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Home My WebLink About10/24/2006HOUSING AUTHORITY MEETING October 24, 2006 CITY COUNCIL CHAMBERS 5:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: September 26, 2006 D. OfScers Reports E. Public Forum F. Unfinished Business G. New Business A. Update on new projects B. Getfing to know the WRHA H. Other I. Adjournment MINUTESOF WHEAT RIDGE HOUSING AUTHORITY September 26, 2006 5:00 p.m. A. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Housing Authority was called to order by Chair Brungazdt at 5:00 p.m. in the council chambers of the Mvnicipal Building, 7500 West 29h Avenue, Wheat Ridge, Colorado. B. ROLL CALL OF MEMBERS Authority members present: Cheryl Brungardt Kent Davis Kathy Nuanes Terry Womble Commissioners absent: Janice Thompson Also attending: Alan White, Community Development Director Dick Matthews, Housing Authority Accountant Henry Wehrdt, Construction Manager Betty Maybin, Comerstone Realty Larry Nelson, Cornerstone Realty Denise Waddell, First Bank Ann Lazzeri, Recording Secretary C. APPROVAL OF MINUTES - August 8 and 22, 2006 It was moved by Kent Davis and seconded by Kathy Nuanes to approve the minutes of August 8 and August 22, 2006 as presented. The motion carried 3-0 with Terry Womble abstaining. D. OFFICER'S REPORTS There were no officer's reports. E. PUBLIC FORUM There was no one to address the Authority. F. UNFINISHED BUSINESS A. Update on projects HOUSING AUTHORITY September 26, 2006 - 1 - Larry Nelson reported that the contract on property at 29th and Ingalls was terminated because the appraisal came in $145,000 lower than the selling price and the seller was unwilling to negotiate. Henry Wehrdt reported that it will be necessary to resubmit an application for the $150,000 grant if another property is found. A 3-month extension has been granted to apply for the grant. Comerstone Realty is looking for another property. Henry Wehrdt reported that, because a sealed bid was inadvertently opened for the Parfet property, it was necessary to re-let all the bids. The bids originally received were a11 above the projected costs with the low bid being azound $111,000. The projected cost was between $93-95,000. It was moved by Terry Womble and seconded by Kathy Nuanes to authorize a cap of $105,000 for the bids and, if bids come in higher, Henry Wehrdt will come back to the Authority for direction. The motion carried 4-0. G. NEW BUSINESS Denise Waddell of First Bank explained that she had concems with the appraisal on the 29`h and Ingalls property and therefore advised that the contract be terminated. She also stated that a loan would not be approved if deed restrictions such as restricting sales to senior citizens were in place. Such deed reshictions negatively affect the mazket value. There aze things that could be done, however, to make a property appealing to seniors. Larry Nelson reported on the current real estate market in Wheat Ridge and reported that six out of ten units sold in the price range of $129-150,000 were Housing Authority units. Because gazages sell units, Comerstone Realty will be looking for properties with gazages or properties where gazages could be built. Because of the current state of the real estate market, he suggested reducing the price of remaining Pazkside units. Larry Nelson also requested the ability to send letters to property owners of potential Housing Authority projects directly from the Housing Authority rather than from Comerstone Realty. It was moved by Kathy Nuanes and seconded by Terry Womble to authorize Cornerstone Realty to reduce the price of remaining Park Side units by $2,000. The motion passed 4-0. H. OTHER There was no other business to come before the Authority. HOUSING AUTHORITY September 26, 2006 - 2 - - I. ADJOURNMENT It was moved by Kathy Nuanes and seconded by Terry Womble to adjourn the meeting at 5:42 