2025-02-26 Sr. Citizen Housing Corporation AgendaAGENDA
CITY OF EL SEGUNDO
SENIOR CITIZEN HOUSING CORPORATION
BOARD
3:30 PM
PARK VISTA - PETER & EDNA FREEMAN ROOM
615 E. HOLLY AVENUE
EL SEGUNDO, CA 90245
FEBRUARY 26, 2025
MEMBERS OF SENIOR CITIZEN HOUSING CORPORATION BOARD
Paul Lanyi, President
Timothy Whelan, Vice President
Denise Fessenbecker
Julia Newman
Paula Rotolo
The Senior Citizen Housing Corporation Board, with certain statutory exceptions, can
only take action upon properly posted and listed agenda items. Any writings or
documents given to a majority of the Senior Citizen Housing Corporation Board,
regarding any matter on this agenda, that the City received after issuing the agenda
packet are available for public inspection in the Park Vista Lobby, Joslyn Center, and
the El Segundo Public Library during normal business hours. Such documents may also
be posted on the City's website at www.elsegundo.org and additional copies will be
available at the meeting.
Unless otherwise noted in the agenda, the public can only comment on city -related
business that is within the jurisdiction of the Senior Citizen Housing Corporation Board
and/or items listed on the agenda during the Public Communications portion of the
Meeting. Members of the public may also provide comments electronically by sending
an email to the following address before 3:00 P.M. on the day of the meeting:
agnesho@elsegundo.org. Please include the meeting date and item number in the
subject line. The time limit for comments is five (5) minutes per person. Before speaking
to the Senior Citizen Housing Corporation Board, please state: your name, residence,
and organization/group you represent, if desired. Please respect the time limits.
REASONABLE ACCOMMODATIONS: In compliance with the Americans with
Disabilities Act and Government Code Section 54953(g), the City Council has
adopted a reasonable accommodation policy to swiftly resolve accommodation
requests. The policy can also be found on the City's website
at https.11www.else_-gundo.orp/_povemmentldepartmentslcity-clerk. Please contact
the City Clerk's Office at (310) 524-2308 to make an accommodation request or to
obtain a copy of the policy.
1
Page 1 of 40
CALL TO ORDER/ROLL CALL
PUBLIC COMMUNICATION — (Related to City Business Only — 5-minute limit per
person, 30-minute limit total) Individuals who have received value of $50 or more to
communicate to the Senior Citizen Housing Corporation Board on behalf of another,
and employees speaking on behalf of their employer, must so identify themselves prior
to addressing the Senior Citizen Housing Corporation Board. Failure to do so shall
be a misdemeanor and punishable by a fine of $250. While all comments are welcome,
the Brown Act does not allow action on any item not on the agenda.
A. CONSENT
1. Approval of Meeting Minutes
Recommendation -
1. Approve the Senior Citizen Housing Corporation Minutes from January
22, 2025
2. Alternatively, discuss and take other action related to this item.
B. UNFINISHED BUSINESS
1:0111111► I ATITA 1►1 ***1
2. President's Report
Recommendation -
1. Receive and file reports regarding correspondence, meetings, and
business related to Park Vista.
2. Alternatively, discuss and take other action related to this item.
3. Preliminary Annual Senior Citizen Housing Corporation Board
Presentation
Recommendation -
1. Receive and file the draft Annual Senior Citizen Housing Corporation
Board presentation that is set to be presented at the March 18th City
Council meeting.
2. Alternatively, discuss and take other action related to this item.
2
Page 2 of 40
4. Financial Statements and LAW (Local Agency Investment Fund)
Recommendation -
1. Receive and file the status of reports including, but not limited to,
statements, invoices, and finances for January 2025.
2. Receive and file the LAIF investment fund and transfer between
accounts.
3. Alternatively, discuss and take other action related to this item.
5. 2024 Financial Audit Scope of Service
Recommendation -
1. Review and approve the proposed Audit Scope by Hoffman, Short,
Rubin, DeWinter, and Sanderson Accountancy Corporation to conduct
the 2024 Financial Audit for the El Segundo Senior Citizens Housing
Corporation.
2. Alternatively, discuss and take other action related to this item.
D. REPORTS - COMMUNITY DEVELOPMENT DEPARTMENT
6. Upcoming Events
Recommendation -
1. Receive and file the updates about upcoming events at the Joslyn Center
and citywide.
2. Alternatively, discuss and take other action related to this item.
E. REPORTS — SENIOR CITIZENS HOUSING BOARD
A General Report From Individual Board Members
F. REPORTS — MANAGEMENT (CADMAN GROUP)
ADJOURNMENT
POSTED: El Segundo Library, Joslyn Center, and Park Visa
DATE: February 20, 2025
TIME: 5:00 PM
BY: Julie Todd, Ryan Delgado, Neil Cadman
Next Meeting: March 26, 2025
April 23, 2025
3
Page 3 of 40
MINUTES OF THE MEETING
El Segundo Senior Citizen Housing Board Corporation
Wednesday,
January 22, 2025
Park Vista Senior Housing
615 E. Holly Avenue, El Segundo, CA 90245
CALL TO ORDER:
The meeting was called to order at 3:30 p.m. by Board Tim Whelan.
ROLL CALL
Members Present: Tim Whelan
Denise Fessenbecker
Julia Newman
Paula Rotolo
Absent: Paul Lanyi
Others: Neil Cadman
Michael Allen
Venus Wesson
Agnes Ho
Paul Chung
PUBLIC COMMUNICATION. (Suggestion Box Comments)
• Residents inquired if the city has a program in place for the fire victims. Tim responded that
the board doesn't have anything in place.
A. CONSENT
1. APPROVAL OF MEETING MINUTES
Denise Fessenbecker motion and Julia Newman second, to approve the December 11, 2024,
Special Meeting Minutes. The motion passed 3-0.
B. UNFINISHED BUSINESS
None.
C. NEW BUSINESS
2. President's Report (Paul Lanyi)
• Tim asked two questions on behalf of Paul in his absence. 1) The flooring expense
question that was raised during public communication last month. 2) The 64% rent
increase for incoming residents. Neil stated that he would address the question during his
management report.
Receive and file: Motion carried 3-0
3. Financial Statements and LAIF (Local Agency Investment Fund) (Paul Lanyi)
• Neil stated that the statement is for the months of November and December.
• Tim inquired about the front door expense. Neil stated that the door was broken, had to be
replaced, and was out of warranty.
Receive and file: Motion carried 3-0
Page 4 of 40
4. 2025 Park Vista Operating Budget. (Neil Cadman)
• Neil provided an overview of the 2025 operating budget. He stated that the maintenance
budget increased substantially for 2025.
• Denise inquired about a timeline for the operating budget to be approved by the board. Neil
stated that the fiscal year runs from January to December, so approval at any time in
between would be great.
• Michael suggested that the annual budget should be on the agenda in February or March.
• Michael inquired whether the board would consider conducting the annual inspection earlier
in the year.
Denise Fessenbecker motion and Julia Newman second, to approve 2025 Park Vista operating
budget. The motion passed 3-0
5. Rental Rate Increase for Current Tenants. (Neil Cadman)
• Neil provided an overview for new and incoming tenants starting on June 1, 2025.
Paula Rotolo motion and Julia Newman second, to approve June 1, 2025, 2% round down for
current residents not to include tenants less than a year. The motion passed 3-0
6. Quarterly Review of Operating Bank Account: Transfer of Funds Exceeding $150,000.00
from Park Vista Checking Account (Citizens Business Bank) to LAIF Account (City)
• Neil requested the authority to transfer funds from the Citizen Bank account to LAIF, not to
exceed the dollar amount of $150,000 by the end of January.
Denise Fessbecker motion to grant permission to move funds in excess amount of $150,000 to
the LAIF account and Paula Rotolo second, Motion carried 3-0
D. REPORTS — COMMUNITY DEVELOPMENT DEPARTMENT
7. Upcoming Events (Diego Zavala)
• Mr. Zavala informed residents about the upcoming Daytripper sign-up event for Saturday,
February 15t", to Descanso Garden. The cost to ride is $10 per person and the entry fee is
$11 per person.
• Senior Fit is back starting Mondays at 10:00 AM at the Joslyn Center. For more information,
contact the Joslyn Center.
• Tax preparation services will be available from February 4t" to April 15t", from 9:15 AM to
2:30 PM.
E. REPORTS — SENIOR CITIZENS HOUSING BOARD
1211111111111► •[=
F. REPORTS — MANAGEMENT (CADMAN GROUP)
• Neil confirmed resident parking rate increased by 2% on January 1st, 2025.
• Last month, the cost to replace the elevator replacement flooring was $4,500 per elevator,
leaving the cost under $9,000.
