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Home My WebLink About02/25/2004HOUSING AUTHORITY MEETING February 25, 2004 LOBBY CONFERENCE ROOM 7:00 P.M. A. Swearing In B. Call Meeting to Order C. Roll Call D. Approval of the Minutes: January 28, 2003 E. Ofticers Reports F. Public Forum G. UnTinished Business H. New Business 1. Update on Carnation Square Project I. Other J. Adjournment CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting January 28, 2004 A. B. C. D. E. F. CALL THE MEETING TO ORDER The meeting was called to order by Jerry DiTullio at 7:00 p.m. in the Lobby Conference Room of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. ROLL CALL Authority Members Present: Cheryl Brungazdt Kent Davis Jerry DiTullio Kathryn Fulton Others Present: Alan White, Community Development Director Dick Matthews, Accountant Henry Wehrdt, Project Manager Lany Nelson, Cornerstone Realty Betty Maybin, Comerstone Realty Ann Lazzeri, Recording Secretary APPROVAL OF MINUTES It was moved by Kat6ryn Fulton and seconded by Cheryl Brungardt to approve the minutes of June 25, 2003 and July 23, 2003. The minutes of June 25, 2003 were approved 2-0 with Jerry DiTullio and Kathryn Fulton abstaining. The minutes of July 23, 2003 were approved 3-0 with Kent Davis abstaining. OFFICER REPORTS There were no officer reports. PUBLIC FORUM There were none present to address the Authority. There was no unfinished business to come before the Authority. Housing Authority .lanoary 28, 2004 Page 1 G. NEW BUSINESS 1. Adoption of 2004 Budaet Dick Matthews reviewed the proposed 2004 Housing Authority budget. Kent Davis requested information that would allow compazison of 2003 figures with figures for 2004. Mr. Matthews will e-mail this information to members of the Authority and commented that a profit of approximately $45,000 is expected on the Camation Square project. Cheryl Brungardt pointed out that having Henry Wehrdt as project manager has saved a considerable amount of money on this project. Mr. Wehrdt added that, with two exceptions, all contracts have been awarded to Wheat Ridge contractors. It was moved by Kent Davis and seconded by Cheryl Brungardt to adopt the 2004 Budget. The motion passed 4-0. 2. Approval of Ensaeement Letter - 2003 Audit This matter was presented by Alan White. Swanhorst & Cutler performed the 2002 audit and the cost will remain the same for the 2003 audit. It was moved by Cheryl Brungardt and seconded by Kathryn Fulton to approve the engagement letter with Swanhorst & Cutler LLC to perform the 2003 audit. The motion passed 4-0. H. OTHER Home Funds Grant Jerry DiTullio announced that he and Henry Wehrdt made a presentation to Jefferson County Human Services in application for a grant to assist in Wheat Ridge Housing Authority projects. As a result, a grant of $75,000 was awazded last week to the Authority for use in future projects. Public awazd of the grant will take place some time in June. Proiect Uadate Henry Wehrdt distributed copies of photographs showing remodeling progress on the Camation Square project. He also distributed copies of projected and actual costs thus faz. He reviewed each of the costs in detail. There aze two remaining items to go out for bid: duct cleaning and asphalt pazking azea. Larry Nelson announced that there are already three contracts for units in Camation Square. Housing Authority Yage 1 JanUary 28, 2004 Jerry DiTullio reported that Alan Feinstein informed him that Jefferson County has received a $2 million grant. Mr. Feinstein suggested the possibility of using these funds in a joint project with the Wheat Ridge Housing Authority. 