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HomeMy WebLinkAbout12-07-10 TSHA Agenda Packet AGENDA BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) DECEMBER 7, 2010 5:30 P.M. TEXAS STUDENT HOUSING OFFICE 3 VILLAGE CIRCLE, COUNCIL CHAMBERS/MUNICIPAL COURT ROOM WESTLAKE, TEXAS 1. CALL TO ORDER 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON SEPTEMBER 21, 2010. 3. DISCUSS AND CONSIDER THE SUMMER CAMP ANALYSIS AT CAMBRIDGE. 4. DISCUSS THE PROPERTY TAX EXEMPTION AT CAMBRIDGE. 5. DISCUSS AND CONSIDER THE NUMBER AND TYPES OF SCHOLARSHIPS AWARDED FOR THE 2011-2012 SCHOOL YEAR. 6. EXECUTIVE DIRECTOR’S REPORT 7. ADJOURN CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on December 3, 2010, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. TSHA Minutes 09/21/10 Page 1 of 3 MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) September 21, 2010 PRESENT: President Jim Carter, Directors, Jill McKean, Gregg Malone and Chuck Shultz and General Counsel Scott Bradley. ABSENT: George Ledak OTHERS PRESENT: Executive Director Pete Ehrenberg and Secretary Kelly Edwards. 1. CALL TO ORDER President Carter called the meeting to order at 5:50 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JUNE 29, 2010. MOTION: Director Shultz made a motion to approve the minutes. Director McKean seconded the motion. The motion carried by a vote of 4-0. 3. STATEMENT OF ELECTED OFFICIAL AND OATH OF OFFICE FOR GREGG MALONE. President Carter introduced Gregg Malone. Mr. Malone graduated from SMU and was in the military and is now attending UNT become an adult community counselor. Town Secretary, Kelly Edwards, conducted the Oath of Office for Gregg Malone. 4. DISCUSS AND CONSIDER A VICE CHAIRMAN. MOTION: Director Shultz to nominate Director McKean as Vice Chairman. Chairman Carter seconded the motion. Director McKean accepted. The motion carried by a vote of 4-0. TSHA Minutes 09/21/10 Page 2 of 3 5. DISCUSS AND CONSIDER REMOVING PAST JPI LIABILITIES FROM THE TSHA BALANCE SHEETS. Executive Director Ehrenberg provided an overview of the JPI liabilities on the balance sheets. General Counsel Scott Bradley agreed with the removal of those items from the balance sheets as these items have been disputed for more than six (6) years. MOTION: Director Shultz to approve the removal of those items. Director McKean seconded the motion. The motion carried by a vote of 4-0. 6. DISCUSS AND CONSIDER APPROVAL OF THE PROPOSED CHANGES TO 2011- 2012 SCHOLARSHIP APPLICATION FOR BOTH HIGH SCHOOL SENIORS AND CURRENT COLLEGE STUDENTS. Executive Director Ehrenberg reviewed the changes to the applications which now includes a statement asking applicants to list any leadership roles. MOTION: Director McKean to approve the removal of those items. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 7. DISCUSS AND CONSIDER THE NUMBER AND TYPES OF SCHOLARSHIPS AWARDED FOR THE 2011-2012 SCHOOL YEAR. Executive Director Ehrenberg explained that there are approximately 170 scholarships and about 20 of those awarded have been housed at Lofts, a property that we do not own. He also stated that should we not use a additional property the max number os scholarships we could award is 120. This year we awarded 28 full scholarships. Discussion ensued regarding the number of scholarships and the number provided this year. The Directors asked Executive Director Ehrenberg to provide several scholarship scenarios to review and discuss at the December 7th meeting. - No action taken 8. EXECUTIVE DIRECTOR’S REPORT Executive Director Ehrenberg provided an overview of the