• He provided a historical overview of the rent increase from 2021 to 2025 for new tenants:
Studio: 1) 2021- increased by 3%; 2) 2022-increased by 3%; 3) 2023 - increased by 19.34%;
4) 2024- no changes; 5) 2025- increased by 24.68%. One -bedroom: 1) 2022 increased by
1.6%; 2) 2023 no change; 3) 2024 increased by 9.5%; 4) 2025- increased by 41.93% to
2021. The change from 50% to 60% occurred during these years.
ADJOURNMENT: 4:09 PM
NEXT MEETING: Wednesday, February 26, 2025
Page 5 of 40
Park Vista:
neon
Paul Lanyi for the PV Board
March X, 2025
Background
Current State
Future Challenges
Options
City Council To Consider
Park Vista Background
• Senior living facility owned by the City of El Segundo
• Built in1987
• 97 residential units
• Rent for new rentals at 60% of market rate per month (changed from 50% three years ago)
• 1 bedroom monthly = now $1635 vs $1142 in 2024 vs $ 960 in 2023
• Studio monthly = now $1295 vs $846 in 2024 vs $705 in 2023
• On average 10 units turn each year (10 in 2024 and 2023,8 in 2022,12 in 2021)
• Approximately 85% of 97 units not paying 50 % of market rates
Page 8 of 40
Park Vista Background (2)
• Rent increases of 1- 2% have been passed annually in the last 15 years
(except two years)
• With Public Works, Cadman Group and Board agreement major plumbing
projects expected to happen in 2022/2023 pushed out to 2033/2034 and
another approximately $1.1M in CIP from 2024 moved to 2032
• Wait list of over 90 people
• What is the Park Vista charter? Affordable city -sponsored housing or
self-sufficiency?
Page 9 of 40
Park Vista
The Good News?
• Financially stable until 2031
The Bad News?
• If the City does not act now and in ensuing years, PV will likely be deep in
the red within a decade
Page 10 of 40
Future Challenges 1
• A city wide facility assessment including Park Vista was conducted in 2019.
o Over $5.7M worth of projects identified in the prior Replacement
Reserves Report developed for the City by a third party needed to be
accomplished by 2035
o Another facility assessment is scheduled to be completed in 2027. This
is the most important report for Park Vista as it will determine the
financial requirements for the facility and directly impact the lives of
100+ senior El Segundo residents.
Page 11 of 40
Future Challenges 2
• Expenses have gone up dramatically in the past three years. In this year's
budget, earthquake insurance is $94K annually and $48K in maintenance has
been added. N$150K per year = 1.2 months rent income.
• Park Vista, undercurrent practices and plans will stay within/near the City
Finance recommended reserves until 2031 and then fall precipitously below
recommended reserves
Page 12 of 40
IN
Financials 1- assumes 2% CPI and $20oK from
the City -held 504 funds in 2025
20Z4
2025
2026
My
ZM
n"
2M
2031
2032
20M
MM
2035
20M
M"
2038
2039
2040
MI
20R
2M3
Revenue
$1,027,716
$1,038,366
51,092,935
$1,146,050
$1,2M,226
$1,217AW
$1,276,751
$1,337,344
$1,399,658
$3,463,219
$1,525,651
$1,591,779
$1,659,230
$1,72$031
$1,798,207
S1,869,786
$1,942,798
$2,017,269
$2,093,230
$2,170,710
Expenses
_f 7.'4.0]51
($917,8261
IS953,8%1
($987,776)
151.025,087j
1$1,062,9971
jS1,102,4621
($1,143,S801
(51,136,4171
($1,231,049)
i$1,277,5561
I`+1,326,048)
151,376.5651
(51.429,218)
1$1,484,261)
jS1,541,655)
($1,605,679i
151,663,9001
1S1,728.9841
(51,796,695)
Net
S263,641
$IWS40
S13"A40
$156,273
$175,139
$158yt199
$173,790
$10,763
$21.3,241
$232,170
SM,094
S265,731
$2112,666
SM,812
S313,942
5328„131
SM7,119
$353,30
5364,246
S374,015
Capital Expense
$0
1536,0001
1550,0001
(550,000)
, i$50000)
.
($5p000)
(S331,3191
15380436)
.
i$15092501
,,
($12977891
,,
51.2977S9I
159163261
I51,
,761.387)
,045,970j
($770242)
($S88,317)
($250,000 1
(`+250,000;
;5230.0001
15250,000)
Transfer in From Fund
50.3
$0
$26,250
$35,272
$0
5234.86E
so
$131,139
$0
$26.250
$125,00D
$100,000
S10D,000
SI00,000
$0
$0
$0
$D
$0
50
$0
Return to Equity
$263,641
$110,790
$324,312
$108,273
$360,007
S104p99
$173,609
($186673) ($1,269,759)
I5940,619)
15949,695)
IS550,595)
($663,304)
($462,5741
($456,300)
($259,98S)
$87,119
$103,369
$114,2"
$124XS
Beginning Equty
$lp9G,227
$2,259,868
52,370,658
$2,494,%9
12,603,243
$2,%3,250
53,067,749
$3,241,358
$3,054,686
$1,784,927
5844,307
j5105,387)
;56i5.9821
($1,319,286)
�51,781,860}
j52,238,160)
152,498,1451
($2,A31,027)
(,1:17.658)
($2,193,432)
Ending Equty
$2�59,868
$2,370,658
52,494,969
$2,603,243
52,963,250
$3,067,149
$3,241,358
$3,054,686
$3,78A,927
$944J07
15105,387)
ISb55,982)
($1,319,286)
($1,781,860)
I52,238,160)
152,498,145)
152,411,0271
I$2,307,658)
($2,193,412)
($2,069,397)
Transfer in From Fund
001
$200.000
$200,000
$o
$o
$o
so
$o
$o
So
$0
$o
$o
$o
$o
$o
$o
$o
$o
$o
$o
crtO SM Fund
iSsaS.4i n t..1
$1,037,266
$1,211,016
$1,175,744
$1,175,744
$940,876
$940,876
$80.73'
SW..737
$783,4S7
$65S,487
-553,4Z7
5458,487
S358,487
5358,487
$358,497
5358,487
$358,487
$358,487
$358,487
$358,487
Total F,ndr Arrlble to
Pork Ycb
$3,297,13A
$3,581,674
$3,670,713
$3,778,987
$3,904,126
$4,008,625
54,051,095
$3,864,4Z3
$2,568,414
$1,502,794
S453,100
15197,495)
15960]99)
(51.423,373)
($1,379,673)
152.139,658)
152.052,5401
(51,949,171)
($1,834925)
(51,710,910)
Recommended
Reserve 30%of
operating expense 12
years of capital 5112,408 $177,783 $1%,390 $196,778 $202,509 $287,636 5622,001 52,004,044 52,925,681 $2,738,683 $2,341,871 $2,094,900 $1,945,013 $1,674,551 51$M,785 $992,282 $660,568 $666,3% 5422,8% $429,669
aer or run.---i
recommended
reserves $3,194.727 $3,403.891 S3,475,324 $3,580,209 S3,701,617 53,721AW S3,429,094 51,860,378 15357,2671 i$1,215.SSSI BSI BZE.7?11 152,292.3961 152,9C5.511' 153.097,924) ;S3,386,45W j$3,131,9401 ,713,1081 152,615. 561� 15Z,257.S231 .2,140,5?91
Page 13 of 40
Financials i - assumes 2% CPI and $20oK from the City -held 504
funds in 2025
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2"1
2042
2043
Re.,enue
$1,337,344
51,399,658
$1,463,219
$1,525,651
$1,591,779
51,659,230
$1,728,031
$1,798,207
S1,869,786
51,942,798
$2,017,269
$2,093.230
$2,170,710
Expenses
;1,143,5801
� 51136,3171
(S1,231,059)
($1,277,5561
151,326,0481
151,37E365
1S1,429.218)
1S1,484,264"
;S1,541,655)
;S1,605,6791
151,663,900)
1'1.728.9841
($1,796,6951
Net
$193,763
$213,241
$232,170
$248,094
S265,731
S282,666
S298,812
$313,942
$328A31
$337,119
$353,369
$364,246
$374X5
Capital Expense
1'330,436;
1 1 509,501
($1,297,789)
1'$1,297,7891
;5916,3261
ISI,C45,970)
($761,387)
($770,242)
($588,117)
IS250,0001
(5250,0001
;5250.0001
(5250,000)
Transfer in From F
504
50
0126,250
$125,000
SI00,000
SI00,000
S100,000
SO
$0
SO
= 0
$0
$0
$0
Return to Equity
(5186,673)
($1,269,759)
($940,619)
(5949,695)
(S550,595)
(S663,304)
(5462,574)
(5456,300)
($259,985)
$87,119
$103,369
S114,246
$124,015
Beginning Equity
S3,241,358 53,054,686 $1,784,927 5844,307 (S105,387) 15655,9821 151,319.286j ;51,7II1,E60' {52,238,160) 152.498,1451 1$2,411,027) (52,307,658) ($2,193,412)
