 440 110 185 65 0 0 1,226 726 712 80 827 734 768 801 717 879 880 11 7,880 70 0 0 0 140 176 0 105 0 35 0 0 525 0 0 0 600 0 0 0 0 0 0 0 0 500 1,262 1,261 1,262 1,202 9,565 1,262 (4,611) 1,203 1,282 7,028 0 0 20,014 20 10 0 803 45 16 47 fib 10 10 0 0 1,027 76,765 77,475 76,456 60,896 76,095 89,284 63,017 e0,928 69,918 76,095 0 0 708,457 4,047 3,892 4,088 3,950 4,008 3,056 4,088 4,088 3,956 4AW 0 0 40,047 So1 773 70 755 767 785 1,131 620 538 547 0 0 7,30 1,225 1,181 1,181 1,161 1,101 1,181 1,028 1,181 1,181 1,181 0 0 11,704 213 142 142 142 142 142 213 100 142 142 0 0 1,610 U17 3,439 3,707 3,774 3,003,80 3,670 4,189 3,829 4,065 0 0 38,525 120 80 80 0 80 80 120 00 120 5) 0 0 929 08 76 08 87 78 76 144 87 101 98 0 0 928 0 0 0 0 0 0 100 0 0 0 0 0 100 0 0 0 0 0 0 0 200 894 0 0 0 894 58 54 Be 76 94 47 OB 27 42 70 0 0 805 0 0 0 40 0 0 0 0 0 49 0 0 98 4,680 4,550 4,550 4,65) 4,50 4,550 4,50 4,50 4,50 4,55) 10 45,600 (200) 0 0 0 4,253 236 0 78 790 24 0 0 6,186 497 499 500 643 530 545 640 648 00 540 0 0 6,208 326 (136) 4848 81 40 46 67 48 46 0 0 814 334 0 23 117 0 160 106 0 73 69 0 0 887 16,874 14,350 15,317 16,366 19,842 15,063 15,805 15,904 16,615 16,545 0 0 100,274 138- 49 306 100 106 30 164 1,622 128 98 0 0 2,816 130 49 306 160 106 30 184 1,622 128 Be 0 0 2,815 - Twelve Month Profit and Loss PLYMOUTH TOWNE SQUARE For Year 2015 Period End Period End Period End Pedad End Period End Pedod End Period End Period End Period End Period End Period End Period End Period End Jan 31, 2015 Feb 28, 2015 Mar 31, 2015 Apr 30, 2015 May 31, 2015 Jun 30, 2015 Jul 31, 2015 Aug 31, 2015 Sep 30, 2015 Oct 37, 2015 Nov 30, 2015 Dec 31, 2016 Year To Dale HOUSEKEEPING GONTRACTLABOR 1,429 1,428 1,420 1,420 1,429 1,420 1,474 1,429 7,429 1,429 0 0 14,334 CLEANING SUPPLIES 0195 77 216 7 184 270 35 160 110 0 0 1,269 TOTAL HOUSEKEEPING EXPENSES 1,420 1,824 1,506 1,845 1,436 1,613 1,744 1,464 1,596 1,638 0 0 16,593 BUILDING d GROUNDS CABLE TV EXPENSE 55 56 50 68 W 60 60 50 SB 53 0 0 566 UTILITIES - ELECTRICITY 2,473 2,7T7 2,007 2,238 2,210 2,840 2,725 2,664 2,670 2,036 0 0 23,634 UTILITIES -GAS 3.697 3,341 2,457 1,580 009 801 553 671 414 839 0 0 14,073 UTILITIES-WATEMEWER 585 657 817 611 667 677 803 985 900 ON 0 0 7,453 WATER SOFTENING SERVICE 330 182 606 337 316 243 416 470 204 475 0 0 3,580 DOORS, KEYS B WINDOWS 155 14 1,954 451 710 0 2 2,055 216 891 0 0 6,447 FIRE SYSTEM SERVICE 685 SO 272 3,726 00 10 90 214 272 491 0 0 6,123 LAWN SERVICEMNDSCAPISNOW RNNL 2,220 1,707 679 999 949 1,352 2,290 2,757 817 7,820 0 0 11,101 PEST CONTROL 0 0 145 0 - 0 44554 0 146 0 0 0 400 TRASH REMOVAL 384 304 384 801 463 384 304 3B4 384 999 0 0 4,399 UNIT TURNOVER REPAIRS 1,610 3,392 3,800 7,386 3,273 6,001 4,099 203 300 1,102 0 0 32,082 ELEVATOR -REPAIRS & MAINTENANCE 538 631 538 638 we 538 630 538 538, 555 0 0 6,303 REPAIR 68 MAINTENANCE 1A70 642 1,049 7,870 4,104 2,239 (758) 536 461 6,876 0 0 23,109 BUILDINGBGROUND93UPPLIES 788 885 389 998 289 227 282 7,423 467 667 0 0 5,722 HVAC REPAIRS B MAINTENANCE 833 7,940 218 800 1,192 803 NO 210 70,778 8,333 0 0 25,652 TOTAL BUILDING & GROUNDS 14,540 15,994 15,460 28,389 15,846 16,120 13,363 12,986 15,157 24,027 0 0 175,482 OTHER OPERATING EXPENSES PROPER TY& LIABILITY INSURANCE 2,621 2,821 2,621 2,858 2,459 2559 2,641 2,688 2,618 2,689 0 0 25,863 PAYMENT IN LIEU OF PROPERTY TAX 2,680 2,030 2,855 2,855 2,855 2,855 2,855 2,655 2,655 2,655 0 0 28,649 TOTAL OTHER OPERATING EXPENSES 5,301 5,260 5,276 6,313 6,714 5,213 5,213 5,244 5,244 5,244 0 0 52,412 TOTAL OPERATING EXPENSES 37,280 37,267 37,865 60,862 42,344 38,636 38,309 37,210 41,737 47,054 0 0 406,575 NET OPERATING INCOME I(LOSS) 39,485 40,208 38,620 33 34,851 30,845 27,308 31,709 28,160 29,041 0 0 288,882 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATIONEXPENSE 15,458 11,45'15,456 15,458 16,456 16,456 16,455 15,455 15,455 16,455 0 0 164,650 AMORTIZATION EXPENSE 527 527 627 527 527 527 627 527 527 527 0 0 6,267 RESERVEATEPLACE CAPITAL EXPENSE 0 4,057 (32) 0 1,461 17,179 22,270 6,000 N.M3 0 0 0 106,800 INTEREST EXPENSE 6,745 6,745 6,870 6,745 6,745 6,872 6,745 6,745 0,677 6,145 0 0 07,841 TOTAL DEPREC, INTEREST& OTHER 22,727 27,685 22,029 22,727 24,189 40,033 44,997 29,526 77,122 22,726 0 0 334,562 NET INCOME I(LOSS) 10,750 12,524 15,792 (22,694) 10,463 (8,388) (17,689) 2,163 (46,942) 6,315 0 0 (34,679) s H 4 F 0 0 0 o in rn 11.0 ch N c� CD � 00 Q+ kn sn (D a)N ~N� C a UD C7 U z rF V'� o U ti o H u 1122 ° o ^' W) v !'� "� . � - Fy : e a � s H fYl H �i fY1 W H m 0 0 0 5 - ® o o n' � ca o a � � � P, N o 00 o c, n' en 0`x'0 ON epa Deno' trent' U U U U U o ' CL- o �' o �' o �' o U 5 V 5 U U U M ¢ M m n M 50 P4cn N , w GM1 �o •--i ,� 4,0 N m U U U n°� U U U U U U U a c o °� o 'o 0 0 c, Dc) r N N s -t 00 � N GO 00 c1 N t -i 00 01 N N 00 � 00 CIN rlv' 1 , "• 3 'd'�' 'Oy' ' t�' ' 10 'C C/] V] C/1 cs C/: C, hM i+hb W C) .� o °� o � w oM U o'6 a �oa� ��a� ��aaa �QQaaa 0 0 o o o 0 o o M sSuTnvS7ol�ilA'nff M D t'" ep �-+ N N W�- Vicksburg Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: November 3, 2016 RE: Vicksburg Crossing Monthly Report for October 2016 November Newsletter and November Calendar is attached Rentals: As of October 31 st we have 93 occupied apartments with 1 vacant apartment, 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 45 names and we have been adding interested people to the list. We have 22 people on our moderately priced 1 bedroom wait list and 27 people on our moderately priced 1+ and 2 bedroom wait list. )-G 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 7 1 1 November 1st Style C2 (8) 950 Sq Ft 1 + Den 8 0 0 Style D 8 1187 S Ft 2 Bedroom 8 0 0 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 0 Style E2 3 1055 Sq Ft 2 Bedroom 3 0 0 Affordable (33) 725 Sq Ft 1 Bedroom 33 0 0 TOTALS 93 1 1 11 3155 Vicksburg Lane N • Plymouth, MN 55447 • Phone (763)559-1877 • Fax (763)559-0144 • www.ci.plymouth.mn.us Owned by Plymouth IIousing and Redevelopment Authority 121 EQUAL HOUSING OPPORTUNITY Move-Ins/Move-Outs: We had 2 residents move in this month, one into a large 2 bedroom (style D) and one into a one bedroom (style Q. We had one resident transfer from a market rate 1 bedroom (style C) to an affordable apartment. Marketing We had 5 scheduled tours this month, an increase over September, we also had 7 walk-in tours. The nice fall weather has kept our traffic steady for this time of year. Resident Services The residents had a lot of fun at our annual Halloween party. We had fried chicken, mashed potatoes with gravy, and coleslaw from Cub. We had ice cream treats for dessert. The residents enjoyed the music provided by CODA, we even did some dancing. There were plenty of wonderful costumes too! Our monthly birthday party was on Thursday, October 20'x'. 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 On October 18' we had the waste lines in the underground parking garage cleaned out. Balance Sheet VICKSBURG CROSSING As Of October 31, 2015 ASSETS CURRENTASSETS M I PETTY CASH M I OPERATING ACCOUNT M I SECURITY CASH ACCOUNT INVESTMENTS • WORKING CAPITAL FUND INVESTMENTS - DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID WORKERS COMP INSUR PREPAID OTHER - TOTAL CURRENT ASSETS FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING FURNITURE, FIXTURES & EQUIP -GENERAL COMPUTERS/OFFICE EQUIPMENT ACCUMULATED DEPRECIATION TOTALI'VED 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 -2005 LT BOND PAYABLE -2012A BOND DISCOUNT BOND DISCOUNT -2012A TOTAL LIABILITIES EQUITY NET INVESTMENTS IN CAPITAL ASSETS RESTRICTED FOR DEBT SERVICE UNRESTRICTED RETAINED EARNINGS-RSRVD FOR DS RETAINED EARNINGS TOTAL EQUITY CU RR ENT YEAR INCOME/(LOSS) TOTAL LIABILITIES & EQUITY Ending Balance Total 500 1,110,632 55,692 430,463 (169,667) 767 417 106 19,290 301 2,043 874,593 238,793 9,025,428 355,033 6,660 (3,252,876) 12,800 3,501 2,219 66,460 47,646 1,145 65,717 240,000 9,890,000 (24,146) (23,866) (11,982,487) (195,637) 24,011,170 9,883,177 (23,409,901) 1,470,444 7,249,651 8,720,095 132,661 