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Home My WebLink About07/24/2007HOUSING AUTHORITY MEETING July 24, 2007 CITY COUNCIL CHAMBERS 5:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: June 26, 2007 D. Of£cers Reports E. Public Forum F. Unfinished Business G. New Business H. Other 1. Adjournment MINUTES WHEAT RIDGE HOUSING AUTHORITY June 26, 2007 A. CALL THE MEETING TO ORDER The meeting was called to order by Chair Brungardt at 5:00 p.m. B. ROLL CALL Authority members present: Cheryl Brungardt Kent Davis Kathy Nuanes Lena Rotola Janice Thompson Others attending: Ryan Stachelski, Wheat Ridge Economic Development Director Larry Nelson, Cornerstone Realty Henry Wehrdt, Construction Manager C. APPROVAL OF MINUTES: May 22, 2007 It was moved by Kathy Nuanes and seconded by Janice Thompson to approve the minutes of May 22, 2007. The motion passed 4-0 with Kent Davis abstaining. D. OFFICERS REPORTS There were no officers reports. E. PUBLIC FORUM There was no one present to address the Authority. F. UNFINiSHED BUS[NESS 1. Rebuilding Together Ryan Stachelski continued a discussion regarding the program Rebuilding Together. Authority members viewed a video presentation explaining the program. Janice Thompson stated that she would like to postpone a decision regarding participation with Rebuilding Together unril repairs at the Parfet property are completed. Kathy Nuanes agreed that it is necessary to know what the Parfet costs are going to be before making a commitment to Rebuilding Together. Mr. Stachelski agreed that it would be wise to wait. He suggested that in tbe meantime Authority members might want to participate in a volunteer project to see first-hand how the program works. In response to comments that the program might compete with goals of the Authority in regard to home ownership, Mr. Stachelski stated that the program would enable homeowners who are on the verge of losing their homes to retain ownership. It was moved by Janice Thompson and seconded by Kent Davis to table consideration of participation with Rebuilding Together for six months to assess the Authority's £nancial situation once repairs are complete on the Parfet property. The motion passed 3-2 with Lena Rotola and Cheryl Brungardt voting no. G. NEW BUSINESS Structural Investigation of 3884-3894 Parfet Street Lany Nelson and Henry Wehrdt reported on what would be involved in repairs far the property at 3884-3894 Parfet Street. Authority members were given a copy of an engineer's report regarding solutions to those repairs. It was moved by Kathy Nuanes and seconded by Lena Rotola to give direction to Henry Wehrdt to obtain two additional bids for repairs at 3884- 3894 Parfet Street The motion passed 5-0. H. OTHER • Larry Nelson reported that a Parkside unit has been acquired due to foreclosure. Very little refurbishing needs to be done before putting it on the market. He reported that 4409 Everett Street is under contract. A garage is being marketed for $10,000. • Larry Nelson reported on two possibilities for new projects Henry Wehrdt will estimate rehab costs on these properties and report back to the Authority. Grant funds could be used far these properties. • Kathy Nuanes asked Lany Nelson to take a look at a four-plex located at 10890-10860 West 38"' Avenue as a possible project for the Housing Authority. • Alan announced his resignation effective July 20, 2007. He has accepted a position with City of Englewood. I. ADJOURNMENT It was moved by Lena Rotola and seconded by Janice Thompson to adjourn the meeting at 6:22 p.m. The motion passed