Ending Equity S3,054,686 $1,784,927 S844,307 (53051387) (5655,992) ($1,319,286) ($1,781,860) ($2,238,160) ($2,496,145) (52,411,0271 ($2,307,658) ($2,193,412) ($2,069,397)
Transfer 1n From F
001 50 $0 50 $0 $0 $0 $0 $0 $0 $0 $0 $0 50
City's 504 Fund
�i,mse a:a n:1: 1; $809,737 S783,487 5658,487 S558,487 S458,487 5358.487 $358,487 $358,487 $358,487 $359,487 $359,487 S358,487 $358,487
Total Funds Availab
Park Ycte S3,864,423 $2,568,414 $1,502,794 $453,100 15197,495.1 (5960,799) ($1,423,373) ($1,879,673) ($2,139,658) ($2,052,540) (51,949,171) (51,834,925) ($1,710,910)
Recommended
Reserve 10?e of
operating expense
years of capital $2,004,044 $2,925,631 $2,718.683 $2,341,871 $2,094,900 $1,945,013 $1,674,551 $1,506,785 $992,282 1,660,568 $666,390 S422,898 $429,669
over or;�n
recommended
reserves
51,860,378 1.357,2671 (51 275.EIIII1 •51 ^_c^_.7711 152,292.3961 152,905.311' 153,097.924' ;53,336 458'. ;>`3,131,940) :52.713,1081 152,615,561) 1'2,257,1231 $2,140,5791
Page 14 of 40
Financials 2 - assumes 2% CPI and $200K annually from the
pity -held 504 funds
2024
2025
2026
2027
2028
2029
MW
2W1
2032
Z033
2034
2035
2M
2037
2039
2039
20"
2041
20Q
2043
Rplenue
$1,027,716
$1,038,366
S1,092,935
$1.146,050
S1,200,226
S1,217,486
S1,276,751
$1,337,344
S1,399,658
$1,463,219
$1,525,651
$1.591,779
$1,659,230
$1,728,031
$1.798,207
S1,869,786
S3,942,796
$2,017,269
SZP93,230
$2,170,730
Expenses
;5764.0751
($917.8261
1-953.896;
($987,776)
;S1.025,087)
1$1,062,9871
1S3,102,4521
(S1,143,5801
i$1,186,417)
($1,231,0Z91
($1,277.5561
(51,326,048)
1S1,376.565)
1S1,429,216)
;51,48A,2641
)51,541,655)
1S1,605,6791
1$1,663,900)
($1,728.9841
($1,796.6951
Net
S263,611
$12Q540
$139A40
$156,273
$175,139
$154a109
5173,790
5193,763
$213,241
$232}70
S7A8,094
$265,731
$28 666
S298p>2
5313,942
$328,131
$337,119
5353.36'9
5364,246
$371,015
Capital Expense
$o
1536,0001
1550,000;
($50,000)
($50,000)
($50,0001
15131,319:
(5380,4361
i$1,509,250)
($1,297,789)
($1,297,789)
(5916,326) ($1,045,970)
($761,387)
(5770,2421
($588,117)
1$250,0001
($250,000)
(S250.0001
15250,000)
Transfer In From Fund
504
$o
$26,250
$35,272
$o
$234,968
$o
$131.139
$o
$26,250
S1z5,600
S1o0,000
$109,000
S100,000
So
$o
$9
$9
$o
$O
$o
Return to Equity
S263,641
$110,790
$124,312
SlMZ73
$360,007
S3"A"
$173,609
(5186,673)
($1,259,759)
15940,619)
(5949,695)
(S5S0,595)
(5663,304)
(54Q,574)
(5456,300)
(5259A95)
$97,119
$103,M
$114,246
$124,015
eeginnmg Egwty
51,9%,227
$2,259,ebe
$2,370,656
52,494,969
$2,603,243
52,963,250
$3,067,749
53,243,356
53,054,686
$1,784A27
SB44,307
($105,387)
15655,9821
(53,319,286)
;51,781,860j 152,238,160)
152,498,145i
152,411,027)
62,307.658)
($2,193Al2)
Ending Equity
$2,259,868
$2,370,658
$2,491,969
$2,603,243
52,963,250
53,067,749
$3,241,358
$3,054,686
$1,784A27
$BM,307
($105,387)
(5655,982)
($1,319,286)
($1,783,860)
($2,238,160)
(52,498,145)
152,111,027)
(52,307,656)
($2,193,4.2;
($2,069,397)
Transfer in From fund
001
S20Q000
$200AW
$200n=
$200,000
$200000
$200,000
$200,000
$Z00,000
$200,000
$200,000
S200,000
S200,000
S200,000
$MAW
$200,000
$200,000
$200,000
S200,000
S200.000
$200,000
Oty'S 504 Fund
�5ewa,,,, Al
$1,037,266
S1,211,016
S1,375,744
$1,575,744
51,540, S76
$1,740,876
$1,809,737
S2,009,737
$2,183,487
S2,258,487
$2,358,497
52,458,487
$2,558,487
$2,758A87
$2,958,487
$3,158,487
S3,359AS7
S3,558,487
$3,758,487
S3.958AS7
T-1 F..h Ai, i bk 60
Rork%r-
$3,287,134
53,581,674
$3,870,713
$4,178,987
54.504,126
$4,806,625
55,051,095
S5,064,423
$3,968,414
$3,102,794
52,253,100
51,802,505
$1,239,201
5976,6Z7
$720,327
$660,342
$947,460
$1,250,829
S1j65,075
$1,889,090
Recommended
Reserve 1096 of
operating expense 2
years of npital
$112,408
$177,783
$195,390
$198,778
$202,509
287,618
56Z2,001
$2,004,044
S2,925,681
52,718,683
$2,341,971
$2,094,900
$1,945,013
$2,674,551
51,506,785
$992,282
$660,566
5666,390
5422.898
S429,669
Over or(,n -,)
recommended
reserves
$3,184,727
S3,403,891
'3 675,324
$31980,Z09
$4,301,617
S4,521,007
S4,429,094
53,060.378
S1,042,733
$3W112
1$88,771)
IS292,396)
1S705,813}
($697,924)
i,786, 4581
i5331,940)
$286,892
$584,439
51,142,177
$1,459,421
Page 15 of 40
Financials 2 - assumes 2% CPI and $200K annually from the
pity -held 504 funds
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Re.,enue
$1,337,344
$1,399,658
$1,463,219
$1,525,651
$1,S91,779
$1,659,230
$1,723,031
$1,798,207
$1,869,786
$1,942,79B
Expenses
(51,143,5501
($1,186,417)
($1,231,0491
($1,277,556)
($1,326,048)
(S1,376,565' 1
(51,429,218)
151,484,2641
($1,541,655)
{51,605,6791 I
Net
$193,763
$213,241
$232.170
$24kOW
$26%731
$282,666
$291BAU
$313,942
$322,131
$337,119
Capital Expense
(5380,436;
($1,509,250)
($1,297,7891
(51,297,7891
15916,326)
(51,045.970)
($761,387)
(5770,242j
($58S,117)
($250,0001
Transfer in From Fund
504
SO
$26,250
$12S,000
SI00,000
$100,000
$100,000
So
$0
$0
So
Return to Equity
($186,6731
($1,269,759)
($940,619)
IS949,695)
(S550,595)
(S663,304)
(5462,574)
($456,300)
($259,985)
$97,119
Beginning Equity
S3,241,358
$3,054,686
$1,794,927
S844,307
;S105.387,)
;5655952;,
1S1.319,296)
151,781,860�
;52,238,1W)
;S2,498,1451 I
Ending Equity
$3,054,686
$1,794,927
$844,307
15105,387)
(S655,982)
(51,319,296)
(51,781,11W)
($2,238,160)
(S2,498,145)
($2,411,0271 I
Transfer in From Fund
001
5200,000
5200,000
1200,000
5200,000
S200,000
S200,000
S200,000
5200,000
5200,000
$2WAW
City's 504 Fund
52,009,737
$2,183,487
_2258,487
52,358,487
$2.458,437
52,558.487
52,758,487
52,958,487
S3,158,487
$3,358,487
Total Funds Available to
Park Kota
55,064,423
53,968,414
$3,102,794
52,253.100
51,802,505
$1,239,201
5976,627
$720,327
$660,342
$947,460
Recommended
Reserve 10?e of
operating expense + 2
years of capital _.00c, 11 $2,925,681 $2,718,693 $2,341,871 52,094,900 51,945,013 51,674,551 '1,506,7S5 5992,282 %W,568
over or ; i n
recommended
reserves 53,060,378 51042,?33 5354,112 ;SSB.?711 {5292,396j '5705,S11' S69',921 S?56,455 5331,940' $286,892
Page 16 of 40
Financials 1 vs 2 -one time $2ooK in 2025 vs $2ooK each year
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
Revenue
S1,337,344
$1,399,658
$4463,219
$4525,651
$1,591,779
$1,659,230
$1,728,031
$1,798,207
$1,369,786
S1,942,798
$2,017,269
$2,093,230
$2,170,710
Expenses
(S1.143,580j
($1,186,4171
($1,231,0491
($1,277,556)
($1,326,048)
(51,376,565)
(51,429,218)
($1,484,2641
($1,541,655)
;51,605,6791
(51,663,900)
IS1,728,9841
($1, 796,6951
Net
$193,763
S20,241
$232,170
S248,094
$265,731
$282,666
$2111111111,512
$313,942
$322,131
$337,119
$353,W
S364,246
$374,015
Capital Expense
15380,436:
(S1,509,2501
($1,297,7891
f$1,297,7891
{5916.3261
IS1,045.970,
($761,387)
($770,2421
($588,117)
IS250,0001
($250,000)
;;250.0001
1S_50,000I
Transfer in From Fund
504
$0
$26 250
$125,000
5100,000
$100,000
SI00,000
$0
$0
SD
SO
$0
SO
$0
Return to Equity
(5186,6731
($1,269,7591