10,147,705 10,280,365 (1,693,679) 133,409 8,720,095 Profit and Loss Variance VICKSBURG CROSSING Through October 31, 2015 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 96,819 92,302 4,517 954,710 920,695 34,015 1,105,939 APARTMENT RENTAL REVENUE -COUNTY 1,526 2,168 (642) 15,595 21,680 (6,085) 26,016 HRA SUBSIDY - TAX LEVY 5,000 5,000 0 50,000 50,000 0 60,000 GARAGE RENT 2,970 2,925 45 29,919 29,250 669 35,100 GUEST ROOM REVENUE 370 140 230 3,105 1.,400 1,705 1,680 LATE FEE REVENUE 0 30 (30) 30 300 (270) 360 APPLICATION FEE REVENUE 140 53 88 350 525 (175) 630 TRANSFER FEE REVENUE 0 42 (42) 0 417 (417) 500 INVESTMENT INCOME 2,032 417 1,615 10,017 4,167 5,850 5,000 MISCELLANEOUS REVENUE 280 325 (45) 2,832 3,250 (418) 3,900 TOTAL INCOME 109,137 103,401 5,736 1,066,658 1,031,683 34,875 1,239,125 EXPENSES ADMINISTRATION MANAGER SALARIES 4,488 4,389 (99) 43,970 43,891 (79) 52,669 PAYROLL TAXES 535 908 373 7,064 9,085 2,021 10,902 HEALTH INSURANCE 1,452 1,664 212 14,383 16,643 2,260 19,972 WORKERS COMP INSURANCE 121 160 39 1,360 1,597 236 1,916 MAINTENANCE SALARIESNVAGES 3,265 3,182 (83) 31,731 31,816 86 38,179 EMPLOYEE COSTS 80 90 10 924 905 (19) 1,086 SEMINAR/TRAINING 0 0 0 189 300 111 300 BANKFEES 11 5 (6) 425 50 (375) 60 DUES, SUBS & MEMBERSHIPS 0 0 0 55 60 5 60 LICENSE & PERMITS 0 0 0 1,016 899 (117) 899 MILEAGE REIMBURSEMENT 57 68 11 474 680 206 816 POSTAGE/OVERNIGHT EXPRESS 19 17 (2) 168 170 2- 204 PRINTING 0 5 5 0 50 50 60 MANAGEMENT FEES 4,200 4,200 0 42,000 42,000 0 50,400 PROFESSIONAL FEES 100 272 166 3,340 2,720 (620) 3,264 TELEPHONE EXPENSE 565 683 118 6,430 6,834 398 8,201 EQUIPMENT LEASE/REPAIR 60 120 60 2,254 1,197 (1,057) 1,436 OFFICE SUPPLIES 306 93 (214) 990 927 (63) 1,112 TOTAL ADMIN EXPENSES 15,265 15,856 591 156,778 159,823 3,045 191,535 RESIDENT SERVICES RESIDENT PROGRAM/ACTIVITIES 505 360 (145) 3,273 3,600 327 5,460 TOTAL RES SERV EXPENSES 505 360 (145) 3,273 3,600 327 6,460 MARKETING ADVERTISING 579 400 (179) 864 4,000 3,136 4,800 TOTAL MARKETING EXPENSES 579 400 (179) 854 4,000 3,136 4,800 Profit and Loss Variance VICKSBURG CROSSING Through October 31, 2015 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget HOUSEKEEPING CONTRACT LABOR 959 1,030 71 9,560 10,300 740 12,360 CLEANING SUPPLIES 33 115 82 1,090 1,150 60 1,380 TOTAL HOUSEKEEPING EXPENSES 992 1,145 163 10,650 11,450 800 13,740 BUILDING & GROUNDS CABLE TV EXPENSE 162 131 (30) 1,162 1,313 150 1,575 UTILITIES -ELECTRICITY 1,698 2,000 303 18,138 21,500 3,362 25,300 UTILITIES - GAS 707 1,150 443 16,635 24,300 7,665 32,400 UTILITIES-WATER/SEWER 1,054 1,000 (54) 9,997 11,000 1,003 13,000 WATER SOFTENING SERVICE 179 182 3 1,453 1,820 367 2,184 DOORS, KEYS & WINDOWS 18 50 34 246 600 254 600 FIRE SYSTEM SERVICE 53 290 237 1,603 2,900 1,297 3,480 LAWN SERVICE/LANDSCAP/SNOW RMVL 949 1,500 551 15,925 21,000 5,075 25,300 PEST CONTROL 0 0 0 546 510 (36) 680 TRASH REMOVAL 645 510 (135) 6,408 5,100 (1,308) 6,120 UNIT TURNOVER REPAIRS 2,606 3,143 536 19,973 - 31,425 11,452 37,710 ELEVATOR -REPAIRS & MAINTENANCE 440 547 107 4,384 5,470 1,086 6,564 REPAIRS & MAINTENANCE 9,192 1,200 (7,992) 27,816 25,300 (2,616) 27,600 BUILDING & GROUNDS SUPPLIES 686 700 14 5,134 7,000 1,866 8,400 HVAC - REPAIRS & MAINTENANCE 225 740 515 2,859 7,400 4,541 8,880 MISCELLANEOUS B & G EXPENSES - 0 833 833 0 8,333 8,333 10,000 TOTAL BUILDING & GROUNDS 18,611 13,976 (4,635) 132,281 174,771 42,490 209,793 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,687 2,856 168 26,831 27,855 1,024 33,564 PAYMENT IN LIEU OF PROPERTY TAX 4,755 4,752 (2) 47,646 47,524 (22) 57,029 TOTAL OTHER OPERATING EXPENSES 7,441 7,607 166 74,377 75,379 1,002 90,593 TOTAL OPERATING EXPENSES 43,394 39,344 (4,050) 378,222 429,022 60,800 615,921 NET OPERATING INCOME / ( LOSS) 65,742 64,057 1,686 688,336 602,661 85,675 723,204 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 28,277 28,277 0 282,770 282,770 0 339,324 AMORTIZATION EXPENSE 208 208 0 2,079 2,080 2 2,496 RESERVEIREPLACE CAPITAL EXPENSE 0 0 0 15151 19,700 4,549 19,700 INTEREST EXPENSE 21,817 36,765 14,948 254,928 367,646 112,718 441,175 TOTAL DEPREC, INTEREST & OTHER 50,302 66,260 14,948 654,928 672,196 117,268 802,695 NET INCOME/(LOSS) 15,441 (1,193) 16,634 133,409 (69,534) 202,943 (79,491) Twelve Month Profit and Loss VICKSBURG CROSSING For Year 201$ Period End Period End Period End Palled End Period End Period End Period End Period End Period End Pedod End Period End Period End Panel End Jen 31, 2016 Feb 28, 2015 Mar 31, 2015 Apr 30. 2016 May 31, 2015 Jun 30, 2015 Jul 31, 2015 Aug 31, 2015 Sap 30, 2016 Oct 31, 2015 Nov 30, 2015 Doc 31, 2016 Year To Date INCOME APARTMENT RENTAL REVENUE 94,694 95,654 93.59 54,060 04,084 85,449 06,394 08,249 96.720 MA19 0 0 854,710 APARTMENT RENTAL REVENUE COUNTY 1,63a 1,630 1,830 1.630 1.636 1,036 1.036 1.106 1,511 1.528 0 0 15,695 HRA SUBSIDY -TAX LEVY 5,000 Ii= 6,000 5,000 51000 5,000 6.000 5,000 6.000 6.000 0 0 50AOD GARAGE RENT 3,015 3,015 2,970 3,016 2,989 1.015 2,970 2.970 3,015 2.970 0 0 25,510 GUEST ROOM REVENUE 0 D 140 0 300 750 645 140 660 370 0 0 3,105 LATE FEE REVENUE 30 0 0 0 0 0 D 0 0 0 0 0 30 APPLICATION FEE REVENUE 7'0 35 36 35 0 350 0 140 0 0 350 INVESTMENT INCOME 430 429 430 430 6.461 430 (1.475) 430 430 2.032 0 0 10,017 MISCELLANEOUS REVENUE 340 270 270 316 250 270 27D 275 292 200 0 0 2.832 TOTAL INCOME 106,215 100,214 103,940 106,400 1101720 108,650 106,075 106,170 107,637 ID9,137 0 0 1,068,668 EXPENSES ADMINISTRATION MANAGER SALARIES 4445 4,059 4,466 4.343 4,488 4,343 4,488 4,488 4,343 4,488 0 0 43,070 PAYROLL TAXES 642 740 732 731 731 720 1.022 808 595 535 0 0 7,084 HEALTH INSURANCE 1,508 1,452 1,452 1,452 1,452 1,452 1.258 1.452 1,452 1.452 D D 14.383 WORKERS COMP INSURANCE 181 121 121 121 121 121 181 105 121 121 10 1,360 MAINTENANCE SALARIE3NVAGES 3,114 2,837 3,242 3,150 3,203 3,152 3,295 3,250 3,125 3,266 0 0 n.731 EMPLOYEE COSTS 120 00 60 So 60 S0 120 00 124 80 0 0 524 8 EMINAR7TRAINING 0 0 0 169 0 0 0 0 0 0 0 0 189 EANKFEES 55 30 5B 33 38 29 54 SO 48 11 0 0 426 DUES, SUBS 8 MEMBERSHIPS 0 0 0 10 0 65 0 0 0 0 0 55 LICENSES PERMITS 676 0 0 0 0 340 0 0 0 0 0 0 1,016 MILEAGE REIMBURSEMENT 47 41 43 63 11 34 63 27 29 67 0 0 414 POSTAGE/OVERNIGHT EXPRESS 21 0 27 9 11 20 7 38 16 10 0 0 188 MANAGEMENTTEES 4.200 4,200 4,200 4,200 4.200 4.203 4,200 4.200 4,200 4.200 0 D 42,000 PROFESSIONAL FEES (453) 0 25 51 508 0 2.280 30 796 108 0 0 3,340 TELEPHONE EXPENSE 662 663 664 868 869 SBS 688 5135 564 565 0 0 6,436 EQUIPMENT LFABE/REPAIR 55 242 580 242 65 130 700 65 55 80 0 0 2.254 OFFICE SUPPLIES 89 140 12 16 SO 50 41 138 132 305 0 0 590 TOTAL ADMIN EXPENSES 161381 14,600 16,723 161418 15,711 16,370 18,622 15.109 15,602 16,206 0 0 168.778 RESIDENT SERVICES RESIDENT PROGRAWACTIVIRES 375 418 298 364 477 140 129 208 270 605 0 0 3.273 TOTAL RES SERV EXPENSES 376 418 298 384 477 140 129 280 279 505 0 0 3,273 MARKETING ADVERTISING 285 0 0 0 D 0 D 0 0 579 0 0 684 TOTAL MARKETING EXPENSES 286 0 0 0 0 0 D 0 0 679 0 0 884 Twelve Month Profit and loss VICi4SBURG CROSSING FGr Year 2015 Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Period End Jan 31, 2015 Fab 28, 2015 Mar 31. 2015 Apr 30, 2015 May 31, 2015 Jun 30, 2015 Jul 31, 2015 Aug 31. 