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Home My WebLink About05/24/2006HOUSING AUTHORITY MEETING May 24 2006 LOBBY CONFERENCE ROOM 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: March 22, 2006 D. Officers Reports E. Public Forum F. Unfinished Business G. New Business 1. Amendment to Bylaws 2, Update on sales 3. Possible future projects H. Other 1. Adjournment I CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Regular Meeting March 22, 2006 A. CALL MEETING TO ORDER The meeting was called to order at 7:00 p.m. by Chair DiTullio. . Introduction oF New Member - Jerry DiTullio introduced Terry Womble who will represent City Council on the Housing Authority. Mr. Womble will be replacing Mr. DiTullio. On behalf of the Housing Authority, Cheryl Brungardt expressed appreciation to Jerry DiTullio for his years of service on the Housing Authority. . Election of Officers It was moved by Kent Davis and seconded by Terry Womble to elect Cheryl Brungardt as Chair. The motion passed unanimously. It was moved by Kathy Nuanes and seconded by Terry Womble to elect Kent Davis as Vice Chair. The motion passed unanimously. B. ROLL CALL Authority Members Present: Cheryl Brungardt Kent Davis Jerry DiTullio Kathy Nuanes Terry Womble Authority Members Absent: Janice Thompson Others Present: Alan White, Community Development Director Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Dick Matthews, Accountant David Firman, Attorney Henry Wehrdt, Project Manager Wendy Swanhorst, Auditor Ann Lazzeri, Recording Secretary Housing Authority Minutes - 1 - 03-22-06 C. APPROVAL OF MINUTES It was moved by Kathy Nuanes and seconded by Cheryl Brungardt to approve the minutes of February 8, 2006 as presented. The motion passed unanimously. D. OFFICERS REPORTS There were no officer reports. E. PUBLIC FORUM There was no one to appeaz before the Authority. F. UNFINISHED BUSINESS There was no unfinished business. G. NEW BUSINESS • Presentation and Acceptance of Audit Wendy Swanhorst reviewed the Housing Authority audit performed by her firm. It was moved by Kent Davis and seconded by Kathy Nuanes to accept the auditor's report as presented. The motion passed unanimously. . Update on Park Side Townhomes Proiect Henry Wehrdt reported that the project is complete with very minor "tune- ups" left to do before sale of the units. Certificates of occupancy have been issued for all units. He reminded the Authority there is $75,000 remaining from a previous grant that should be dedicated towazd acquisition of another property before the end of 2006. If not used this year, the funds will be lost. Kent Davis expressed the Authority's appreciation to Henry Wehrdt for his work on the project. Larry Nelson reported that three units aze already under contract with a fourth possibility. People who have looked at the units have been very impressed with the quality of workmanship and staging of the units. The gazages have been a great selling point. Most of the interest in the units has been expressed by Wheat Ridge residents. David Firman reported that restrictive covenants requiring the units to be owner-occupied in perpetuity could be litigated down the road. Colorado law states that as long as restrictive covenants are reasonable and clearly writ[en, the courts would uphold it. Therefore, he has redrafted the covenants to state Housing Authority Minutes 03-22-06 that the Housing Authority's intent is to provide subsidized, affordable, and nondiscriminatory housing. The covenants should then hold up in court. In response to a question from David Matthews, Mr. Firman stated that there is the possibility that homeowners associations could change the restrictive covenants in the future. In response to a question from Henry Wehrdt regarding the garages on the Park Side project, Mr. Firman stated that the gazages aze given as an exclusive use in the homeowners deed. However, the gazages are actually owned by all the owners and aze to be maintained by the homeowners association. H. OTHER • Comerstone Realty will bring potential properties for future Housing Authority projects to the next meeting. Cheryl Brungazdt referred to the portion of the bylaws that states the Chairman of the Authority is to be appointed by City Council. This was done when the Authority was first established. It seems [hose bylaws could now be amended to state that the Authority may elect its own officers. It was moved by Kathy Nuanes and seconded by Kent Davis to change the bylaws to state that the chairman shall be elected by the Authority. Alan White will refer this matter to the city attomey and a vote will be taken on this motion at the next meeting. 