($940,619)
(5949,695)
(5550,595)
(5663,304)
(5462,574)
($456,300)
(S259,985)
$87,119
S1S,369
S114,246
$124X5
Beginning Equity 53,241,358 $3,054,686 $1,794,927 S844,307 ;5105.3871 ;5655 032:- 1S1,319.286; ;51,781,860j ;S2.238,160) ;52.498,1451 IS2,411,027) 152,307.6501 ;2,193,4121
Ending Equity $3,054,696 $1,794,927 SW,307 1S105,387) (S655,982) ($1,319,286) ($1,781,860) ($2,238,160) (S2,498,145) (S2,411,027) ($2,307,658) ($2,193,412) ($2,069,397)
Transfer In From Fund
001
City's 504 Fund
ISa96,491n2WIl
SO $0 $O $0 $0 $0 $0 $0 $0 SO $0 $0 $0
$809,737 11783,41W $658,487 5558,487 S458.487 S358,487 $358,487 $358,487 $358,487 $358,497 $358,487 5358,487 S358,487
Total Fund: Available to
Park Yrte 53,964,423 $2,568,414 $1,502,794 5453,100 (S197,495) (5960,799) ($1,423,373) ($1,879,673) (S2,139,658) ($2,052,5401 ($1,949,171) (51,934,9251 ($1,71Q910)
Recommended
Reserve1096 of
operating expense + 2
years of capital $2,004.044 $2,925.681 $2,718,683 $2,341,871 52,094,900 $1,945,013 $1,674,551 ;1,5& 705 $992,292 $660,568 $666,390 5422,898 $429,669
over or (under)
recommended
reserves $1,860,378 15357,2671 I;$1,215,888) ($1,888,771) (S2,292,396) 1S2,905.812� 1$3,097,924) ;$3,386,458' (53,131,940) ;52.713,108; 152,615.561) 1'2,257,8231 ($2,140,579)
004,044 S2,925,681 $2,718,683 $2,341,871 $2,094,900 $1,945,013 $1,674,551 $1,506,785 $992,282 $660,568
Page 17 of 40
53,060,378 51042,733 S384,112 ($88,771) (S292,396) ($705,811) (S697,924) ($786,458) ($331,940) $286,892
Next Steps
Public Works has agreed that in the next City facility assessment (2027)
Park Vista will be called out separately with specific, line by line item needs
RK VISTA SENIOR LIVING CENTER
placement Reserves Report
Report
Section
5.2
5.2
5.2
5.2
5.4
5.5
5.5
5_S
5.5
5.5
S.S
Location Description
ID Coat Description
Vehicle Control Gate w/ Controller
Exterior Parking Lot
1034711 Replace
Vehicle Control Gate w/ Controller
1st Floor Garage
1034722 Replace
Vehicle Control Gate w/ Controller
2nd Floor Garage
1034739 Replace
Roadways, Asphalt Pavement, Seal
Exterior Parking Lot
1034692 Stripe
Throughout the Site
103669S Irrigation System, , Replace
North elevation
1036636 Fences & Gates, Vinyl, 4' High, Rep
Fences & Gates, Chain Link, 6' High
Exterior Parking Lot
1034786 Replace
Fences & Gates, Wrought Iron, 6' F
Building Exterior
1034688 Replace
Retaining Wall, Bnck/Stone (per SF
West elevation
1036641 Repair
Retaining Wall, Brick/Stone (per SF
West elevation
1036640 Replace
1034767 Pole Ught, 80 100 WATT, Replace
Ballard Lights, Exterior, 80 to 100 v
Exterior Parking Lot
Site
1034738 Replace
1036693 Roof, Cool Reflective Coating, Rep[
Roof
Units Balconies
1036689 Awning, Fabric 32 SF, Replace
Exterior Wall, Painted Surface, 3+!
LiEUL) (EAge RUL Quantity Unit Unit Cost' Subtotal 2019 2020 2021 2022 2023 2024 202S 2026 2027 2028 201
EUL(
1S
7 8 1
EA
$9,293.63 $9,294
$9,293.63 $9,294
$9,293.63 $9,294
$9,294
$9,294
3S
6 9 1
6 9 1
EA
SS
EA
$912%
7
25
20
30
0.
8
6
14.
7
17
14
16
18
7400
8500
60
380
160
SF
$0.43
$3,172
$3,172
SF
LF
LF
$3.S7
$30.322
ace
$S8.88
$3,S33
ugh,
$4234
$16.090
30
12
LF
$S152
$8,243
Face),
0
31
16
SF
$12.11S
$206
$206
Fate,
_
'Install _
1 LED,
_
ice
tortes,
40
31
9
160
SF
$147.33. $23,573,
$3,069.29 $6,139
$3,069.29 $30,693
$7.59 $155,625
$1,489.69 $47,670
.oni
$23,S73
20
14
61
2
EA
$6,139
20
12
8
10
EA
$30,693
10
4
6
20500
SF
$15S,625
10
2
8
32
EA
$47,6
ee
e. ee ran
f 40
Request of City Council
• Financial Step 1: Until the next facility assessment has been completed in
2027, release $200K per year to Park Vista reserves to help stave off being in
the reserve red.
o There is N$2.2M in the GF that is dedicated to "Senior Housing"
• Financial Step 2: Within 90 days of the delivery of the facility assessment have
the Public Works, Finance, Community Development, Cadman Group and the
Board recalibrate the Cl P needs and the 20 year forecast
• Financial Step 3: In the subsequent "Park Vista State of the Union" (2027 or
2028), the Board and City will return with changes and further suggestions
Page 19 of 40
r�
CADMAN ROUP
PARK VISTA
Financial Reporting Analysis
January 2025
Gross Income: $97,166.57
Gross Expenses: $42,589.28
Expenses for the month were normal except for the following:
• Maintenance of 7,639.91. Normal operations with no major vacancy. A replacement of
a wall furnace for one unit.
• No water bills of in January.
Net Income: $54,577.29
Total Account Balances: $2,315,910.20
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEY ARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Page 20 of 40
Total number of vacancies for the month: 100% occupied on 1/1/2025
100% occupied on 1/31/2025
Move -outs: 1
Move -ins: 0
Notices to Vacate: 1
Budget Comparison Notes:
Operations: Operations for the month were a $48,289.24 over budget for January, thus also
YTD.
Income
• Income for the month of January $10,454.81 over budget for January, thus also YTD.
Expenses:
• Overall expenses for January $33,854.43 under budget, thus also YTD.
• Maintenance $16,943.43 under budget for January, thus also YTD.
• Electricity under budget for January by $125.72.
• Gas over budget by $1,402.19 for January due to two months of bills — no bills in
December 2024.
• Cable Television under budget by $98.71 for.
• No Water bills in January.
• No telephone bills received in January, therefore February will have two month's
worth.
• Elevator service over budget by $2,275.00 due to quarterly billing.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEY ARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Page 21 of 40
EL SEGUNDO SENIOR CITIZENS HOUSING
DEVELOPMENT CORPORATION
350 MAIN STREET, EL SEGUNDO, CA 90245
February 12, 2025
RE: Interest Income from Deposit with the City, per Agreement for Investment of Funds
Dear President:
The deposit and interest for the quarter/month ending is as follows: Q3-2024 January-25
Original
Beginning balance at December 31, 2024 $ 2,108,116.49
Accrued: Interest (Posted quarterly) $ 8,146.57
Add: Deposits Transfer in
Less: Withdrawals
As of
TOTAL IN LAIF/CAMP - G/L# 504-101-0000-0004: 1/31/2025 $ 2,116,263.06
Accrued Interest (posted quarterly by the 15th day following quarter ):
Interest Earned January @ 4.550% Actual CAMP for 31 days 8,146.57
Interest Earned February @ Actual CAMP for 28 days -
Interest Earned March @ Actual CAMP for 31 days -
Accrued Interest quarter to date 8,146.57
Interest earned is based on the interest earnings rate the City of El Segundo received from the
California Asset Management Program and the number of days the funds were held by the City
during the given period. Per the understanding reached at the September 1997 meeting of the
Board of Directors, interest will be credited to the account and compounded on a quarterly
basis. Interest shown for each month is for your information only.