balance sheets and which bonds would be paid, an update and overview of the Brazos County tax exemption dispute regarding our facility and an overview of the THSA properties. TSHA Minutes 09/21/10 Page 3 of 3 9. ADJOURN President Cater asked for a motion to adjourn. MOTION: Director McKean made a motion to adjourn the meeting. Director Schultz seconded the motion. The motion carried by a vote of 5-0. There being no further business before the board, Director Irvine declared the meeting adjourned at 7:00 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON DECEMBER 7, 2010. ______________________________________ Jim Carter, President ATTEST ____________________________________ Kelly Edwards, Secretary I Total Income Unfavorable YTD ($737,514) a The software program in place at Cambridge to track revenue vs. budget takes into account a daily revenue stream however the software that we used for budgets is done on a monthly basis. Asset Campus has changed software so this does not happen in future years to come. a In prior years we were able to sell more Efficiency Double rooms whereby we double up in the Efficiency thus creating additional revenue for each room. We were not able to do that this past year due to tough market conditions. a Over estimation of the meal plan discounts, payment plan discounts, and the amount of concessions that had to be offered in regards to the difficult market conditions. All three of the above factors will be corrected in next year's budget. Most resident received the unlimited meals for the price of seven meals. a Application fees were waived in most cases as a closing tool during the current leasing season a Camp -Room income was significantly less than in years past due to TAMU bus transportation charges that were charged directly to the camp instead of the Cambridge paying the expenses to the transportation department. This was used as a means to decrease the transportation expense for each camp. Savings in the G &A Miscellaneous will offset some of the short fall in summer camp revenue. Also contributing to the decrease in income was the Cheerleading camp that was budgeted to stay twice during the summer did not stay at the Cambridge during the summer of 2010. a Interest expenses was $384 actual vs. $55,336 budgeted resulting in a YTD negative variance of ($54,952). General and Administrative Favorable $169,375 a Legal expenses were $25,708 actual vs. $102,000 budgeted resulting in a YTD positive variance of $76,292. • TAMU bus transportation charges that were charged directly to the camp instead of the Cambridge paying the expenses to the transportation department and was used as a means to decrease the transportation expense. Savings in the G &A Miscellaneous will offset some of the short fall in summer camp revenue. The TAMU volleyball camp is the only camp that the Cambridge had to directly pay transportation charges for the current year. • Rent Refunds - Residents was $0 actual vs. $40,000 budgeted resulting in a YTD positive of $40,000 for the current year. In years past when the Cambridge was on waiting list residents who pre paid their July 1" installment would be refunded their payment if the Cambridge found another student to sublet their lease spot. Payroll and Benefits Favorable $21,462 • Office and Maintenance salaries had YTD negative variances due to three payroll runs during August 2010 but only two payroll runs where in the current budget. In September 2010 this variance will correct itself. • Housekeeper payroll has an YTD negative variance due to a coding error