p.m. The motion carried 4-0. CHERYL BRUNGARDT, Chair Ann Lazzeri, Recording Secretazy HOU5ING AUTHORITY September 26, 2006 -3- 1011e/06 Wheat Ridge Housing Authority Balance Sheet As of October 18, 2006 Oct 18,'06 ASSETS Current Assets CheckinglSavings 113•1stBank-Checking 2,029 120 • 1st 6enk - Money Merket 771,155 Total CheckinglSavings 773,184 Other Current Assets 151 • PerkSide Project Inventory 222,760 153 • Parfet ProJect Inventory 238,172 TotalOtherCurrantAssets 460,932 Total Current Assets 1.234.116 Other Assets 271 • Note Receivable -Abel 3,000 273 - Note Receivable - Baca 9,216 Totel Other Assets 12,216 TOTAL ASSETS 1,246,332 LIABILITIES & EQUITY Liabilities Current Liabilities . Other Current Liabilities 310 • Real Estate Taxes Due 979 Total Other Current Liabilities 979 Total Current Liabilities 979 Total Liabilities 979 Equity Net Income 42,290 465 • Fund Balance 1,203,064 Total Equity 1,245,354 TOTAL LIABILITIES 8 EQUITY 1,246,333 Page 1 of 1 10118106 Wheat Ridge Housing Authority Parfet Project All Transactions Oet 11,'06 % of Income Ordfnary Income/Expense Cost of Goods Sold 555 • Purchasa ot Units 234,000 0% 562 • AcquisiUons Costs 172 O% 571 • Homeowners Association 1,000 0% 599 • Ending Cost of Un(ts -235,172 0% Total COGS 0 0 % Gross Proflt 0 0% Expense 802 • Gerdening 8 Maintenance 490 0% 872 • Utilltlea 215 0% TotalExpense 705 0% Net Ordinery Income Nat Income •705 0 % -705 0 % Page 1 of 1 10118106 Wheat Ridge Housing Authority Park Side Project All Transactions Ordinary Income/Expensa Income 500 • Sela of Units 530 • Rent Total Income Cost of Goods Sold 555 • Purchase of Units 560 • AcquisNon Appraisal Feas 562 • Acqulsltiona Coats 563 • Architecture 565 • Condo Map 567 • Conaduction Period Malntenance 568 • Construction Management 570 - Gerages 571 • Homeowners Associetion 573 • Rehabilitation -Appliances 574 • Rehabllitntion - Cabinets 575 • Rahabilitalon - Electrical 576 • Rehebilitatlon - Extarior 377 • Rehebllitntlon - Floors 578 • Rehabilitaion - Plumbing 580 • Rahabilltation - Varlous 581 • SupplleslMateriala 599 • Ending Cost of Units Total COGS Gross Profit Expense 700 • Selling Cosfs 704 • Buyar Incentives 705 • Closing Costs 710 • Commissions 720 • Homeowners Association Capital 750 • Accounting & Legal 802 • Gnrdening & Maintenance 804 • Homeowners Association Dues 807• Insurance 825 - OfFlce Supplies Oct 71,'06 % of Ineome 849,900 9,233 99% 1 % 859,133 100% 545,000 63% 1,700 0% 1,939 0 % 600 0 % 5,658 1 %a 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% 107,545 13 % 932 0 % -222,760 -26% 724,166 84% 134,967 16 % 2,539 0 % 26,784 3°/= 4,164 0 % 36,613 4% 350 0 % 365 0 % 6,531 1 % 700 0% 5,956 i % 70 0 % Page 1 of2 10118106 Wheat Ridge Housing Authority Park Side Project All Transactions 832 • Postage 843 • Repairs 857 • Tmes - Real Estata 865 • Trash Removal 872 • Utilitles Total Expense Net Ordinary Income Other IncomelExpanae Otherlncome 564. CDBG Grant Total Other Income Net Other Income Net Income Oct 11,'06 % of Incoma 64 0% 2,617 0 % 300 0% 851 0 % 2,472 0% 90,376 11 % 44.591 5% 75,000 9 % 75,000 9% 75,000 9% 119,591 74% Pege 2 of 2 . 10118106 Wheat Ridge Housing Authority Quail Project January 1, 2005 through October 4, 2006 Ordinnry Income/Expenae Income 500 • Sale of Units 535 • Interest Ineome Total Income Cost of Goods Sold 555 • Purchase of Units 562 - Acqufsitions Costs 580 • Rehabilitntion • Vnrious Total COGS Gross Profit Expense 704 • Buyer Incantlves 705 • qosing Costs 710 • Commissfons 762 • Bank Chargas 802 • Gardening & Maintenance 804 • Homeowners Assoclatlon Dues 843 • Rapairs 857 - Taxes - Real Estete Total Expense Net Ordinary Incoma Net Income Jan 1,'05 - Oct 4,'06 % of Income 127,900 100 % 608 0 % 128,508 100% 118,500 92% 288 0% 1,016 1 % 119,804 93% 8,704 7 % 3,679 3% 1,453 1 % 3,837 3 % 5 0% 201 0% 2,686 2 % 96 0 % 7 0% 11,964 9% -3,260 3 % a,2so -3i Page 1 of 1