8.1. SR 05-20-2019 ��i
Eof
lk — - Request for Action
River
To Item Number
Mayor and City Council 8.1
Agenda Section Meeting Date Prepared by
General Business May 20, 2019 Zack Carlton,Planning Manager
Item Description Reviewed by
Concept Review: Planned Unit Development Cal Portner, City Administrator
Amendment at Elk Ridge Center to Allow an Reviewed by
Apartment Building Peter Beck, City Attorney
Action Requested
Review the conceptual development and provide informal,non-binding, feedback for the applicant.
If the City Council supports project:
Adopt,by motion,a resolution of support for the project and the applicant's state tax credit application.
Background/Discussion
The applicant, CommonBond Communities,would like to construct
a 56-unit apartment building in the Elk Ridge Center PUD,generally
south of Aldi and west of the New Horizon Academy. The property
is zoned PUD (commercial) and the Comprehensive Plan guides the
parcel for Highway Business uses.
The property is part of the Elk Ridge Center PUD which supports u CR 33
commercial development west of Highway 169, and does not allow
residential uses within the development. There are two vacant lots in
the development,including the parcel requested for residential use,
and existing businesses in Elk Ridge Center include Aldi, Goodwill, RR
New Horizon,Pearl Vision, and a retail quilt store.
Hwy IQ
Staff has concerns with transitioning one of the remaining readily CR 12
developable commercial parcels guided for Highway Business to high
density residential. The parcel is 2.5 acres in size and could support
another use similar in size to Aldi or Goodwill.
Additionally, access to the site will be improved with the 169 411
Redefine project by adding interchanges north and south of the Elk 0'69
Ridge Center PUD that have the potential to facilitate additional
commercial growth and improved frontage road connections in the
area. Fe�,re i
The Elk River Vision
A avelcoming community with revolutionary and spirited resourcefulness, exceptional P o w E e E o s r
service, and community engagement that encourages and inspires prosperity INATUR
The applicant has requested that if the City Council supports the required PUD and Land Use
amendments necessary to move forward with the project they vote on a resolution of support. The
applicant would like to utilize state tax credit funding for the project and that requires a resolution of
support from the City Council.
The resolution does not approve the project itself and the Council would not be required to approve
future land use applications for the site should Council move to adopt the resolution.
Financial Impact
None
Attachments
■ Location Map
■ Narrative and Sketch Plans
■ Resolution of Support
N:\Public Bodies\Agenda Packets\05-20-2019\x8.1 sr CommonBond Concept.docx
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Concept Review Case No.- CR 19-03 River
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1080 Montreal Avenue
Common Bond St. Paul, MN 55116
C O M M U N I T I E S commonbond.org
Elk Ridge Lodge
Project Narrative
CommonBond Communities is pleased to propose Elk Ridge Lodge—a new construction,mixed income apartment building
located at 19522 Holt Street Northwest within the existing Elk Ridge Shopping Center. The proposed project includes 60
apartments with 120 stalls of surface parking. The property will have on-site management and maintenance staff and will
include amenities such as on-site washers/ driers,balconies in select units,oversized closets and a fitness center for residents.
The location is highly desirable and supportive to CommonBond's planned development as it is near numerous services,
amenities and jobs,all of which will be utilized by our future residents. The location of these services in the immediate of
vicinity of the site,including groceries and child care,makes the location absolutely stellar for multifamily housing.
We believe multifamily represents the highest and best use for the site,especially given it has been marketed by the current
owner for a number of years without another viable development opportunity. We further believe multifamily will continue to
be the highest and best use after the planned reconstruction of nearby Highway 169 interchanges.
Elk Ridge Lodge will add users and a visually prominent and attractive building to a parcel that has not until now attracted a
viable development proposal. Several options are being considered to integrate the development into the existing shopping
center,both in terms circulation and aesthetics. The presented scenario contemplates directing traffic to the southern portion
of the site,taking advantage of a less-utilized point of access from Holt Street,mitigating impacts to existing ingress/egress on
the northern end of the site. Further,access will not occur from Irving Street Northwest, ensuring neighboring uses are not
impacted by the proposed project.