in the Resident Director and Assistant Resident Director salaries for the year. These salaries should have been coded to the Office Salary line. • Food Service has an YTD positive variance of $25,851 due to staffing cutbacks and hour reduction due to less meals served this year as compared to past historical numbers. • Payroll Burden/Admin was $162,526 actual vs. $182,692 budgeted resulting in a YTD positive variance of $20,166. Total Contract Services Favorable $18,701 ® Contract trash removal was $5,869 actual vs. $21,730 budgeted resulting in a YTD positive variance of $21,730. The positive variance was due in large part to a timing delay of the billing for the trash removal service for August turnover. Total Repairs and Maintenance Favorable $9,763 The Total Repairs and Maintenance had a favorable YTD variance but when you factor in the total make ready for carpet cleaning of $13,575 it actually results in a negative variance of ($3,812) due in large part to repairing the boiler and replacing the fluorescent hallway lights both which were not in the current budget. Total Marketing /Res Life Unfavorable ($13,364) Total marketing had a negative variance due to Visa gift cards and resident referral in the amount of $11, 534 which were used as closing tools and marketing strategies in a tough market to try to increase the occupancy but were not budgeted during the current year. - f (, 1 1JAS S ! I'lll I I MUSING A WWRITY. ` I'Iairltill'. ti IW'A /( )S CM 7N 1A' APPRAIRM IMY!'Re ti and APPRAISAI. BOARD FOR BRAZ S ('01, IN l l' APPRAISAL DISTRICT. Dclendants. IN TI IF ISIS FRICA C'OI M OF 272" .II._IMCLII_ LMS I RWI AGREED STATE-MENFOF FACTS Plaintiff I S I UDI XI' l IO SING AIM IC)RI"m. Plaindti'herein ( hereinaiterrel wd to as `'I'hIit dW' or as the "Autlttwhy ") and DeVildants 11RA/0S OWN'[ Y APPRAISAI. DIS I RIC V (dle "District ") and APPRAISAL REV110C BOARD FUR' t't )1'` FY iI'I IGXISAI DIS I RICA (the " loartl ") (hcreinaOr collecii,,el� iclerrcd to Its "Defendants ") hcrcb- hie this their Agreed Kamm, t.IrFacts. and hcrel, agree and st pulme to the RAW, 1< w. 1, I�'Iaintil`r xas Student I lousing, Authority is a Idghcr created in 1995 hk the Awn ol`Wemlakc. lWak whi is club° crgmir.ed amid et1 1iI1_ under I elas I Ii,,.Im—I.,ILication A1- 111106tY Act. T A, HIAL N`t:itI":1 N , t. h wer 53 ( Vcr IwI '� Supp _[9l_1 ) (t le -Education 'od "7e 1. A true anc C0 1-Yecl cc�h�,� ��I resc�Itltic�n Of IlIr I3cM of iderl an of tile Town of Wesdalc_e, Texas creming the Ai.Idu riq amid Certified b :v tile Toxvi s Secretar,,, is �Ittachcd hereto as FIXIlihit "1. " I he sui jest ofthis allwal is ills Authmig"s sttldcni 1110Usirl<a_ facility hrnf:: it as - I lic Oat]1bridge at CWge Mow iI7C:Itiiling the surl -O IndittZO alld III, I?t.i Iili ti , ersc�n�ti hropert. located at the Cambridge, Title to such hrc1p�:ri% is hkAd in the ,' mh,t?do. and is held ti}r edLICalional put-imsCs. A true and Correct c op. of the %estiilt.'_ (Iced is attached hereto as F'_\ libit "2.'• I h: slud,:111 houstllLLe. facility generally consists ol 537 bcds. It')Cated in 2;j1I11c >� :tIil hell tit ectl 5t i�,r 1t itt {,t' t :iris - f'<,�e I cal, 133 196 residential d000lke rooms. 8 cU|e\Criu. swi[D0in.-, pool and /clVk�d un/cDjiiCy on it land area Containing apprwitnately 7.83,S3 acres. and i-s located ncor ihe campuses u[TcxusA&&j University [,LANl1j")and BUnn{\/Uogc(-BUuo''C [b, buddmg and hmd are carried oil die 11striNs iMpraisal rollS Under account number WPM using the legal dc+criy\im) Yi|{uwD|owklLuls| avid 2:* U)c property used in conneCtiOR With the hUildiu-_ and land iS CarriCkl On OIC UisAcl-y appraisal rolls under ucc(`uot uo/nhcr P|}753C. uxing the d/s�ripAoo '8usimcss[\zxnnu|Pn`puny, Oxz(.unbridpc6/{l)UegcS[x<icxC All Suchpn`p,q, ishc^ciou8crcoUcc(i-c|yn/[cnzd|nus tile °ynnpur1I.