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HomeMy WebLinkAboutagenda.council.worksession.201910291 AGENDA CITY COUNCIL WORK SESSION October 29, 2019 4:00 PM, City Council Chambers 130 S Galena Street, Aspen I.WORK SESSION I.A.Budget Presentations - Truscott Fund, Marolt Fund, Housing Administration Fund, Smuggler Housing Fund, Truscott II Housing Fund, Aspen Country Inn Fund 1 •Valet Parking Near Gondola Plaza •Senior Access to the ARC /Aquatics •Update on Park / Midland Mobility 1 Outstanding COA Items from Prior Sessions 2 2020 BUDGET DEVELOPMENT Truscott Fund (491 Fund) OCTOBER 29, 2019 3 Truscott I •109 Long-Term Rental Units 3 4 On the Horizon 4 •Redevelopment Opportunity •Adding Density –100 Building 5 Revenues & Expenditures Trends $2,401,400 $2,268,290 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 5 Subsidy Needed Through 2022 6 Fund Balance $310,131 $283,536 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 2018 2019 2020 2021 2022 2023 2024 Funds Available 12.5% Uses Reserve 6 2023 Start Repayment to City 7 Revenue Sources $46,660 $1,100,000 $1,254,740 $0 $400,000 $800,000 $1,200,000 $1,600,000 Other Property Income Transfers In Rents 7 8 $21,230 $138,900 $150,600 $479,610 $709,200 $768,750 $0 $200,000 $400,000 $600,000 $800,000 Administrative Transfers Out Property Management Services Facilities Maintenance Debt Service Capital Expenditure by Program 8 1.30 FTE 9 2020 Capital Projects $35,000 $47,000 $68,000 $124,000 $350,000 $0 $100,000 $200,000 $300,000 $400,000 Truscott Exterior Painting Bldg 100 Laundry Room Equipment Replacement Bldgs 600 & 900 Truscott Bollard Light Replacement Laundry Room Equipment Replacement Bldg 100 Truscott Exterior Painting Bldg 400-1000 9 10 Supplemental Requests 10 Recommended: •Renewable Energy Premium: $1,500 (On-Going) 11 11 Questions? 12 2020 BUDGET DEVELOPMENT Marolt Fund (492 Fund) OCTOBER 29, 2019 13 The Property •100 Seasonal Units •Summer –MAA •Winter –Temporary Workforce –Priority to Employers 13 14 On the Horizon •MAA Renovation of Cafeteria Space •Future Renovation 14 15 Revenues & Expenditures Trends $1,453,120 $2,457,590 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 15 One-Time $1.7M Transfer to Housing Development Fund 16 Fund Balance $630,041 $307,199$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 2018 2019 2020 2021 2022 2023 2024 Funds Available 12.5% Uses Reserve 16 Possible with Debt Service Now Expired 17 Revenue Sources $26,500 $111,890 $1,314,730 $0 $500,000 $1,000,000 $1,500,000 Cafeteria Lease / Music Room Rentals Other Property Income Rents 17 18 $7,580 $155,500 $157,800 $375,510 $1,761,200 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 Administrative Capital Property Management Services Facilities Maintenance Transfers Out Expenditure by Program 18 1.21 FTE 19 2020 Capital Projects $15,000 $17,000 $25,000 $29,000 $50,000 $0 $20,000 $40,000 $60,000 Interior Painting of Units (20 units/yr) Furniture and Fixture Replacement Refurbish Interiors Exterior Painting Carpet and Vinyl Replacement 19 20 Supplemental Requests 20 Recommended: •Renewable Energy Premium: $2,400 (On-Going) 21 21 Questions? 22 2020 BUDGET DEVELOPMENT Housing Administration Fund (620 Fund) OCTOBER 29, 2019Mike Kosdrosky –APCHA Director 23 Who We Are 23 IGA Board Staff 8 Seats Total: 4 –Elected Officials 4 –Citizen Appointees Intergovernmental agreement between Pitkin County and the City of Aspen Staffing the Main office and the Properties office 24 What We Do 24 Big Picture Oversee affordable workforce housing program and partner in AH development projects Policy Appointed Board of Directors in consultation with City Council and BOCC Daily Operations Administration: -Qualifications -Sales -Compliance -Property Mgmt. -Maintenance -Policy Research and Recommendations 25 Total Housing Inventory 25 <50%50-85%85-130%130-205%205-240%No Income Limit Cat 1 Cat 2 Cat 3 Cat 4 Cat 5*RO Number:128 522 708 585 93 998 Percent:4%17%23%19%3%33% 0% 5% 10% 15% 20% 25% 30% 35% 0 200 400 600 800 1000 1200 Total Units: 3,034 26 Estimated Occupants by Age Group 26 15% 66% 19% Under 18 18-65 65 and Older 27 APCHA Satisfaction 27 Overall, how satisfied or dissatisfied are you with the APCHA housing program? 