Additionally,the development will build upon the attractive aesthetic already in place at the shopping center,with following
elements considered: faux stone masonry,standing seam roofing at select locations, fiber cement board siding and high-
quality landscaping.
Elk Ridge Lodge will be owned and managed by CommonBond. CommonBond is a Saint Paul-based non profit affordable
housing provider founded in 1971. CommonBond owns and operates properties in Minnesota,Wisconsin and Iowa,with our
largest presence being in the Twin Cities metro. The following are several hallmarks of CommonBond's ownership and
management philosophy:
• Long-term owner: CommonBond has sold just one property in its nearly 50 years of existence,demonstrating deep
investment in long-lasting relationships with the communities in which it works. Such an ownership strategy also
informs our high-quality design and construction standards;
• Attentive,Resident-Focused Manager: CommonBond manages all 100-plus properties that it owns,providing
consistency and continuity of service for its residents,neighbors and the community as a whole. Such a management
philosophy leads to us to have extremely high resident satisfaction rates and to be invited back into communities for
successive developments.
The project is expected to be financed by Minnesota Housing. Minnesota Housing requires a non-binding resolution of
support from the City,which is being requested tonight. If awarded financing in late-November, CommonBond would
reengage with staff,the Planning Commission and Council to obtain necessary land use approvals,but those land use
approvals are not requested at this time.
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City
Efl4k � City of Elk River
� City Council
River
Resolution 19-
A Resolution of the City Council of the City of Elk River Supporting the Tax
Credit Application for Proposed CommonBond Multiple Family Housing
Project and Recognizing that the Project Would Help Meet Identified
Housing Needs
WHEREAS, the City of Elk River is a municipal corporation and political subdivision duly
organized and existing under the constitution and laws of the State of Minnesota•, and
WHEREAS, the City of Elk River completed a housing study in 2018 and affordable
housing is identified as a community need; and
WHEREAS, CommonBond Communities has submitted a conceptual review application
to construct 60 units of multiple-family rental housing (the "Pro)ect") on Lot 1, Block 1,
ELK RIDGE CENTER SECOND ADDITION; and
WHEREAS, CommonBond Communities will be submitting a Low Income Housing Tax
Credit application to the Minnesota Housing Finance Agency in June of 2019 for the
Project; and
WHEREAS, the Project would help meet the locally identified housing needs of the City
of Elk River in that affordable housing is in short supply in the local housing market; and
WHEREAS, adoption of this resolution does not constitute land use approval of the
project in that CommonBond Communities must apply for several separate land use
approvals for the Project which must be processed as required by state law and city
ordinance and heard in public hearing before the City Council will have the information
necessary to decide whether to approve the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River,Minnesota, as follows: The Project will meet an identified need to provide additional
affordable housing needs in the community.
Passed and adopted this 201h day of May 2019.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City Clerk
NATURE]
May 20, 2019
City of Elk River
13065 Orono Parkway
Elk River, MN 55330
Attn: City Councilmembers
RE: Elk Ridge Lodge
Letter of Support
Dear Councilmembers,
I am providing this statement in regards to the preliminary action requested by CommonBond related to Elk Ridge
Lodge at the Elk Ridge Shopping Center. CommonBond has a purchase agreement with us for this site and is
proposing to develop an approximately 60 -unit, new construction multifamily apartment building.
We are eager to work with CommonBond on this project. I understand that the City may have concerns about
rezoning this site from commercial to residential, but in our opinion, the site's highest and best use is fulfilled by
CommonBond's proposal. We say this with great confidence, as our firm has developed properties across all
commercial product types in our nearly 20 years of existence. Simply put, we would not be looking to sell this
property if we saw a demand for a commercially -oriented use — as we would develop it ourselves.
We have marketed the site for 15 years for a variety of different commercial uses including junior box retail and
medical office, but failed to receive any feasible interest or purchase offers. We believe the market is clearly
indicating that a commercial use for the site is not likely any time in the near or distant future. We also believe
that even after the planned reconstruction of Highway 169 intersections, this will continue to be the case. This is
because as the site is tucked so far back from the highway, it does not have sufficient visibility to garner
commercial/retail interest. The remaining developable land in the shopping center, totaling approximately 3.49
acres, is a far better candidate for commercial development as it is much closer to and more visible from the
highway and we will continue to pursue those types of users earnestly.