~ 4. |1)c[undhrivigchousiug Aoi\i\y vusucquircd and coil /(n/c\cj h� the /\o/horh} to proriJ�: hnus llu, to tile students, I'acu}y/ and yN[[ of T&NP [ Blinn and -olhcr institutions u[hioboro]uca<uu- (as dxnncdin§5].0Z(5) u[|h<�ducalinu[od,)io the Bryuo/[o(|ct�:c Station oocU`4pn}ikuIarea. |DuriugLhc tax years uI. issuc, iIhas bccudcruxuUcxdomivch/to (he use and hmoo5toF[A0l[,i\smkudcnty`[ucuirT, uods/uh[/ocuiburx| j1 [ hcxcquiyi(imomx]consnc(inoo[(holiuosog SuUi1y *us fiomwcd thu`ugh\hc issouncc of bonds. The /\u(ho, {y`a uhi)kI to service the Jt:bt a` rziJmcw] h^ dvc hood iodorUunz. is dcpem]cot Upon ihu tax Cxunlpi muUux o[Uxo Pn`|`orty. u,s]cr xpylicotile kxec/| and state \uvv. h |hc |`ruperty is minaged by /\uxcL Anopos Uous o�. (nc. ('1(�R-). pucsoao! u' x pn`peryn)uoxuc/ocn\uz(:),ruonCn|v.iil) the /\uihori|y. /\O| >xz}s ill d)c`[uJcou |nyusio�J'aci|ilynu!yuumunduu||(uscMnsupprorcdhrUhc1udboh\},r/bidhk/onu iodiuJcocmo|chiuiuxnJiowhicheochtcnuol\srcquirodmrt�prcsco(his/b/r�Iuku/ usasiuJco\oon)Ucdin bona ndcuoircrsii} education pagxu8vnUhcUr!un(\.|!q�7,c S1ulimn. [eNax ;nMo`pm|i(uo u/cV. - -Pu�/2o[| ` iw feels at the are rented to students under 3. Q and 1 ? nionth leases. I_)ur% the fall and spring sonemom the majority a r Ilic C anibrid,f-c occup anls ari studcrlts =rt "l' \'tit `. «ith tll�: Ilaillc l itti l�cin_> stucEents at f lion t.'ollc z . S0IIlC staadcrlts or IANIU and Minn contitme to occupy beds at the C'ambrid <ac dur-irtu= tile Summer Inotiths. S 1`o further its non-profit purpose. the Authority tales applications Aw housing schtdmships Mck irgramcd, allow a student MAt(t-` or Blinn to occupy a hed it the Cambridge. and be paid or Ankursed Iilr ill] or a siuniii,cnnt portion ol" the rental mite. t,t .I'lie \utha�ritv'sschcllarship l)rogranl is unique aril tnuhi litcvicd. solicitintg, recipicnts Am all lee rs lliwll >ellocals �itld ?tl collitntlllit ct�llc e �. "1 1�: ltr}trslr�; sLilt�l tr: llit s are Imil-narily Incremental ones I(.}r S2.500 per vw— IN tip h) Viii yaws in the \uthmit-o's ScRy. the total mue or each sc.luAirship heing =;IaI,E1W). ppi-oxim ald" l W ol'the awaKed sellolarships arc Aw the Iirll t �Iltl tal`tlIe lII)aasirt,�. the testa] bur year t °aloe ol`tAch is a #.belt 520.000. dcpcndina .Ilia the facil.it� i%:ntal charges at tile tithe or the scllolarship. ii" IN criteria IN the housing schohri- hips are g cncrnll� t,ased on ti (ii?ia tiC PCH,?rllI aI)CC and flnanCtal I)Ced. and it recipient must he iIcccpled [""r ellrollnwill ill all irlstiti -16011 of Iligher education. Rene "a.al housim scholarships ale based on .academic pert nnance. and the rceipient must he ill E�ood standil A= with, boill the \ttth(?ritt aIlld the iristitl -160I1 of ltiUdler education. 1 1 . In 1995, there %vcf -C three scholarships awarded. in 20l.)2 there wCry 25_ and In _''xlr; ihere ,sere over 100 awaMel For the 200E;`200 scha.rt +l yaw. thc:r.:,mv 900 ne" ,ind renctt<al applicants f roil ovcr 3O011iah sclu)ols and connIrnrnigt c,Alcyes restlltin , �t «rc:e�i sea €c•E;fcr�t of i�acrs - i';t�'� = oi !� ill snmc -�[K} n[teus bv tile Authority. In 2008. du /\udn,[iiy ruck cc! uiux`yi Tn0 ��C(x`!urdhipnpp\icuiious, resulting in the award w|'Z0Ixcbm|uolhipy. |ln:rccipicu\s oftn: Scholarships are Aoo` ciiicxooni iov/nsncno8x the state. llhn`Vgh 201108. 