Balance Sheet Detail
As of June 30, 2009
ASSETS
Current Assets
Checking /Savings
PNC Account............................$6,680.00
BB&T Checking.........................$301.00
Check @ National City...............$78.00
Construction @Nat City.............$156.00
Community Bank chkg..............$33.00
Money Market@ Nat City...........$28.00
Nat City Limited Partnership.....$70.00
Other Current Assets
Non-recoverable costs............. -$1,500,708.00
CHDO Loan
Allowance for uncollectable.... -$4,160.00
CHDO Loan 232 Green St..........$7,392.00
CHDO Loan 240 Green Sr.........$7,681.00
Total CHDO Loan......................$10,913.00
Construction in Progress
Linden Meadows
Donated houses........................$1,541,000.00
Land Acquistion.......................$1.00
Housing Relocation Expenses
House Storage Fee...................$210,110.00
Utility Relocation Fee...............$60,852.00
House Preparation...................$27,030.00
House Relocation.....................$260,688.00
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Total House Relocation
Expenses..................................$558,580.00
Construction
HVAC Insulation.....................$20,950.00
Plumbing................................$12,351.00
Electrical.................................$20,617.00
Basement/Foundation.............$257,822.00
General Rehab.........................$93,250.00
Site Work.................................$331,585.00
Contract Labor........................$6,128.00
______________________________
Total Construction...................$742,701.00
Soft Costs
Professional Termite
Prevention.............................$600.00
Legal......................................$6,725.00
Engineer................................$22,643.00
Appraisal...............................$1,400.00
_____________________________
Total Professional.................$31,368.00
Bank & Loan Fees
Construction Interest............$171,579.00
Bank Fees..............................$13,533.00
Bank & Loan Fees - others.....$367.00
_____________________________
Total Bank & Loan Fees.........$185,499.00
Misc. & Gvt fees
Permits.................................$1,875.00
_____________________________
Total Misc & Gvt Fees.........$1,875.00
Other Costs
Insurance..........................$12,913
Project Manager................$80,000
Supplies.............................$4,430.00
Utilities..............................$5,287.00
____________________________
Total Other Costs..............$99,630.00
Linden Meadows -Other. -$200.00
Freedom of Speech would like to KNOW, "did they cook the books" on the Linden Meadows Project?
With these figures, it's obvious, there were serious issues!
After reviewing the New Albany Community Housing Balance sheet above, questions and red flags continue to pop up.
For well over three years, proponents of Linden Meadows have spread false rumors and even more lies.
It does appear that some members of our community have lifted a few too many pints of progressive ale and was on the wrong side of this project.
While claiming to be advocates for low-income housing, CHDO received a blanket approval for the entire subdivision in violation of the 60' variance ordinance.
Director John Miller claimed he had a waiting list of well over 200 families ready to qualify and move in.
Was that another lie?
He anticipated $75 million in federal funding. But requested free tap in fees, and tax abatement's for Linden Meadows.
Was that another lie?
Smart growth?
It is a no brainer that it is crucial to keep green spaces in our inner city. Howard McLean Park was one of those.
Please tell us again why those houses weren't put at Valley View on several lots along Linden Street owned by the city. All 23 houses could have been moved there, remodeled and sold by now.
We lift our own glass to the neighbors and the Fawcett Family on their battle of protecting property rights!
To the citizens who continue to maliciously try to blame and persuade our community, that it was about something else, shame on YOU!
Our final question is: "where did all that money go?"
Thank God... HUD of Indianapolis and Washington DC, is looking into Linden Meadows and Redevelopment of New Albany.
It's time to cut our losses and TEAR them down!