We also consider CommonBond's proposed use to be highly additive to our existing property as it will add a highly
visible, multi -story structure with a design consistent to the already developed parcels, providing the area greater
visibility and a stronger sense of place. It will help provide the live -work -play element that is so critical to
successful mixed-use developments. The proposed Commonbond development will also be complimentary and
add residents and potential customers to the site, which will make the current businesses that much more viable
and sustainable. Finally, we believe the development will also be accomplished in manner that improves
circulation within the existing drive network of the site.
Thank you for the opportunity to provide our feedback for your consideration. Please feel free to contact me with
any questions at ben@hempelcompanies.com or 612-355-2608.
Sincerely,
Ben Krsnak
Hempel Companies
IT
CommonBond-
C 0 M M U N I T I E S
Since 1971, CommonBond Communities has provided homes and support for those most in need in our
community. Our mission is to build stable homes, strong futures, and vibrant communities. From families,
to seniors, to youth, to veterans, resident stability and success is at the core of everything we do
WHO WE ARE
We believe a home is the foundation for everything in life. Our integrated
approach - housing with supportive services - changes lives and
strengthens families and communities. Each year, CommonBond provides
affordable housing and services to help over 12,000 people with lour and
moderate incomes achieve their goals for stability, advancement, and
independence.
CommonBond develops and manages urban, suburban and rural housing
communities across more than 50 cities in Minnesota, Wisconsin and Iowa.
Approximately 2,800 of these residents are children.
HOW WE SERVE
CommonBond homes are paired with supportive services that provide
academic programs for youth, as well as employment assistance, health
and wellness services, and community engagement opportunities for
adults and seniors. This leads to youth who excel in school, adults who
find employment and advance in their jobs, and older adults who
live independently longer. Our work is done in partnership with local
communities, as well as governmental, corporate, and philanthropic sectors.
Stable homes. Strong futures. Vibrant Communities.
Century City Lofts I Milwaukee, WI
Why CommonBond?
Housing is unaffordable for more people: and the availability of affordable housing is a critical issue.
■ More high-income earners are renting than ever, and the rental
market is adjusting accordingly.
■ Supply of affordable housing is aging and shrinking.
■ Unstable, unaffordable housing negatively affects mental health,
academic achievement, and more.
■ Median wages for low to middle income households are not
keeping up with rising housing costs.
In addition to the lack of places for people with low to moderate incomes to call home, there's little
support in place to help residents maintain their stability and achieve their goals. We want to change
that. Our model prioritizes resident stability, and through our Advantage Services, we're able
to provide programs to support residents in meeting their goals and intervene when someone's
stability is at risk. Our Advantage Services programming has 4 main focus areas:
HEALTH AND EDUCATION AND STABILITY AND COMMUNITY BUILDING
WELLNESS ADVANCEMENT INDEPENDENCE AND ENGAGEMENT
Keeping people 56% of students behind grade level made more than
stably housed
one year's worth of progress in reading=
82% of formerly homeless residents maintained
is valuable. housing for a year or more.
In 2018: 600 residents participated in one or more 'rfealth
and Wellness sessions during the year.
Our priority is our residents' experience and success. We conduct satisfaction surveys and impact reports
regularly, and we're proud of the numbers they return. For example, we prevented 767 evictions in 2018, and
87% of residents said living in a CommonBond community helps them pursue their hopes and dreams.
1,589
Residents
16
Housing
Communities
10,099
Residents
112
Housing
Communities
508
Residents
8
Housing Ilk
Communities
as ofJoruary, 2019
To learn more, visit commonbond.org
t
CommonBond
MMUNI
C O M M U N T I E S Real Estate Acquisition & Development
Affordable homes and
thriving communities
through smart real estate
decisions and collaboration.
CommonBond is renowned for
its award-winning acquisition
& development and property
management expertise. We've
been in the business of developing
homes and community since 1971.
