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Home My WebLink AboutMN-IURA-2017-12-21Approved: 1/25/18 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 MINUTES ITHACA URBAN RENEWAL AGENCY Common Council Chambers, City Hall 8:30 A.M., Thursday, December 21, 2017 Members: Mayor Svante Myrick, Chair; Tracy Farrell, Vice‐Chair; Karl Graham; Eric Rosario Excused: Chris Proulx; Graham Kerslick (Common Council Liaison) Staff: Nels Bohn; JoAnn Cornish; Anisa Mendizabal; Charles Pyott Guests: None I. Call to Order Chair Myrick called the meeting to order at 8:36 A.M. II. Agenda Additions/Deletions No changes were made to the agenda. III. Public Comment None. IV. Review of Draft Meeting Minutes: November 16, 2017 & December 1, 2017 Farrell moved, seconded by Graham, to approve the November 16, 2017 and December 1, 2017 meeting minutes, with no modifications. Carried Unanimously 4‐0 V. Governance Committee (GC) Report A. Merit‐Based Salary Increase: IURA Accountant Rosario explained the resolution proposes a salary increase for the IURA Accountant. The Committee reviewed all the performance review materials and recommended the increase, since the Accountant surpassed the expectations of her evaluation. Ithaca Urban Renewal Agency IURA Minutes December 21, 2017 Page 2 of 8 Moved by Rosario, seconded by Graham: IURA Accountant ― Merit‐Based Salary Increase WHEREAS, Ms. Cook was hired as IURA Accountant on May 28, 2015 and is currently working 22 hours per week at a salary level of $33,578 ($29.35/hour), and WHEREAS, the IURA senior staff has recently completed a performance review for Ms. Cook, and WHEREAS, Ms. Cook has successfully accomplished all specific goals from her prior performance review and assumed several new accounting tasks within her scheduled workweek, and, WHEREAS, Ms. Cook frequently surpasses expectations for her overall performance, and WHEREAS, the management staff recommend a salary increase be approved for Ms. Cook in recognition of her high quality job performance, and WHEREAS, the adopted 2017 IURA budget included $5,000 of unallocated funding for merit‐based salary increases, and WHEREAS, at their August 17, 2017 and December 15, 2017 meetings, the Governance Committee reviewed Ms. Cook’s performance evaluation and recommended the following, now therefore be it RESOLVED, that the IURA hereby approves the recommended salary increase for Ms. Cook in the amount of $2,000 per year ($1.75/hour), and be it further RESOLVED, that such salary increase shall become effective the first full pay period following adoption by the Ithaca Urban Renewal Agency, and be it further RESOLVED, that the IURA Executive Director is hereby authorized to execute any and all documents necessary to implement this resolution. Carried Unanimously 4‐0 B. Adoption of FY2018 IURA Budget Rosario explained that the IURA reviewed a draft version of the budget at its last meeting, since the Committee had not yet met to make its recommendation. The Committee has since reviewed the budget, made one or two very minor changes, and is recommending its adoption. IURA Minutes December 21, 2017 Page 3 of 8 Moved by Rosario, seconded by Farrell: Adoption of FY 2018 IURA Administrative Budget WHEREAS, the IURA desires to annually adopt an administrative budget to guide expenditures and manage financial resources of the IURA, and WHEREAS, New York State law governing public authorities requires submission of a proposed budget 60 days prior to the start of the next fiscal year, and WHEREAS, the IURA budget is due to be submitted to the New York State Authorities Budget Office (ABO) by November 1st of