5 sc| )u \urs)/ ps hu%c been oxsrdcd to u rcuidcu( hucn the lnvn [\\*Q n| c . i 11 |x August o[2D0Z' the /\udnnrl!su6/oiUcduuupp|icaii(n\oo the iWaricLrcqucs(in� dim Uxc PuopcU« be granted c.�cnqpm s�Uom pu//uou( to ScciM 11 ) |(u) und Scciiou \l\|(c)n[TeTuz{�xc.and Section 5]A6 *(Uxe Edocu\ioo[oJc. After pc%i/xio� (hc application and Supporting documents pn/vidod h% \\lc 1u1110ri/}. the Uis<ri/l tile Property. 'Ile cxcnp{�m) �rxok�! �r (�c D��i�c( �u continued through tile ZUU5 tax year. 13. Wring the suniouernu/udo *(2Ow. 2006, 2007 and 2008. xhcn the bcJ/ at the flouoing 15614ry vvuid oi|xuwsc be vndcr utilized. the /\uUhohi� hxs peoui;c] o lxvu`.nn[U\e beds Lnbuuwdbr Individuals oUendint! suuonvruluxu\i,`o"|(ourscy urCr0m\y lhod nxrc sponsored by '[A&]|i i.azh indiridux\ :^\/n his oxcd the hcdx dming the moonocrniun1is was uLic/n|ingsunnntcru]ucruiunu|vppouuoi|\:»udcrcd ill roouhT/\M(�or tile' [cxas/\/kK] Univcru 1}S�gcou(-theT/\N lL' SrAru'") J.\U suchyuromnvrcdouuUnnulopportouidcmrrvrc offered bmT/\N}Vor|hoT1ML( Sr*{cmo in [or!hcrunxv o[ their public puryosv (i[ {`ruviding educational vppur|oohiuy10 the pubU«,} it During ZU85' the Nsiric|ruccircd all inqoiryrcgun]b\g dbc toe ouudco8hvPnoycn} Ju�s� ihx aunMnCr nxn)Us. and v/hcUuz tile use nuu\c ruu u`oo\suen( vjdl (he \� �cdb�U D'�' � Ile 0S{hc! � \( \k�\ i } \�|-cdthe cx�rxp on �o/n _ �� u nc � nc , u�� n�un u �� / ^` / � &udxvhXL0a1Lhc,xuolFAioo had bun ocri,vcd'usurcou|to[unMcmigx\inoo[die 'Pn9u4 0 [D ChierApllraiser. and that the AM exemption teas reGMtd. fl1c� n�tiec. at�t1 states that the MOM, All be listed as taxable pnwcrt� oil tile 'tu(1 at1l)r�Iisat roll. I "rttc and correct copies of the Mstrict`, 'March I;. 2006 and Mai 15, 2000 c\etnp6on I-cvocatiotl noticcs are attached hereto as Flxhibit "3." 15. After receipt of ntlticm the lnthclt-itti requested that the exemption he reinstalcd tslr the 2005 tax rean and tur..tnted Ar tile ? {HM tax gear. The District denied the requcst. Me Authtwity also applied tier tilt exemption for the ` 007 and 2,008 ta.< ",:ar s- Fhe t_ }ist ict denied the exenquAmi applicad ns liar the 22OO7 and 20 1S tax � cars. lrm! .:tnd corrC'c:t wpics of the 2001 and 2M)8 exerninitmi denials arc Aso i 1mched herch) a`; Exhildt 07 !(. le Autiority tilllcly Bled with the Berard Notices of Proms the oiption revocation and denials, and the 2(M5 thrnu`ah 2008 appraked %.asses plac id oil the Property by the District. I T I he lhmrd conducted hearhTs tilt each of the Al the C OM:1utii0r) r t. tllc hearitys. the Mal denied the relief rctltrested ht tl1c Authorit: and isstwd a seritis of U liers I- eternlll Ang Protests. trt[e and correct Copies of'\i hich are attailk d her a[o as ExhiWt M.- is. IS \utllo3r, huts tinicly complied m ith all statutO, regtriretl ents tai scek revim oIf the ?(1(X2008 tail year e\enllmion determinmions, and the 005 through 'tit ? appraiscd \ alues of tile. Property. The Authority has exhausted all administrativc re 1wdies available it) it- anti has further exercised its right I-et iet, in a timcly Iashion- I lie decisions of the Board an final and appadMe and tic mdaway is entitled to judicAl rep ie,%- cif the itecisiolls of the lac }ard. i «. 1 Ile Atitlwrigt hems..' a crC<t6mi ill a City, iS an n14t1- U1llC1l1ah1� of 10:al ' t?l'4rI1111iII1. a body Ind hic and corpi >rntc. a local hu1?lic corporatiolI. lilac a municipal corporation. €i-- urflli? ='tiiC :l :ttt' :t2`T7I "CSt iI 4: ciI1C }- "t "hc- ,` \ "t?E "]'€Cony- tint- P(ThficaI`" -sub k I-t3iC St ?tat. IThe 11 -openy is used primat-it for the health, cortif'm, and "elNre of the Ptrl hol 1 . ; \I1 ch€ir "L,t� Ior the Properi`.''s use are incidental k, is primary I' ?i3i'ywc mid all pre ;cecd 1 %xcived by tile .