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Home My WebLink About11/30/2005HOUSING AUTHORITY SPECIAL MEETING November 30, 2005 LOBBY CONFERENCE ROOM 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: October 26, 2005 D. Officers Reports E. Public Forum F. Unfinished Business G. New Business 1. Resolution 01-2005, Presentation & Approval of 2006 Budget 2. Update on Park Side Townhomes Project H. Other 1. Adjournment CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Meeting October 26, 2005 A. CALL MEETING TO ORDER The meeting was called to order at 7:00 p.m. by Chair DiTullio. B. ROLL CALL Authority Members Present: Cheryl Brungazdt Kent Davis Jerry DiTullio Kathy Nuanes Janice Thompson Others Present: Alan White, Community Development Director Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Henry Wehrdt, Project Manager Dick Matthews, Accountant Ann Lazzeri, Recording Secretary C. APPROVAL OF MINUTES It was moved by Kent Davis and seconded by Cheryl Brungardt to approve the minutes of June 22, 2005. The motion passed unanimoasly. D. OFFICERS REPORTS There were no officer reports. E. PUBLIC FORUM There was no one to appeaz before the Authority. F. • Grant Application - Henry Wehrdt reported on the Housing Authority's application for a$75,000 grant. He is in the process of providing final details such as proof of insurance and verification of matching funds. • Undate on Quail Sauare Unit - Larry Nelson reported that there have been several showings, but no contract so faz. There aze a lot of available properties in the present real estate market. He suggested that instead of offering a$5,000 second mortgage to be forgiven over a 5-yeaz period, it Housing Authority Minutes - 1 - 10-26-OS might be better to offer $5,000 in closing costs or down payment assistance. A reduction in price could also be considered. There was a consensus of the Authority to direct Cornerstone Realty to either offer $5,000 towazd closing costs or down payment assistance in mazketing the Quail Square unit. G. NEW BUSINESS Urdate on Park Side Townhomes Proiect - Henry Wehrdt presented a progress report on this project. He commented that a neighbor in this area commented on the quality of this project and said it is aiready an improvement to the entire neighborhood. Mr. Wehrdt provided samples of the floor coverings and formica to be used. He also advised the Authority that there has been no theft on this project. Mr. Wehrdt mentioned the possibility of providing home caze classes for buyers in Pazk Side similaz to those that KB Homes provides for their home buyers. Lenar Homes has offered to pay half the cost of a kit containing cleaning materials, paint, etc. The Authority's share for the kits would be $108. It was moved by Kent Davis and seconded by Kathy Nuanes to authorize Alan White to spend $108 for home buyer cleaning kits. The motion passed unanimously. Larry Nelson reported ommazketing plans for Pazk Side and estimated units should be ready for sale in 4 to 6 weeks. He suggested a selling price of $135,000 for 3-bedroom units and $125,000 for 2-bedroom units. Kent Davis expressed concem that these prices only represent a 1.5% profit margin. If unforeseen problems arise, this would not allow any funds to be put back in the Authority's account for future purchases. He suggested pricing the units to allow for a 5% margin. It was moved by Kent Davis and seconded by Kathy Nuanes to start out pricing the units to allow for a 5% profit margin. The motion passed unanimously. H. OTHER . Dick Matthews reviewed the profit and loss statement for the Authority • Alan White reported that he was contacted by the tenant at the Richazds Hazt Estate rental unit. She requested that her father be allowed to install a new - counter top in the kitchen and the cost be deducted from the monthly rent. Housing Authority Minutes 10-26-OS It was moved by Janice Thompson and seconded by Jerry DiTullio to authorize an expenditure of no more than $200 to reimburse cost of a new kitchen countertop for the tenant at the Richards Hart Estate. Installation of the countertop would be subject to approval by the city's building inspector. The motion passed unanimously. L ADJOURNMENT The meeting was adjourned at 7:50 p.m. Jerry DiTullio, Chair Ann Lazzeri, Secretazy Housing Authority Minutes 10-26-OS WHEAT RIDGE HOUSING AUTHORITY RESOLUTION NO.Ol Series of 2005 TITLE: A RESOLUTION ENACTING A BUDGET AND APPROPRIATION FOR THE YEAR 