2D 15 Sap 30, 2015 Oct 31, 2015 Nov 30, 2015 Dec 31, 2015 Year To Dale HOUSEKEEPINO CONTRACT LABOR 049 930 959 959 659 "195 959 959 959 0 0 9560 CLEANING SUPPLIES 3B 227 02 30 209 11 41 104 209 33 0 0 1,090 TOTAL HOUSEKEEPING EXPENSES BOB 1,166 1,061 089 1,268 976 1.DDD 1.003 1,168 892 0 0 10,650 BUILDING 6 GROUNDS CABLE TVEXPENSE 121 121 121 121 121 126 131 63 04 162 0 0 1,162 UTILITIES - ELECTRICITY 2.070 1.760 1,633 1,615 1.647 1.777 2.043 2,035 1.683 1.698 0 0 18,130 UTILITIES - CAS 4.803 4,297 2,701 1,523 740 492 457 428 408 707 0 0 1605 UTILITIES - WATER/SEWER 877 084 879 947 077 1.097 1,039 1.097 1,040 1,054 0 0 9,987 WATER SOFTENING SERVICE 0 213 168 192 164 174 169 0 105 179 0 0 1,453 DOORS, KEYS 8 WINDOWS 11 10 59 0 0 0 0 100 16 0 0 148 FIRE SYSTEM SERVICE 53 63 63 100 53 53 803 2406 53 63 0 0 1,007 LAWN BERVICEUNDSCAP/SNOW RMVL 1,577 1,437 6B1 1,825 1,507 1,276 4,518 1,203 949 949 0 0 15.025 PESTCONTROL 0 0 11454 0 164 0 0 164 0 0 0 645 TRASH REMOVAL 631 031 831 845 645 646 845845 645 845 0 0 6,406 UNIT TURNOVER REPAIRS 550 0 3.395 3.419 2,783 2,884 1,801 1.207 1,228 2,506 0 0 19,973 ELEVATOR -REPAIRS& MAINTENANCE 426 440 440 440 440 440 440 440 44D 440 0 0 4,384 RE PAIRS B MAINTENANCE 771 110 302 1,102 81110 1,729 2.37 3,418 950 0.192 0 0 27.616 BUILDING B GROUNDS SUPPLIES 307 251 406 934 482 398 474 455 691 666 0 0 6,134 HVAC - REPAIRS 8 MAINTENANCE 225 225 225 521 226 225 226 226 539 225 0 0 2,659 TOTAL BUILDING 8, GROUNDS 12,790 10,621 11,888 13,674 17,893 11,459 14,682 11,424 9,429 18,611 0 0 132,281 OTHER OPERATING EXPENSES PROPERTY 6 LIABILITY INSURANCE 2,719 2,719 2.719 2.757 2,550 2,854 2.554 2,687 2,697 2,687 0 0 26,831 PAYMENT IN LIEU OF PROPERTY TAX 4.762 4,757 4.755 4,755 4.706 4,706 4,755 4,7005 4,755 4,755 0 0 47.546 TOTAL OTHER OPERATING EXPENSES 7,471 7,475 7,473 7,612 7,306 7,408 7,408 7,441 7,441 7,441 0 0 74,377 TOTAL OPERATING EXPENSES 37,271 74,189 38,433 37,877 42,643 36,371 41,641 36,385 33,818 43,394 0 0 378.222 NET OPERATING INCOME I(LOSS) 67,944 72,026 57,607 67,423 58,077 71,179 84,034 70,786 73,819 66,742 0 0 688,335 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 28.277 28,277 28,277 28,277 26,277 28277 28,277 26,277 28,277 28,277 0 0 282.770 AMORTIZATION EXPENSE 208 206 208 205 208 208 208 208 20B 208 0 0 2,079 RESERVE/REPLACE CAPITAL EXPENSE 0 0 0 0 0 7,755 3,076 0 4.321 0 0 0 15.161 INTERE$TE%PENSE 39.974 58,131 40.120 30,974 39.074 40,122 39.974 187.127) 21.69 21.617 0 0 254.928 TOTAL DEPREC, INTEREST& OTHER 68,469 88,610 68,605 68,469 68,469 76,382 71,534 (68,642) 64,774 60,302 0 0 564,828 NET INCOME I(LOSS) (516) (14,691) (4,096) (1,036) (381) (6,183) (7,600) 129,428 18,844 16,441 0 0 133,409 November 2016 Word Games Every Thursday at 1:00 in the library we have a good group that gets NI/ Ali Ali Ali Ali Ali Ali Ali -Ii -Ii Ali Ali NI/ NI/ NJ/ Ili Ali Ali Ali Ali NI/ /I*- /I**- /I'*- 71S. /P. -/P. -71C 711Z 711Z �� 71N /#--.71N /#--. /It il\ 71\ 71\ 71, 71� 71i ij� Rent is due on or before ;jam Saturday, November 5th Ali iI� 7I� Ali Ali Ali Ali Ali Ali Ali Ali Ali Ali Ali Ali Ali Ali AliAli �I� Ali Ali Ali Ali i1� 7Fi1� 71� ,I,-711C71C 7F71, 71N 71N 71N 'OV,7I� 7t 7I� iIN i1\ /I iIN i1\ November birthdays will be celebrated on Thursday, November 17th dif in the Community Room. Me 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. Ilig 1 11111 1''11111 1! 111 c ;c Jim Barnes, the Housing Manager, attended our meeting on Wednesday, October 775th. We discussed some of the concerns, improvements and suggestions residents d had in the surveys we sent out. There were several residents that would like to see more variety in the activities we offer. One thing that showed up a couple of times in the surveys is that residents would like to see more speakers on various topics. I would welcome suggestions if people would like to submit them to the office. If gg p p you do have a particular speaker in mind please remember that fees may be prohibitive, so we would have to ask residents to contribute, and we would need to have a minimum number of residents attend. Also please be sure to check out the activities, speakers and book events offered at Plymouth Creek Center and the Plymouth Library. We talked about having Scott, our new maintenance person, come to our November meeting so that he can be introduced to the residents. Hope to see you at the next meeting! e. E i My D) Thanksgiving Holiday The office will be closed on Thursday, November 24th, Friday, November 25th and Monday, November 28th for the Thanksgiving holiday. Move In c ;c Jim Barnes, the Housing Manager, attended our meeting on Wednesday, October 775th. We discussed some of the concerns, improvements and suggestions residents d had in the surveys we sent out. There were several residents that would like to see more variety in the activities we offer. One thing that showed up a couple of times in the surveys is that residents would like to see more speakers on various topics. I would welcome suggestions if people would like to submit them to the office. If gg p p you do have a particular speaker in mind please remember that fees may be prohibitive, so we would have to ask residents to contribute, and we would need to have a minimum number of residents attend. Also please be sure to check out the activities, speakers and book events offered at Plymouth Creek Center and the Plymouth Library. We talked about having Scott, our new maintenance person, come to our November meeting so that he can be introduced to the residents. Hope to see you at the next meeting! e. E i My D) Thanksgiving Holiday The office will be closed on Thursday, November 24th, Friday, November 25th and Monday, November 28th for the Thanksgiving holiday. Friday Night Social Social Hour will be on Friday, November 11th at 5:00 in the community room. We will be serving tacos, chips and salsa and dessert. The cost will be $5. Please sign up in the office no later than Wednesday, November 9th. On the Friday when Management orders food for the social hour I may occasionally need to adjust the menu slightly depending on the number of people attending. I will try to stay as IL a IL close as possible to what I have advertised in the newsletter. Bring a beverage of your choice. Maintenance and Building ISSIOS Please do not put medicines, including over-the-counter medicines such as, Tylenol, Advil, allergy medication or vitamin supplements, on the table outside my office. It is nice that you would like to offer these to your neighbors however, we do not know if a resident has certain restrictions or who else may have access to them if they are sitting out on the table. Scott, a new member of our maintenance staff, will be coming to our November resident meeting to introduce himself. Thank You! Movie Night Unfortunately, due to a lack of participation, we have had to cancel our Thursday movie night. I think it was a nice activity to offer and I hope we will be able to start it again in the future. Let me know if you have any ideas about what might generate more interest. Holiday Decorating If you have helped with decorating Vicksburg Crossing in the past you know that we can use all the help we can get. We have a lot of fun too! If you are willing and able please meet down in the community room at 10:00 on Wednesday, November 30th. Coffee and treats will be served. Thank You! e n F'A N O N V N O ti W y o, s5 ti �, cry w -^w• � �j'' � $ 1�1'�9 SSP 07 C ti b bi ti ti til b ti oo ti a o ti a o 'Z,, o O o O O o A A A A Q Q Q A A A o O � (� o W O cs O moo, Q o 0 0 0 0 0 40 O ip �O _ b zm n zm C4 ..,�,..., A. �4 i s r 00 o Q Q I �a o Q Ia o O o n a b N e n F'A N O Agenda Number �3p--D 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: November 17, 2016 SUBJECT: Plymouth Towne Square Window and Siding Bids BACKGROUND: The Bid opening for the Plymouth Towne Square window/siding project was held at 2:00pm on November 17, 2016. Attached is the bid tabulation sheet for your review: The low apparent bid was received from First Impressions, Inc., however they did not include a bid security or acknowledge addendum number 1. Therefore on the advice of the City Attorney we must reject their bid as incomplete. The second low bid was received from Erickson Builders & Company, Inc. They provided a base bid of $375,693, which includes residing the entire building with steal siding and replacing just a portion of the windows. We also asked for Add alternates including replacing all of the windows, upgrading the siding to a cement fiber and replacing the windows in the community room, which are much different then the majority of the building. If the Board were to select the base bid plus the 3 add alternates the total project cost would be $663,574. The table below shows the breakout of the Erickson bid. Erickson Builders & Company Base Bid (Steal siding and windows in $375,693 non -brick areas) Add Alternate #1 (upgrade siding to $55,513 engineered wood siding) Add Alternate #2 (replace the windows in $200,631 the brick clad areas of the building) Add Alternate #3 (replace windows and $31,737 siding in community room area) Total $663,574 RECOMMENDATION: Staff recommends that HRA Board of Commissioners approve the bid including alternates number 1, 2, and 3 from Erickson Builders & Company, Inc. subject to the determination they meet the HRA's Responsible Contractor requirements. Attachment(s): 1, Plymouth Tot�me Square window/siding project bid tabulation sheet 111 (4 Agenda Number PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT T0: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: November 17, 2016 SUBJECT: Plymouth Towne Square — Approve 2017 Operating Budget BACKGROUND: Staff has reviewed the budget for Plymouth Towne Square (PTS) submitted by Grace Management for the operation of the property for January 1, 2017 through December 31, 2017, including a current estimate of actual expenditures for 2016. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the HRA board, 2017 BUDGET: Revenue: Overall revenues for 2017 are projected to be $958,177. Included in this figure are revenues from tenants, parking stall rentals, application fees, investment income and the HRA tax levy. Tenant rents are anticipated to be $641,743, which is a slight decrease of approximately $3,600 from last year and includes a rent increase of two percent. The decrease is a result of newer tenants moving into the building with lower income. The tax levy is projected to be $250,000, which is $20,000 higher than 2016. Expenditures: Staff has reviewed the 2016 year-to-date financials and contacted our vendors to arrive at the anticipated 2017 expenditures. The proposed operating expenditures are $527,453, which is about $16,700 higher than 2016. Reserve/Replacement Account: The 2017 budget anticipates adding $84,000 to our replacement reserve account, which is the same as last year. Staff continues to review the Reserve/Replacement schedule to ensure that there is sufficient capital set aside to maintain the property over the long term. Staff is proposing a number of capital improvements to the building in 2017 including the replacement of all or a portion of the windows; siding; replace 6 benches in common areas; appliance replacement and repairs to the water softener room. The estimated cost for this work is $611,700. These funds will come from the building's replacement reserves that has a balance of approximately $1,000,000, RECOMMENDATION: Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2017 Plymouth Towne Square Operating Budget. ATTACHMENTS: 2017 Budget Assumptions 2017 Budget Resolution Approving 2017 Plymouth Towne Square Operating Budget _#7Er1JfLJ71_rt -r♦*l _EY #51W_E V T151 R 2017 Budget Assumptions Draft Resident Rent Revenue is based on July. 2016 average rent per unit of $543 plus a 2% increase. We budget 97 Occupied units to allow for turnover time & rent fluctuations based on new resident's rent rate which is driven by income, All current residents will be subject to a 2% rent increase on January 1, 2016, The minimum rents are proposed to increase 2% to $416 for a one -bedroom (up $8) and $557 (up $11) for a two- bedroom. The market rate rents are proposed to increase 2% to $963 for a one - bedroom and $1,236 for a two-bedroom. HRA Subsidy will be $170,000 for the year 2017. This is an increase over last year. Our rental revenue is not increasing as residents move out because incoming residents are paying less (income based rent), TIF Funds will be $80,000 gar@g,g F3gaa I is based on 61 stalls leased at $50 a month each. This is an increase of t $5 per month. Guest Room Revenue is based on 3 nights rented per month at $65 a night. This estimate is reasonable using an average of the past several years. Laundry Revenue is based on current year to date figures. Transfer Fee jnqo�me is budgeted for one internal move at $500. 6pplication Fee Revenue Is budgeted at 1.5 individuals (we process a background check on each person occupying an apartment) per month. We pass on the expense for rental verification (credit check & criminal background check) to the prospective resident. The corresponding expense Is included in the Legal and Other Professional line item. Investment Income & !Jnrealized LGain/Lass is a figure provided by City of Plymouth Finance Department, Miscellaneous Revenue includes any forfeited security deposits due to damage beyond normal weer and tear. Confidential Page 1 11/7/2016 OPERATING EXPENSES: Property Administration: Manager Salary This figure includes a 3% increase Maintenance Salary is based on a full-time position at 40 hours/week regular time. The goal is to balance the work week hours to avoid overtime, however it is prudent to budget one hour each week for emergencies. Each building has a full-time maintenance technician who works primarily at that location. They assist each other as needed and share emergency call duties. This is a larger than normal increase over 2016 budget due to the hiring of a new employee. EgyLqll Tax is budgeted at 10.5% of the total of all salaries. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life. Health, dental and life -insurance are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. The amount is based on RUEMBIA[gMIUM for 2 eligible employees plus a10% increase based renewal notice. Worker's Comr)ensation Insurance premium is estimated based on 4% increase over current year to date. f M19yge Costs include ADP"fees, help wanted ads, background checks for new employees with no increase to current budget, QMp§ & Subscrigtions includes the price for Sam's Club membership, Licensqs, ermit & Fees are based on fees for the boiler license, dwelling license and � _R_ — elevator license fees, Emrilovee MilLea qe is estimated using current year to date with 3% increase Posta gg/Overnight. Delivery shows no increase to current budget which is on track with current year to date. Mangoement Fees is a $150/month (3%) increase, We are alternating increases every other year with Vicksburg Crossing, Professional Fees, is an estimate based on conducting background checks for new residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax fees as provided by City of Plymouth Finance Department, Confidential Page 2 11/7/2016 Teler)hone includes the cellular phones for the maintenance staff (split with VC) and the incoming lines for the property along with Internet and long distance expenses. The budget is based on 15% increase to previous year's actual which is historical average increase. EguiQme.nt Repairs/Maintenance/Lease is based the copier maintenance fees, copy overages and occasional maintenance on the resident and office computers. Office Su lies & Exp2nses include the office supplies for the office and printer cartridges and some paper for the resident computers. Bank ChaWes are estimated, We have included a small amount in the event we need to place a stop payment or other unusual service that may incur a fee. Printing is for printing of stationery, envelopes and work orders. Seminars/Training is based on attendance at one training session. Resident Service Expense e§,i !Le Service'Expgnse reflect expenses for the monthly entertainment/birthday _nt, celebration, with bigger events scheduled for Valentine's Day, St, Patrick's Day, Night to Unite, Halloween and the Holiday party, It also includes the purchase of table decorations. We budgeted a 3% increase over current budget. Marketing and Leasing: The wait lists for one & two bedrooms remain open. However, we have not incurred any material marketing expense, but will continue to budget a small amount in this line item. Housekeeping: Contract Labor is budgeted at the anticipated cleaning company contract rate and guest room cleaning. A 