•' udiority are used Or its:vAc henetlt. Moreover A rental proceeds rcccived by the Authtwh} irlcludin <g the proceeds received Ior tllc stnll_n.cr use during 2005 -2008, wre used to maintain and operate the lloper y. and to pay Its debt service. TANI U SN'stent's 4 -11 IZon1idul) .y'?. During June 7- 10.2005 and We 60, 2006. beds at the Cambrid�c; weic used by the L%N& System to Buse Inwticipants in the `'=1 -11 Rounds :l2." in) Q\ c tit that is or.'ani /cd and administered by the 4 -11 department (11 the 1 L1 :€ ('o(-'pera €tit c 1 tits Il tern. "v llich it) turn is part of the TAN 11_ i S0 stem. 1 As is mission. the Was as -1-11 prtw hks a coordinated, 1i)21t te1' €12. I' €tt` r�'� i . e .sort' feduvatic. ull experie=nces t.mi enhance life shills. Tie tihiecti,c K the ainitud -1 -11 ROUndL11) ez°ent is to pel-I)Ctu( €tc the reputation oj'TC:' as -1 -11 and Youth D;-'\ clopm, :nt as it nrijor shire xvidc edl €cafrC)wd prcTrml. 21 Nnicipmas in the 4-11 Roundup consist. oCyoulll. a",�Qs 15 -1 t). and adtllt> t.�'hO a- LIC11 "I the 4 -11 Rounduli as district tluGtliliers. to compete in ti arkus cducati(inal challciles. or it attend educathmmi iowkshops. Fhe -4-11 ROUT dtrp eti`ent is =_ ISO used to educa6unal scholarships to Texas colleges and universities. 21 The Was 4-11 Roundup e =.eats an Held can the 1AN4 ` campu& am! the t4€ dwidgc l'.n KO- logo 0 of 1.1 xus used only to |)0uxx and board pu01kipnuty in the 4-l\ \lnum]up yx!grxx). AJdi{iu;ndio(ooVoiionwurdiug,\bc4-)iRnuodupbaikCh,Jb:u/|uoSV \hibi{~�.`` Zb, /\U prncccjs received by TO |/\ [or use of its bxds for the 0UV0 um] 20O4, 4'11 KouoJopnerC used Cxc\oSirckbT IN! /\(upu! mpensco(uoperul� the Cuo}hridi-,'e' ooJ cover its debt service. 2T Ile 4-|lKournlopis all i pori.uodis conducted in o[Ux/l AN |(/ S!mm`*cdvcolioon yuqx`»:sund ouiuyiuoe. �O. [!u]su( the CuMI-iJuewere used by pur ioQu9yW[ozu /\It\J Uni\cnjn Hcul{i Scicucu C'enter's Joint Admission \l*]ic�| |`rograoi- cunmoou}y knnr/o us 1.\\l|/, du6111-1 l\»c 10\k0v/iIlz1:!. dutCs &lu! 22']udy }.20U5 >>u%2| - ]o|y }4,20U6 }]uy20-Jo|y29.2007 21 /&N\P iyupnVonncrcuu:d by ScnuKc BU) 94Oo[Tc 77" Am ixgkuiionhay (o) pun'ijc srrvicM to suppod and cncnunauc high\\ qua|ifiu]. ecunomicu|k Jimurun\uvcJslujcnispura\ir!g,uD)uJica}uducxiiou:(h) uxunJ and oxx|icu| Oxx` ycbu|uryhipx: and(c) pro,ido k`r/hcuJm|ssinou|'{|wsc %% ho xa|isb 6ud academic od ud�n)' � {�u/ < | � ` k�ci \� � uj� | �u �x`o-a� /c rogu�r�o��n u cuy uoc pu / px n � m /cu achmoi Sm The pur\icipu\\og medical schools inCIudcBu}ior(li|c&eo{'\1cJicinc [cyl/luch U)ircrsin }|oahli um] Science Center. Ux: Tczns /\&\} Unir:,sk� Sys\en\ /|ea|(h Science Ccn]u� the University n[I&rh'[rxnuUeul\hSciuwcCu8cr[cxos[oUcgc or Osteopathic >Ju]iciuo. the unirerxo!vr [cxus suu(hxc/\en, \|u]iaui Untcru( DOW ,die Unkcrsigu(|ex�m Medical 8ouncbu\(iu\rcstun. die |'ni% erxil!w[l'exxs ' !agr 7 of 13 I Icalth Scicnce (fenterat I loumm and the U, n I Ica It I I Scie! Ice ('en I cr -a san utonio, all or With are institutions 01,11igher cducation. Additional details the JANIP Prograin are set forth in Exhibit -6- attached hereto. 