If you have any questions, please do not hesitate to give me a call.
Sincerely,
Pr ti R. Ma4-cc�
Dino R. Marsocci
Treasury & Customer Services Manager
Cc: Paul Chung, Chief Financial Officer
Eva Gettler, Accounting Supervisor
Michael Allen, Community Development Director
Neil Cadman, Facility Management for Park Vista
Eduardo Schonborn, Planning Manager
Venus Wesson, Sr. Admin Specialist
Agnes Ho, Administrative Analyst
PACity Treasurer\MEMOS & SIGNATURES\Senior Housing Reports\2025\SENIOR HOUSING REPORT 2025.x1s
Page 22 of 40
Income Statement
Cadman Group
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Owned By: El Segundo Senior Citizens Housing Corporation
As of: Jan 2025
Accounting Basis: Cash
Level of Detail: Detail View
Include Zero Balance GL Accounts: No
Account Name Selected Month % of Selected Month Year to Month End % of Year to Month End
Operating Income &
Expense
Income
RENT
Rent Income
85,813.00
Parking Income
1,664.26
Total RENT
87,477.26
Prepayment
1,022.61
Application Fee Income
0.00
Laundry Income
520.13
Total Operating Income
89,020.00
Expense
Fire Service
510.00
Maintenance
7,639.91
Elevator service
3,525.00
Gardening
1,783.49
Management Fees
16,500.00
Pest Control
596.51
Electricity
1,957.62
Gas
3,068.86
Telephone/Internet
0.00
Trash
335.83
Cable/Television
6,151.29
Office Supplies
361.99
Advertising &
158.78
Promotion
Total Operating
42,589.28
Expense
NOI - Net Operating
46,430.72
Income
Other Income & Expense
Other Income
Interest on Bank
8,146.57
Accounts
Total Other Income
8,146.57
Net Other Income
8,146.57
Total Income
97,166.57
Total Expense
42,589.28
Created on 02/13/2025
96.40 85,813.00 96.40
1.87 1,664.26 1.87
98.27
1.15
0.00
0.58
100.00
0.57
8.58
3.96
2.00
18.54
0.67
2.20
3.45
0.00
0.38
6.91
0.41
0.18
87,477.26
1,022.61
0.00
520.13
89,020.00
510.00
7,639.91
3,525.00
1,783.49
16,500.00
596.51
1,957.62
3,068.86
0.00
335.83
6,151.29
361.99
158.78
98.27
1.15
0.00
0.58
100.00
0.57
8.58
3.96
2.00
18.54
0.67
2.20
3.45
0.00
0.38
6.91
0.41
0.18
47.84 42,589.28 47.84
52.16 46,430.72 52.16
9.15 8,146.57 9.15
9.15 8,146.57 9.15
9.15 8,146.57 9.15
109.15 97,166.57 109.15
47.84 42,589.28 47.84
PageP2'9edf 40
Income Statement
Account Name
Selected Month
% of Selected Month
Year to Month End % of Year to Month End
Net Income
54,577.29
61.31
54,577.29
61.31
Created on 02/13/2025 PagePNedf 40
Balance Sheet
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
As of: 01 /31 /2025
Accounting Basis: Cash
Include Zero Balance GL Accounts: No
Account Name
ASSETS
Cash
Cash in Bank
Park Vista Reserve Account - LAIF
Total Cash
Tenant Account Receivable
Building Improvements
Equipment
Furnishings
Personal Property
Accumulated Depreciation
TOTAL ASSETS
Balance
199,647.14
2,116,263.06
2,315,910.20
100.00
1,031,873.00
149,355.00
153,863.00
-0.05
-850,766.00
2,800,335.15
LIABILITIES & CAPITAL
Liabilities
Security Deposit Interest
-530.00
Pet Deposit
4,325.00
Key Deposit
1,830.00
Security Deposit
77,232.00
Passthrough Cash Account
-946.00
Accounts Payable
30,698.00
Total Liabilities
112,609.00
Capital
Owner Contribution
35,996.00
Owner Distribution
-35,996.00
Retained Earnings
118,794.95
Prior Years Retained Earnings
12,696.00
Calculated Retained Earnings
54,577.29
Calculated Prior Years Retained Earnings
2,501,657.91
Total Capital
2,687,726.15
TOTAL LIABILITIES & CAPITAL
2,800,335.15
Created on 02/13/2025 PageF2Wdf 40
Bill Detail
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Payees: All
Payment Type: All
Created By: All
GL Accounts: All
Bill Status: All
Date Type: Bill Date
Date Range: 01 /01 /2025 to 01 /31 /2025
Show Reversed Transactions: No
Project: All
Reference
Bill Date
Due Date
GL Account
Property Unit
6000 - Fire Service
FSF-1124420
01/09/2025
01/09/2025
6000 - Fire
Park Vista -
Service
615 E. Holly
Avenue El
Segundo, CA
90245
FSF-1124939
01/17/2025
01/17/2025
6000 - Fire
Park Vista -
Service
615 E. Holly
Avenue El
Segundo, CA
90245
6210 - Maintenance
48228
01/14/2025
01/14/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
48187
01/14/2025
01/14/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342735
01/15/2025
01/15/2025
6210 -
Park Vista - 323
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342704
01/15/2025
01/15/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Payee Name Paid Unpaid Check # Paid Date Description Work Order
Issue
Fire Safety
255.00
0.00 EOA6-A2EO
01/09/2025
Fire Alarm
First
Q1
Monitoring -
July -
September
2024
Fire Safety
255.00
0.00 43B8-E9AO
01/17/2025
Fire Alarm
First
Q1
Monitoring -
Jan - March
2025
510.00
0.00
Southbay
54.63
0.00 3000000564
01/23/2025
Maintenance
Industrial
supplies; new
Hardware
bathroom
faucet.
Southbay
17.50
0.00 3000000564
01/23/2025
Maintenance
Industrial
supplies;
Hardware
master
plunger.
Montalvo,
425.00
0.00 D98B-1A70
01/27/2025
Replaced
Uriel
closet doors,
haul away old
doors.
Montalvo,
180.00
0.00 D98B-1A70
01/27/2025
Updated (2)
Uriel
media room
ceiling lights
Created on 02/13/2025
PageF�Sedf 40
Bill Detail
Work Order
Reference
Bill Date
Due Date
GL Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Segundo, CA
to LED T8
90245
48".
6484
01/15/2025
01/15/2025
6210 -
Park Vista -
Octavio
650.00
0.00 DA6D-E570
01/23/2025
Annual pear
Maintenance
615 E. Holly
Rojas
tree (3)
Avenue El
Landscaping
trimming in
Segundo, CA
courtyard.
90245
Clean and
haul away all
debris to
dump.
38270
01/16/2025
01/16/2025
6210 -
Park Vista -
Cadman
85.94
0.00 1162
01/16/2025
Quill INV
Maintenance
615 E. Holly
Group
41874711 -
Avenue El
cleaning
Segundo, CA
supplies
90245
38270
01/16/2025
01/16/2025
6210 -
Park Vista -
Cadman
83.20
0.00 1162
01/16/2025
Quill INV
Maintenance
615 E. Holly
Group
41878760 -
Avenue El
cleaning
Segundo, CA
supplies
90245
38270
01/16/2025
01/16/2025
6210 -
Park Vista -
Cadman
153.77
0.00 1162
01/16/2025
Quill INV
Maintenance
615 E. Holly
Group
42035899 -
Avenue El
cleaning
Segundo, CA
supplies
90245
38270
01/16/2025
01/16/2025
6210 -
Park Vista -
Cadman
103.97
0.00 1162
01/16/2025
Quill INV
Maintenance
615 E. Holly
Group
42133994 -
Avenue El
cleaning
Segundo, CA
supplies
90245
9233347170
01/16/2025
01/16/2025
6210 -
Park Vista -
HD Supply
45.50
0.00 5814
01/22/2025
Maintenance
Maintenance
615 E. Holly
supplies for
Avenue El
the building.
Segundo, CA
90245
9233394751
01/17/2025
01/17/2025
6210 -
Park Vista -
HD Supply
17.28
0.00 5816
01/23/2025
Maintenance
Maintenance
615 E. Holly
supplies;
Avenue El
paint
Segundo, CA
brushes,
90245
rollers.