5% increase is anticipated over current budget. Supplies —_gleaninq includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other supplies. Buildings and Grounds: gable TV is based on monthly expense incurred for the TVs in the activity room and exercise room. This is based on 5% increase over current budget. Confidential Page 3 11/712016 Electric is based on a 6% increase over previous years actual, Water and Sewer is based on 4% over previous years actual based on the increase anticipated in rates, Gas is based on an estimate given the extremely mild winters of the past two years. Water Softener is based on a current year to date, Contract Labor is not anticipated with a full-time maintenance employee who can cover for time off of other building's maintenance worker, Doors, Key(saand Windows are for the miscellaneous window replacement/repaim, garage door repairs/service, keys made and any other look/door repairs. A decrease is anticipated based on replacement of windows in 2017, Fire Svstem Service includes costs to test, monitor and service the fire suppression system (including all manual fire extinguishers,) front entry system and emergency pull cord system. We continue to experience issues with the system, therefore the budgeted amount has been increased between previous years actual and current budget, Lawn Care/Snow Removal is based on historical. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, tree trimming, spring parking lot sweeping and snow plowing. We have not budgeted an increase. Pest Control includes quarterly treatments at $160 each time. We have increased it over previous year's actual to accommodate the occasional apartment inspection. Trash, Removal is based on historical increases which have been in excess of 20% a year for waste removal (not recycling which is what the City contract is for). This also includes the occasional extra charges for disposal of light bulbs and appliances. The budget represents a 39% increase over previous years actual. Unit Turnover includes carpet/vinyl replacement or cleaning, contract painter, cabinetry/counter top repair, paint and plumbing supplies, etc, for apartments that are being re-leased or turned over. The average cost per apartment turnover for the past 12. years is $4,100. That same 12 years shows an average number of move outs to be 10. We are budgeting 10 turns at $4,100 each. Elevator Repairs and Maintenance includes contract for maintenance, plus any service calls that may not be covered by the maintenance contract. The budget reflects a 5% increase over current budget. Confidential Page 4 11/7/2016 Repairs & Maintenance includes garage floor power washing, window washing, carpet cleaning of apartments occupied three years, painting of apartments occupied more than seven years, vinyl/carpet repair/replacement in occupied units, cleaning of common area carpet annually, generator maintenance, plumbing repairs, repairs to the exterior siding, fascia, and roofing and all other misc. repairs. We budgeting a 5% increase over current budget. Includes common area paint and repairs, light bulbs, plumbing supplies, tractor supplies/repairs, cornmon area blinds, gue9t suite supplies, holiday decorations and other misc, supplies. We are not budgeting an increase, HVAC Supplies & Re air includes all HVAC supplies, repairs and maintenance contract with Owens for the boilers, etc. The budget reflects a 5% increase over current budget. We continue to budget a large expenditure (condenser or like problem) as the systems age and want to cover the unexpected with the HVAC system. Miscellaneous Unbudaeted S&O Ex ease is a contingency figure for the unexpected issues. Pro ert and Liabili Insurance is based on current rates ($17,316 forliability) with a 5% increase expected in August at renewal and 2017 estimated rate of $14,500 as provided by City finance staff. Payment in Lieu of Taxes. (PILOT J is budgeted at 5% of 2016 rental dwelling revenue ($633,000 estimate) to be paid in 2017. We have maintained the reserve replacement amount at $84,000. Replace windows & siding ($600,000), replace 6 benches in common area ($4,500), repairs to water softener room to reduce humidity ($2,700), appliances ($4,500) Confidential Page 5 11/7/2016 PLYMOUTH TOWNE SQUARE 2017 BUDGET DRAFT 1 UNITS OCCUPIED PERCENTAGE OCCUPIED INCOME 2015 2016 2016 ACTUAL Jan -July BUDGET TOTALS ACTUALS TOTALS 98 97 98 99% 98% 98% Peroentage 0 2017 Difference 0 BUDGET Budget W Budget V TOTALS Actual 15 to Budget 16 98 0% 0% 99% 0% 1% RESIDENT RENTS 636,402 318,363 645,426 641,743 1% -1% HRA SUBSIDY 138,000 75,000 150,000 170,000 23% 13% TIF 80,000 40,000 80,000 80,000 n/a 0% GARAGE RENTAL 32,959 17,235 34,020 36,600 11% 8% GUEST ROOM REVENUE 11556 1,560 2,160 2,340 50% 8% LAUNDRY REVENUE 9,446 4,983 9,960 10,164 8% 2% TRANSFER FEE 500 1,300 500 500 n/a 0% APPLICATION FEE 560 105 630 630 13% 0% INVESTMENT INCOME 23,439 15,887 15,000 16,000 -36% 0% UNREALIZED GAIN/LOSS 6,451 1,511 6,000 4,800 -26% -20% MISC. REVENUE 1,796 380 2,004 1,200 -33% -40% TOTAL INCOME 924,658 474,813 939,700 958;177 4% 2% PROPERTY ADMINISTRATION: MANAGER SALARIES 48,090 24,950 50,000 51,500 7% 3% MAINTENANCE SALARIES 46,696 23,566 42,800 51,792 11% 21% PAYROLL TAXES 8,737 3,983 11,136 10,846 24% -3% HEALTH INSURANCE 14,066 6,825 15,444 18,420 31% 19% WORKERS COMP INSURANCE 1,965 491 1,020 1,056 -46% 4% EMPLOYEE COSTS 1,129 480 1,120 1,120 -1% 0% DUES & SUBSCRIPTIONS 100 0 100 100 n/a 0% .LICENSES, PERMITS & DUES 934 238 934 934 0% 0% MILEAGE REIMBURSEMENT 709 459 896 816 15% -9% POSTAGE/OVERNIGHT DELIVERY 98 81 110 110 12% 0% MANAGEMENT FEES 54,600 27,300 54,600 56,400 3% 3% PROFESSIONAL FEES 5,212 1,358 4,810 2,700 -48% -44% TELEPHONE EXPENSE 6,364 3,301 7,200 7,320 15% 2% EQUIP REPAIRS/MAINT/LEASE 705 386 1,216 1,200 70% -1% OFFICE SUPPLIES & EXPENSES 1,010 493 1,200 1,080 7% -10% BANK CHARGES 1,084 632 180 1,150 6% 539% PRINTING 0 572 700 720 n/a 3% SEMINARS/TRAINING 0 0 200 200 n/a 0% TOTAL PROPERTY ADMINISTRATION 191,499 95,115 193,666 207,464 8% 7% RESIDENT SERVICES EXPENSES 4,115 893 5,700 5,875 43% 3% MARKETING & LEASING: 0 0 180 0 n/a -100% HOUSEKEEPING CONTRACT LABOR CLEANING SUPPLIES 17,192 1,361 8,708 738 17,760 1,524 18,432 1,524 7% 12% 4% 0% TOTAL HOUSEKEEPING EXPENSES; 18,553 9,446 19,284 19,956 8% • 3% BUILDINGS & GROUNDS; CABLE TV EXPENSE 682 346 720 756 11% 5% UTILITIES -ELECTRIC 27,848 13,223 29,450 29,600 6% 1% UTILITIES -WATER & SEWER 8,807 3,682 9,080 9,130 4% 1% UTILITIES -GAS 18,247 9,365 24,850 21,600 18% -13% WATER SOFTENING EXPENSE 4,462 2,757 4,380 5,460 22% 25% CONTRACT LABOR 0 0 0 0 n/a n/a DOORS, KEYS & WINDOWS 6,451 1,511 6,000 4,800 -26% -20% FIRE SYSTEM SERVICE 9,109 4,662 5,640 7,200 -21% 28% LAWN CARE/SNOW REMOVAL 18,574 7,855 23,500 23,600 27% 0% PLYMOUTH TOWNE SQUARE 2017 BUDGET DRAFT 1 percentage 0 2015 2016 2016 2017 Difference 0 ACTUAL Jan -July BUDGET BUDGET Budget 17 Budget 17 TOTALS ACTUALS TOTALS TOTALS Actual 15 to Budget 1B PEST CONTROL 632 289 750 730 16% -3% TRASH REMOVAL 5,168 3,015 5,040 6,480 25% 29% UNIT TURNOVER 41,331 19,779 41,460 41,000 -1% -1% ELEVATOR REPAIRS & MAINT 6,503 3,330 6,840 7,200 11% 5% REPAIRS & MAINTENANCE 24,263 16,142 33,600 35,400 46% 5% BUILDING & GROUNDS SUPPLIES 7,135 7,643 14,700 14,700 106° 0% HVAC SUPPLIES & REPAIR 30,156 7,761 12,000 12,600 -58% 5% MISC UNBUDGETED EXPENSE 0 0 10,000 10,000 n/a 0% TOTAL BUILDINGS & GROUNDS 209,368 101,360 228,010 230,156 10% 1% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 31,040 15,581 31,949 32,352 4% 1 % PAYMENT IN LIEU OF PROPERTY TAX 31,859 15,923 31,867 31,650 -1% -1% SPECIAL ASSESSMENTS 0 0 0 0 Na n/a TOTAL OTHER OPERATING EXPENSES 62,899 31,504 63,816 64,002 2% 0% TOTAL OPERATING EXPENSES 486,434 238,348 510,656 527,453 8% 3% NET OPERATING INCOME / (LOSS) 438,224 236,495 429,045 430,724 -2% 0% OTHER EXPENSES: DEPRECIATION EXPENSE 185,466 93,000 186,000 192,500 4% 3% AMORTIZATION EXPENSE 6,320 3,160 6,320 (6,320) -200% -200% RESERVE/REPLACE/CAP EX 106,898 65,029 363,650 611,700 INTEREST EXPENSE 81,460 36,917 73,288 63,087 -23% -14% TOTAL OTHER EXPENSES: 380,144 198,106 629,258 860,967 126% 37% NET INCOME: 58,080 38,389 (200,213) (430,243) -841% 116% CASHFLOW ADJUSTMENTS: REPLACEIRESERVE TRANS OUT (84,000) 0 (84,000) (84,000) 0% 0% REPLACE/RESERVEICAP EX 106,898 6,192 363,650 611,700 472% 68% DEPRECIATION 185,466 98,698 186,000 192,500 4% 3% AMORTIZATION 6,320 3,159 6,320 (6,320) -200% -200% PRINCIPAL ON DEBT (245,000) 0 (270,000) (280,000) 14% 4% NET CASHFLOW: 27,764 146,438 1,757 3,637 -87% 107% PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY HRA RESOLUTION NO. 2016-04 AUTHORIZING THE 2017 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, Grace Management, Inc,, the HRA's contract property management company has provided a proposed 2017 budget for Plymouth Towne Square; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Plymouth Towne Square for the fiscal year 2017. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Plymouth Towne Square Operating Budget for the fiscal year of 2017 has a total operating expense amount of $527,453 and other expenses of $957,719 for a total budget of $1,485,172. 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 17t' day of November, 2016. Agenda Number PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: November 17, 2016 SUBJECT: Vicksburg Crossing — Approve 2017 Operating Budget BACKGROUND: Staff has reviewed the budget for Vicksburg Crossing submitted by Grace Management for the operation of the property for January 1, 2017 through December 31, 2017, including a current estimate of actual expenditures for 2016. After discussions with internal staff and Grace Management, the attached operating budget is ready for review and approval by the HRA board. As the building enters its eleventh year of operation, staff has once again reviewed the previous year's performance and adjusted the 2017 budget accordingly to current market conditions. 2017 BUDGET: Revenue: Overall revenues for the 2017 budget are based on maintaining the percentage of rented units throughout the year and it is anticipated that the average occupancy will be 97%, which is the same as last year. Income will also be received from garage rentals, application fees, and investment income. Total revenues for 2017 are projected to be $1,233,255, which is $10,000 lower than 2016 as the subsidy has been decreased, Staff is recommending a $10 increase in rents for the lower income units; $15 for the one -bedroom moderate income units and $20 for the two-bedroom moderate income units. This is an average increase of 1,35%. In addition to the rental revenue, staff is anticipating the need for subsidy in the amount of $18,000 for this budget year, which is $30,000 lower than 2016. Expenditures: Expenditures are anticipated to be similar to last year. This is being accomplished as staff continues to refine the budget based on previous years' expenses. Reserye/Replacement Account: The 2017 budget anticipates adding $72,000 to the replacement reserve account, which is $12,000 more than as last year. This is being recommended due to the aging of the building and our experience with Plymouth Towne Square. Staff is proposing a number of capital improvements to the building for 2017 including replacing one of the water heaters, purchasing a carpet extractor, replacing exercise equipment and upgrades to the room and installing a flag pole. The estimated cost for this work is approximately $30,500. These funds will come from the building replacement reserves. RECOMMENDATION: Staff recommends that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the attached resolution approving the 2017 Vicksburg Crossing Operating Budget ATTACHMENTS: 2017 Budget Assumptions 2017 Budget Resolution Approving 2017 Vicksburg Crossing Operating Budget Resident Rent Revenue: Is based on the attached income schedule. TTe propose a rent increase of $10 affordable, $15 one bedroom, & $20 two bedrooms. This is an average of 1.35% across all. We remain sensitive to price increases in that we are near the top of the competitive market for age -restricted and multi -family housing communities in the area, The budget projects an average occupancy of 91 units or Resident Rent Revenue -Section 8: Is based on July 2016 resident roster who receive Section 8 subsidy. HRA ® L Sub id§Ly tax lev A The subsidy is budgeted this year at $18,000. This is down $30,000 from last year. Garage Is based on 66 spaces at a rental rate of $50 a month each. This is a $5 increase to the monthly rent rate. This is comparable to others in the market. Guest Suite Revenue: Is based on 26 nights annually at $70/night, which is historically achievable. Application Fee Revenue: We pass on the expense incurred for rental verification (credit check & criminal background check). We are budgeting $35 a month. The corresponding expense is included in the Legal and Other Professional line item. Transfer Income: Is based on I transfer fee per year at $500 each. Investment Income., Is based on figures provided by City Of Plymouth Finance Department. Late Fees: We are not budgeting any late fees, Miscellaneous Revenue: Includes storage space revenue based on $10/month/space, charges for extra key fobs and security deposit amounts withheld for damages incurred. No increase to this line item is budgeted. Confidential Page 1 11/7/2016 OPERATING EXPENSES: Property Administration: Manaqer Salary This figure includes a 5% increase Maintenaggg_Salary is based on a full-time position with a 2% increase. The position is budgeted at 40 hours/week regular time and 3 hours per week over time to account for emerR ency calls. Each building has a full-time maintenance technician who works primarily at that location, They assist each other as needed and share emergency call duties, Payroll Ta.x. is budgeted at 10,5% of the total of all salaries. It includes FICA, FUTA & SUTA. Health Insurance includes healthcare, dental, and life, Health, dental and life insuran are provided to full-time employees if they wish to participate. The employee is responsible for paying 20% of the premium for health and is provided dental and life free of charge. Family coverage is available, but is 100% employee paid. The amoun is based on current premiums as of July 2016 plus al 0% increase based on renewal notice. I Worker's Corgi ensa�fion lnsurance premium is estimated based on 2016. Em to yee Costs include ADP fees, help wanted ads, background checks for new employees. We are budgeting a 3% increase over previous years actual. Dues,,_Sphagri tions � Membershi s are based on fees for Costco membership. License & Permit are based on fees for the dwelling license, elevator license and boiler license. fmP!QYq2_M4gm is based on the current year to date. The mileage reimbursement for the maintenance staff is split 50/50 with PTS as nearly all of the mileage for these individuals is traveling between the properties or on call trips. Postage/Overnight Delivery is an estimate based on current year to date, This includes mailing brochures to prospects, Management Fees is based current rate with no increase for 2017. We are alternating increases every other year with Plymouth Towne Square. Professional Fees is an estimate based on conducting background checks for new residents (1 per month at $35 each) and audit/tax fees as provided by City of Plymouth Finance Department. Confidential Page 2 11/7/2016 4&�a*,RUTM it with OTS) and the incoming lines for the property along with internet and long distance expenses. The budget is based on a 10% increase over previous years actual. Eguipment Repairs/Maintenance/Lease is based on the annual cost of $696 for copier maintenance fees ($58 a month) and occasional maintenance on the resident and office computers (budgeting 18 hours annual at $1 00/hr), This is consistent with previous years actual. Office Supplies & Expgnses include the office