With a deep portfolio of successful,
diverse, long-term partnerships and
properties, we are best positioned
to address the critical need for more
affordable housing in our region.
CommonBond manages a portfolio
valued at about $500M in a pro_
resident and professional manner,
while simultaneously protecting the
assets and interests of our public
and private investors
We are good neighbors and our
presence in a community makes a
difference. We go beyond effectively
managing our properties, too — we
provide supportive services to
help residents achieve stability and
independence, and we build and
maintain important relationships
with cities, public agencies, faith
communities, and community
organizations.
Our Acquisition &
Development team
handles all aspects of
development including:
Site and market
analysis
Project financing
Community outreach
and engagement
Entitlements
Construction
management
Now serving over 12,000 people
1,589
Residents
16
Housing
Communities
10,099
Residents
112
Housing
Communities
508
Residents
8
Housing
Communities
We are CommonBond Communities. We are real estate experts. And, because
a home is the foundation for everything in life, we use that expertise to create
stable homes, strong futures, and vibrant communities,
Why CommonBond?
We develop, own or manage over 6,000 rental apartments and
townhomes throughout 52 cities in MN, WI and IA. Because of
our deep involvement in every aspect of development, both our
physical products and the teams that manage them are high
quality and long lasting.
We in Our Portfolio
The properties across our portfolio are quality and dignified
because we continually invest in them. In fact, we invested nearly
$50 million over the last year in rehabilitating 960 homes
for existing residents. Here's what comes with CommonBond
partnerships and properties:
• A long track record of delivering and meeting goals
• Access to proprietary financing and relationships
• A professional management plus services model
• Well-maintained properties with a stable resident base
Our Communities
We know that long-term ownership and management is critical to long-term commitment and
success. We're more than a developer—Common Bond values social return, and our residents
tend to move out only when moving up. Our deep involvement means that our properties become
valuable assets in their surrounding communities. Here's what that looks like:
• High resident retention: 767 evictions prevented in the last year
• Built-in supportive services to foster quality staffing, residents, and community members
• Creating homes that are foundations for other measurable outcomes, like health, education,
and rehabilitation
" I have been
impressed with
CommonBond's
capacity to manage
complex real estate
transactions and
their dedication
to preserving
affordable housing."
Li/.
KEVIN FILTER
International Director, ALL
Commitment to
We're recognized for our comprehensive commitment to
prioritizing sustainability in our operations and communities, We
recently achieved the Green Designation by The Neighborworks
Organization for succesfully adopting green strategies throughout
each of our program areas. We consistently strive to use healthy,
sustainable materials in our buildings and practices.
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Executive Vice President of Real Estate
CommonBond
C O M M U N I T I E S
Cecile Bedor serves as Executive Vice President of Real Estate. She brings
executive leadership skills and practical experience to lead all real estate activities
for CommonBond. She is responsible for all aspects of the purchase and
development of real estate, property asset management to ensure financial
sustainability, and reporting to project funders and investors. Cecile previously
served as the Executive Vice President of GREATER MSP, where she began in
2014. Prior to that, she served for eight years as the City of Saint Paul's Director
of Planning and Economic Development. During that time, she was also the
Executive Director of the City's Housing & Redevelopment Authority. Before
joining the City, she was the Director of Partnerships and Development for the
Minneapolis Public Library, overseeing the system's marketing and
communications, community library capital projects, and community
partnerships. She previously held positions with the National Equity Fund, the
Metropolitan Council, and Aeon.
Director of Construction Management
Bob Mueller's responsibility as Director of Construction Management is to
coordinate and supervise the construction process from pre -construction
through project completion. Bob has 38 years of experience in construction
management and 11 years of consulting to nonprofit organizations and multi-
family, senior, and commercial owners and developers, providing construction
management, facility analysis, strategic planning and technical services to meet
critical business and organizational needs. He has worked with nonprofit
assisted living and nursing home clients in the development of pioneering elder
care and hospice housing. Through his unique experience and good fortune he
has been involved with clients of extraordinary vision, allowing him to work in the
development execution of difficult and exceptionally progressive projects. Bob
holds a Bachelor of Science in Education from the University of Wisconsin -Stout
and post graduate studies in construction and business management.