3 L Ile sunnier panicifanIs W the IANAU I lealth Science C'enter's JANIP Program auc all miklents of an institution of higher education. Who haVe C01111)k:tCd .11 least 27 hours of, credit Burs as a college freshman. The participmus an;,:nd a 6 4\eck program a t TAN4 U . which i n c l u d e s c o u r s c s i u d % iii amnitms "it docum who pmcdce in different fields of medicine, inki No pmOcipate in the JAYAP 1'rognun, the student inust be a student of institution of hil�d)Cr education. and must be accepted to and carolled in the .IAA I1' Participants not only receive education 11UMUh COLH-SC Vhile alk:ndinZ7 TANIt"'S medical schad. but also have libraq, and on campus parkinig prk ryes <li FANIU. 31 1 AXIAJ COMaC1Cd the NallOdly and recitwsted that the WIRAy pRide lumming to the TANHWAYAP pmAcifmaT As pan or (he contractiti � prk�cv>s. thy: AmlmQ sulmuhted a bit resulting in a TAYAU purchase order to limAlc Imusing. A cv, of the bids and PLWCIIZI',C (IRICI-S arc attached I icreto as. E.xhi I) it ­7." t `ndcrthc purchase Oniern 71TIL I itysubmitted ins, o ices d if-cc I I y I oTANIt 7. Xt h ic I I \�Cre p lid by FANII '. 33. Joe Carnblid'—,c was used solely to provide hou,sing, and hoard w salt cnls participating, in the'KNALWATOP lbogranu that is. no JANIP cducational murse5 or Otim. acti \ itics occurred at the Cajnbjid�ue. 34. Ail Inocceds mcived by 11w Audwrity for Sming ILL NH . students "ms of F�iets - Palv S of 13 j_ _s _ dchc? sited in the Audlority's opeI'ating account, and were uscd to hay 4 >I crating, cxpciises and to service the debt Cor the C'aI ibrid,�t. 1 Ile "IMINJANIP Proquili is an iiit gnd halt_ and is Conducted in t'uftllerallce. Of Be T:ill[ S�'stenl's cducatic)naI hc1l_p0SCs and missions. T.VNI i s 'Dennis, VcllleNI),111, sty inl & C off f:':IFi gas 36. 13eginninjr in We sullnrner or 2006, beds at the C�'rMIbridgc Ayer," used by "I ANIl_' and A Alcult`' to Mae amid Mud harti6pants in TAN11_ 's spot -t-. Calll?)-s. hlitiall %, the OCCtil?a,Iit� inCIUdcd only the Iaculty and stmt ner studelits Fot tennis. , %011e�'ball and s"Jill; llov~ Over. t,�c)lr"as added in 2W8. "Ile LhUCS that Musing and Wrd were hrovNed to I NIU and Itti Iacllltt for the stillllller `Ii € ;rts calllhs elf "e rin" wd ill F_.Ulihit "8" attached Tierra). leach ear that the UnTridge Iris used to liOWSC and board the :sulli.uler actin illy students. use of the flacidly was solicited b� TANIt' oChicials. I A\11 t)II- icials tidich d use ME Carnb6doc because the Cirnb6duc la uh, had is own dinii2 Iaciliiks and dervice: stall. arneniOcs not available at otlict e'onxctliently located off Campus Ncilities ;`ii. As I ?art of Mc allmud Ctmn nesting hrcicess. the AtidKwiq Sill mimed i?W re'sultini ail a IM AU purchase Wer to pro idt: housing. Copics of the ;f,.Ill:tl)l hii!: and I'litih Sc i1e1 S are attached IleiCtt is EAi)2 "), n jslk.IeI' ills.; htliellcise f +I'i.ii'ti_ t he y utlu)rit,x submitted invokes Melly te) IANIK which were rrahl Ill CA NIK 34 Ile Olrill)riC1, tlaS LISM Solely 10 P11"WC and board to the `_tcull`,' ;arid students !;'Ili) uely anemling the I l,%H ' uitlllit'f' tillort> callips: th ti is. Mille' of Be instructional activities were provid l at the Canibriduc� as all such ;le'tI Itl:'s k\cr: conducted at the sports venues on the 'I"'VMU caniplis. '�;;t'ccct t tleliltill u! f _�ct� loge 4 of t ; -1O, F.etch off N411's spans munps is conducted in llrrtherancc of l ANN ,'ti educational Ixrrl -ioses jand- m7ssir -msj. I`. ltPs I- uckes Ministry Internatiomal -41. Dur'trtg M s-? -28. 2006. Jnly 2Q- 0€tgttst =. 2007. and fuly 27 -, LI€ ' €tit 1. 