each year, and WHEREAS, on October 26, 2017, the IURA adopted a draft FY18 IURA budget for submission to the ABO and referred the draft budget to the Governance Committee for review and recommendation for a final FY18 IURA budget, and WHEREAS, the IURA Governance Committee reviewed this matter at their December 15, 2017 meeting and recommended adoption of the following revised budget; now, therefore, be it RESOLVED, that the IURA hereby adopts the FY 2018 IURA Administrative Budget, dated 12/15/17. Carried Unanimously 4‐0 [Note: The FY 2018 IURA Administrative Budget is appended to these minutes.] C. Committee Chairperson Report Rosario announced the Committee recommended the appointment of a new Committee member (former City of Ithaca Mayor John Gutenberger) by the Mayor. VI. Neighborhood Investment Committee (NIC) Report A. Assessment of Fair Housing (AFH) Discussion Graham reported that the City received formal approval of its Assessment of Fair Housing (AFH) from HUD. At this time, the IURA Board should continue its review and discussion of the report’s goals. Goal #4 “Prevent displacement in neighborhoods where there is either an established trendline of displacement or imminent threat of displacement (i.e. adjacent high‐value neighborhoods with few for‐sale homes). Explore Small Area Fair Market Rents, mini‐repair for low‐income homeowners, and expansion of Community Housing Land Trust for owner‐occupied homes.” IURA Minutes December 21, 2017 Page 4 of 8 Graham observed that Goal 4.2 is something the IURA has supported for many years. The IURA should consider how to best prioritize programs like the INHS Mini‐Repair Program and Love Knows No Bounds Mini‐Repair Program. Goal 4.2 “In Years 1‐5: Prioritize (1) small repair (i.e., “mini‐repair” program) and rehabilitation of homes owned by LMI homeowners in neighborhoods identified as experiencing displacement and (2) creation of new affordable housing opportunities in gentrifying neighborhoods.” Farrell remarked it is important to try to ensure housing remains affordable over the long‐term, so low‐ income people can afford to remain in the city. Graham noted that ever‐increasing rents in the city is another affordable‐housing challenge. He wondered if enforcement of the Building Code in rental housing units is generally considered to be adequate. Cornish replied that landlords are definitely required to meet the Housing Code. Bohn noted there is a recurring three‐year rolling period for Building Code inspections of multi‐family rental properties, so properties may fall out of compliance between inspections. Goal #4.2a “In Year 2: Meet with local HVC administrators to evaluate if adopting Small Area Fair Market Rents (by zip code) or Exception Payment standards for high rent areas of the County would expand access to high opportunity neighborhoods without significant unintended consequences or a significant reduction in HCVs issued.” Graham noted Goal #4.2a will likely be controversial. There may even be unintended consequences of adopting Small Area Fair Market Rents (e.g., landlords increasing their rent proportionately). Outreach and education efforts for landlords refusing to accept Section 8 vouchers will be important, as well as establishing some kind of enforcement mechanism to ensure landlords do not discriminate. Goal #5 “Address the need for a Language Assistance Plan (LAP) for Limited English Proficient (LEP) individuals.” Goal #5.1 “In Year 3: Revise City Limited English Proficiency (LEP) Plan in order to incorporate a Language Assistance Plan (LAP) to increase access to City services and programs for persons from varying language backgrounds and national origins.” Mendizabal explained that the City of Ithaca has been working on its LAP, which will be implemented when it is published on the City’s web site (probably in collaboration with Tompkins County). IURA Minutes December 21, 2017 Page 5 of 8 B. HUD Entitlement Grants 1. 