Director of Acquisition & Development
Andy Hughes's responsibilities as Director of Acquisition and Development
include business development for new real estate and vendor, lender, and
investor opportunities, as well as project management and due diligence for
new projects. Andy focuses on markets in Minnesota and Wisconsin. Prior to
J oining CommonBond, he worked for Sherman Associates, Inc., TCF Commercial
Bank, and Minnesota Housing. Andy holds a Bachelor of Arts degree from the
University of Minnesota and a Masters degree in Urban and Regional Planning
from the Hubert H. Humphrey School of Public Affairs.
Project Manager
Diana is responsible for the development and implementation of a
corrriprehensive business development strategy that includes the development of
new real estate projects and the acquisition of existing housing sates, with or
without subsidy. Diana leads the planning, financing, and development of
affordable housing communities, with specific focus on historic rehabilitation and
adaptive reuse projects in Minnesota, Wisconsin, and 8owa. Pricrtojoining
CommonBond, Diana worked for Sherman Associates, Inc. and the Rondo
Community Land Trust. Diana holds a Bachelor of Arts degree from University of
Michigan and a Master of Science in Architecture - Heritage Conservation and
Preservation from the University of Minnesota.
Senior Project Manager
�w Justin's responsibilities include creating comprehensive development strategies
for the acquisition of existing housing and new construction projects. He leads the
1li-- planning, development, and construction team that includes the owner, architect,
general contractor, attorney, and internal staff. He prepares financial analyses,
assembles financing, and monitors development expenses to ensure that projects
are completed on time and within budget. He holds a Bachelor of Arts degree
from Bethel University and a Master of Arts degree in Urban and Regional
Planning from the Hubert H. Humphrey School of Pudic Affairs. He has 6 years of
experience in housing and community development.
Construction Project Manager
Tammie's responsibility as Construction Project Manager is to coordinate and
supervise the construction process from pre -construction through project
completion. Tammie has over 18 years of experience in construction
management. Project types include commercial, multi -family, religious, and
restaurants. For the past 15 years, the majority of her projects have been multi-
family housing, including CommonBond's Riverview Apartments. Tammie earned a
Bachelor of Arts in Psychology and a Bachelor of Science in Construction
Management at the University of Wisconsin -Stout.
Project Manager
Leah works on all aspects of the development process for new construction and
existing affordable housing projects, including: acquisition, entitlements, financing,
procurement and contracts, and design and construction oversight. She manages
multiple project pro formas, cash flow projections, and schedules from loan closing
through project completion to ensure project success. Prior to joining
CommonBond, Leah worked for the Tenderloin Neighborhood Development
Corporation (TNDC) in San Francisco, California on the Housing Development team
for 3 years. Leah holds a Bachelor of Urban and Environmental Planning from the
University of Virginia and Master of City and Regional Planning from UC Berkeley.
CommonBond
COMMUNITIES
I�' s
Advantage Services: Helping Residents Achieve Goals
Advantage Services—life-enhancing services that provide support and opportunities for CommonBond residents—
are a critical component of CommonBond's integrated Housing and Services model. Our goal is to support residents
of all ages—including families, children, veterans, and older adults—for long-term stability and independence.
Through our site-based Advantage Services Coordinators, we provide direct wraparound services and connections
to local resources that are vital to supporting residents. Advantage Services are heavily supported by individual
donations and corporate and foundation funding everyyear.
Our Advantage Services are tied to four strategic priorities:
STABILITY & INDEPENDENCE
CommonBond is dedicated to the stability and independence of all
residents. We work diligently to ensure residents can remain in their homes.
The stability of a home allows people to best provide for themselves, their
families, and give back to the community.
HEALTH £t WELLNESS
Health & Wellness programs are provided at our housing communities to
support residents' capacity to thrive and remain independent, and to help
maintain and enhance physical, mental, and social stability.
EDUCATION & ADVANCEMENT
CommonBond values education and provides a supportive environment
in which residents of all ages can define and achieve their own success.
