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Home My WebLink About05/25/2005J HOUSING AUTHORITY MEETING May 25, 2005 LOBBY CONFERENCE ROOM 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: February 23, 2005 D. Officers Reports E. Pubiic Forum F. Unfinished Business G. New Business 1. Presentation & acceptance of audit 2. Update on Park Side Project H. Other 1. Adjournment CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting February 23,2005 A. CALL MEETING TO ORDER The meeting was called to order at 7:00 p.m. by Vice Chair Davis. B. ROLL CALL Authority Members Present: Cheryl Brungazdt Kent Davis Kathryn Fulton Kathy Nuanes Authority Members Absent: Jerry DiTullio Others Present: Alan White, Community Development Director Larry Nelson, Cornerstone Realty Ann Lazzeri, Recording Secretary C. APPROVAL OF MINUTES It was moved by Kathy Nuanes and seconded by Cheryl Brungardt to approve the minutes of December 1, 2004. The motion passed 4-0. D. OFFICERS REPORTS There were no officer reports. E. PUBLIC FORUM There was no one to appear before the Authority. F. UNFINISHED BUSTNESS • Larry Nelson reported that one unit remains to be sold at Carnation Square. In response to a question from Alan White, Larry Nelson explained that a unit at Quail Square has gone into foreclosure and is now owned by US Bank. The bank did not respond to a purchase offer submitted on behalf of the Authority. While the covenants contain a provision that the units must be owner- occupied, concem was expressed by the Authority that, because the unit is in foreclosure, it could possibly be sold as rental property. Housing Authority Minutes 02-23-OS It was moved by Cheryl Brungardt and seconded by Kathryn Fulton to direct the City Attorney to draft a letter to US Bank on behalf of the Housing Authority reminding the bank of the covenants and that the purpose of these units are to provide affordable housing and should not be marketed as a rental property. The motion passed 4-0. G. NEW BUSINESS 1. Discussion of Bids for Condo Conversion at 45th and Everett Street There was a short discussion of bids for the 45`h and Everett project. Namine of Proiect at 45th and Everett Following discussion, it was moved by Kathryn Fulton and seconded by Cheryl Brungardt that the Srst choice of names for the 45~n and Everett Project is Parkside Townhomes at Clear Creek with the second choice being Boyd Crossing Townhomes at Clear Creek. The motion passed 4-0. 3. Authorization to hire Swanhorst & Cutler to perform Audit It was moved by Kathy Nuanes and seconded by Kent Davis to hire Swanhorst & Cutler to perform the audit for Wheat Ridge Housing Authority. The motion passed 4-0. H. OTHER • Cheryl Brungazdt announced that the National Association of Housing and Rehabilitation Officials (NAHRO) will be holding its annual meeting in Pueblo some time in May and encouraged Authority members to attend. Members may contact Cheryl for further information. 