1. AD,TOURNMENT The meeting was adjoumed at 8:47 p.m. Jeiry DiTullio, Chair Ann Lazzeri, Secretary Housing Authority Minutes 03-22-06 Wheat Ridge Housing Authority Memorandum TO: Wheat Ridge Housing Authority FROM: Kathy Field SUBJECT: First Amendment to Bylaws DATE: May 19, 2006 Attached is the First Amendment to the Bylaws of the Wheat Ridge Housing Authority. This changes when the Housing Authority may elect officers. cc: Alan White, Community Development Director Alan Feinstein, Jefferson County Housing Authority Henry Wehrdt, Jefferson County Housing Authority Larry Nelson & Betty Maybin, Comerstone Realty Jerry Dahl, City Attorney Randy Young, City Manager Dick Matthews, Accountant CMoc~ts end SettingOatM1yMfy Doc~Ny~Flousing Authoncy~cting mcmos\bylawsamendmcnt wpd FIRST AMENDMENT TO BY-LAWS OF THE WHEAT RIDGE HOUSING AUTHORITY Pursuant to Article IV, Section 1 of the Bylaws of the Wheat Ridge Housing Authority, and upon notice of motion duly seconded at a regular meeting of the Authority on , 2006, said bylaws are amended as follows: Article II Section 7, entitled "Appointment of Officers," is hereby amended to read in its entirety as follows: Section 7. Appointment of Officers. Subsequent to the appointment of the first Chairman of the Authority by the City Council, the Officers of the Authority shall be elected annually by the Authority at the first regular meeting in January and shall assume their duties upon election. Officers shall hold office for one year or until their successors are elected and qualified. ADOPTED this day of , 2006. Chair Wheat Ridge Housing Authority GED\53027\373413.03 Wheat Ridge Housing Authority Balance Sheet 05/19106 As of May 19, 2006 May 19,'O6 ASSETS Current Assets CheckinglSavings 173 • Vectra Operoting Account 372,117 ToWlChecking/Savings 372,117 Other Current Assets 751- ParkSide Projectlnventory 706,570 162 • 4uail Project Inventory 119,804 Total Other Current Assets 826,374 Total Current Assets 1,198,491 Other Assets 271 - Note Receivable • Abel 3,000 273 • Note Receivable - Baca 9,353 Tolal Other Assets 12,353 TOTAL ASSETS 7,270,844 LIA8ILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 916 • Construction Retainage 2,001 Total Accounts Payable 2,001 - Total Current Liabilities 2,001 Total Liabililies 2,001 Equity Net Income 5,779 465 • Fund Balance 1,203,064 Total Equity 1,208,843 TOTAL LIABILITIES & EQUITY 7,210,644 Page 1 OSN9/06 Wheat Ridge Housing Authority Profit and Loss January 1 through May 19, 2006 Jan 1 - May 19,'06 Ortlinary IncomelExpense Income 500 • Sale of Units 272,800 630 • Rent 3,000 635 • Interest Income 232 Total Income 276,032 Cost of Goods Sold 665 • Condo Map 5,658 567 • Construction Period Maintenance 969 568 • Construction Management 17.6W 677 • Homeowners Association 1,025 573 • Rehabilitation -Appliances 6,090 676 • Rehabilitation - Exterior 144 660 • Rehabilitation - Various 17,581 581 • SupplieslMaterials 932 599 • Ending Cost o( Units 184,297 Total COGS 234,331 Gross Profit 41,701 Ezpense 700 • Selling Costs 1,418 704 • Buyer Incentives 10,434 705 • Closing Costs 1,364 710 • Commissions 11,547 760 • Accounling & Legal 3,725 762 • Bank Charges 6 776 . Conference 8 Meeting Expense 143 802 • Gardening & Maintenance 695 804 • Homeowners Associalion Dues 620 607 • Insurance 5,234 820. Miscellaneous 69 832•Postage 10 647 • Repairs 152 865 • Trash Removal 135 - 672 • Utilities 369 Total Expense 35,921 Net Ordinary Income 5,779 Net Income 6'779 Page 1 Wheat Ridge Housing Authority 05119106 Park Side Project All Trensactions May 79,'06 °k of Income Ordinary IncomelExpense Income 600 • Sale of Units 272,800 97% 630 • Rent 9,233 3% Total Income 282,033 100% Cost of Goods Sold 665 • Purchase of Units 545,000 193% 560 • Acquistion Appreisal Fees 1,700 1% 562 • Acquisitions Costs 1,939 1% 667 • Archilecture 600 0% 565 - Condo Map 5,658 2% 567 • Construction Period Maintenance 3,913 1% 668 • Construction Management - 77,636 6% 570 • Garages 43,420 75% 571 • Homeowners Association 2,025 1% 673 • Rehabilitation -Appliances 10,058 4% 574 • Rehabilitation - Cabinets 43,121 15% 676 • Rehabilkaion - EleMrical 15,950 6% 676 • Rehabilitation • Exterior 80,246 28% 677 • Rehabilitation - Floors 29,745 71 % 678•Rehabilitaion-Plumbing 37,082 77% 580 • Rehabilitation - Various 107,545 38% 587 • Supplies/Materials 932 0% 599 • Ending Cost of Units -706,570 -251 % Total COGS 233,998 83% Gross Profit 48,035 17% Expense 700 • Selling Cosls 1,418 1% 704 • Buyer Incentives 10,434 4% 705 • Closing Costs 7,364 0% 710•COmmissions 77,547 4% 750 • Accounting 8 Legal 215 0% 602 • Gardening 8 Maintenance 5,165 2% 607 • Insurance 5,234 2% 825 • OKce Supplies 70 0% 832 • Postage 40 0% 843 • Repairs 241 0% 667 • Taxes - Real Estate 300 0% 665 • Tresh Removal 716 0% 872 • Utilities 1,835 1% Total Expense 38,581 14% Net Ordinary Income 9,455 3% Other Income/Expense Other Income 564 • CDBG Grant 75,000 27% Total Other Income 75,000 27% Net Other Income 75,000 27% Netlncome 84,455 30% Page 1