COMMUNITY BUILDING & ENGAGEMENT
We foster stable and vibrant communities through community building
and engagement opportunities for residents. These focus on leadership
development, supporting resident -led groups and activities, and encouraging
resident involvement within the greater community.
OUR MISSION
CommonBond builds stable
homes, strong futures, and vibrant
communities.
OUR VISION
Every person has a dignified,
affordable home that supports
independence and advancement
within a flourishing community.
2018 by the Numbers
56%
Of students behind grade level in
reading made more than one
academic year's progress
100%
Of high school seniors who
participated in our programming
graduated high school or completed
their specialized education program
251
New aduItjob placements
767
Evictions prevented, helping families
maintain stability and kids attend
school
600
Residents participated in one or
more Health and Wellness sessions
during the year
833
Individuals took active leadership
roles in their communities
commonbond.org
Education & Community Building
Advancement I & Engagement
Equip people to Empower residents
succeed in school to connect, lead, and
and jobs shape community
■ ■
■ w ■ ■■ ■i1
i ■
■ Health & Wellness
Promote healthy living
to improve well-being
i® CommonBond
COMMUNITIES
Our Approach to Property Management
Why CommonBond?
Experienced Senior Management with a Deep Portfolio We've been
developing and managing properties since 1971
■ Substantial Real Estate Experience and Capacity With one of the largest
portfolios of affordable housing in the Upper Midwest, we've demonstrated a
superior ability to acquire, manage, and preserve.
n Financing Tools and Techniques Our team has considerable skills and
experience in HUD mortgages, LIHTC, private activity bonds, tax credit
investment syndications, and more.
Our Philosophy: Collaboration Community
Resident Relations
Establishing a sense of community is critical to maintaining a peaceful
residence where all feel proud of, and responsible for, the building they occupy.
Positive resident relations lead to continued occupancy, good word-of-mouth,
reduced effort in rent collection, fewer maintenance calls, well-maintained
common areas, and less turn over costs.
Management
Its important that community rules be reasonable and reasonably enforced, so
our property managers are trained to be firm but fair. Problems and conflicts
are addressed on an individual level. Resident stability and success is our
continuous goal, balanced with a desire to be good neighbors and an asset to
the greater community.
Eviction Prevention
Leadership Innovation
With our mission -centered management model, proactive relationship -build ng,
collaboration with other organizations, and employment services, we're able to
■ 37 Multi -housing Achievement in
intervene and provide support when residents face eviction. This is good for
Design Advertising and Community
residents, and good for the surrounding community.
Support (MADACS) awards from
MN Multi -Housing Association
For every invested in preventing an eviction, the community saves
since 1996
in costs it could have otherwise incurred by the individual becoming homeless
(e.g. lower healthcare usage, decreased use of homeless shelters).
Pillar Award for the Advancement
of Affordable Housing
Fee -for -Service: Our Model Your Property
■ Multiple awards from the St. Paul
Heritage Preservation Commission,
We also offer our award-winning property management services to non-
Catholic Charities, 1000 Friends of
CommonBond properties. We provide the full range of services customary
MN, HUD, MHFA, the Fannie Mae
of a property management company as well as those unique to operating an
Foundation, Affordable Housing
affordable housing property. This includes:
Finance, and more
■ Resident orientation
■ Lease execution and enforcement
■ Milwaukee Awards for
■ Full staffing and maintenance responsibilities
Neighborhood Development
■ Training by CommonBond housing staff
Innovation (MANDI) nominee
■ Full financial management and accounding responsibilities
■ ...and more!
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Our 2017 Impact
Advantage Services support
residents in achieving their goals
Here at CommonBond, Advantage Services are a critical part of our housing and services approach. This wide
array of life -changing programs and services demonstrates time and time again that, given the right support and
opportunities, every person can thrive.