unanimously. Cheryl Brungardt Ann Lazzeri, Secretary Chair, Housing Authority 07118107 Wheat Ridge Housing Authority Balance Sheet As of July 18, 2007 Jul 18,'07 ASSETS Current Assats CheckinglSevings 113 • 1st Bank - Checking 120 • tst Bank - Money Market Total Checking/Savfngs Other Current Assets 151 • Park5lda ProJect Inventory 153 • Perfet Project Inventory Total Other Current Assats Total Currant Assets Other Assets 273 • Note Recelvable - Bece 290 • HOA Working Cepitel Total Other Assats TOTALASSETS LIABILITIES & EQUITY Liabilities Current Llabllities Other Current Llabilities 310 • Reel Estata Taxes Due Total Othar Current Llabllities Total Current Liahilfties Total Llabilitles Equity Net Ineome 465 • Fund Balenee Total Equity TOTAL LIABILITIES & EQUITY (931) 566,890 565,959 327,660 350,890 678,550 1,244,509 9,029 350 9.379 7,253,888 579 579 579 579 7,903 1,245,407 1,253,310 1,253,889 Page 1 of 1 07118107 Wheat Ridge Housing Authority Partet Project All Transactions Jul 18,'07 of Income Ordinery IncomalExpense Cost of Goods Sold 555 • Purchasa of Units 237,000 0% 562 • Acquisitions Cosfs 172 0% 565•Condo Map 565 0% 567 • ConstrucSion Period Maintenence 219 0% 568 • Construction Menagement 5,145 0% 571 • Homaowners Assoclatlon 1,750 0% 513 • Rahebllitation -Applianeea 2.850 0 % 576 - Rehabilitation - Exterior 11,480 0% 580 • Rehebllitation • Verious 91,416 0% 581 • SupplieslMatariels 293 0 % 599 • Ending Cost of Units -350,890 0% Totsl COGS 0 Q % Gross Profit 0 0 % Expense 700 • Selling Costs 1,910 0% 802 • Gardening & Maintenanca 1,295 0% 832 • Postage 34 0 % 843 • Repairs 305 0% 872 • Utilities 1,346 0 % Total Expense 4,890 0 % NetOrdlnary lncome 4,890 0% OtherlncomelExpense OtherExpense 910•IntarestExpansa Total Othar Expense Net Other Income Natlncome 19 0% 19 0% -19 0% -4,909 0% Pega 1 of 1 07118/07 Wheat Ridge Housing Authority Park Side Project All Transactions Ordinary lncomelExpanse Income 500 • Ssle of Units 530 • Rent Totel Income Cost of Goods Sold 555 • Purchase of Unim 560 • Acquistion Approtsal Fees 562 • Acquisitions Costs 563 • Architecture 565 • Condo Map 567 • Construction Period Mdntenance 568 • Constructlon Management 570 - Garages 571 • Homeownars Associetion 573 • Rehebllitation - Appliances 574 • Rehabllitation - Cabinats 575 • Rehabilitalon - Electrlcel 576 • Rehabilitatlon - Exterior 577 • Rehabilitation - Floors 578 • Rehabilitaion - PIum6ing 580 • Rehabllitation • Verious 581 • SupplleslMaterlels 599 • Ending Cost of Units Total CO GS Gross Proflt Expense 700 • Selling Costs 704 • Buyer Incantivas 705 • Closfng Costs 710 • Commissions 720 • Homeownars Association Cepltal 750 • Accounting 8 Lagel 802 - Gardening & Meintenanca 804. Homeownars Association Duea 807 • Insuronce 825 • Office Suppllas Jul 18,'07 of Income 849,900 9,233 99%a 1 % 859,133 100 % 649,900 76 % 1,700 0% 2,084 0 % 600 0 % 5,658 1 % 4,201 0 % 17.636 2% 43,420 5 % 2,025 0% 12,210 1 % 43,121 5% 15,950 2% 82,409 10 % 31,498 4 % 31,082 4%a 107,545 13 % 932 0% -327,660 38 % 724,311 84 % 134,822 16% 3,686 0 % 26,784 3 % 4,164 0 % 36,613 4% 58 0 % 365 0 % 6,575 1 % 4,375 1 % 5,956 1 % 70 0 % Pega t of 2 07118107 Wheat Ridge Housing Authority Park Side Project All Transactions Jul 18,'07 % of Income 832 • Postage 67 0% 843 • Rapalrs 3,035 0% 857 • Tssas • Real Esteta 300 p% 865 • Trosh Removal 851 0% 872 • Utllities 2,826 0 % TotalExpanse 95.725 11% NetOrdinery lncome 39,097 5% Other Income/Expense Otherlncoma 564 • CDBG Grant 75,000 9% TotelOtherlncoma 75,000 9% Nat Other Income 75,000 9% Net lncome 714,097 13 % Page 2 ot 2