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HomeMy WebLinkAboutRes 2009-10 HRA Resolution 2009-10 RESOLUTION APPROVING AN ANNUAL 3% RENT INCREASE FOR ALL PARKVIEW VILLA SOUTH UNITS STARTING ON JANUARY 1, 2011 WHEREAS , the City of Columbia Heights Housing and Redevelopment Authority th (HRA) are the owners of Parkview Villa South located at 950 40 Ave Northeast, and WHEREAS, the HRA needs to ensure current and future residents that sufficient fund reserves are in place to provide for needed and necessary capital improvements, and WHEREAS, in order to ensure that these funds will be available, the HRA has analyzed a twenty year Capital Improvement Plan dated June 15, 2009, and WHEREAS , the HRA has reviewed a twenty year income and expenditure analysis developed by staff to determine future monetary needs, and WHEREAS , the HRA has concluded from these aforementioned documents that an annual 3% rent increase for all units at Parkview Villa South needs to be established to provide adequate future capital to sustain the subject asset, NOW THEREFOR BE IT RESOLVED, 1) The City of Columbia Heights Housing and Redevelopment Authority hereby agrees that an annual 3% rent increase shall be applied to all Parkview Villa South units, including ancillary amenities such as: underground parking and electric services for air-conditioning, starting on January 1, 2011. th Passed this 27 day of October 2009. MOTION BY: Kelzenberg SECONDED BY: Peterson _________________________ Chair- Tammera Diehm Attest by: ____________________________ Shelley Hanson, Recording Secretary