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Home My WebLink About09/27/2011Wheat Ridge Housing Authority AGENDA September 27, 2011 CITY COUNCIL CHAMBERS 4:00 P.M. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer at 303 - 235 -2826 at least one week in advance of a meeting ifyou are interested in participating and need inclusion assistance. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: August 23, 2011 D. Officers Reports E. Public Forum F. New Business 1. Update from JCHA on rehab of single family homes 2. Update on Fruitdale clean -up and roof G. Unfinished Business J. Other K. Adjournment to Tour West 36th Place 'A� NVRHA Wheat Ridge Housing Authority Minutes of Meeting August 23, 2011 1. 2. CALL THE MEETING TO ORDER The meeting was called to order by Chair Council Chambers of the Municipal Buil( Ridge, Colorado. ARDT at 4 ) West 29` in the City Wheat 3. 9 5. ROLL CALL OF MEMBERS Authority Members Present: Cheryl Authority Members Absent: Kathy Nuanes Staff Members Present: Sa1lyPayne, Deputy Director Dick Matthews, WRHA Accountant "Larry Nelson Cornerstone Realty Betty Maybin, Cornerstone Realty Ann Lazzeri, Recording Secretary OF MINUTES — July 26, 2011 It was moved: by-Katie Vanderveen and seconded by Janice Thompson to approve the minutes of July 26, 2011 as presented. The motion carried 4 -0 with Janice Thompson abstaining. OFFICERS REPORTS Dick Matthews distributed and reviewed details of the Housing Authority's balance sheet as of July 31, 2011. PUBLIC FORUM No members of the public wished to speak at this time. Housing Authority Minutes 1 August 23, 2011 6. NEW BUSINESS A. Marcie Emily — Parkside Townhomes Mike Torres and Jennifer Craver, residents at Parkside Townhomes were present along with Marcie Emily who manages the Homeowners Association. Mr. Torres expressed concern that, because the property is in a flood plain, financial problems have been created for the HOA. Flood insurance premiums have increased significantly and account for 30% of the budget which cuts into the contingency for other items, such as roof repair. The HOA as drastically cut snow removal and other services. Mortgage companies are calling to say the HOA doesn't have adequate flood insurance. Three homeowners have stopped paying HOA dues because they have increased so much. It is difficult to sell a property because of the high HOA dues. The high cost of flood insurance is jeopardizing the HOA. He distributed copies of the HOA' s financial records; Mr. Torres, Ms. Craver and Ms. Emily asked if the Housing Authority might offer some solutions to this problem. Sally Payne will contact the City's flood solutions and get back to the HOA. B. JCHA 3891 Moore Henry Wehrdt presented an about 15% comnlete...1 -has rewired at a cost of Seven bid packages the three -bids that c It was moved by J approve the bid fr Street in an amou contractor to coma and new gas firepl C. Patrick Eid :1311 about any possible e rehab process which is entire house will have to be Court property. Mr. Wehrdt reviewed and seconded by Janice Thompson to ces for remodel services at 3891 Moore 39,785 with a contingency fee of $5,000 and ask the with any savings on framing of the new family room unit. The motion carried 4 -0. — Fruitdale School Mr. Eidman introduced Michelle Chichester who is a Surveys Assistant with Colorado Preservation. Mr. Eidman stated that he would assist in the formation of a stakeholders group to pursue end use possibilities for the Fruitdale building. The Governor's Energy Office will send a staff person to assist with resources for the project. The State Historical Fund will send their deputy director. If Slater - Paul architects are chosen for the project, they will also send a representative. Housing Authority Minutes 2 August 23, 2011 The building is eligible for National Historic designation and he hopes to have the nomination complete by the October 1, 2011 deadline. He has history on Temple Buell but needs to do more research on Fruitdale history. 