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Home My WebLink About02/27/2007HOUSING AUTHORITY MEETING February 27,2007 CITY COUNCIL CHAMBERS 5:00 P.M. A. Call Meeting to Order B. 'Roll Call C. Approval of the Minutes: January 23 & February 9, 2007 D. Of£cers Reports E. Public Forum F. Unfinished Business G. New Business H. Other ~ 1. 2007 Housing Conference Overview 1. Adjournment ~ . MINUTES OF WHEAT RIDGE HOUSING AUTHORITY January 23, 2007 5:00 p.m. A. CALL THE MEETING TO ORDER B. ROLL CALL OF MEMBERS Authority members present Cheryl Brungardt Kathy Nuanes Janice Thompson Commissioners absent: Kent Davis Also attending: Alan White, Community Development Director Alan Feinstein, Jeffco Housing Authority Betry Maybin, Cornerstone Realty Ann Lazzeri, Recording Secretary Chair Brungardt announced the resignation of Terry Womble from the Housing Authority. C. APPROVAL OF THE MINUTES - December 12, 2006 It was moved by Janice Thompson and seconded by Cheryl Brungardt to approve the minutes of December 12, 2006. The motion carried 2-0 with Kathy Nuanes abstaining. D. OFFICER REPORTS There were no officer reports. E. PUBLIC FORUM There were no members of the public to address the Authority at this time. F. UNFINISHED BUSINESS • Betty Maybin reported that there have been a couple of showings at Park Side. There are two units remaining to be sold. G. NEW BUSINESS 1. Update on Parfet Duplex HOUSING AUTHORITY January 23, 3007 - 1 - Alan Feinstein reported that Henry Wehrdt informed him that the Parfet property was extremely close to completion. Betty Maybin estimated the units will go on the market about the end of January. 2. Discussion of the Richards-Hart Estate Duplex Alan White reported that there was potential for major repairs at one of the rental units at the Richards Hart Estate, but only minor repairs were needed and the cost was relatively low. He reviewed his report contained in the Housing Authority meeting packet. Discussion ensued regarding possible solutions including sale or demolition of the duplex. The possibility of refurbishing the building and using it as an accessory structure to the mansion was also discussed. Any action would take approval of City Council. There was a consensus of the Authority to have Henry Wehrdt take a look at the building and give his opinion regarding renovation or demolition. Alan Feinstein stated that he could assist in relocating the present tenants if necessary. 3. Authorization to hire Swanhorst & Company to perform Housing Authority Audit It was moved by Kathy Nuanes and seconded by Janice Thompson to authorize Swanhorst & Company LLC to conduct the Housing Authority Audit with the understanding that they would not exceed $3,500 for their services. The motion carried 3-0. 4. Purchase of 13 units on West 48t" Avenue - Somerset Condominiums It was moved by Kathy Nuanes and seconded by Janice Thompson to adjourn to executive session to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations, and/or instruct negotiators, pursuant to CRS, Section 24-6-402(4)(e). The meeting was adjourned to executive session at 522 p.m. The executive session was convened at 523 p.m. The executive session was adjourned at 6:08 p.m. The regular meeting was reconvened at 6:09 pm It was moved by Kathy Nuanes and seconded by Janice Thompson that in reference to the purchase of Somerset Condominiums on West 48"' Avenue, the Authority not submit a letter of intent and ask Cornerstone HOUSING AUTHORITY January 23, 3007 - 2 - Realty to continue to look for properties that would be viable for the Housing Authority. The motion carried 3-0. H. OTHER There was no other business to come before the Authority. i. ADJOURNMENT It was moved by Janice Thompson and seconded by Kathy Nuanes to adjourn the meeting at 6:11 p.m. The motion carried 3-0. The next meeting will be held on 2-27-07. Cheryl Brungardt, Chair HOUSING AUTHORITY January 23, 3007 Ann Lazzeri, Recording Secretary -3- MINUTES OF SPECIAL MEETING WHEAT RIDGE HOUSING AUTHORITY February 9, 2007 3:00 p.m. A. CALL THE MEETING TO ORDER The meeting was called to order by