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HomeMy WebLinkAbout04/22/14171 BEAS 4:00 P.M. Individuals with disabilities are encouraged to participate in all public m( ethkgssponsored by the City, of 10teat Ridge, Call Heather Meyer, Public Iql6mation Q1 ,ficer tit 303-235-2826 tit least one week in advance (,?f'a meeting on are inter asted in participathkg and need inclusion assistance. A. Call Meeting to Order C. Approval of Minutes: February 25, 2014 D. Officers Reports E. Public Forum 1. Audit Engagement Letter 2. 2013 Year End Report G. Old Business 1. Update on Single Family Homes Rehab and Sal 2. Bud Starker Memo 3. Fruitdale School i MIIILE�� EM Minutes of Meeting February 25, 2014 L-13 Ann Wang, CPA Kim Waggoner, Recording Secretary January 28, 2014 f secon e r. Harr to approve the ininutes W January 28, 2014 as written. Motion carried 5-0. Ms. Langworthy stated she met with Councilman Bud Starker regarding his memorandum regarding East Wheat Ridge Neighborhood Project. She provided a copy of the memorandum to the Authority members. The purpose of project is to leverage the Authority's assets by engaging existing homeowners to add to and renovate their Housing Authority Minutes February 25, 20114 Authority McmN-, properties and attract residential developers to build in the target area between Sheridan Boulevard and Harlan Street, and W. 2b Avenue to W. 44"' Avenue. Is Is 32 a tour for the members who have not seen the the 2013 Budget by Restatement and Enacting a for the Year 2014. Mr. Matthews reviewed the proposed budget. He stated the budget took a major hit when the CDGB funds were returned to Jefferson County. The Authority discussed the budget in detail including line items and bank fees. Mr. Matthews also reviewed the balance sheet. He stated be sent a copy of the general ledger to Wendy Swanhorst for the audit. He expects to file a short form. There was some discussion about the project including owner occupied properties, rental properties, project funding, pen nit fee grants, expedited permits, matching and down payment assistance. Chair Thompson asked the members to review and email their questions and ideas to Ms. Payne before the next meeting in March. PUBLIC FORUM No members of the public were present to address the Authority at this time. Ma= Housing Authority Minutes February 25, 2014 IN Chair Thompson thanked Mr. Matthews for his work over the past several years. Chair Thompson welcomed Ms. Wang as the new accountant. It was moved by Ms. Langworthy and seconded by Ms. Walters to approve Resolution and Enacting a Budget and Appropriation for the Year 2014. Motion carried 5-0. I It was moved by Ms. Langworthy and seconded by Mr. Abbott to adjourn the meeting at 4:47 p.m. Motion carried 5-0. Next meeting will be March 25, 2014. Housing Authority Minutes February 25, 2014 Janice Thompson, Chair CcnifirA Pub4c Accountants 2EMERIM 6oard of Commissioners 7500 West 29th Avenue Wheat Ridge, Colorado 80033 7 heat Ridge 1 -A t h or i ty (the "Authority"). We will audit the basic financial statements of the Autbority, as • and for the year ended December 31,2013, Any supplementary information will be subjected to the auditing pmcedures applied in our audit of the basic financial staternents, upon which we will provide an opinion in relation to the basic financial statements. The management's discussion and analysis, if presented, will be subjected to certain limited procedures, but will not be audited. s t ie express on to an o inion as to whetbaj- ftJ NMI in re Wationto I financial statements taken as a whole. Our audit will be conducted in ccor nee with auditing standards generally accepted in the United States of America. Our audit will include tests of theaccounting records and other procedures we consider necessary to enable us to express such an opinion. If our opinion on the financial statements is other than unmodified, we will fully discuss the reasons with you in advance. WIT Mm M, 735-711- TpTrimn or to issue a report as a result of this engagement. Management is also responsible for making all financial records and related information available to us and for t accuracy and completeness ofthat information. You are also responsible for providing us with access to all informari of which you are aware that is relevant to the 6e;aration and faiii a ns wirmn Me Authority fro whom we determine it necessary to obtain audit evidence, I 8400 E. Crescent Parkway - Suite 600 - Greenwood Village, CO 80111 - (720) 528-4306 Fax: (720) 528-4307 Board of Commissioners Meat Ridge Housing Authority Page, 2 Board of Commissioners Page 3 identifying and ensuring that the Authority complies with laws, regulations, contracts, and agreements is the responsibility of management. As part of obtaining reasonable assurance about whether the financial statements are free • material misstatement, we will yerform tests of the-4itiltoaitim the provisions of contracts and agreements. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion, am"M lllvii; l is required to perform a Single Audit, additional fees will not exceed $3,000. Our standard hourly rates vary according to the degree • responsibility involved and the experience level • the personnel assigned to your audit. Our invoices for these fees will be rendered as work progresses and are payable on presentation. The above fee is based on anticipated •v fi= your pe=nnel and the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. We av reciate e onvortunity to be of service to the W i l-* kiiiii NVRHA Wheat Ridge Housing Authority INTRODUCTION The Wheat Ridge Housing Authority (WRHA) was established by City Council Resolution on January 22, 2001, to address the issue of the high rental rate in the City by increasing home ownership opportunities. Since 2001, 45 units have been rehabilitated. The WRHA completely remodels the units making them safe and attractive inside and appealing on the outside, thereby improving the neighborhood. More recently, the rehabilitation work has also focused on energy efficiency. Properties that have been refurbished include single family homes, duplexes and multi -unit