7, The HSA grant application should be submitted within two weeks. Approval from the State Historical Fund should result in about $15,000 to do the assessment and then a subcontract can be arranged with an architect. HistoriCorps will lend assistance in cleaning up the building if necessary. (Katie Vanderveen left the meeting at 5:15 p.m.) Concern was expressed about preschool parking close to the building as possible. Ms. Payne exp allowed once work on the building has begun. Mr. Eidman clarified that grants. Kathy Nuanes submitted Janice Thompson's n stakeholders committee. There was discussion membership. UNFINISHED BUSINESS the back of the fence as hat this will not be does qualify for historical membership on the ng other possibilities for Sally Payne at The property -1 8. OTHER Joseph 66MOI It was moved Cornerstone Yarrow;Stree carried 3 -04 _ .' :_ 1 LI i1 1 1k gardt toured the property at 5610 West 36` Place. should be on the market some time next week. property for possible rehabilitation. r and seconded by Joseph DeMott to direct the possible purchase of a home at 4505 a possible bid should not exceed $89,500. The motion It was moved by Janice Thompson and seconded by Joseph Demott to adjourn the meeting to September 27, 2011 at 6:20 p.m. The motion carried 3 -0. Cheryl Brungardt, Chair Ann Lazzeri, Secretary Housing Authority Minutes 3 August 23, 2011 Wheat Ridge Housing Authority 09120/11 Balance Sheet As of August 31, 2011 Pagel Aug 31,'11 ASSETS Current Assets Checking /Savings 113. 1st Bank - Checking 5,000 120 - 1st Bank - Money Market 690,059 140 • Rental Working Capital 20,678 145 - Cash Clearing 523 Total Checking /Savings 716,259 Other Current Assets 157• Fruitdale Project 114,073 159 - 3450 Upham Project 132,750 161 • 3695 High Court Project 159,205 163 - 3893 Moore St. Project 132,750 165 •4035 Nelson Project 125,188 167 -4330 Upham Project 142,120 169 • 4530 Yarrow Project 132,750 171 - 7910 W. 46th Project 123,383 173 • 5610 W. 36th Place Project 164,587 Total Other Current Assets 1,226,807 Total Current Assets 1,943,066 Other Assets 273 • Note Receivable - Baca 7,730 Total Other Assets 7,730 TOTAL ASSETS 1,950,796 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 310 - Real Estate Taxes Due 629 Total Other Current Liabilities 629 Total Current Liabilities 629 Total Liabilities 629 Equity Net Income 922,297 465 • Fund Balance 1,027,869 Total Equity 1,950,166 TOTAL LIABILITIES & EQUITY 1,950,796 Pagel Wheat Ridge Housing Authority 09120/11 Profit and Loss January through August 2011 Jan - Aug '11 Ordinary Income/Expense Income 99 530 - Rent 24,978 535 - Interest Income 2,990 Total Income 27,969 Cost of Goods Sold 60 555 - Purchase of Units 1,146,640 560 • Acquistion Appraisal Fees 1,750 562 - Acquisitions Costs 28,342 567 • Construction Period Maintenance 1,433 580 • Rehabilitation -Various 46,836 590 - Relocation Expenses 1,806 599 • Ending Cost of Units - 1,226,807 Total COGS 0 Gross Profit 27 Expense 702 - Advertising 99 750 • Accounting & Legal 1,000 762 - Bank Charges 1,092 775 • Conference & Meeting Expense 528 787 - Dues, Books & Subscriptions 60 802 • Gardening & Maintenance 1,135 815 - Management Fee 636 825 • Office Supplies 146 832 - Postage 6 872 • Utilities 969 Total Expense 5,671 Net Ordinary Income 22 Other IncomelExpense Other Income 564 - CDBG Grant 900,000 Total Other Income 900,000 Net Other Income 900,000 Net Income 922,297 Page 1 Wheat Ridge Housing Authority 09120/11 5610 W. 36th Place Project January through December 2011 Jan - DWI1 % of Income Ordinary Income /Expense Cost of Goods Sold 555 - Purchase of Units 134,000 0% 562 • Acquisitions Costs 837 0% 580 - Rehabilitation -Various 29,750 0% 599 • Ending Cost of Units - 164,587 0% Total COGS 0 0% Gross Profit 0 0% Expense 872 • Utilities 29 0% Total Expense 29 0 % Net Ordinary Income -29 0 % Net Income - 0% Pagel