402 S. Cayuga Street Project Discussion Graham reported that Habitat for Humanity of Tompkins & Cortland Counties recently indicated it would not be able to pursue the $80,000 402 S. Cayuga Street project, since it presented more of a financial and operational challenge for the organization than it had anticipated, given the location/topography of the site. It has formally withdrawn its request for IURA funding. Ithaca Neighborhood Housing Services (INHS) subsequently approached the IURA and indicated it has interest in developing affordable housing on the site. Farrell wondered if the IURA would need to open the application process up again. Bohn replied, that is a decision the IURA would need to make, but the IURA is authorized to designate a single sponsor to undertake an urban renewal project to construct affordable housing without a public solicitation to other prospective purchasers. Myrick noted as long as the project remains an affordable housing project (either owner‐occupied or rental housing), he does see why that would be necessary. Farrell agreed. 2. FY2018 Action Plan Organizational Meeting Graham noted the draft 2018 HUD Entitlement Grant Action Plan Schedule has been generated. Bohn asked IURA Board members to be sure to review it and build all the dates into their calendars to ensure no conflicts arise. Mendizabal added she also created the following overview of the Action Plan process. City of Ithaca HUD Entitlement Grant 2018 Action Plan Cycle The 2018 Action Plan will fund activities in the fifth and final program year of the 2014-2018 Consolidated Plan. The 2018 Action Plan will advance the statutory objectives of CDBG and HOME programs and address the goals identified in the 2014-2018 Consolidated Plan: • Improve and Expand Affordable Housing Options • Expand Economic and Employment Opportunities • Strengthen Neighborhoods • Increase Access to Resources Leading to Physical and Economic Mobility • Meet Essential Needs for Food, Shelter and Safety The goals from the City's recently completed Assessment of Fair Housing (AFH) will be incorporated into the City's 2019-2023 Consolidated Plan. The 2019-2023 Consolidated Plan will go into development in late 2018. Overview of Planning Process: See Draft 2018 City of Ithaca HUD Entitlement Grant Action Plan Schedule. The Request for Proposals will be released in early January 2018, followed by two Public Information Sessions. Applications will be due at the end of February. A two-part Public Hearing will afford applicants the IURA Minutes December 21, 2017 Page 6 of 8 opportunity to present their proposals to the IURA. Substantive work for the 2018 Action Plan is to be completed by late April, with anticipated adoption of the Draft Plan by IURA on April 26, followed by the 30- day Public Comment Period and Public Hearing. Adoption of the 2018 Action Plan by Common Council is anticipated on June 6, 2018. HUD Submission Deadline for 2018 Action Plan: June 16, 2018 Snapshot of IURA's Historic Funding Levels & Activities PROGRAM YEAR CDBG Award HOME Award FUNDED ACTIVITIES Housing Econ Dev Public Fac Public Svs Admin TOTAL 2017 644,410 $275,651 7 5 2 5 3 22 2016 $661,371 $329,841 8 3 3 5 2 21 2015 $671,646 $368,661 8 2 1 5 2 18 2014 $675,538 $441,774 6 4 1 4 2 17 2013 $715,930 $465,241 7 4 6 5 2 24 2012 $703,124 $486,909 4 7 1 4 2 18 2011 $742,713 $508,879 6 2 2 5 2 17 2010 $890,297 $574,472 6 1 3 5 2 17 Anticipated Funding levels: Each year, the City has witnessed an incrementally declining allocation of CDBG and HOME funding, due in part to the growing number of entitlement communities and changing federal priorities. In the 2017 Program Year, the City's HOME and CDBG awards were reduced by amounts greater than anticipated, by approximately 16% and 2.5%, respectively. To arrive at 2018 Program Year anticipated funding levels, IURA staff has reviewed published information regarding expected reductions to HUD's budget. 2017 Anticipated Award 2017 Actual Award Anticipated 2018 Reduction Anticipated 2018 Award CDBG 661,371 $644,410 1.66% $634,000 HOME 328,050 $275,651 5.25% $261,000 Total 989,421 $920,061 -$895,000 Considerations: • CDBG regulations cap funding for Public Service activities at 15% of the jurisdiction's total CDBG award, except in the case of Public Service activities which include job creation/placement sponsored by a Community-Based Development Organization (CBDO). • Some projects or funded activities require more administrative support than others. • Sponsors of funded activities will receive orientation to vouchering process. • Administrative costs are capped at 20% for CDBG and 10% for HOME. • If a funded project does not go forward; funding must be reallocated or returned to HUD. Farrell observed it is dramatic to see the drop in Federal funding from HUD over the years. Mendizabal remarked that each funding application to the IURA represents a different level of administrative and contracts monitoring effort on the part of IURA staff, depending on the type and size of the project, and the organizational capacity of the applicant. IURA Minutes December 21, 2017 Page 7 of 8 Farrell noted that even though the IURA has seen a significant decrease in HUD funding levels, it still tends to fund a large number of projects every year. The IURA should consider how many projects it should fund, to reduce the administrative and contracts monitoring burden to staff. Graham suggested the IURA could also communicate in advance to potential applicants what the IURA’s funding priorities are. Farrell noted a number of year‐to‐year IURA grantees have become dependent on the IURA for funding. Given diminishing HUD funding levels, the IURA should emphasize to applicants that it is important for them to should continue making every effort to seek other funding sources. C. Committee Chairperson Report Graham reported that the Committee reviewed the 2016 Consolidated Annual Performance Evaluation Report (CAPER) that the IURA submitted to HUD. VII. Other New/Old Business A. Review of IURA Financials: November 2017 Bohn reported that the IURA Grants Summary now includes 2017 projects. At bottom of the table, the spend‐down ratio indicates the IURA needs to spend $140,000 by June 1st, 2018. Two major projects, the GIAC Wading Pool Project and the Spencer Road Sidewalks Project, should allow the IURA to reach that goal, since they should both be largely completed by mid‐Summer. By and large, all IURA projects are on schedule. All IURA loans are also current, except The State Theatre, which just made a double payment and has agreed to initiate automated payments. All lease payments are current. B. IURA Chairperson Report None. C. Common Council Liaison Report None. D. Staff Report Bohn reported that the City submitted its Restore New York Round 5 grant application, which includes four properties at 121 W. State street, 123 W. State Street and 108‐114 W. Green Street (collectively known as the 