9233478026
01/21/2025
01/21/2025
6210 -
Park Vista -
HD Supply
80.48
0.00 5816
01/23/2025
Maintenance
Maintenance
615 E. Holly
supplies;
Avenue El
paint
Segundo, CA
brushes,
90245
applicators
and sponge
attachments.
Created on 02/13/2025
PageF29ec$f 40
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property
Unit
342810
01/21/2025
01/21/2025
6210-
Park Vista -
505
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
199024
01/21/2025
01/21/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
29978
01/21/2025
01/21/2025
6210 -
Park Vista -
216
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342843
01/27/2025
01/27/2025
6210 -
Park Vista -
216
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342842
01/27/2025
01/27/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342841
01/27/2025
01/27/2025
6210 -
Park Vista -
110
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342840
01/27/2025
01/27/2025
6210 -
Park Vista -
423
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342835
01/27/2025
01/27/2025
6210 -
Park Vista -
207
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342805
01/27/2025
01/27/2025
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
342804
01/27/2025
01/27/2025
6210 -
Park Vista -
Created on 02/13/2025
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Montalvo,
95.00
0.00 D98B-1A70
01/27/2025
Installed new
Uriel
hardwired
smoke alarm.
Montalvo,
350.00
0.00 D9813-1A70
01/27/2025
Snaked drain
Uriel
lines in
laundry room
for all
washing
machines.
TRIANGLE
1,700.00
0.00 DA6F-8400
01/23/2025
Supplied and
AIR SYSTEM
installed new
OR VLAD
wall furnace
BALAS
to unit, haul
away old unit.
Montalvo,
0.00
235.00
Uriel
Montalvo,
0.00
250.00
Uriel
Montalvo, 0.00 280.00
Uriel
Montalvo, 0.00 180.00
Uriel
Montalvo, 0.00 150.00
Uriel
Montalvo, 0.00 450.00
Uriel
Montalvo, 0.00 250.00
PageP29edf 40
Bill Detail
Work Order
Reference
Bill Date
Due Date
GL Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date Description
Issue
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
342803
01/27/2025
01/27/2025
6210 -
Park Vista -
Montalvo,
0.00
300.00
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
342818
01/27/2025
01/27/2025
6210 -
Park Vista - 311
Montalvo,
0.00
180.00
General Leak
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
342802
01/27/2025
01/27/2025
6210 -
Park Vista -
Montalvo,
0.00
450.00
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
267156
01/30/2025
01/30/2025
6210 -
Park Vista - 303
Montalvo,
0.00
350.00
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
267155
01/30/2025
01/30/2025
6210 -
Park Vista -
Montalvo,
0.00
450.00
Maintenance
615 E. Holly
Uriel
Avenue El
Segundo, CA
90245
4,042.27
3,525.00
6245 - Elevator service
DVB21826001
01/02/2025
01/02/2025
6245 -
Park Vista -
Amtech
3,525.00
0.00 17EC-9C90
01/22/2025 Overtime
Elevator
615 E. Holly
Elevator
emergency
service
Avenue El
Service
call; service
Segundo, CA
and repair
90245
rear elevator
stuck on 2nd
floor.
Created on 02/13/2025 PageP2Wdf 40
Bill Detail
Reference Bill Date Due Date GL Account
Property Unit
20096F 01/31/2025 01/31/2025 6245 -
Park Vista -
Elevator
615 E. Holly
service
Avenue El
Segundo, CA
90245
6250 - Gardening
6622 01/15/2025 01/15/2025 6250 -
Park Vista -
Gardening
615 E. Holly
Avenue El
Segundo, CA
90245
6622 01/15/2025 01/15/2025 6250 -
Park Vista -
Gardening
615 E. Holly
Avenue El
Segundo, CA
90245
6270 - Management Fees
01/15/2025
01/15/2025
6270 -
Park Vista -
Management
615 E. Holly
Fees
Avenue El
Segundo, CA
90245
6315 - Pest Control
24278 01/02/2025
01/02/2025
6315 - Pest
Park Vista -
Control
615 E. Holly
Avenue El
Segundo, CA
90245
438951 01/08/2025
01/08/2025
6315 - Pest
Park Vista -
Control
615 E. Holly
Avenue El
Segundo, CA
90245
24278 01/23/2025
01/23/2025
6315 - Pest
Park Vista -
Created on 02/13/2025
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Elevator
5,432.90
0.00 12BD-4250
02/07/2025
Balance paid
Interiors ,
for new
Sterling
elevator
Corporate
flooring
Custom
supplied and
installed by
elevator
vendor.
8,957.90
0.00
Octavio
1,303.49
0.00 9749-COCO
01/15/2025
Monthly
Rojas
Service -
Landscaping
December
Octavio
480.00
0.00 9749-COCO
01/15/2025
Extras
Rojas
supplies and
Landscaping
approved
work Dec
2024 - Dug
valve nd
replaced 1
1/4 superior
valve
1,783.49
0.00
Cadman
16,500.00
0.00 ACH
01/15/2025
Management
Group
Fees for 01/
2025
Al & Sons 175.00
0.00 3000000553 01/02/2025 service 11/
Termite and
21/24-12/19/
Pest Control
24
Inc.
Terminix 82.17
0.00 3000000554 01/09/2025 Monthly
Service -
January
Al & Sons 175.00
0.00 3000000565 01/24/2025 service 12/
Pagel` oW& 40
Bill Detail
Reference Bill Date Due Date GL Account
Property Unit
Control
615 E. Holly
Avenue El
Segundo, CA
90245
438951 01/30/2025 01/30/2025 6315 - Pest
Park Vista -
Control
615 E. Holly
Avenue El
Segundo, CA
90245
454891037 01/31/2025 01/31/2025 6315 - Pest
Park Vista -
Control
615 E. Holly
Avenue El
Segundo, CA
90245
6410 - Electricity
01/14/2025
01/14/2025
6410 -
Park Vista -
Electricity
615 E. Holly
Avenue El
Segundo, CA
90245
700394170456 01/16/2025
01/16/2025
6410 -
Park Vista -
Electricity
615 E. Holly
Avenue El
Segundo, CA
90245
700587779325 01/16/2025
01/16/2025
6410 -
Park Vista -
Electricity
615 E. Holly
Avenue El
Segundo, CA
90245
6420 - Gas
056 105 01/16/2025
01/16/2025
6420 - Gas
Park Vista -
32003
615 E. Holly
Avenue El
Segundo, CA
90245
6450 - Trash
56-E4 01/08/2025
01/08/2025
6450 - Trash
Park Vista -
730119
615 E. Holly
Avenue El
Segundo, CA
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Termite and
19/24-1/16/
Pest Control
25
Inc.
