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Home My WebLink About03/26/2003HOUSING AUTHORITY MEETING March 26, 2003 CITY HALL, LOBBY CONFERENCE ROOM 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: January 22 & March 12, 2003 D. Officers Reports E. Public Forum F. Unfinished Business G. New Business 1. Proposal to hire JR Matthews, PC to provide accounting services 2. Status of 6410 W. 44~' Place Acquisition H. Other I. Adjournment - to April 23, 2003 CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting January 22, 2003 A. CALL THE MEETING TO ORDER The meeting was called to order by Chair DiTullio at 7:00 pm. in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. B. ROLL CALL Authority Members Present: Cheryl Brungazdt Mazy Jo Cavarra (arrived at 7:55 p.m.) Kent Davis Jerry DiTullio Kathryn Fulton Others Present: Alan White, Planning Director Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Ann Lazzeri, Recording Secretary C. APPROVAL OF MINUTES It was moved by Cheryl Brungardt and seconded by Kathryn Fulton to approve the minutes of December 11, 2002. The motion passed 3-0 with Kent Davis abstaining. D. There were no officer reports. E. PUBLIC FORUM There were none present to address the Authority. F. There was no unfinished business to come before the Authority. G. NEW BUSINESS 1. Ouail Square Proiect Summarv Alan White reviewed the summary of acquisition and rehabilitation costs for the Quail Square condominiums. The summazy was also contained in the Housing Authority packet. There was some concem that the project came in at a loss. However, there were opinions that, for the first Housing Authority project, it was successful in providing affordable housing to people who might not otherwise be able to own their residence. Further, much knowledge was gained in the process which should prove valuable in Housing Authority January 22, 2003 future projects. The Authority reviewed costs involved and sales figures for the project and discussed ideas that could be applied to a future housing project. Jerry DiTullio suggested that there should be a separate spreadsheet for the project that shows grants, city contributions, sales tax rebates and CDBG funds. There was a consensus that this information should be sepazate from the spreadsheet that shows acquisition and rehabilitation costs. Larry Nelson commented that the units sold well due to the rehab work which was done and the fact that the units were priced fairly. There aze two remaining contracts on Quail Square that are scheduled to close in February and there are four people on a waiting list for future projects. H. OTHER It was moved by Cheryl Brungardt and seconded by Kathryn Fulton that Alan White be directed to submit an award application to NAHRO for the Quail Square project. The motion passed 4-0. Another housing project is under consideration by the Authority. Several members have taken a tour of the property along with Henry Wehrdt who provided a preliminary estimate of rehab costs. Larry Nelson and Betty Maybin provided property comparisons, affordability and loan qualification information and other information regarding the property. The tenants aze not awaze of the possible sale of the building, therefore the matter requires a degree of confidentiality. It was moved by Kathryn Fulton and seconded by Cheryl Brungardt to authorize Cornerstone Realty to make an offer to the seller in the range of $700,000-750,000. The motion passed 4-0. (Mazy Jo Cavarra arrived at 7:55 p.m.) Alan White reminded the Authority that CDBG funds are available which could be applied to the project which was discussed eazlier in the meeting. Jerry DiTullio agreed to update Mary Jo after the meeting. She did express some concem about buying property at this time when rental property prices seem to be falling. . Alan White advised the Authority that the rental unit on the Richazds-Hart estate has been rented. . Kent Davis thanked the Authority for the card sent in expression of sympathy for the loss of his mother. . Housing Authority members will review information received at the meeting regazding the possible new project. It may be necessazy to call a special meeting of the Authority to give authorization for purchase of the property. Housing Authority Page 2 January 22, 2003 I. ADJOURNMENT It was moved by Kent Davis and seconded by Kathryn Fulton to adjourn the meeting to February 26, 2003 unless it is necessary to hold a