100s West project); and 310 W. State Street. Bohn noted the Community Housing Development Fund (CHDF) will be funding both the Amici House/Harriet Giannelis Child Care Center and Lakeview Ithaca projects. IURA Minutes December 21, 2017 Page 8 of 8 VIII. Adjournment The meeting was adjourned by consensus at 9:45 A.M. — END — Minutes prepared by C. Pyott, edited by N. Bohn. 12/15/2017 YTD Change Adopted Expenditures Adopted Proposed From Expenses 2015 8/31/2017 %2017 2018 Prior Year Notes SALARY $222,497 $225,689 $132,816 59%$225,943 $232,402 2.9%#2 EMPLOYEE BENEFITS $70,187 $76,758 $32,785 43%$90,358 $87,572 -3.1%#4, #5, #6 LEGAL SERVICES $20,600 $15,075 $4,993 33%$15,075 $14,000 -7.1% OTHER INDEP. CONTRACTORS $16,875 $16,675 $5,128 31%$16,675 $15,525 -6.9% EQUIPMENT/FURN./SOFTWARE $2,400 $2,400 $0 0%$2,200 $2,200 0.0% INSURANCES $4,832 $4,720 $3,670 78%$4,856 $4,870 0.3% OFFICE SUPPLIES/PRINTING $1,000 $800 $194 24%$800 $800 0.0% STAFF DEVELOPMENT $2,400 $2,400 $80 3%$2,400 $2,400 0.0% TRAVEL/PARKING/HOTEL $2,200 $2,200 $594 27%$2,000 $2,000 0.0% ADVERTISING $1,000 $1,200 $663 55%$1,100 $1,100 0.0% MISCELLANEOUS/SUBSCRIPTIONS $2,645 $2,645 $2,568 97%$4,500 $4,500 0.0%#7 TOTAL $346,636 $350,562 $183,491 52%$365,907 $367,369 0.4% Notes: 1. See Exhibits to IURA administrative budget: Exhibit A - Schedule of Salaries Exhibit B - Schedule of Personnel Expenses. Note that the "staff development" benefit in Exhibit B is listed as a separate expense line in the IURA budget. Exhibit C - Schedule of Independent Contractors Expenses Exhibit D - Schedule of Insurance Expenses Exhibit E - Schedule of Projected Recurring Revenues Exhibit F - Schedule of Funding Sources 2. 2018 budget includes 2% salary increase 3. Trailing half year CPI =2.1% (CPI-U Northeast region, all items) 4. Employer retirement benefit remains constant at 11% of payroll. 5. Health Insurance premiums increased 9% from 2017 to 2018 6. Employee contribution to health care insurance = 20%. 7. Stormwater and sidewalk fees of $2,505.50 are listed at the "Miscellaneous" line. All but $904.50 is reimbursed from lessees. PROPOSED FY 2018 ITHACA URBAN RENEWAL AGENCY ADMINISTRATIVE BUDGET Exhibit A 12/15/2017 Schedule of Salaries Proposed FY 2018 IURA Budget 2018 Mid-Year Adjusted YTD Annual work %Salary Budgeted Expenditures YTD %Annual work %Budgeted Authorized Employment Positions Salary week full-time Change Salaries 8/31/2017 %% Change $ Change Salary week full-time Salaries 1 Accountant $53,417.72 22 hours 63%$2,000 $35,576.85 $23,245.20 65%2.00%$712 $56,526.07 22 hours 63%$36,288.39 2 Contracts Monitor $48,947.54 full 100%$0 $48,947.54 $33,894.00 69%2.00%$979 $49,926.49 full 100%$49,926.49 3 CD Planner $54,000.00 full 100%$0 $54,000.00 $17,238.27 32%2.00%$1,080 $55,080.00 full 100%$55,080.00 4 Director of CD $84,419.08 full 100%$0 $84,419.08 $58,438.80 69%2.00%$1,688 $86,107.46 full 100%$86,107.46 $222,943.47 $132,816.27 60%$4,459 $227,402.34 2017 Approved Bonuses: 2017 Approved Salary Changes: Total 2018 Proposed Salaries: Total 2017 Authorized Salaries: Increase (decrease): 1. City/CSEA Admin. Unit Agreement authorizes a 2% salary increase for 2018. 2. Historical IURA salary increases: 2013: +1%; 2014: +2%; 2015:+ 1%; 2016: +1%; 2017: 1.75%. 3. Salaries based on full-time employment of 1,820 hours per year. 4. 