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HomeMy WebLinkAbout10/22/2003HOUSING AUTHORITY MEETING October 22, 2003 CARNATION SQUARE TOWNHOME CONDOMINIUM CONVERSION 6410 West 44'h Place 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: June 25 & July 23, 2003 D. Officers Reports • E. Public Forum F. Unfinished Business G. New Business 1. Tour of Carnation Squaze project H. Other 1. Adjournment - to November 26, 2003??? CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting July 23,2003 A. B. C. D. E. F G. CALL THE MEETING TO ORDER The meeting was called to order by Jerry DiTuliio at 7:02 p.m. in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. ROLL CALL Authority Members Present: Authority Members Absent: Cheryl Brungazdt Jerry DiTullio Kathryn Fulton Mary Jo Cavarra Kent Davis Others Present: Alan White, Planning Director Dick Matthews, Accountant Larry Nelson, Comerstone Realty Betty Maybin, Cornerstone Realty Jim Bills, Vectra Bank Wendy Swanhorst, Auditor Lynn Brown, Habitat for Humanity Ann Lazzeri, Recording Secretary APPROVAL OF MINUTES The minutes of June 25, 2003 will be considered at the next Housing Authority meeting because there was onfy one member present who had attended the meeting. OFFICERS REPORTS There were no officers reports. PUBLIC FORUM There were none present to address the Authority. UNFINISHED BUSINESS There was no unfinished business to come before the Authority. 1. Presentation and acceotance of audit It was moved by Kathryn Fulton and seconded by Cheryl Brungardt to accept the audit as presented. The motion passed 3-0. Housing Authority ]uly 23, 2003 Page 1 2. Habitat for Humanitv Presentation Lynn Brown from Habitat for Humanity presented information regazding the formation and function of Habitat for Humanity. In this program, homeowner candidates and volunteers work together to build simple, decent affordable housing. Mortgage payments aze reinvested into the program to fund future construction. Classes aze held for homeowners for education in the azeas of maintenance, landscaping, etc. Habitat likes to spend no more than $30,000 for land to build a single home. Under the right circumstances, they would purchase run-down property, remove the structures and build new houses. Lynn stated she would check into the possibility of Wheat Ridge Housing Authority homeowners attending the classes conducted by Habitat. She will report back to Alan White with the information. Habitat for Humanity has just completed an 18-unit townhouse project in the city of Lakewood and would be interested in partnering with the Wheat Ridge Housing Authority on affordable housing projects. 3. Update on Caraation Square Proiect Larry Nelson presented an update on the project and reviewed construction cost and bid information prepazed by Henry Wehrdt from Jeffco Housing Authority. These reports were provided to Authority members. The preliminary development budget would allow eight units to be sold at $126,000 and two units at $121,000. Five gazages would be available at an addiiional cost of $6,500. All units will have storage units included in the sale price. There was a consensus to authorize Comerstone Realty to use these prices for mazketing purposes. H. OTHER Cancel Auaust Meetina Tt was moved by Cheryl Brungardt and seconded by Kathryn Fulton to cancel the August Housing Authority meeting unless an emergency meeting is required. The motion passed 3-0. 1. ADJOURNMENT The meeting was adjourned at 7:50 p.m. Jerry DiTullio, Chair Housing Authority luly 23, 2003 Ann Lazzeri, Secretary Page 2 CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting June 25, 2003 A. B. C. n. E. F. G. CALL THE MEETING TO ORDER The meeting was called to order by Vice Chair Cavarra at 7:07 p.m. in the Lobby Conference Room ofthe Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. ROLL CALL Authority Members Present: Authority Members Absent: Cheryl Brungazdt Mazy Jo Cavarra Kent Davis Jerry DiTullio Kathryn Fulton Others Present: Alan White, Planning Director Dick Matthews, Accountant Lazry Nelson, Cornerstone Realty Jim Bill:,, Vectra Bank Henry Wehrdt, Jeffco Housing Authority Wendy Swanhorst, Auditor Ann Lazzeri, Recording Secretary APPROVAL OF MINUTES Cheryl Brungardt requested an amendment to the last sentence of page two of the minutes. National Association of Housing should be changed to "Colorado Association of Housing." It was moved by Kent Davis and seconded by Cheryl Brungardt to approve the minutes of April 23, 2003. The motion passed 2-0 with Mary Jo Cavarra abstaining. OFFTCERS REPORTS There were no officers reports. PUBLIC FORUM There were none present to address the Authority. There was no unfinished business to come before the Authority. NEW BUSINESS 1. Presentation and acceptance of audit Wendy Swanhorst reviewed the Housing Authority audit. It was moved by Kent Davis and seconded by Cheryl Brungardt that acceptance of the audit be tabled until the July 23, Housing Authority Page 1 June 25, 2002 2003 meeting to give all Authority members time to review the audit. The motion passed 3-0. 