2006. WHEREAS, C.R.S. 29-1-103 (1) of the Local Government Budget Law of Colorado requires certain 1oca1 governmental entiries to prepaze and adopt an annual budget; and WHEREAS, the City Attomey has opined that the provisions of the Budget Law apply to the Authority; and WHEREAS, nouce of adoption of ttus 2006 budget and appropriation was given by the Housing Authoriry in compliance with C.R.S. 29-1-106; and WHEREAS, in compliance with the provisions of the Budget Law regazding nouce, objections, and hearing, a public hearing was held on this Budget and Appropriation for 2005 by the Authority on November 30, 2005. THEREFORE, BE IT RESOLVED by the Wheat Ridge Housing Authority as follows: Section 1. The yeaz 2006 budget as shown on Exhibit 1 attached hereto is hereby approved. Secuon 2. Sources of revenue for the Authority are sales of units rehabilitated by the Authority, Community Development Block Grant funds, and interest eamed. Section 3. Total expenditures of the Authority do not exceed available revenues and beginning fund balance. Section 4. A certified copy of this resolution shall be filed with the Division of Local Govemment. ADOPTED the 30th day of November , 2005. WHEAT RIDGE HOUSING AUTI30RTTY Chaiiman ATTEST: Secretary to the Authority \\Srv-ci-eng_002\users$\awhiteW1 Files\I-IOUSING AUTHORTTY\2006 budget res.doc Wheat Ridge Housing Authority Proposed Budget xoos un.uat.a rrooos.a YruuBIM 2004 Pro1edeE 3006 300i 2Op4 BuEOet 1W6 BuJget Butlpel Ortllnary IncomWEepane. Incortw 600sabofUnllc 785.191 tOH.OW 242 WO 1.326,000 . t.315.00] 630Rm1 13.806 10.000 13.414 ID.DW 10.000 63lInbnN1ncom, SSB 1.`AO BL5 1.500 1,O]0 6NMiscellneouslncome 0 500 a 50] f20 Tolallncom. ]]9.808 1 03].000 358.159 1.310 000 t.T38.5W costoroooavsae 661 BplrvmnpLO.lolUM1s m,eas e76,175 M,30e n+.am e53,707 666- PurWmotUnils 545.000 11B.WD . e00.001) 6" COBOOnnt 0 -YS,IXA SunmaryReM1abIlltalionCoslf 115.5'JB 3]0,891 IW.WD IW,CUO 688- EntlinOCOMaNMts -0]0.]09 -903.]0] -0p00,000' Total LOOS 893,l81 870.95 0X.783 1,94.801 863j07 0ro.vM1Ofit l5.BZt 149835 05.578 185.1e9 261.1r83 ERpmv ]OOSNIInpCOSls BW 1057 ]M 1.388 3 U5 ]Of9W.rlncmll-s 0.570 11.319 4.489 11089 32.437 706CIealnqCOrls ],]53 4,07 1,603 6.511 tODD9 >tO-Cammlsslone 34,40 15.558 11,816 58,040 SB.JYJ 760qaouMln9&LN+1 7,L05 lO,OW 8.000 10000 9.000 1BIBaMCM1uMea 1W JB 1D] 50 771CllyReimbursemanl 3.135 3,000 8,W4 ],WD 6.000 776 Lon/xenp 8 MeMlnp Expanse 1`A SW 1[O Sm 5w m - contnm s«wo.s a ]R Ourc, 9ooks 65ubecrlplions 0 500 60 500 500 lOS.OartleNnpLMvnlmmc. 5.027 1500 1.150 t.`AO t.50U tWMOmnawmnPCwcialianOws 1.]IIO 3,W0 1.07 3.000 2.000 t07 Immranm 3.260 llbOlfic. SUVPIias ] 350 1W 350 ]W lSS- POrtaBe u 2M 13 2w im LJJPonfinBbCOpln U 50J 5W t00Rpalrv 4.933 1.W0 870 15D0 1.W0 BW Supplla 11Z08 350 2M 2M 86] - Taxes- PealEMaN 381 1O]0 38 1,C00 1.000 t¢5 TneF Pomowl SID 25D ]0) 2`.A SCO t11.@ilitln S.IDO 1.500 1.]85 105M 3.000 TotalEepmo UO,SW 85.BB9 39,1N tW]09 119.438 NNOrtllmry lncome 5,314 80,837 J,598 58,482 143,J55 OtFx Income/EVyvnn Dlhm Eapenee 810Inlw-NEsO^rna, 80 1.200 0 12I1~ 0 TotalOMerE.penw EU 1.1110 D 1 Sl0 0 Ne101MrlncomNExp.s. -60 4,200 0 4.200 0 Xellncom. 6}6, 6$t51 408 68,]9] 1NpM6 Be9lnnlnpFUntlBalan[e t.H1p643 1,113,603 1,13{1)8 1.120.10 1.133p1N Entlln9FUntlBalance 1.114]91 1.17;340 1l12'1.1ot 1.131.0l0 1.284643 1130-OS 1112810e Wheat Ridge Housing Authority Park Side Project All Transactions Nov 30,'06 % of Income OrdinarylncomelExpense . Income 530 • Rent 9,233 100% Total Income 9,233 100% Cost of Goods Sold 555 • Purchase of Units 545,000 5,903% 660 • Acquistion Appraisal Fees 1,700 18% 562 • Acquisitions Costs 1,939 21% 563 - Archifecture 600 6% 567 • Construction Period Maintenance 2,476 26% 570 • Gareges 29,690 322% 571 •HomeownersAssociation 1,000 11% 573 • Rehabilitation •Appiiances 2,168 23% 574 • Rehabilitation -Cabinets 36,401 394% 575 • Rehabilitaion • Electrical 75,950 173% 576 • Rehabilitation - Exterior 56,000 607°h 577 • Rehabilitation - Floors 18,650 202% 576 • Rehabilitaion - Plumbing 37,082 337% 580 • Rehabilitation - Various 89,964 974°b 599 - Ending Cost of Units -832,560 -9,077% Total COGS 0 0% Gross Profit 9,233 100% Expense 750 • Accounting 8 Legal 275 2% 602 • Gardening 8 Maintenance 4,134 45% 825 • Office Supplies 70 1% 832•Postage . 16 0% 843 • Repairs 89 1 % 857 • Taxes - Real Estate 300 3% 865 • Trash Removal 581 6°h 872- Utilifles 1,467 16% Total Expense 6,872 74% Net Ordinary Income - 2,367 26% Net Income 2,361 26% Page 1 of 1