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HRA/EDA hears DW Jones present 2026 multifamily budgets; board directs prioritization and approves year-end payables
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Summary
DW Jones told the HRA/EDA board that Meadows Edge is showing a cash-flow loss driven by loan reamortization; the board directed staff to prioritize safety and curb-appeal improvements, approved a $15,000 request to clear year-to-date payables for Meadows Edge, and asked for a facility tour and funding plan for 2026.
DW Jones Management presented proposed 2026 budgets for four HRA-owned apartment properties and outlined options to address a shortfall at Meadows Edge.
Jennifer (DW Jones CFO) told the board that “Meadows Edge that is showing a loss in cash flow,” and said the primary cause was the reamortization of an adjustable-rate loan and higher interest costs. She noted other properties—Cornerstone and Regency—are in better cash positions and that pooled cash in other accounts could be used to offset shortfalls: Cornerstone about $8,600, Meadowview about $9,500, Meadows Edge roughly a couple hundred dollars, and Regency about $15,000.
Board members and DW Jones staff discussed strategies to reduce vacancies and increase revenue without unduly burdening tenants. Jennifer described a five-year pro forma and said modest expense growth (about 5%) combined with rent increases (roughly 6–7%) could begin to restore positive cash flow in the second year of the plan. Board members cautioned that steep rent hikes after recent increases could provoke tenant pushback.
The group reviewed amenity and capital options to improve retention and curb appeal. Ideas included adding or repairing garages (DW Jones noted comparable garage rents of $60–$70 per month), improving common-area aesthetics (accent walls, artwork and seating), landscaping (DW Jones estimated about $10,000 for landscaping at Meadowview and Meadows Edge), and installing dumpster enclosures to reduce illegal disposal. Cornerstone-specific repairs discussed included stair replacement (estimate ~$10,000), mailbox pedestal (~$5,000), and window replacement (estimate quoted in the presentation at about $76,500).
DW Jones also raised operational concerns: unseen move-out damage (notably pet-related damage requiring subfloor replacement), the limits of collecting damage charges (they cannot be used as a standalone eviction ground), and options to allow pets with deposits/fees. Jennifer described typical pet deposits of $200–$300 and said the group uses screening services to set monthly pet fees; staff also described a DNA-based waste-enforcement service they have used.
On payables, staff presented outstanding bills and DW Jones requested $15,000 to clear 2025 payables for Meadows Edge. The board voted to approve that payment to “get clean for the 2025” year and support a reset of operations.
The board voted to direct staff to prioritize safety and high-return improvements, develop funding options and bring the board a proposed prioritized list and a site tour for January. Commissioner Christiansen and staff described using available EDA/HRA allocations and potential grant matches as part of the funding strategy.
Next steps: staff and DW Jones will prepare a prioritized budget and schedule a facilities tour for board members, and present detailed funding recommendations in January.