properties converted from apartments to condominiums. Vision Statement: "To increase home ownership opportunities and neighborhood /community pride in Wheat Ridge." Program Goals: • Encourage and promote homeownership through the acquisition of deteriorated or foreclosed properties to convert to homeownership. • Become a community resource for the assistance of and referral of housing funding and other housing needs. • Develop partnerships with other Housing Authorities, outside agencies, financial institutions and private investors to provide affordable housing. • Remain a self - sustaining agency by reinvesting profits in the rehabbing of deteriorated housing stock. ""A Wheat Ridge Howinq Authority COMMUNITY DEVELOPMENT BLOCK GRANTS On February 18, 2011, the WRHA purchased 7 single family homes from Jefferson County Housing Authority using $900,000 in Community Development Block Grant (CDBG) allocations that had been allotted to the City through Jefferson County. The WRHA has rehabilitated the homes with new mechanical systems, windows, roofs and other exterior improvements as needed. Kitchens and bathrooms were remodeled with new appliances and fixtures. In accordance with CDBG regulations, these CDBG purchased homes must be sold to low to moderate income homebuyers and have a five year required affordability period. To keep the homes in an affordable price range but still allow for appealing and desirable rehabilitation of the properties, the WRHA used the proceeds of the sales as Program Income to recycle into rehabilitating the other CDBG homes, therefore, allowing the WRHA to not deplete their own fund reserves. In 2013, per the terms of the agreement of Jefferson County, the WRHA returned $650,000 in unused program income to the county from the sale of the seven homes. In order to continue the program of purchasing, rehabbing and selling home in need of revitalization, the WRHA entered into an agreement with Jefferson County to receive $480,000 of the program income back for the purchase, rehab and sale of two single family homes in 2014. The WRHA partners with Jefferson County Housing Authority (JCHA) who provides construction management services for the rehab of the homes. Project Update: SOLD It �� Three homes were rehabilitated and sold in 2013. H OME • 3450 Upham St. FOR p • 4330 Upham St. S ALE • 7910 W. 46` Ave. I 'J� NVRHA Wheat Ridge Housing Authority YEAR END REPORT - 2013 J f �t fl 4 111 - 6 ZIP. w r f *' 3450 Upham St. 3- Bedrooms, 1-1/2 Bathrooms Built in 1952, 1236 Square fe. New kitchen, new baths, ne windows, new furnace & A/ new plumbing & electrical hardwood floors and fenc Purchase Price: $132,563 Rehab Costs: $80,102 Rehab Completed 01/29/20 Sale Price: $195,000 SOLD 3 �4A� WRHA Wheat Hidqe Housing Authority YEAR END REPORT - 2013 4330 Upham St. 3- Bedrooms, 1 -3/4 Bathrooms Built in 1959, 2049 Square feet New open floor plan, hardwood floors, new appliances, maple cabinets, new furnace & A /C, new baths, formal dining room, master bath, off - street parking. Purchase Price: $141,933 Rehab Costs: $82,085 Rehab Completed 05/24/13 Sale Price: $210,000 SOLD .j 0 WRHA Wheat Ridge Housing Authority YEAR END REPORT - 2013 I� 7910 W. 46 Ave. Completely ADA Accessible 3- Bedrooms, 1 -3/4 Bathrooms Built in 1948, 1213 Square feet Refinished throughout, new appliances, new cabinets, new windows, new furnace & A /C, new plank floors. Purchase Price: $123,196 Rehab Costs: $75,039 Rehab Completed 04/26/13 Sale Price: $189,900 This property was the first to be made completely ADA accessible by the WRHA. In August 2013, the home was purchased by a young wheelchair bound gentlemen with a son. Due to the special rehab that was done on this property, the City of Wheat Ridge decided to prepare a Top of the Hour video of the before rehab, during rehab and after rehab to feature on Channel 8. NVRM Wheat Ridge Housinq Authority END R , .- 201 FRUITDALE SCHOOL On April 25, 2011, the WRHApurchased the Fruitdale School from the Jefferson County School District. The historic school, built in 1926 and designed by noted Denver architect Temple Buell, was slated for demolition by the School District after the construction of the new Norma Anderson Pre - School adjacent to the Fruitdale building. In late 2012 the WRHA received a State Historic Fund grant to hire an architect to prepare a Historic Structure Assessment (HSA) for the building. The purpose of the HSA was to identify the structural deficiencies in the building. Slaterpaull Architects completed the Historic Structure Assessment and Preservation Plan in January 2013. The total estimated amount to address all deficiencies identified in the HSA is $2.2 million. The State Historic Fund awarded a grant in the amount of $44,000 (including an $11,000 match by the WRHA) for preparation of construction documents based on the Historic Structure Assessment and Preservation Plan. The WRHA hired Slaterpaull Architects for preparation of the construction documents which are to be completed in March 2014. With Colorado Preservation Inc. (CPI) taking the lead, a nomination was prepared to submit Fruitdale for listing on the National Register of Historic Places. In March 2013, the school was officially listed on the National Register. In the summer of 2013, the WRHA hired Butler Burger Group to prepare an update to a market assessment originally prepared on the property in 2010. This update was to look not at only housing but at what the market would indicate to be the highest and best use of the building. Upon receipt of this updated report in the fall of 2013 indicating that housing is not a viable market use for the property. The WRHA made a final determination not to pursue housing at the site. The report indicated retail or industrial uses to have the greatest feasibility. Based on this, the WRHA board instructed staff to prepare an RFP to solicit redevelopment proposals for the building to be released in the first quarter of 2014. 31 Fruitdale School VIT-IJIN• Lail To: Wheat Ridge Housing Authority Re: East Wheat Ridge Neighborhood Project Date: February 25, 2014 ?; ®m© �:.< �,w /�_���� ._�. . ® ! ._.% \ .: } � \ �� : !