Terminix
82.17
0.00 3000000566
01/31/2025
Monthly
Service -
February
Terminix
82.17
0.00 3000000567
01/31/2025
Monthly
Service -
December
596.51
0.00
Edison
141.98
0.00 3000000556
01/15/2025
Edison 1,673.66 0.00 3000000558 01/16/2025 service 12/
10/24-1 /9/25
Edison 141.98 0.00 3000000560 01/17/2025 service 12/
10/24-1 /9/25
1,957.62 0.00
SoCalGas 3,068.86 0.00 3000000559 01/16/2025 service 12/4/
24-1 /4/25
EDCO Waste 335.83 0.00 3000000555 01/09/2025 56-E4
Services 730119
Created on 02/13/2025
PageP3ge6f 40
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
90245
6455 - Cable/Television
8448 30 006
01/15/2025
01/15/2025
6455-Cable/
Park Vista -
0017008
Television
615 E. Holly
Avenue El
Segundo, CA
90245
37998
01/16/2025
01/16/2025
6455 - Cable/
Park Vista -
Television
615 E. Holly
Avenue El
Segundo, CA
90245
38268
01/16/2025
01/16/2025
6455 - Cable/
Park Vista -
Television
615 E. Holly
Avenue El
Segundo, CA
90245
38269
01/16/2025
01/16/2025
6455-Cable/
Park Vista -
Television
615 E. Holly
Avenue El
Segundo, CA
90245
01/21/2025
01/21/2025
6455 - Cable/
Park Vista -
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
01/22/2025
01/22/2025
6455 - Cable/
Park Vista -
0391718
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
01/22/2025
01/22/2025
6455 - Cable/
Park Vista -
0391700
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
01/27/2025
01/27/2025
6455 - Cable/
Park Vista -
0397046
Television
615 E. Holly
Avenue El
Segundo, CA
90245
Payee Name Paid Unpaid Check # Paid Date Description Work Order
Issue
Spectrum
5,711.17
0.00 3000000557
01/15/2025
service 1/4/
25-2/3/25
Cadman
49.85
0.00 1162
01/16/2025
Spectrum
Group
Account
service
November
Cadman
49.85
0.00 1162
01/16/2025
Spectrum
Group
Account
service
December
Cadman
49.85
0.00 1162
01/16/2025
Spectrum
Group
Account
service
January
Spectrum
29.19
0.00 ACH
01/21/2025
Office
Spectrum
12.95 0.00 3000000562 01/22/2025 Service -
Community
room 1/11/25
- 2/10/25
Spectrum
17.26 0.00 3000000563 01/22/2025 Service -
exercise
room 1/11/25
- 2/10/25
Spectrum
231.17 0.00 ACH 01/27/2025 service 1/8/
25-2/7/25
6,151.29 0.00
Created on 02/13/2025
Pagel`�12edf 40
Bill Detail
Reference
Bill Date
Due Date
GL Account
Property Unit
7420 - Office
Supplies
38270
01/16/2025
01/16/2025
7420 - Office
Park Vista -
Supplies
615 E. Holly
Avenue El
Segundo, CA
90245
38270
01/16/2025
01/16/2025
7420-Office
Park Vista -
Supplies
615 E. Holly
Avenue El
Segundo, CA
90245
38270
01/16/2025
01/16/2025
7420-Office
Park Vista -
Supplies
615 E. Holly
Avenue El
Segundo, CA
90245
38270
01/16/2025
01/16/2025
7420-Office
Park Vista -
Supplies
615 E. Holly
Avenue El
Segundo, CA
90245
7450 - Advertising & Promotion
11923 01/22/2025 01/22/2025 7450 - Park Vista -
Advertising & 615 E. Holly
Promotion Avenue El
Segundo, CA
90245
Total
Work Order
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Issue
Cadman
72.44
0.00 1162
01/16/2025
QuiIIINV
Group
41826090-
coffee and
kitchen
supplies
Cadman
24.74
0.00 1162
01/16/2025
QuiIIINV
Group
41829125 -
coffee
supplies
Cadman
141.24
0.00 1162
01/16/2025
QuiIIINV
Group
41874553-
office
supplies - ink
Cadman
123.57
0.00 1162
01/16/2025
QuiIIINV
Group
42150753-
coffee and
kitchen
supplies
361.99
0.00
Dial Printers
158.78
0.00 5815
01/22/2025
Newsletter
4/4 Q-1
44,424.54 3,525.00
Created on 02/13/2025
PageF39e&f 40
Budget - Comparative
Properties: Park Vista - 615 E.
Holly Avenue El Segundo, CA 90245
Period Range: Jan 2025 to Jan 2025
Comparison Period Range: Jan 2024 to Jan 2024
Additional Account Types: Asset, Cash, Liability, Capital
Accounting Basis: Cash
Level of Detail: Detail View
Comparison
Comparison
Comparison $
Comparison %
Account Name Period Actual Period
Budget Period $
Variance
Period % Variance
Actual
Budget
Variance
Variance
Income
RENT
Rent Income
85,813.00
80,325.00
5,488.00
6.83%
76,540.00
78,690.00
-2,150.00
-2.73%
Parking Income
1,664.26
1,654.44
9.82
0.59%
1,567.39
1,622.00
-54.61
-3.37%
Total RENT
87,477.26
81,979.44
5,497.82
6.71%
78,107.39
80,312.00
-2,204.61
-2.75%
Vacancy
0.00
-4,016.25
4,016.25
100.00%
0.00
-2,360.70
2,360.70
100.00%
Prepayment
1,022.61
0.00
1,022.61
0.00%
3,913.72
0.00
3,913.72
0.00%
Application Fee
0.00
0.00
0.00
0.00%
20.00
0.00
20.00
0.00%
Income
Laundry Income
520.13
602.00
-81.87
-13.60%
885.55
860.00
25.55
2.97%
Total Budgeted
89,020.00
78,565.19
10,454.81
13.31%
82,926.66
78,811.30
4,115.36
5.22%
Operating Income
Expense
Fire Service
510.00
833.34
323.34
38.80%
1,372.26
833.34
-538.92
-64.67%
Fire Extinguisher
0.00
83.34
83.34
100.00%
0.00
0.00
0.00
0.00%
Service
Maintenance
7,639.91
24,583.34
16,943.43
68.92%
7,541.76
17,500.00
9,958.24
56.90%
Elevator service
3,525.00
1,250.00
-2,275.00
-182.00%
0.00
1,250.00
1,250.00
100.00%
Gardening
1,783.49
1,750.00
-33.49
-1.91%
1,184.59
1,750.00
565.41
32.31%
Management
16,500.00
16,500.00
0.00
0.00%
16,500.00
16,500.00
0.00
0.00%
Fees
Pest Control
596.51
500.00
-96.51
-19.30%
408.40
500.00
91.60
18.32%
Insurance -
0.00
2,708.34
2,708.34
100.00%
0.00
0.00
0.00
0.00%
Property
Earthquake
0.00
7,916.67
7,916.67
100.00%
0.00
0.00
0.00
0.00%
Insurance
Licenses and
0.00
50.00
50.00
100.00%
0.00
50.00
50.00
100.00%
Permits
Electricity
1,957.62
2,083.34
125.72
6.03%
1,762.72
2,350.00
587.28
24.99%
Gas
3,068.86
1,666.67
-1,402.19
-84.13%
1,475.39
2,000.00
524.61
26.23%
Created on 02/13/2025 PageF34edf 40
Budget - Comparative
Account Name Period Actual Period Budget Period $ Variance Period % Variance
Water
0.00
4,500.00
4,500.00
100.00%
Telephone/
0.00
2,750.00
2,750.00
100.00%
Internet
Trash
335.83
0.00
-335.83
0.00%
Cable/Television
6,151.29
6,250.00
98.71
1.58%
Office Supplies
361.99
400.00
38.01
9.50%
Advertising &
158.78
1,166.67
1,007.89
86.39%
Promotion
Entertainment
0.00
416.67
416.67
100.00%
Legal Expenses
0.00
300.00
300.00
100.00%
(Expense
account)
Bank Service
0.00
6.25
6.25
100.00%
Fees
Postage
0.00
20.84
20.84
100.00%
Professional Fees
0.00
708.34
708.34
100.00%
Total Budgeted
42,589.28
76,443.81
33,854.53
44.29%
Operating
Expense
Total Budgeted
89,020.00
78,565.19
10,454.81
13.31 %
Operating Income
Total Budgeted
42,589.28
76,443.81
33,854.53
44.29%
Operating Expense
NOI - Net
46,430.72
2,121.38
44,309.34
2,088.70%
Operating Income
Other Income
Interest on Bank
8,146.57
4,166.67
3,979.90
95.52%
Accounts
Total Budgeted
8,146.57
4,166.67
3,979.90
95.52%
Other Income
Net Other Income
8,146.57
4,166.67
3,979.90
95.52%
Total Budgeted
97,166.57
82,731.86
14,434.71
17.45%
Income
Total Budgeted
42,589.28
76,443.81
33,854.53
44.29%
Expense
Created on 02/13/2025
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
0.00
4,500.00
4,500.00
100.00%
314.89
2,750.00
2,435.11
88.55%
0.00
0.00
0.00
0.00%
4,014.19
6,250.00
2,235.81
35.77%
1,349.10
400.00
-949.10
-237.27%
0.00
450.00
450.00
100.00%
0.00
0.00
0.00
0.00%
0.00
300.00
300.00
100.00%
0.00
6.25
6.25
100.00%
0.00
20.84
20.84
100.00%
0.00
625.00
625.00
100.00%
35,923.30
58,035.43
22,112.13
38.10%
82,926.66
78,811.30
4,115.36
5.22%
35,923.30
58,035.43
22,112.13
38.10%
47,003.36
20,775.87
26,227.49
126.24%
5,809.93
2,500.00
3,309.93
132.40%
5,809.93
2,500.00
3,309.93
132.40%
5,809.93
2,500.00
3,309.93
132.40%
88,736.59
81,311.30
7,425.29
9.13%
35,923.30
58,035.43
22,112.13
38.10%
PageFW& 40
Budget - Comparative
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Net Income
54,577.29
6,288.05
48,289.24
767.95%
Cash
Cash in Bank
46,430.72
0.00
-46,430.72
0.00%
Park Vista
8,146.57
0.00
-8,146.57
0.00%
Reserve Account
- LAIF
Total Budgeted
54,577.29
0.00
-54,577.29
0.00%
Cash
Liability
Security Deposit
0.00
0.00
0.00
0.00%
Total Budgeted
0.00
0.00
0.00
0.00%
Liability
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
52,813.29
126.90%
23,275.87
29,537.42
45,975.36
0.00
-45,975.36
0.00%
5,809.93
0.00
-5,809.93
0.00%
51,785.29
0.00%
0.00
-51,785.29
-1,028.00
0.00
-1,028.00
0.00%
-1,028.00
0.00
-1,028.00
0.00%
Created on 02/13/2025
PageFV& 40
HOFFMAN •
SHORT
JOANNE HOFFMAN, CPA, CFE, MBA
'
AN ACCOUN IANCY CORPORATION
JIM SHORT, CPA, CITP, CVA
1037 PARK VIEW DRNE I CO'ONA, CA 91724
I PH: 626.932.0100
626.915,7666 1 FAX: 626.932.0095 626.331.7607
January 24, 2025
To the Board of Directors
El Segundo Senior Citizens Housing Corporation
dba Park Vista
c/o The Cadman Group
347 Richmond Street
El Segundo, CA 90245
We are pleased to confirm our understanding of the services we are to provide for El Segundo Senior
Citizens Housing Corporation dba Park Vista (the Organization) for the year ended December 31, 2024.
