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