1. ADJOURNMENT The meeting was adjourned at 8:04 p.m. Jerry DiTullio, Chair Ann Lazzeri, Secretary Housing Authority ]anuary 28, 2004 Of WHE4T ~ P City of Wheat Ridge Wheat Ridge Housing Authority Memorandum TO: Housing Authority Board Members FROM: SUBJECT: Kathy Field Swearing In DATE: February 20, 2004 Pamela Anderson, Wheat Ridge City Clerk, will be attending the Housing Authority meeting Wednesday evening to sweaz in all members, new and current. C~u vd Snlings~zihyflMy DuwmenuVCathyJioming Authorny~ing nsmos~wwinyin wpC . ovIs104 Wheat Ridge Housing Authority Carnation Project All Transactions Feb 19,'04 % oilncome sss~ Ordinary IncomelExpense Income 500 • Sale of Units 257,000 99% 630 • Rent 1,570 1 % Total Income 258,570 100% Cost of Goods Sold 565 • Purchase of Units 789,000 305% 560 • Acquistion Appraisal Fees 550 0% 562 • Acquisitions Costs 301 0% 664 • CDBG Gront -11,581 4% 566 • Condo Map 2,871 1% 566 • Construction Period Interest 1,375 1% 567 • Construclion Period Maintenance 8,479 3% 666 • Construction Management 75,000 6% 569 • Environmental Study 1,530 1% 570 • Garages 41,660 16% 671 • Homeowners Association 2,000 1% 672 • loan Costs 5,140 2% 673 • Rehabilitation -Appliances 18,628 7% 574 • RehaWlitation - Cabinets 20,050 8% 575 • Rehabilitaion • Electrical 19,935 8% 676 - Rehabilitation - Exterior 42,240 16% 677 - Rehabililation - Floors 30,249 12% 578 • Rehabililaion - Plumbing 58,758 23% 579 • Rehabilitation - Structural 70,036 27% 580 • itehabilitalion - Various 5,093 2% 581 • SupplieslMaterials 2,994 1 % 662 • Tttle Insurence 946 0% 565 • 7rtle Searches 265 0% 695 • Zoning Applicalion 300 0% 699 • Entling Cost of Units -899,054 -348% Total COGS 226,765 88% Gross Profit 31,805 12% Expense 704 - Buyer Incentives 6,225 2% 705 - Ciosing Costs 1,652 7% 770 • Cortmissions 9,924 4% Page 1 of 2 02119104 Wheat Ridge Housing Authority Carnation Project All Transactions Feb 19,'04 H. of Income 750 • Accounting 3 Legal 964 802 - Gardening 3 Maintenance 819 0% 607 • Insurence 5,494 2% 832 • Postage 43 0% 643 • Repairs 80 0% 857 • Taxes - Real Estate 1 0% 666 • Tresh Removal 72 0% 872 • Utilities 1.553 1 % Total Expense 26,827 10% Net Ordinary Income 4,978 2% Otherlncome/Expense OtAerExpense 910 - Interest Expense 1,074 0% Total Other Expense 1,074 0% Net Other Income -7 ,074 -0% Net Income 3,904 2% Page 2 of 2 12119i03 Wheat Ridge Housing Authority Carnation Project January through December 2003 Jan • Dec'07 Ordinary Income/Expense Income 630 • Rent 1,570 Totallncane 1,570 Cost ot Goods Sold 556 • Purchase ot Units 789,000 560 • Acquistion Approisal Fees 550 562 • Acquisilions Costs 301 664 - CDBG Gront -11,581 566 • Construction Period Interest 848 667 • Construction Period Maintenance 4,536 569 • Environmental Study 1,530 670 • Garages 41,499 571 • Homeowners Association 1,000 572 • Loan Costs 5.140 674 • Rehabilitation - Cabinets 20,050 576 • Rehabilitaion - Electrical 17,271 576 - Rehabilitation - Eaterior 41,851 577 • Rehabilitation - Floors 27,844 678 - Rehabilitaion -Plumbing 61,843 579 • Rehabiiilation • Structural 68,358 562 • 7tle Insurance 946 586 • Trtle Searches 265 695 - Zoning Application 300 699 • Ending Cost o( Units -7,071,551 Total COGS 0 Gross Profil 7,570 Expense 750 • Accounting 3 Legal 964 802 • Gardening a Maintenance 581 807• Insurance 5,494 832 • Postage ZS 843 • Repairs 80 665 • Trash Removal 72 872 • Utilkles 1,083 Total Expense 8.299 Net Ordinary Incane b.729 Page 1 of 2 12119103 Wheat Ridge Housing Authority Carnation Project January through December 2003 OtherlncomelExpense Jan - Dec'07 Other Expense 910 • Inlerest Expense 1,074 Total Other Expense 1.074 Net Olher Income Net Income -1,074 -7,603 Page 2 of 2