Audit Scope and Objectives
We will audit the financial statements of El Segundo Senior Citizens Housing Corporation dba Park Vista,
which comprise the statement of financial position as of December 31, 2024, the related statements of
activities and cash flows for the year then ended, and the disclosures (collectively, the "financial statements").
Also, the following supplementary information accompanying the financial statements will be subjected to the
auditing procedures applied in our audit of the financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records
used to prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America
(GAAS), and we will provide an opinion on it in relation to the financial statements as a whole, in a report
combined with our auditor's report on the financial statements:
1) Schedule of Administrative, Utilities, Maintenance, Taxes, and Insurance Expenses
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and issue an auditor's report that
includes our opinion about whether your financial statements are fairly presented, in all material respects, in
conformity with accounting principles generally accepted in the United States of America. Reasonable
assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
Misstatements, including omissions, can arise from fraud or error and are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment of a reasonable
user made based on the financial statements.
Auditors' Responsibilities for the Audit of the Financial Statements
We will conduct our audit in accordance with GAAS and will include tests of your accounting records and
other procedures we consider necessary to enable us to express such an opinion. As part of an audit in
accordance with GAAS, we exercise professional judgment and maintain professional skepticism throughout
the audit.
We will evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management. We will also evaluate the overall presentation of the financial
statements, including the disclosures, and determine whether the financial statements represent the
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underlying transactions and events in a manner that achieves fair presentation. We will plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4)
violations of laws or governmental regulations that are attributable to the Organization or to acts by
management or employees acting on the behalf of the Organization.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and
because we will not perform a detailed examination of all transactions, there is an unavoidable risk that some
material misstatements may not be detected by us, even though the audit is properly planned and performed
in accordance with GAAS. In addition, an audit is not designed to detect material misstatements or violations
of laws or governmental regulations that do not have a direct and material effect on the financial statements.
However, we will inform the appropriate level of management of any material errors, fraudulent financial
reporting, or misappropriation of assets that comes to our attention. We will also inform the appropriate level
of management of any violations of laws or governmental regulations that come to our attention, unless
clearly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does
not extend to any later periods for which we are not engaged as auditors.
We will obtain an understanding of the Organization and its environment, including the system of internal
control, sufficient to identify and assess the risks of material misstatement of the financial statements, whether
due to error or fraud, and to design and perform audit procedures responsive to those risks and obtain
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentation, or the override of internal control. An audit is not
designed to provide assurance on internal control or to identify deficiencies in internal control. Accordingly,
we will express no such opinion. However, during the audit, we will communicate to you and those charged
with governance internal control related matters that are required to be communicated under professional
standards.
We will also conclude, based on the audit evidence obtained, whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Organization's ability to continue as a
going concern for a reasonable period of time.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the
accounts, tests of the physical existence of inventories, if applicable, and direct confirmation of receivables
and certain assets and liabilities by correspondence with selected individuals, funding sources, creditors, and
financial institutions. We will also request written representations from your attorneys as part of the
engagement.
Our audit of the financial statements done not relieve you of your responsibilities.
Responsibilities of Management for the Financial Statements
Our audit will be conducted on the basis that you acknowledge and understand your responsibility for
designing, implementing, and maintaining internal controls relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error, including
monitoring ongoing activities; for selection and application of accounting principles; and for the preparation
and fair presentation in the financial statements in conformity with accounting principles generally accepted in
the United States of America. You are also responsible for making drafts of financial statements, all financial
records, and related information available to us; for the accuracy and completeness of that information
(including information from outside of the general and subsidiary ledgers); and for the evaluation of whether
there are any conditions or events, considered in the aggregate, that raise substantial doubt about the
Organization's ability to continue as a going concern within one year after the date that the financial
statements are available to be issued. You are also responsible for providing us with (1) access to all
information of which you are aware that is relevant to the preparation and fair presentation of the financial
statements, such as records, documentation, identification of all related parties and all related -party
relationships and transactions, and other matters; (2) additional information that we may request for the
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purpose of the audit; and (3) unrestricted access to persons within the Organization from whom we determine
it necessary to obtain audit evidence. At the conclusion of our audit, we will require certain written
representations from you about the financial statements and related matters.
Your responsibilities include adjusting the financial statements to correct material misstatements and
confirming to us in the management representation letter that the effects of any uncorrected misstatements
aggregated by us during the current engagement and pertaining to the latest period presented are immaterial,
both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud,
and for informing us about all known or suspected fraud affecting the Organization involving (1) management,
(2) employees who have significant roles in internal control, and (3) others where the fraud could have a
material effect on the financial statements. Your responsibilities include informing us of your knowledge of any
allegations of fraud or suspected fraud affecting the Organization received in communications from
employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying
and ensuring that the Organization complies with applicable laws and regulations. You are responsible for the
preparation of the supplementary information in conformity with accounting principles generally accepted in
the United States of America. You agree to include our report on the supplementary information in any
document that contains, and indicates that we have reported on, the supplementary information. You also
agree to include the audited financial statements with any presentation of the supplementary information that
includes our report thereon.
Other Services
We will prepare the Organization's federal and state information returns for the year ended December 31,
2024 for the Federal Government and the State of California, and Registry of Charitable Trusts based on
information provided by you. We will also assist in preparing the financial statements of the Organization in
conformity with accounting principles generally accepted in the United States of America based on information
provided by you.
We will perform the services in accordance with applicable professional standards, including the Statements
on Standards for Tax Services issued by the American Institute of Certified Public Accountants. The other
services are limited to the financial statement and tax services previously defined. We, in our sole professional
judgement, reserve the right to refuse to perform any procedure or take any action that could be constructed
as assuming management responsibilities. We will advise management with regard to tax positions taken in
the preparation of the tax return, but management must make all decisions with regard to those matters.
You agree to assume all management responsibilities for the tax services, financial statement preparation
services, and any other nonattest services we provide; oversee the services by designing an individual,
preferably from senior management, with suitable skill, knowledge, or experience; evaluate the adequacy and
results of the services; and accept responsibility for them.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash, accounts receivable, and other confirmations we
request and will locate any documents selected by us for testing.
Joanne Hoffman, CPA is the engagement partner and is responsible for supervising the engagement and
signing the report or authorizing another individual to sign it. We expect to begin our audit on approximately
May 12, 2025.
We estimate that our fees for the audit and other services will be approximately $6,000 for the audit and $375
for the tax return. You will also be billed for travel and other out-of-pocket costs such as report production,
word processing, postage, confirmation service provider fees, etc. The fee estimate is based on anticipated
cooperation from your personnel and the assumption that unexpected circumstances will not be encountered
during the engagement. If significant additional time is necessary, we will keep you informed of any problems
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we encounter and our fees will be adjusted accordingly. Our invoices for these fees will be rendered each
month as work progresses and are payable on presentation. A finance charge of 1 % per month will be
imposed on all open balances as of the last day of the month.
Reporting
We will issue a written report upon completion of our audit of El Segundo Senior Citizens Housing
Corporation dba Park Vista's financial statements. Our report will be addressed to the board of directors of
El Segundo Senior Citizens Housing Corporation dba Park Vista. Circumstances may arise in which our
report may differ from its expected form and content based on the results of our audit. Depending on the
nature of these circumstances, it may be necessary for us to modify our opinion, add a separate section, or
add an emphasis -of -matter or other -matter paragraph to our auditor's report, or if necessary, withdraw from
this engagement. If our opinion is other than unmodified, we will discuss the reasons with you in advance. If,
for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we
may decline to express an opinion or withdraw from this engagement.
We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the
significant terms of our engagement. If you have any questions, please let us know. If you agree with the
terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.
Very truly yours,
HOFFMAN SHORT
AN ACCOUNTANCY CORPORATION
RESPONSE:
This letter correctly sets forth the understanding of El Segundo Senior Citizens Housing Corporation
dba Park Vista.
Signature:
Title:
Date:
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