From Study Buddies and teen programming, to support for veterans and wellness programs for seniors, our
Advantage Services are tailored to the strengths and challenges of each housing community. Our goal through
Advantage Services is to support residents in meeting their goals tied to:
Education and Advancement
40% of students behind grade level made more than
one year's worth of progress in reading
100% of high school seniors that participated in
our programming graduated from high school or
completed their specialized education program
295 job placements were made for adults
Health and Wellness
487 residents participated in one or more
Health & Wellness sessions during the year
Stability and Independence
398 evictions were prevented
85% of formerly homeless residents
maintained housing for a year or more
Community Building and Engagement
884 individuals took active leadership roles in
their communities
Building affordable homes
and thriving communities
As a premier nonprofit developer and manager of affordable housing, we are best positioned to address the
critical need for more affordable housing in our region. With a resident -focused mission, we develop, own, or
manage more than 5,700 affordable rental homes and townhomes throughout 50 cities in three states. More
than 11,000 people in urban, suburban, and rural neighborhoods call a CommonBond community home.
Residents include families, veterans, seniors, and youth—more than 2,600 CommonBond residents are children.
$56.5M
$45.1M
"I
in real estate development in 2017 from private sector invested in our families were able to stay in their
resulting in the creation of 95 new real estate portfolio homes because CommonBond
homes for families preserved the units as affordable
Vida Cruz and her sidekick, Snickers the Maltese, live
at Franklin Meadows near Milwaukee, WI.
"Having a stable place to live makes me feel wonderful
every day," says Vida. "My home is like a coat that
covers me up from the cold—it gives me comfort just
like a winter coat would."
Vida married the love of her life. She and her husband
had three children and created a joyful home together
Life took an unexpected turn when her husband died
in a terrible work accident. Their youngest child was
just two years old. To support her family, Vida began
working twelve hours a day while her mother helped
out with her children. Vida purchased a duplex to
share with her parents in order to provide a home for
her entire family.
Once her children were grown, Vida found the duplex
to be too much maintenance and so moved to a
rented apartment. She wasn't planning on moving
again, but a real estate company purchased her
apartment building and the rent doubled. Then Vida
saw an advertisement for a CommonBond senior
living complex. She went to see the building and loved
her apartment from the moment she saw it. She knew
it was home.
Vida plans on staying in her CommonBond home
for as long as she can. The community at Franklin
Meadows is especially important to Vida. She regularly
participates in our Advantage Services programming
- she enjoys hearing speakers and attends coffee
check -ins in the morning. She recently planted flowers
in one of the community areas with the help of her
Advantage Services Coordinator, Vanessa. "There's a
lot of activity here and I love every minute of it," said
Vida. "The other residents here are like my family. I
check on people to see how they're doing. I want to
spread happiness wherever I live!"
2017 Financials COMMONBOND
In fhousa:.ds of dollar, COMMUNITIES
Support b Revenue
Contributions
Government Grants
Fees for Service
Rental Income
Investment Earnings and Miscellaneous
TOTAL SUPPORT & REVENUE
Expenses & Other Items
Program Services
Supporting Services
Other (Income)/Expenses
Non -Controlling interest
TOTAL EXPENSES
CHANGE IN NET ASSETS
Assets
Cash 0 Cash Equivalents
Accounts b Notes Receivables - Net
Prepaid Expenses b Deferred Charges
Restricted Reserves
Investments in Partnerships
Endowed Assets
Property & Equipment - Net
TOTAL ASSETS
Liabilities & Net Assets
Accounts Payable £r Accrued Expenses
Notes Payable
TOTAL LIABILITIES
NET ASSETS
TOTAL LIABILITIES & NET ASSETS
' This financial statement reflects CommonBond's nonprofit entity (left) as well as
CommonBond's combined real estate holdings (right).
4,028
749
10,794
38
2,368
27.977
10,974
3,456
(1,961)
12,469
5,505
12,412
29,571
89
7,188
18,952
11,265
4,750
84,227
1,850
15,053
16,903
6732-1
84,227
ALL CONSOLIDATED
ENTITIES
5,853
887
1,236
55,484
530
63,990
74,439
3,456
(1,701)
(13,128)
63,066
924
12,412
3,795
1,632
65,649
205
11,265
498,947
593,905
27,042
300,461
327,503
266,402
593,905
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