2. Update on Carnation Sauare Proiect Alan White reported that City Council approved a vacation of the easement on the property which will allow garages to built. Larry Nelson reported that he has received 18 applications to purchase a unit at Carnation Squaze which have resulted in 5 applications presently under consideration. He believed this was a good response in light of the fact that no mazketing, other than an article in the Wheat Ridge Connection, has taken place. He also reviewed the preliminazy development budget as well as information on affordability and loan qualification. Henry Wehrdt reviewed owner/contractor agreements and proposed summaries for various rehabilitation projects and informed the Authority that all bids should be in by the end of this week. Bids received so faz have been under estimates. Wheat Ridge contractors were given preference in the bidding process in order to support the city's economy. Once bids are finalized and a notice to proceed has been issued, construction can begin. Condo maps should be complete 120 days after the notice to proceed is issued. It was suggested that publicity be given to the fact that the Housing Authority is working with local Wheat Ridge contractors as well as providing affordable housing to Wheat Ridge residents. H. OTHER Dick Matthews presented the financial repoR for the Housing Authority. Authority members felt the financial reports will be very helpful in tracking the budget process. 1. ADJOURNMENT The meeting was adjoumed at 8:50 p.m. Mary Jo Cavarra, Chair Ann Lazzeri, Secretary Housing Authority June 25, 2002 10n3i03 Wheat Ridge Housing Authority Balance Sheet As of October 13, 2003. Oct 13,'03 ASSETS Curcenl Assets Checking/Savings 113 • Vectre Operating Account 289,581 Total CheckinglSavings 269,587 Other Current Assets 160 • Property Held for Resale 846,972 Total Other Current Assets 846,972 Total Currenl Assets 1,136,553 Other Assets 271 • Note Receivable - Abel 3,000 279 • Nate Receivable - Baca 10,005 Total Other Assets 13,005 TOTAL ASSETS 1,149,558 LIABILITIES 3 EQUITY Liabifitles . Current Liabilities O[her Current Liabilkies 710 • Real Estate Taxes Due 1,121 320 • Carnation Construction Loan 56,493 Total Ofher Currenl Liabilities 57,614 Total Current Liabilities 57,614 Long Term Liabilities 360- TenaniDamage Deposit 350 Total Long Term LiabilHies 350 Total Liabilities 57.964 Equity Net income -14,132 465 - Fund Balance 1,105,726 Total Equity 1.091,594 TOTAL LIA8ILITIES S EQUITY 1,749,668 Page 1 of t ,onsioa Wheat Ridge Housing Authority Profit and Loss January lthrough October 13, 2003 Jan 1 - Oct 13,'03 Ordinary lncome/E xpense Income 500 • Sale ol Units 382,000 630 • Rent 9,070 635 • Interest Income 967 649 • Miscellaneous Income 5 Total Income 392,042 Cost of Goods Soltl 661 - Beginning Cost of Units 369,839 665 - Purchase of Units 789,000 560 - Acquistion Appraisal Fees 550 566 • Acquisitions Cosis 301 566 • Construction Period Interest 224 567 • Construction Period Maintenance 810 570 • Environmental Study 1,530 576 • Loan Costc 5,140 676 • Rehabilitaion - Electrical 5,035 577 • Rehabilitation - Exterior 23,547 678 • Rehabililaion - Plumbing 11,173 679 • Rehabilitation • Structural 8,218 562 • Title Insurance 946 565 • Title Searches 265 596 • 2oning Appliwtion 300 599 - Ending Cost of Units -846.972 Total COGS 369,840 Gross Profit 22,202 Expense 700 • Selling Costs 6,859 706 - Closing Costs 2.362 710 • Commissions 11,460 MO • Haneowners Association Capital 290 760 • Accounting 8 Legal 4,247 762 •Bank Charges 17 775 • Conference 6 Meeting Expense 25 802 • Gardening 6 Maintenance 846 804 • Haneowners Association Oues 288 807 • Insurance 5,494 872 •Poatage 22 Page 1 of 2 10113i03 Wheat Ridge Housing Authority Profit and Loss January 7 through October 13, 2003 Jan 1 -Oct 13,'03 643 - Repa{rs 1,449 857 - Taxes - Real Estate 363 865 • Trash Removal 72 872 • Utilities 1•470 Total Expense 35,264 Net Ordinary Income -13,062 Otherlncome/Expense OtherExpense 910 . Interest Expense 1,074 Total Olher Expense 1,074 Net Other Income -1,074 Net Income -14,116 Page 2 of 2 09125103 Wheat Ridge Housing Authority Carnation Project January through September 2003 Ordinary Income/Expense Income 530 • Rent Total Income Cost of Goods Sold 555 • Purchase of Units 560 - Acquistion Appraisal Fees 565 • Acquisitions Costs 566 - Construction Period Interest 567 • Construclion Period Maintenance 670 • Environmental Study 575 - Loan Costs 576 • Rehabilitaion - Electrical 677 • Rehabilitation - Exterior 579 - Rehabilitation - Structural 582 • Titie Insurance 585 • Title Searches 595 • Zoning Application 599 • Ending Cost of Units Total COGS Gross Profit Eapense 750 • Accounting S Legal 802 - Gardening 8 Maintenance 807• Insurance 632 • Poslage 843 • Repairs 865 • Trash Removal 672 • Utilities TotalExpense Net Ordinary Income Otherlncome/Expense Other Expense 910 • Interest Expense Total Other Expense Jan - Sep'03 1,570 1,570 789,000 550 301 74 485 1,530 5,140 2,375 23,541 8.218 946 265 300 -832,725 0 1,570 964 581 5,494 14 BO 72 1,083 8,288 -6.718 7,074 1,074 Page 1 012 09125i03 Wheat Ridge Housing Authority Carnation Project January through September 2003 Net Other Income Net Income Jan -Sep'03 -7 ,074 -7,792 Page 2 of 2