2017 Half Year Annual Average CPI = 2.1% (CPI-U Northeast region, all urban consumers, all items) Exhibit B 12/15/2017 Schedule of Personnel Expenses Proposed FY 2018 IURA Budget 2018 CPI Salary Increases:2.00%2.00%2.00%2.00% YTD Director Contracts CD Expenditures YTD Employee Benefits Accountant of CD Monitor I Planner Totals 8/31/2017 % Health Insurance (Simply Blue Plus Platinum 2 rates)$5,660 28,434.00$ 9,977.00$ 9,977.00$ 54,048.00$ $32,870 61% 2018 Employee Contribution Percentage 20%20%20%20% 2018 Employee Contribution Amount 1,132.00$ 5,686.80$ 1,995.40$ 1,995.40$ 10,809.60$ $6,574 61% Net Employer Health Insur. Expense 4,528.00$ 22,747.20$ 7,981.60$ 7,981.60$ 43,238.40$ $26,296 61% Retirement Benefits (11%)3,991.72$ 9,471.82$ 5,491.91$ 6,058.80$ 25,014.26$ $6,489 26% Life Insurance -$ -$ 184.32$ 79.50$ 263.82$ $0 0% Staff Training 600.00$ 600.00$ 600.00$ 600.00$ 2,400.00$ $0 0% FICA (7.65%) 2,776.06$ 6,152.18$ 3,666.73$ 4,060.97$ 16,655.94$ 0% Benefit Subtotal 11,895.78$ 38,971.20$ 17,924.56$ 18,780.87$ 87,572.42$ $32,785 37% 2017 Budgeted Salaries $33,576.86 84,419.08$ 48,947.54$ 54,000.00$ 220,943.48$ $132,816.27 60% Mid-year merit-based salary increase 2,000.00$ -$ -$ -$ 2,000.00$ 2018 2.00% Salary Increase 711.54$ 1,688.38$ 978.95$ 1,080.00$ 4,458.87$ 2018 Increase in Employee Pymt. - Health Insur. -$ 476.60$ 167.20$ 167.20$ 2018 Net Salary Increase/(Decrease)2,711.54$ 1,211.78$ 811.75$ 912.80$ 5,647.87$ 2018 Effective Net Take-Home Paycheck Salary Change 8.08%1.44%1.66%1.69% 2018 Increase in Retirement Benefits $298.27 $185.72 $107.68 $100.41 $710.47 2018 All-In Employee Compensation Change 8.96%1.66%1.88%1.88% 2018 Budgeted Salaries 36,288.39$ 86,107.46$ 49,926.49$ 55,080.00$ 227,402.34$ Merit-Based Increase Pool (to be determined)-$ -$ -$ -$ 5,000.00$ Salary Subtotal 36,288.39$ 86,107.46$ 49,926.49$ 55,080.00$ 232,402.34$ -$ Total Employee Compensation 48,184.17$ 125,078.66$ 67,851.05$ 73,860.87$ 319,974.76$ Notes:1. Historical health insurance rate premium changes: - 2014: decrease 8.5% for Single; increase 5.7% for Family - 2015: 12% increase - 2016: 12% increase - 2017: 14% increase - 2018: 9.1% increase 2. $5,000 budgeted for possible IURA-approved, merit-based bonuses in 2018. 3. Staff training is a separate line in the IURA Administrative budget, so it is not included in the "employee compensation" budget line 4. CD Planner's health insurance Annual change in CD Planner's change in the employee contribution to health insurance Exhibit C Schedule of Independent Contractors Expense Proposed FY 2018 IURA Budget Authorized Budgeted Authorized Budgeted Contract Amount YTD Contract Amount % Change Amount IURA Admin.Expenditures Amount IURA Admin.from Contracted Service Current Contractor FY 2017 FY 2017 8/31/2017 %FY 2018 FY 2018 2017 Budget Legal: Mariette Geldenhuys, Esq.$12,000 $10,000 $2,156 22%$12,000 $10,000 0% Levene Gouldin & Thompson (R. Ruswick)$5,000 $1,500 $684 46%$4,000 $1,500 0% Sharon Sulimowicz, Esq.$4,000 $2,500 $1,078 43%$4,000 $2,500 0% Orrick, Herrington & Sutcliffe, LLP retainer $1,075 $1,075 100%$0 $0 -100% Legal Subtotal $15,075 $4,993 33%$14,000 -7% Reimbursements for Legal Services ($2,366) Out-of-Pocket Legal Total $2,627 Other Professional Services: CDBG & ED consultant H. Sicherman & Co., Inc.$10,000 $6,000 $2,329 39%10,000 $6,000 0% Minutes & Resolution Work Charles Pyott $2,000 $2,000 $0 0%0 $0 -100% Payroll Processing Paychex $1,500 $1,700 $1,214 71%NA $1,700 0% Flexible Benefit Plan Admin SIEBA $675 $675 $475 70%NA $675 0% Audit work CDLM $700 $700 $660 94%NA $700 0% Timebilling Journyx $600 $450 75%$600 NA Automated A/P Globodox $0 $0 $0 2,850 $2,850 NA Environmental Engineering Barton & Loguidice, PC Fair Housing TBD Civil/Structural/Traffic/Engineering TBD $5,000 Architecture/LA TBD $5,000 $0 0%$3,000 -40% Other Contractors Subtotal $16,675 $5,128 $15,525 -7% Total $31,750 $10,120 $29,525 -7% Notes: 1. Minute taking brought in-house in 2017 2. Orrick, Herriting & Sutcliffe LLP final billing in 2017 for Neighborhood Housing Initiative bond anticipation note - project completed 3. Assessment of Fair Housing due in November 2017 12/15/2017 Exhibit D 12/15/2017 Schedule of Insurance Expenses FY 2018 IURA Budget YTD 8/31/2017 Proposed % Change FY 2017 Health Insur FY 2018 From Insurance Carrier Budget Expenditures Employer Share %Budget 2017 Budget Directors & Officers ($1 million)Chartis-National Union Fire Insur. Co.