supplies for the office and printer cartridges and some paper for the resident computers, The budgeted amount is based 9% increase over previous year's actual. Bank ChgLqes are estimated. We have included a small amount in the event we need to place a stop payment or other unusual service that may incur a fee. R�� is an estimate based on the current year to date, This line item would include letterhead, envelopes, business cards etc, as needed. OTTTRRM*�� and July Fourth, May month is "celebrate seniors month" with extra events planned, an'i the holiday party is a big celebration. This also includes money for decorations and paper cups, coffee, etc. This is a 2% increase to current year's budget. Marketing and Leasing: Advertising, is an estimate based on ad placement for on-going marketing presence in local papers and the costs for monthly maintenance of a website for Vicksburg Crossing. Promotional Events we have budgeted zero dollars for this line item as we have not used these funds for the past two years. Housekeeping: Contract Labor is budgeted using the cleaning company contract rate for current year with a 5% increase and additional cleaning of guest suite and turnovers. Confidential Page 3 11/7/2016 Supplies — cleaning includes paper towels & toilet paper for common area restrooms, trash bags, air freshener, vacuum repair, disinfectant, and other supplies. It is based on a 4% increase to the previous years actual. Cable TV is for the exercise room, community room big screen and Guest suite. The large increase (27% over 2016 budget) is due to the addition of a bigger channel line up to the community room TV in 2016. Electric, is based on a 6% increase over previous years actual. Water and Sewer is based a 4% increase over previous year's actual. Gas based on an estimate given the extremely mild winters of the past two years. Water Softener is based on a 5% increase over current year budget, Contract Labor is not necessary with maintenance employees who can cover for each other for time off. Doors, Kevs and Windows is for window replacement/repairs, key blanks (costly based on Primus key system), key fobs and any other lock/door repairs. Fire System Service includes costs to test, inspect, monitor and service the fire suppression system, fire extinguishers and front entry system based on 5% increase over current year to date. We also budget approximately $700 for an unexpected repair. Lawn Care/Snow Removal is based on pricing received from contractor and estimated for snow removal based on history. Work includes spring clean up, weekly mowing, weed control, spring/fall shrub trimming, and spring parking lot sweeping. Additional mulch will be added this year and some additional plantings. Pest Control includes quarterly treatments at $170 each time and small amount for extra treatments/inspections. Trash Removal is based on anticipated increase. This is a 16% increase over previous years actual. Unit Turnover includes carpet cleaning and stretching, paint, blinds and plumbing supplies, etc. for apartments that are being re-leased. We are budgeting 11 turns at $3000. The apartments are 10 years old, but we are not budgeting more in 2017. Confidential Page 4 11/7/2016 Elevator includes contract for maintenance, plus a $590 contingency for service calls that may not be covered by the maintenance contract. The amount is based on the current contract plus 3.5% increase. Repairs & Maintenance includes window washing, garage sweeping and power washing, Magi -Pak inspections and clean out, appliance repairs, plumbing repairs, service contract for generator, common area carpet cleaning of all common areas (full building anticipated each year), carpet cleaning for those living in their apartments longer than 3 years, repairs to the exterior, professional exterior tree decorating for the holiday and all other misc. repairs. Buildina & Grounds Supplies includes common area paint and repairs, all outdoor plantings and related supplies, holiday decorations and other misc. supplies (i.e. furnace filters for all apartments quarterly), We have not budgeted an increase. HVAC SupUqpA_LRgp2k includes all HVAC supplies, repairs and maintenance contract with Owens. The increase is due to the age of the units and replacement costs anticipated as two or three begin to fail and need replacement. Miscellaneous Unbud eted B&G Exoense is a contingency figure for the unexpected issues. Provertv Taxes are based on 5% of the estimated annual 2016 income for dwelli units (approx. $1,174,000) which is payable in 2017. 1 is based on current rates ($17,869 for liability) with a 5% increase expected in August at renewal and 2017 estimated rate of $15,000 as provided by City finance staff. Confidential Page 5 11/7/2016 VICKSBURG CROSSING 2017 BUDGET -DRAFT 94 INDEPENDENT UNITS -rentable, 96 constructed UNITS OCCUPIED PERCENTAGE OCCUPIED Percentage Percentage 2015 2016 2016 2017 Difference Difference ACTUAL Jan -July BUDGET BUDGET Budget 17 Budget 17 TOTALS ACTUALS TOTALS TOTALS Actual 15 Budget 16 93 93 91 91 -2% 0% 99% 99% 97% 97% -2% 0% INCOME APARTMENT RENTAL REVENUE $ 1,145,575 $ 669,401 $ 1,124,413 $ 1,139,933 0% 1% APARTMENT RENTAL REVENUE -COUNTY $ 19,352 $ 15,498 $ 19,632 $ 19,632 1% 0% HRA SUBSIDY -TAX LEVY $ 60,000 $ 28,000 $ 48,000 $ 18,000 -70% -63% RENTAL CONCESSIONS HOUSEKEEPING: $ (29) GARAGE RENTAL $ 35,904 $ 20,988 $ 35,640 $ 39,600 10% 11% GUEST SUITE REVENUE $ 3,355 $ 1,590 $ 1,940 $ 1,750 -48% -10% APPLICATION FEE REVENUE $ 350 $ 315 $ 420 $ 420 20% 0% TRANSFER FEE REVENUE BUILDINGS & GROUNDS: $ 1,000 $ 500 $ 500 n/a 0% INVESTMENT INCOME $ 10,879 $ 13,034 $ 10,000 $ 10,000 -8% 0% LATE FEE $ 30 $ - $ 120 $ - -100% n/a UNREALIZED GAIN/LOSS $ - $ - $ - $ - $ 12,400 4% MISCELLANEOUS REVENUE $ 3,372 $ 2,529 $ 3,420 $ 3,420 1% 0% TOTAL INCOME $ 1,278,817 $ 752,326 $ 1,244,085 $ 1,233,255 -4% -1% OPERATING EXPENSES 8% CONTRACT LABOR $ - $ - $ - $ - PROPERTY ADMINISTRATION: n/a DOORS, KEYS & WINDOWS $ 246 $ 308 $ 600 $ 420 MANAGER SALARIES $ 52,802 $ 31,867 $ 55,350 $ 58,100 10% 5% MAINTENANCE SALARIES $ 38,031 $ 22,584 $ 38,968 $ 40,147 6% 3% PAYROLL TAXES $ 8,331 $ 4,752 $ 11,318 $ 10,316 24% -9% HEALTH INSURANCE $ 17,287 $ 9,583 $ 19,351 $ 18,704 8% -3% WORK COMP INSURANCE $ 1,661 $ 537 $ 1,916 $ 1,020 -39% -47% EMPLOYEE COSTS $ 1,124 $ 600 $ 1,120 $ 1,084 A% -3% DUES & SUBSCRIPTIONS $ 55 $ 55 $ 60 $ 60 n/a 0% LICENSES, PERMITS $ 1,016 $ 894 $ 876 $ 911 -10% 4% MILEAGE REIMBURSEMENT $ 568 $ 374 $ 659 $ 660 16% 0% POSTAGE/OVERNIGHT DELIVERY $ 190 $ 72 $ 202 $ 204 7% 1% MANAGEMENT FEES $ 50,400 $ 30,450 $ 52,200 $ 51,450 2% -1% LEGAL & OTHER PROFESSIONAL FEES $ 3,340 $ 5,827 $ 2,685 $ 3,340 0% 24% TELEPHONE EXPENSE $ 7,563 $ 3,980 $ 8,520 $ 8,340 10% -2% EQUIP REPAIRS/MAINT/LEASE $ 2,530 $ 1,219 $ 1,500 $ 2,520 0% 68% OFFICE SUPPLIES & EXPENSES $ 990 $ 643 $ 1,000 $ 1,080 9% 8% BANK CHARGES $ 454 $ 447 $ 180 $ 550 21% 206% PRINTING $ 97 $ 96 $ 96 n/a 0% SEMINARS/TRAINING $ 189 $ 30 $ 200 $ 200 6% 0% TOTAL PROPERTY ADMINISTRATION $ 186,531 $ 114,011 $ 196,201 $ 198,782 7% 1% RESIDENT SERVICE: RESIDENT SERVICE EXPENSES $ 4,830 $ 2,429 $ 5,550 $ 5,650 17% 2% MARKETING & LEASING: ADVERTISING $ 1,108 $ 375 $ 2,000 $ 1,500 35% -25% PROMOTIONAL EVENTS $ $ - $ $ - n/a n/a TOTAL MARKETING & LEASING $ 1,108 $ 375 $ 2,000 $ 1,500 35% -25% HOUSEKEEPING: CONTRACT LABOR $ 11,499 $ 8,048 $ 11,892 $ 12,825 12% 8% CLEANING SUPPLIES $ 1,507 $ 1,030 $ 1,440 $ 1,560 4% 8% TOTAL HOUSEKEEPING $ 13,006 $ 9,078 $ 13,332 $ 14,385 11% 8% BUILDINGS & GROUNDS: CABLE TV EXPENSE $ 1,485 $ 1,162 $ 1,620 $ 2,064 39% 27% UTILITIES -ELECTRIC $ 21,307 $ 12,048 $ 24,100 $ 22,500 6% -7% UTILITIES -WATER & SEWER $ 11,904 $ 5,988 $ 13,050 $ 12,400 4% -5% UTILITIES -GAS $ 20,112 $ 11,373 $ 31,300 $ 25,000 24% -20% WATER SOFTENING EXPENSE $ 1,736 $ 1,219 $ 2,160 $ 2,328 34% 8% CONTRACT LABOR $ - $ - $ - $ - n/a n/a DOORS, KEYS & WINDOWS $ 246 $ 308 $ 600 $ 420 71% -30% FIRE SYSTEM SERVICE $ 1,709 $ 2,266 $ 