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Home My WebLink About08/25/2009VVFNA WHEAT RIDGE HOUSING AUTHORITY AGENDA August 25, 2009 CITY COUNCIL CHAMBERS 4:00 P.M. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer at 303-235-2826 at least one week in advance of a meeting ifyou are interested in participating and need inclusion assistance. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: Apri128, 2009 D. Officers Reports E. Public Forum 1. Marcie Emily for Quail Square Condo Assn. F. New Business 1. Update on 3884-3894 Parfet 2. Update on 3775 Allison Court 3. 9690-9710 W. 41St Ave. G. Unfinished Business 1. Rehab Partner 1. Other J. Adjournment to September 29, 2009 WVRFIA WHEAT RIDGE HOUSING AUTHORITY MINUTES April 28, 2009 1. 2. 3. 4. 5. CALL MEETING TO ORDER The meeting was called to order by Chair Brungardt at 4.00 p.m. in the Cit Council Chambers of the Wheat Ridge Municipal Building, 7500 West 29` Avenue, Wheat Ridge, Colorado. ROLL CALL Authority members present: Lena I Janice 4:15 Others present: Sally Payne, Deputy Director $&y Maybipy"Cornerstone Realty J.ric Stevens, Value-builders Ann Lazzeri, Recording Secretary 27, 2009 as moved byri ena Ratola and seconded by Katie Vanderveen to approve minutes of Mitch 24, 7, 6,04as presented. The motion passed 3-0 with ice Thompson Stain hg because she was not present for the entire There were nnofficers reports. PUBLIC FORUM There was no one present to address the Authority. Housing Authority Minutes - 1 - April 28, 2009 6. 7. 8. NEW BUSINESS A. 41St Avenue Rehab Proposal Brothers Redevelopment is in the process of relocating their business and therefore unable to accept the 41St Avenue project at this time. Value-builders submitted a proposal for rehabilitation of the property at 9690-9710 West 41St Avenue. Eric Stevens reviewed details of his proposal and also provided copies to Authority members of other projects his company has completed. In addition to construction, Value-builders will also stage the units. He indicated that construction could start fairly soon and would take six to eight_weeks to complete. Betty Maybin distributed copies of comparables There was consensus that the addition of carp orts,would increase, the chances of selling the units. le 7~ Chair Brungardt stated that she won a ne W&orm d6h with a contingency that it must be given to a needy family. She donated the storm door to be used on the 41St Avenue project. , It was moved by Janice Thombson and seconded by,,,.,, Nuanes to accept the bid from Value-builders to perforraiRrehabilitat m work for units at 9690- 9710 West 41St Avenue in the am-ountp~`f $83,670-1)Ins an additional cost to add carports wrtconcrete slabs d4a cost not to exceed $9,000 for both carports The motion passed 5-0. B. Carbon Manoxisleri-,eg►sla i r Aft HN tubers reeer ed copies of a memorandum from Gerald Dahl, City ,ttomey, advilii g of re& tly enacted legislation (HB 09-1091) that requires s"}lers of single fy and multi-family dwellings to be responsible for assuring operational carbononoxide alarms are installed according to regulations set The sale of one Allison unit fell through and is now back on the market. Betty Maybin explained that there is earnest money in the amount of $2,500 that will come back to the Authority. There was discussion regarding lawn maintenance for that unit. OTHER There was no other business to come before the Authority. Housing Authority Minutes -2- April 28, 2009 9. ADJOURNMENT It was moved by Lena Rotola and seconded by Kathy Nuanes to adjourn the meeting at 5:03 p.m. The motion passed 5-0. The next meeting is scheduled for May 26, 2009. Cheryl Brungardt, Chair Ann Housing Authority Minutes -3 - April 28, 2009 08/12/09 Wheat Ridge Housing Authority Balance Sheet As of July 31, 2009 Jul 31, '09 ASSETS Current Assets Checking/Savings 113 - 1st Bank -Checking 4,439 120 • 1st Bank - Money Market 728,234 Total Checking/Savings 732,673 Other Current Assets 154 • Allison Project Inventory 195,000 155.41 st Avenue Project 257,150 Total Other Current Assets 452,150 Total Current Assets 1,184,823 Other Assets 273 • Note Receivable - Baca 8,391 Total Other Assets 8,391 TOTAL ASSETS 1,193,214 LIABILITIES & EQUITY Equity Net Income (26,346) 465 • Fund Balance 1,219,559 Total Equity 1,193,213 TOTAL LIABILITIES & EQUITY 1,193,213 Page 1 of 1 08/12/09 Wheat Ridge Housing Authority 41 Ave. Project All Transactions Ordinary Income/Expense Income 530 • Rent Total Income Cost of Goods Sold 555 • Purchase of Units 560 • Acquistion Appraisal Fees 562 • Acquisitions Costs 571 • Homeowners Association 572 - Loan Costs 580 - Rehabilitation -Various 599. Ending Cost of Units Total COGS Gross Profit Expense 802• Gardening & Maintenance 807 - Insurance 857 - Taxes - Real Estate 872 • Utilities Total Expense Net Ordinary Income Other Income/Expense Other Income 564 • CDBG Grant Total Other Income Other Expense 910 • Interest Expense Total Other Expense Net Other Income Net Income Jul 31,'09 %of Income 482 100% 482 100% 246,000 51,037% 700 145% 2,402 498% 1,000 207% 1,230 255% 47,150 9,782% -257,150 -53,351% 41,332 8,575% -40,850 -8,475% 586 122% 3,674 762% -10 -2% 2,914 605% 7,164 1,486% -48,014 -9,961% 75,000 15,560% 75,000 15,560% 5,708 1,184% 5,708 1,184% 69,292 14,376% 21,278 4,415% Page 1 of 1 08112/09 Wheat Ridge Housing Authority Allison Project All Transactions Jul 31,'09 %of Income Ordinary Income/Expense Income 500 • Sale of Units 195,000 100% 530 • Rent 713 0% Total Income 195,713 100% Cost of Goods Sold 555 • Purchase of Units 385,000 197% 560 • Acquistion Appraisal Fees 700 0% 562 • Acquisitions Costs 1,845 1% 567 • Construction Period Maintenance 264 0% 568 • Construction Management 3,559 2% 571 • Homeowners Association 1,750 1% 573 - Rehabilitation -Appliances 45 0% 580 Rehabilitation - Various 71,171 36% 581 • Supplies/Materials 490 0% 599 • Ending Cost of Units -195,000 -100% Total COGS 269,824 138% Gross Profit -74,111 -38% Expense 700 • Selling Costs 950 0% 704 • Buyer Incentives 3,040 2% 705 • Closing Costs 307 0% 710 • Commissions 9,360 5% 720 • Homeowners Association Capital 200 0% 802 • Gardening & Maintenance 1,816 1% 804 • Homeowners Association Dues 7 0% 843 • Repairs 894 0% 857 • Taxes - Real Estate -541 -0% 872 • Utilities 4,106 2% Total Expense 20,139 10% Net Ordinary Income -94,250 -48% Other Income/Expense Other income 564 • CDBG Grant Total Other Income 112,500 57% 112,500 57% Page 1 of 2 08/12109 Wheat Ridge Housing Authority Allison Project All Transactions Net Other Income Jul 31,'09 %of Income 112,500 57% Net Income 18,250 9% Page 2 of 2