$2,900 $2,885 99%$2,885 -1% Employee Dishonesty ($150K)Hartford Fire Insurance Co. $570 $564 99%$564 -1% Disability Shelterpoint $300 $221 74%$221 -26% Liability & Property carried on City policy $0 $0 NA $0 na Workers Compensation Travelers $950 $0 0%$1,200 26% Agency Insurance Subtotal $4,720 $3,670 78%$4,870 3% Healthcare - Employer Share Excellus BC/BS employee #1 Family @ $2,369/mo.$20,841 $19,539 $15,631 75%$22,747 9% employee #2 Single @ $831/mo. (was formerly assumed (subscriber + spouse)$14,626 $3,759 $3,007 21%$7,982 -45% employee #3 Single @ $831/mo.$7,313 $6,856 $5,485 75%$7,982 9% employee #4 Spousal coverage @ $359/mo.$4,528 $2,716 $2,173 48%$4,528 0% Health Insurrance Subtotal $47,308 $26,296 56%$43,238 -9% Insurances Total $52,028 $29,966 $48,108 -8% Notes: 1. Healthcare insurance expense excludes 20% employee contribution. 2. Employees who maintain non-IURA coverage are eligible for reimbursement of health insurance expenses up to 75% of the IURA benefit 3. 2017 annual health insurance premium rates authorized for Excellus BC/BS by NYS Dept. of Financial Services: 2017 2018 Change Single:$9,141 $9,977 9.1% Subscriber & Spouse:$18,282 $19,953 9.1% Subscriber & Child(ren)$15,540 $16,960 9.1% Family $26,051 $28,434 9.1% Spouseal coverage $4,528 $4,528 0.0% Exhibit E 12/15/2017 Schedule of Projected Revenues AMOUNT AMOUNT % APPLIED Portion APPLIED Change TO 2017 Projected Applied to TO 2018 From IURA Projected ADMIN YTD YTD Revenues Budget ADMIN Prior Fund Revenue Sources 2016 2017 BUDGET 8/31/2017 %2018 %BUDGET Year # HUD Entitlement Grant: Prior Year (2017) CDBG Admin. $134,329 $132,274 $132,274 $91,290 68%$128,882 100%$128,882 -$3,392 NA Prior Year (2017) HOME Admin. $36,866 $32,805 $32,805 $27,625 75%$27,565 100%$27,565 -$5,240 NA Project Delivery on CDBG projects $0 $0 $0 $0 $0 100%$0 $0 NA Subtotal:$171,195 $165,079 $165,079 $118,915 69%$156,447 $156,447 -$8,632 NA Loan Repayments: HUD Entitlement Loans $45,768 $45,768 $9,154 $30,669 67%$45,767 20%$9,153 $0 2 CD-RLF Loans $73,819 $103,820 $20,764 $77,195 c 105%$41,510 20%$8,302 -$12,462 2 Priority Business Loans $69,460 $87,225 $17,445 $54,929 79%$87,625 20%$17,525 $80 2 HODAG Loans $34,824 $26,613 $5,323 $17,742 51%$26,613 20%$5,323 $0 4 UDAG Loans $8,146 $0 $0 $0 0%$0 20%$0 $0 3 Cayuga Green LLC Loan (131-135 E. Green St)$58,572 $58,572 $40,000 $39,048 67%$58,572 68%$40,000 $0 5 Lofts @ Six Mile Creek (217 S. Cayuga St.)$24,284 $24,284 $24,284 $16,190 67%$24,284 100%$24,284 $0 5 Canopy Hotel (324 E. State St)$12,285 $41,937 $15,097 $27,533 224%$91,922 36%$33,092 $17,994 5 Subtotal:$327,158 $388,219 $132,066 $263,306 80%$376,293 $137,679 $5,612 Property Lease Revenues: Cayuga Green Garage Air Rights Lease $33,228 $33,726 $33,726 $22,269 67%$34,300 100%$34,300 $573 5 Cayuga Garage Ground Floor Lease $77,063 $77,063 $0 $51,277 67%$78,373 0%$0 $0 5 Cayuga Green III, Cinema Lease $37,360 $37,360 $0 $24,995 67%$37,995 0%$0 $0 5 Cherry Street Industrial Park Leases $1,860 $1,860 $1,860 $1,395 75%$1,860 0%$0 -$1,860 14 SSCC, 530 W. Buffalo St. Lease $5,200 $5,200 $0 $1,833 35%$1,860 0%$0 $0 5 Ithaca Farmers Mkt Coop, Steamboat Lease $32,200 $32,200 $0 $15,311 48%$1,860 0%$0 $0 5 Reimbursed sidewalk/stormwater fees $2,345 $3,576 $3,576 $1,601 68%$2,924 100%$2,924 -$652 5 Subtotal:$189,256 $190,985 $39,162 $118,681 63%$159,172 $37,224 -$1,939 Property Management/Admin. Fees: Cherry Street Industrial Park admin. fee $910 $910 $910 $912 100%$925 100%$925 $15 14 Ithaca Farmers Mkt lease management fee $1,334 $1,340 $1,340 $1,334 100%$1,363 100%$1,363 $23 5 Cayuga Green LLC cinema management fee $1,110 $1,125 $1,125 $828 75%$1,144 100%$1,144 $19 5 SSCC, 530 W. Buffalo St. Mgmt Fee $520 $0 $0 $1,233 237%$1,254 100%$1,254 $1,254 5 Canopy Hotel (324 E. State St) Mgmt Fee $0 $0 $0 $600 0%$610 100%$610 $610 5 Loan Application/Commitment fees $200 $100 $100 $150 75%$150 100%$150 $50 5 Subtotal:$4,074 $3,475 $3,475 $5,056 124%$5,447 $5,447 $1,972 Property Disposition: e Reimbursed Expenses - payroll $4,000 $4,000 $4,000 $0 a 0%$4,000 100%$6,000 $2,000 5 Reimbursed Expenses - non-payroll $2,000 $2,000 $2,000 $0 a 0%$2,000 100%$2,400 $400 5 Subtotal:$6,000 $6,000 $6,000 $0 0%$6,000 $8,400 $2,400 Miscellaneous: Reimbursed Legal Expenses - Loan Closings $7,000 $4,000 $4,000 $3,193 b 46%$4,000 100%$4,000 $0 2 & 5 Bank Interest Earned (non-CDBG funds)$700 $800 $800 $988 141%$800 100%$1,000 $200 5 Subtotal:$7,700 $4,800 $4,800 $4,181 54%$4,800 $5,000 $200 Recurring Income Subtotal $1,410,766 $1,517,118 $350,583 $1,020,278 72%$1,416,317 $350,196 -$387 Notes a YTD: IURA did not actually dispose of any property in 2017 as of 8/31/2017. However, we did incur legal costs associated to the dispostion of target:$367,369 203 Third St for $84.00 & $1,209.00 for Cayuga Green. Cayuga Green was reimbursed after 8/31/2017. b YTD: Includes reimbursement from Liquid State $707.00, Urban Core $2,108.00 & LAG $378.00. Legal expenses for Urban Core have not been incurred as of 8/31/2017. c YTD: 7th Art made final balloon payment of $50K d YTD: Incorrectly reported as revenue in prior budgets. Funds are held on account by the IURA and drawndown to pay for eligible expenses. Proposed FY 2018 IURA Budget Exhibit F 12/15/2017 Funding Sources Projected Draw on Projected Revenue Balance Total Funding Sources - By IURA Fund Acct.2018 2018 2018 % HUD Entitlement Grant $156,447 $0 $156,447 43% #02 CD-RLF $36,980 $0 $36,980 10% #04 HoDAG $5,323 $0 $5,323 1% #05 Non-CDBG $150,521 $16,173 $166,694 45% #14 Industrial Parks $925 $0 $925 0% #17 Gateway (CHDF)$0 $1,000 $1,000 0% $350,196 $17,173 $367,369 100% Acronyms/Restrictions: HUD Entitlement = Annual CDBG and HOME administrative/planning funding allocated to City of Ithaca CD-RLF = Community Development Revolving Loan Fund - CDBG program income HoDAG = Housing Development Action Grant proceeds -restricted to affordable rental housing uses Non-CDBG = Local unrestricted IURA funds Gateway (CHDF) = Community Housing Development Fund - restricted to use as City's contribution to the CHDF to match Tompkins County and Cornell funding NHI Bond = Neighborhood Housing Initiative bond - restricted to affordable for-sale housing Notes: 1. #05 non-CDBG fund balances: 8/31/16: $283,390 (adjusted for one-time Canopy hotel property sale proceeds transferred to City) 8/31/17: $335,053 2. Accrued liabilities (to City) in the #05 non-CDBG fund are paid out annually in February, so the 2/28 balance is available for IURA uses. #05 non-CDBG fund as of 2/28: 2/28/17: $239,580 2/28/18: $268,800 (projected) 3. To fill the projected $17,173 budget gap, staff is directed to minimize draws from unrestricted funds, such as the #05 acct. in favor of restricted accounts, whenever expenses incurred conform to a restricted fund. FY 2018 IURA Budget