3,480 $ 3,600 111% 3% LAWN CARE/SNOW REMOVAL $ 19,203 $ 6,911 $ 23,000 $ 22,900 19% 0% VICKSBURG CROSSING 15% -40/6 10% -22% -345% $ (60,000) $ - 2017 BUDGET -DRAFT $ (72,000) 20% 20% $ 15,151 $ 12,561 Percentage Percentage 94 INDEPENDENT UNITS - rentable, 96 constructed n/a 2015 2016 2016 2017 Difference Difference $ 2,494 $ 1,247 ACTUAL Jan -July BUDGET BUDGET Budget 17 Budget 17 $ (240,000) $ (410,000) TOTALS ACTUALS TOTALS TOTALS Actual 15 Budget 16 PEST CONTROL $ 710 $ 328 $ 790 $ 800 13% 1% TRASH REMOVAL $ 8,270 $ 4,955 $ 7,965 $ 9,600 16% 21% UNIT TURNOVER $ 28,129 $ 17,627 $ 33,000 $ 33,000 17% 0% ELEVATOR REPAIRS & MAINT $ 5,263 $ 3,170 $ 6,000 $ 6,240 19% 4% REPAIRS & MAINTENANCE $ 29,581 $ 10,986 $ 27,300 $ 27,300 -8% 0% BUILDING & GROUNDS SUPPLIES $ 6,648 $ 9,432 $ 7,800 $ 7,800 17% 0% HVAC SUPPLIES & REPAIR $ 3,309 $ 5,753 $ 5,632 $ 8,784 165% 56% MISC UNBUDGETED BUILDINGS & GROUNDS $ - $ - $ 10,000 $ 10,000 n/a 0% TOTAL BUILDINGS & GROUNDS $ 159,612 $ 93,526 $ 197,797 $ 194,736 22% -2% OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE $ 32,204 $ 18,874 $ 33,156 $ 33,159 3% 0% PILOT (payment in lieu of taxes) $ 57,055 $ 33,978 $ 58,115 $ 58,700 3% 1% TOTAL OTHER OPERATING EXPENSES $ 89,259 $ 52,852 $ 91,271 $ 91,859 3% 1% TOTAL OPERATING EXPENSES $ 454,346 $ 272,271 $ 506,152 $ 506,912 12% 0% NET OPERATING INCOME / (LOSS) $ 824,471 $ 480,055 $ 737,933 $ 726,343 -12% -2% OTHER EXPENSES: DEPRECIATION EXPENSE $ 339,324 $ 193,081 $ 331,000 $ 329,000 -3% -1% AMORTIZATION $ 2,494 $ 1,455 $ 2,500 $ (1,236) -150% -149% RESERVE/REPLACE/CAP EXP $ 15,151 $ 23,493 $ 19,900 $ 301500 n/a n/a INTEREST EXPENSE $ 298,709 $ 148,088 $ 436,575 $ 241,483 -19% -45% CONTRIBUTIONS FROM PLYMOUTH TOWNE SQUARE $ - $ $ $ n/a n/a TOTAL OTHER EXPENSES: $ 655,678 $ 366,117 $ 789,975 $ 599,747 -9% -24% NET INCOME: PERCENT OF INCOME CASHFLOW ADJUSTMENTS: REPLACE/RESERVE TRANS OUT CAPITAL IMPROVE FUNDED BY REPLACE RES DEPRECIATION AMORTIZATION PRINCIPAL ON DEBT BOND SALE CAPITALIZED INTEREST NET CASHFLOW: $ 168,793 $ 113,938 $ (52,042) $ 126,596 -25% -343% 13% 15% -40/6 10% -22% -345% $ (60,000) $ - $ (60,000) $ (72,000) 20% 20% $ 15,151 $ 12,561 $ 19,900 $ 30,500 101% n/a $ 339,324 $ 184,336 $ 331,000 $ 329,000 -3% -1% $ 2,494 $ 1,247 $ 2,496 $ 1,236 -50% -50% $ (185,000) $ (205,000) $ (240,000) $ (410,000) 122% 71% $ - $ - $ - n/a n/a n/a n/a $ 280,762 $ 107,082 $ 1,354 $ 5,332 -98% 294% VICNS BURG CROSSING 9"N1T INDEPENDENT LIVING COMMUNITY RENTAL INCOME PROJECTIONS -2017 DRAFT UNIT NO, ACTUAL TYPE AVAILABLE Jan -17 Feb -17 Mar -17 Apr -17 May -17 Jun-17JuM7 Aug -17 Sep47 Oet-17 Nov -17 D..47AFFORDABLE-ONE BEDROOM 33 33 33 32 33 33 32 33 33 32 33 33 32 1.6T FL 1 -BEDROOM UNITA - 6 6 6 6 6 6 6 fi 6 6 fi 6 fi 1ST FL 1 -BEDROOM UNITC 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1ST FL 1-BEDROOM/D EN UNIT C-2 2 2 2 2 2 2 2 4 3 3 4 3 4 1ST FL 2 -BEDROOM UNIT D& D-2 4 4 4 4 7 4 1 4 1 1 1 1 1 1 1 1 1 IST FL 2 -BEDROOM UNIT E 2ND FL 1 -BEDROOM UNITA 2 - 6 1 5 1 5 6 2 5 2 5 2 5 2 6 2 5 2 6 2 5 2 5 2 5 2 2ND FL 1 -BEDROOM UNIT C '--' 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2ND FL 1-BEDROOM/DEN UNIT C-2 d 3 3 4 4 4 4 3 3 3 4 4 4 2ND FL 2 -BEDROOM UNIT D$ D2 1 1 1 1 1 1 1 1 1 1 1 1 1 2ND FL 2 -BEDROOM UNIT E-2 2 2 2 2 2 2 2 2 2 2 2 2 2ND FL 2 -BEDROOM UNITE 2 8 6 fi 8 6 8 8 6 8 6 6 8 3RD FL 1 -BEDROOM UNITA 3RD FL 1 -BEDROOM UNITC 6 2 2 2 2 2 2 2 2 2 2 2 2 2 3RD FL 1-BEDROOM/DEN UNITC-2 2 _._ 2 2 2 2 2 2 2 2 2 2 2 4 2 4 3RD FL 2 -BEDROOM UNIT D 8 D2 ; 4__- 4 4 4 3 3 1 4 1 4 1 4 1 4 1 4 1 1 1 3RDFL2-BEDROOMUNIT E-2 - _._1. _: 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3RD FL 2 -BEDROOM UNIT E 4TH FL 1 -BEDROOM UNITA 4TH FL 1 -BEDROOM UNIT C 1 8- "" 2-" 7 6 2 6 2 fi 2 8 2 6 2 8 2 8 2 6 2 6 2 6 2 6 2 8 2 4THFL 1-BEDROOM/DEN UNIT C-2 2;' - 2 2 2 2 1 2 1 2 i 2 1 2 1 2 1 2 1 2 1 2 1 4TH FL 2-BEDRODM UNIT E-2 4TH FL 2 -BEDROOM UNTE i•. - 2- 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 94 91 91 91 91 91 91 90 90 90 91 91 91 TOTALUNITS OCCUPIED PERCENTAGE DCCUPIED 91 97% 91 97% 91 11 91 87% 91 97% 91 97% 90 99% 90 99% 90 99% 91 97% 91 97% 91 911. UNIT 2016 MONTHLY TYPE Rent RENT Jan -17 Feb -17 Mer -17 Apr -17 May -17 Jun -17 Jul -17 Aug -17 Sep -17 Oct -17 Nov -17 Deo -17 AFFORDABLE -ONE BEDROOM 44785 :-$795,,:1 $26,235 $26,235 $25,440 $26,235 $26,235 $25,440 $26,235 $26,235 $25,440 $26,235 $26,235 $25,440 IST FL 1 -BEDROOM UNITA $1A7 -n'.-< :$1,090 ;_ $6,540 $6,540 $6,540 $6,540 $6,540 $8,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 1STFL 1d1EDROOM UNITC $T.O85 .- -$T 100 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 1STFL 1-BEDROOMIDEN UNIT C-2 ;1;235 =' $i 250 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 1ST FL 2 -BEDROOM UNIT D & D -z- $5425 ;-"-- $1445 $5,780 $5,780 $5,780 $5,780 $5,780 $5,780 $4,335 $4,335 $5,780 $1,335 $4,335 $5,780 ISTFL 2 -BEDROOM UNITE $1;305".:-' =$1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 2ND FL 1 -BEDROOM UNITA $1;075.;" -, 31,090 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 $5,450 2NDFL 1 -BEDROOM UNITC EI 085„" $t,100 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 2ND FL 1-BEDROOMIDEN UNIT C-2 - 31235;•;- - ;1,250 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 2ND FL 2 -BEDROOM UNIT D&02 $1;425,,,•` 11.445 $4,335 $4,335 $5,760 $5,780 $5,780 $5,780 $4,335 $4,335 $4,335 $5,780 $5,780 $5,780 2ND FL 2 -BEDROOM UNITE -2 $1 U?AS _ _ .11,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 $1,225 2ND FL 2 -BEDROOM UNITE $4;305 .,, !"6 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 $2,650 3RD FL 1 -BEDROOM UNITA .$1:075, _$t,O80 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 $6,540 3RDFL1-BEDROOM UNIT $11;085 - $1,i00 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 3RD FL 1-BEDROOM/DEN UNIT C2 $123$ - _$1,250 $2,500 $2,5CO $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $1,500 $2,500 3RD FL 2 -BEDROOM UNIT D&D2$1;425 :$1,445 $5,780 $5,780 $5,780 $4,335 $4,336 $5,780 $5,780 $5,780 $5,780 $5,780 $5,780 $5,780 3RD FL 2 -BEDROOM UNIT E-2 $11390 -$1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 3RD FL 2 -BEDROOM UNITE --,$4;305 _$1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 $1,325 4TH FL 1 -BEDROOM UNIT ;$];085 $1,100 - $6,600 $6,600 $6,600 $6.600 $6,600 $6,600 $6,600 $6,600 $6,60D $6,600 $6,600 $6,600 4TH FL 1 -BEDROOM UNIT C $1;095 $11,110: $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 $2,220 4TH FL 1-13EDROOMIDEN UNIT C-2 . $jj246% $1260 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 $2,520 4TH FL 2 -BEDROOM UNIT E-2 :$1;395- 1$1415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 $1,415 PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY HRA RESOLUTION NO. 2016-05 AUTHORIZING THE 2017 OPERATING BUDGET FOR VICKSBURG CROSSING WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a housing and redevelopment authority to function in the City and granted to the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the powers and duties of a housing and redevelopment authority under the provisions of the HRA Act; and WHEREAS., the Authority owns and operates a senior independent apartment building named Vicksburg Crossing; and WHEREAS, the Authority is required to adopt an operating budget for Vicksburg Crossing; and WHEREAS, Grace Management, Inc., the HRA's contract property management company has provided a proposed 2017 budget for Vicksburg Crossing; and WHEREAS, staff from the Authority and the City have reviewed the proposed budget; and WHEREAS, the Authority has before it for its consideration a copy of the budget for the operations of Vicksburg Crossing for the fiscal year 2017. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota: The Vicksburg Crossing Operating Budget for the fiscal year of 2017 has a total operating expense amount of $506,912 and other expenses of $599,747 for a total budget of $1,106,659. 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 17" day of November, 2016.