special meeting before that time. The motion passed 5-0 and the meeting was adjourned at 8:05 p.m. Jerry DiTullio, Chair Ann Lazzeri, Secretazy Housing Authority January 22, 2003 CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Special Meeting March 12, 2003 A. CALL THE MEETING TO ORDER The meeting was called to arder by Chair DiTullio at 5:00 p.m. in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. B. ROLL CALL Authority Members Present: Cheryl Brungazdt Mary Jo Cavarra Kent Davis Jeny DiTullio Kathryn Fulton Others Present: Alan White, Planning Director Larry Nelson, Comerstone Realty Betty Maybin, Cornerstone Realty Jim Bills, Vectra Bank Alan Feinstein, Jefferson County Housing Authority Ann Lazzeri, Recording Secretary C. CONSIDERATION OF PROPERTY PURCHASE Larry Nelson submitted two mazketing proposals for a property located at 6410 West 44th Avenue. One proposal showed costs with carports; the other proposal showed costs with gazages. Proposed sales prices for the first alternative would be approximately $120,500 for eight units and $115,500 for two units. The second alternative (with gazages) would be approximately $123,300 for eight units and $118,200 for two units. These prices would include washers and dryers. It was his suggestion to go with the proposal which includes the gazages. These units could be sold for lower prices than the Quail Squaze project. The property could be paid for with cash using a loan to cover rehab costs. Following discussion of the proposals, it was moved by Kent Davis and seconded by Mary Jo Cavarra to authorize Cornerstone Realty to offer a contract to purchase property at 6410 West 44th Avenue in the amount of $789,000. The motion passed 5-0. It was moved by Kathryn Fulton and seconded by Cheryl Brungardt to authorize the issuance of a$10,000 check for earnest money. The motion passed 5-0. D. ADJOURNMENT The meeting was adjourned at 5:35 p.m. Jerry DiTullio, Chair Ann Lazzeri, Secretary Housing Authority Mazch 12, 2003 J. R. Matthews, certified public accountants 4465 Kipiing, Suite 103 pIC• Wheat Ridge, CO 80033 303-424-7763 Fax 303-424-1301 Mazch 14, 2003 Wheat Ridge Housing Authority City of Wheat Ridge ?500 West 29'" Avenue Wheat Ridge, CU 80033 Attn: Alan White Re: Proposed Accounting Services Dear Commissioners: Thank you for considering our firm for your accounting needs. Our fees aze based on hourly rates that vary from $43 to $125 per hour depending on the expertise needed for a particulaz segment of the engagement. One Time Set Un: We would do the Following: Transfer your chart of accounts into Quickbooks, Transfer December 31, 2002, balances into the computer, Record 2003 transactions to date, Set up vendors, and Prepare amortization schedules on installment loans. One Time Fee You would provide us: $ 500 Copy ofDecember 31, 2002, trial balance. Copy of 2002 final Financial Statement. Wheat Ridge Housing Authority March 14, 2003 Page 2 We will also need to have access to your files that contain: Files on all lease contracts. Files on all loans payable. Files on all loans receivable. Monthlv Accounting: We would do the following: Write and record checks, Deposit and record receipts, Maintain accounting files, Reconcile bank account, Assist in coding checks, and Assist staffin preparing reports as requested. You would provide: Invoices approved for payment, Receipts stamped for deposit, and Various other information as requested. December 31_ Year End: We would do the following: Prepare accounting records and ffies for the auditors, Prepare letter on accounting suggestions, Prepare Form 1099's. Wheat Ridge Housing Authority March 14, 2003 Page 2 We would not prepaze formal financial statements however we would assist the staffto provide reports as requested by the Authority. Our engagement would not be for the purpose of discovering misuse of funds; however, if ws became aware of any, we would report them to you. Our work will comply with the rigid and rather cumbersome accounting procedures required by law for govemmental units. I-Iowever, we will not forget that the primary purpose of financial reports is to communicate. We will be prompt and accurate with our services. We will return telephone calls promptly. We aze very interested in being a part of your management team. Please contact us to discuss any portion of this pronosal. Thank you again. Sincerely, 0G0~ A*9`~'' Richazd Matthews Certified Public Accountant JRM/bms