1. ADJOURNMENT The meeting was adjoumed at 7:32 p.m. Kent Davis, Vice Chair Ann Lazzeri, Secretary Housing Authority Minutes 02-23-OS " 05I20106 Wheat Ridge Housing Authority Balance Sheet As of April 30, 2005 . Apr 30,'06 ASSETS Cwrent Assets Checkingl5avings 713 • Vec6a Operoting Account 452,818 Tota1 Checking/Savings 452,878 Other Current Assets 151 • ParkSide Project Inventory 550,727 152 • Quail Project Inventory 117,440 Total O[her Current Assels 667,567 Total Current Assets 1,720,385 Other Assets 271 • Note Receivable - Abel 3,000 273 • Note Receivable - Baca 9,621 Total Olher Assets 12,621 TOTAL ASSETS 1,133,006 LIABILITIES 6 EQUITY Liabilities Cuvent Liabilities Other Current liabilities 310 • Real Estate Taxes Due 268 Total Other Curreot liabilities 268 Total Current Liabilities 268 Total Liabllities 268 Equky Net Income 5,960 465 - Fund Balance 7,126,777 Total Equity 1,132,737 TOTAL LIABILITES E EQUITY 1,137,005 Page 1 ot 1 05I16/06 Wheat Ridge Housing Authority Profit and Loss January through April 2005 Jan - Apr'05 Ordinary IncomelExpense Income 600 • Sale of Units 242,000 530 • Rent 7,400 695 • Inlerest Income 166 Total Income 249,566 Cost of Goods Sold 555 • Purchase of Units 118,500 562 • Acquisitions Costs 400 599 - Ending Cost of Units 102,742 Total COGS 221,642 Gross Profit 27,924 Expense 700 • Selling Costs 522 704 • Buyer Incentives 4,469 705 - Closing Costs 1,993 . 710 • Commissions 11,616 762 • Bank Charges 7 787 • Dues, Books d. Subscriptions 60 602 • Gardening 3 Maintenance 268 804 • Homeowners Association Dues 687 832 - Postage 2 843 • Repairs 387 857 • Taxes - Real Estate 37 866 - Trash Removal 236 872 • Utilities 1.422 Total Ezpense 21694 Net Ordinary Income 6,230 Net Income 6,230 Page t of 1 `05116/06 Wheat Ridge Housing Authority Carnation Project All Transactions Ordinary Income/Expense Income 600 • Sale ot Units 630 • Rent 648- Miscellaneouslncome Total Income Cost o( Goods Sold 665 • Purchase of Units 560 • Acquistion Appraisal Fees 562 • Acquisitions Costs 564 • CDBG Granl 666• Condo Map 666 • ConsVUCtion Period Interest 667 • Construction Period Maintenance 568 • Construction Management 669 • Environmental Study 670 - Garages 571 • Homeowners Association 672 • Loan Costs 573 • Rehabilitation -Appliances 574 • Rehabililation - Cabinets 576 • Rehabilitaion - Electrical 676 - Rehabilitatian - Exterior 577 • Rehabilitation - Floors 678 • Rehabilitaion - Plumbing 578 • Rehabilitation -Structural 680 • Rehabilitation - Various 567 • SupplieslMaterials 682 • Trtle Insuronce 586 • Title Searches $96 • Zoning Application 689 • Ending Cost of Units Total COGS Gross Profit Expense 700 - Selling Costs 704 • Buyer Incentives May 13, '06 X o( Income 1,264,481 100% 1,570 0% 50 0% 1,266,101 700% 791,000 62% 550 0% 477 0% -37,581 -2% 2,871 0% 1,375 0% 11,557 1% 17,711 1% 1,530 0% 45,659 4% 2,000 0% 6,407 1 % 19,377 2% 20,050 2% 19,935 2% 45,451 4% 30,249 2% 65,086 5% 70,724 6% 5,093 0% 3,469 0% 946 0% 265 0% 300 0% 0 0% 1.723.895 89% 142,206 11 % 1,472 0% 19,264 2% Page 1 of 2 05I16I05 Wheat Ridge Housing Authority Carnation Project All Transactions May 73,'06 % of Income 706 • Closing Costs 7,398 1% 710 • Commissions 56,033 4% 760 - Accounting 3 Legal 1,024 0% 762- Bank Charges 2 0% 802 • Gardening 3 Maintenance 2,670 0% 804 • Homeowners Association Dues 1,680 0% 807 • Insurance 6,757 1 % 825 • OKce Supplies 2 0% 832- Postage 67 0% 843 • Repairs 3,678 0% 653 • Supplies 1,296 0% 857 • Taxes - Real Estate -6 0% 665 • Trash Removal 324 0% 672 - Utililies 6,608 1% Total Expense 108,269 9% Net Ordinary Inco me 33,937 3% Other IncomelExpense OtherExpense 910 • Interest Expense 1,734 0% Total Other Expense 1,134 0% NetOtherlncome -1,734 -0% Net Income 32,603 3% Page 2 of 2