Chair Brungardt at 3:10 p.m. B. ROLL CALL OF MEMBERS Authority members present: Cheryl Brungardt Kent Davis Kathy Nuanes Janice Thompson Also attending: Alan White, Community Development Director Henry Wehrdt, Construction Manager Lany Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Ann Lazzeri, Recording Secretary C. OFFICER REPORTS There were no officer reports. D. PUBLIC FORUM There were no members of the public to address the Authority at this time. E. UNFINISHED BUSINESS F. NEW BUSINESS Larry Nelson presented information on these properties. So far, he has been unable to see the inside of the duplex on 46`h Place because the tenants have not been cooperative about showings. He and Henry Wehrdt have been able to see the Fenton Street property to make a preliminary estimate about remodeling costs. Use of grant funds would be necessary in arder to purchase these properties. Grant money in the amount of $150,000 to be used for acquisition and $75,000 to be used for rehabilitation from Jefferson County will only be available until June of this year. The $150,000 grant has already been set aside for the Housing Authority but final approval has not yet been given for the $75,000 grant. It was moved by Janice Thompson and seconded by Kent Davis that the Housing Authority pursue a contract for purchase of the duplex at 11330 and 11340 West 46th Place and the three units on 3174, 3176 and 3178 Fenton Street contingent upon getting both grants from Jefferson County. If the HOUSING AUTHORITY February 9, 2007 ' 1 - $75,000 grant falls through, then the 46th Place property would be pursued as the first option and the Fenton Street units as the second option. The motion passed 4-0. G. OTHER • There was discussion regarding whether or not the Authority should consider ways to return some of the "seed money" back to the city. • Larry Nelson suggested reducing the price by an amount of $2,000 for each of the two remaining Parkside units. The selling price would then be $127,900 for each unit. It was moved by Kathy Nuanes and seconded by Janice Thompson to reduce the price for the two remaining Parkside units by $2,000 per unit. The motion passed 4-0. H. ADJOURNMENT It was moved by Kathy Nuanes and seconded by Janice Thompson to adjourn the meeting at 4:05 p.m. The motion passed unanimously. Cheryl Brungardt, Chair HOUSING AUTHORITY February 9, 2007 Ann Lazzeri, Recording Secretary -2- 02i21/07 Wheat Ridge Housing Authority Balance Sheet As of February 28, 2007 Feb 28,'07 ASSETS Current Assets Checking/Savings 113 - 1st Bank - Checking (33,233) 120 • 1st Bank - Money Market 714,838 Total CheckinglSavings 681,605 Other Current Assets 157 • ParkSide Project Inventory 222,760 153 • Parfat Project Inventory 337,511 Total Other Current Assets 560,271 Total CurrentAssets 1,241876 Other Assets 271 • Note Receivabla -Abel 3,000 273 • Note Receiveble - Beca 9,723 Total Other Assets 12.123 TOTAL ASSETS 1,253,999 LIABILITIES 8 EQUITY Llabilities Current Liabilitles Accounts Peyable 315 - Construction Retainage 4,783 Total Accounts Payable 4,783 Other Current Liabilities 310 • Raal Estata Taxes Due 979 Total Other Current Liabilities 979 Total Current Llabilities 5,762 Total Liabilities 5,762 Equity Net Income 2,831 465 • Fund Balance 1,245,407 Total Equlry 1,248,238 Page 1 of 2 02i21/07 Wheat Ridge Housing Authority Balance Sheet As of February 28, 2007 Fab 28, '07 TOTAL LIABILITIES & EOUITY 1,254,000 Page 2 oi2 ozizvm Wheat Ridge Housing Authority Parfet Project As of February 28, 2007 Feb 28, '07 % of Incoma Ordinary Income/Expense Cost of Goods Sold 555 - Purchase oi Unifs 237,000 0% 562 - Acquisitlons Costs 172 0% 565 - Condo Map 565 0% 567 - Constructlon Period Mainte nance 120 0% 571 • Homeowners Association 1,000 0% 573 • Rehabilitetion - Appliances 2,850 0% 576 - Rehabllitation - Exterior 10,324 0% 580 • Rehabilitation - Various 85,480 0% 599 • Ending Cost of Units 337,511 0% Total COGS 4 0% C,ross ProTit 0 0 % Expense 802 - Gardening 8 Maintanance 535 0% 872 • Utilities 215 0 % Total Expense 750 0 % Net Ordinary Income -750 0 % Netlncome -750 0% Page 1 of 1