28 On the Horizon 28 •5-Year Strategic Plan •HomeTrek Implementation 2019-2020 •Additional Licensing Costs •Program Census 2020/2021 •On-Going Salesforce Licensing Costs Starting in 2021 29 Revenues & Expenditures Trends $2,306,350 $2,470,584 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 29 30 Fund Balance $567,101 $308,823$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2018 2019 2020 2021 2022 2023 2024 Funds Available 12.5% Uses Reserve 30 City / County Subsidy Floating to Achieve 100% Target HomeTrek Software 31 Floating City / County Subsidy 31 2020 2021 2022 2023 2024 Aggregate Subsidy $809,400 $736,200 $1,010,600 $998,100 $1,215,100 Percent Change 2%(9%)37%(1%)22% 32 Revenue Sources $85,150 $136,890 $286,110 $404,700 $404,700 $488,800 $500,000 $0 $200,000 $400,000 $600,000 Other Unallocated Facility Maintenance Sales Fees (2%) City Subsidy County Subsidy Management Fees (12%) Foreclosures* Labor Reimbursement for Tax Credit Properties 32 $300K+ City Properties $170K+ Tax Credit $800K+ Subsidy * Placeholder Estimate –Net Zero with Offsetting Expense Line Item 33 $70,000 $114,370 $117,570 $219,600 $230,454 $246,000 $288,370 $502,500 $681,720 $0 $200,000 $400,000 $600,000 $800,000 NEW - HomeTrek Qualifications Sales GF Overhead Property Maintenance Property Management Compliance Capital Projects / Foreclosures General Administration $136K Labor Reimbursed + $90K Office Lease Excludes Supplemental FTE $500K Foreclosure Buy Back Authority Expenditure by Program 33 12.32 FTE 34 2020 Capital Projects $2,500 $500,000 $0 $200,000 $400,000 $600,000 Core City Network Purchase of Foreclosed Units 34 35 Supplementals 35 Supported By City / County Administration: •Hearing Officer (1.0 FTE): $60,000 (On-Going) •Legal Fees: $50,000 (On-Going) Not Supported By City / County Administration: •Land Use Case Review Services: $20,000 (On-Going) 36 36 Questions? 37 2020 BUDGET DEVELOPMENT Smuggler Housing Fund (622 Fund) OCTOBER 29, 2019Mike Kosdrosky –APCHA Director 38 The Property 38 •11 Low Income Units 39 On The Horizon 39 •Redevelopment Opportunity vs Capital Improvements 40 Revenues and Expenditures 40 $81,140 $73,860 $0 $20,000 $40,000 $60,000 $80,000 $100,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 41 Fund Balance 41 $384,868 $9,233 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 2018 2019 2020 2021 2022 2023 2024 Funds Available 12.5% Uses Reserve Low Operating and No Capital = Low Target Reserve 42 Revenues Sources 42 $150 $7,550 $73,440 $0 $20,000 $40,000 $60,000 $80,000 Other Revenues Investment Income Rental Income - Permanent 43 Expenditures by Program 43 $3,900 $8,800 $9,290 $10,150 $41,720 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 GF Overhead Property Management General Administration Capital Projects Property Maintenance 0.17 FTE 44 2020 Capital Projects 44 $1,550 $4,200 $4,400 $0 $1,000 $2,000 $3,000 $4,000 $5,000 Individual Hot Water Heater Replacement Carpet & Vinyl Replacement Appliance Replacement 45 45 Questions? 46 2020 BUDGET DEVELOPMENT Truscott II Housing Fund (641 Fund) OCTOBER 29, 2019Mike Kosdrosky / Pete Strecker 47 The Property 47 •87 Long-Term Units •Previously Funded Tax Credit Project 48 On The Horizon 48 •Structural Concerns @ 200 & 300 Buildings •LURA Restrictions Through 2032 •Redevelopment Opportunity & Outstanding CHFA Loan •Partnership Structure 49 Revenues & Expenditures 49 $1,084,150 $1,542,640 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 50 Fund Balance 50 $919,093 $192,830 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 2018 2019 2020 2021 2022 2023 2024 Funds Available 12.5% Uses Reserve 51 Revenue Sources 51 $8,860 $6,830 $20,910 $27,550 $1,020,000 $0 $300,000 $600,000 $900,000 $1,200,000 Other Revenues Laundry Section 8 Housing Assistance Investment Income Rental Income - Permanent 52 Expenditures By Program 52 $87,630 $122,400 $315,670 $396,940 $620,000 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 General Administration Property Management Property Maintenance Debt Service Capital Projects 53 2020 Capital Projects 53 $50,000 $170,000 $400,000 $0 $100,000 $200,000 $300,000 $400,000 $500,000 Truscott II Study Repair of Stair Tread Covers 51296 Painting 10-70 and 200- 300 Buildings 54 54 Questions? 55 2020 BUDGET DEVELOPMENT Aspen Country Inn Housing Fund (642 Fund) OCTOBER 29, 2019Mike Kosdrosky / Pete Strecker 56 The Property 56 •40 Long-Term Units with Senior Priority •Tax Credit Project (2019 Final Payment Received) 57 Revenues & Expenditures 57 $426,160 $367,310 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 2018 2019 2020 2021 2022 2023 2024 Revenues Expenditures 58 Fund Balance 58 Works Differently from Other City Funds •Required Operating Reserve of $122,190 •Increasing Replacement Reserve of $14,000 / Yr.Fully Funded Additional Operating Revenues •Deferred Developer Fee ($186,000) •City Loan ($2.583M)59 Revenue Sources 59 $3,740 $5,720 $6,970 $409,730 $0 $100,000 $200,000 $300,000 $400,000 $500,000 Other Revenues Laundry Section 8 Housing Assistance Rental Income - Permanent 60 Expenditures By Program 60 $27,260 $49,200 $138,270 $152,580 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 General Administration Property Management Debt Service Property Maintenance 61 61 Questions? 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