2008, heels at the {'AW€ g sser€: uwd by pani cams in Ow lAwkey NEWS Int€•rmit.ional hockey calm). Ilocke y IMinistrics lttti;rm:tiiottal (``HNIi.') is a retr.:tistcrccl Christian ehmAv in Canada and flit: (...;SA. Together s\ ith the '1:A.MU is • hoc.ke tcanls I 17"l1 c011cltretet.l the Otte WM' canllz each y em to 1?rovide hiockes insirttction. Since _1001. the TAMU :1 en7s ice hockey team has been a club spin tc, €nt at IANIU. artcl comimt.es in the West Rq,,.ion ol` mericau Collef,.c I lockq ,- ssmi,ttion (.4{,' M ") M Won H. As of Fall 2006, the 7A 11t, lVo men's Ilockt>v club is a recognized or-ani ation (it 7:ri MI . Additiowl iniminatiort re (garclittft this e%ent is atiacht:kl hVI'L o its Exhibit -10.- 41 Both the amen tuirl "inners hockcar teams provide counselors tit the 11.111 Iltwlwc , caml). some of ir'hont leash at the c iinhritlge rear rotmil. , 11so, tit least one gfthe Of All hocks , twaches ltarticilmtes in the cavil) e at:li vear. 41 1 he CArnbridge «its tiled solely to pro idc hz?€tsint14 to the CO I]Wiel(w, and student, that 1)anicil)atetl in the anntral event; that in none of I lMl instrukAional acti., itie5 frec:trrrecl at tite t'ambridge. as all such activities occurred at the Arctic Wa� lee C'cttter. the home tti "l A It 's ice hockey teams. 44. Ilse HNII hcrcket camli is Jan- -intLpid-- 1•art: anci--isj conducted in lirthei-ance of 1A X11 's Mucadort tl puMows jand- missionsj. Use tlJ fhe (ambrirf;;e hens fiis the I.- IJIV, ttS, t1!( t !)ItS,�tiC'11�it'IIJIt�I3it'Tlf lt'i':S, because ItI1i`!}VJdes qualL, salt. secure, timl dorm like housing ftit' the cClnil3 Partic'il)atits`; Ivhic.'lt III turn, snjlporis tilt' �;;rctct `�t:.itcrnirtt_«r i iris 1':t C 10 of 1 process Etf Prolnrltinti 1,- 1.111"' and recruiting Student, which to turn enhunce_c 011,01hnetrt tit 7*,t,llt.'. 11 er Dou;1 1lalc•ombel 95. Althon h the ILTII hockey cantle is sponsored lei. '1; -1 11C's Recreational Sports Department, and the 7:A.VU Ileor's 1ltrchey and Women '.,v Iloche.v Clubs. 1:SII: I clirectll, in voices 11111 and 11111 pal vs "ISIL,t.Jrrr the hrrusin,, provided to Me hocli t' C'alrtli participants. M 1 C he -16. During little and Au�LtISt oi'?t 08, beds at tltc C..'t €I ibridgc ,%ej-c used ba p irticipants ill tlic t'Iliversal Cheerleader A soci Ilioll C AJC i''i summer Camps, i -C` 1 i ro"idCS cciucational trailing Arco loge ml high scltkx.il chccrlk:adcr�; tliro€ gh summer camps and clinics €. }Ii college e€il pus i IN UC A stllllmLr Camps at 1:1'111. spoliscircd h? the DUN Recrcfitic nal Sports L)chartmclit. 75 condt ct the cantle at PLU ', Lt .A was required to register ulth - 1:-t.laU, and he appro€ ed /ri T 1.111:. Althurr,ll TA.1,11!nyyiry two/ {VA,andthe Departments 4j onsrrrs the 1:7C,: -1 crimp, VI 11L'rloev not mate and suNnit a pi rcltrrse ruder to TS V1. lnsfeatl, 7-SILA invoices- L'C A direc•tIt', and I -T7.4 pays I:S1L-I f )i- the hoii,singprovided to theliarficiliants. f, 1 1 1 g i Its. �.l a I. stud cuts > , � l.t' �.�i.II ?tl.rl %l�C: t��aS CI�c'C. sEll: �` to 3I- ti�`tC C IC7CI�Iii� tt.- 11� L -t)? L ' t)I•� i1i �t. €�t ci.t.5 tli at jYII'tIC'tj3litc�l II7 C ulijl �lt)I'ttl�'�'i'. I1()iIC l?i tlli I17titrtict€i1,i�:1 a ti%itics occurred it Elie: Chill)-id`-'C. IS all st €ch FlCLi','iticS' OCCUITed at T� 11'11 - Campus 1 <i%Ilitie's. is. 1:411U, its Students, fircuk. and MIT bench, in several ivac rc, fi-oni 7SIL-1 '.s housin r1f the L C'A 1ur17icy3alrts tit the Catnhricll;c>, The C- `rrrrrlirirl c' lrrrrvrrfcrs quality. safer, and secure, housing to cutup liarticQmits, that is strp ricer to the mi c'alnpu,%- dorms available fit 7;1;1111 NO increases the manlier ref cr nq; I frtccf �I!(Ctiiliii of (.ict p,M: I I t�f 13 participants and creates more prgfits fOr• T .11L; The prgfr "1s enable T,1111 °s Recreational Sports Department t0 Off 1. rrtOre activities and better•.fucilities' t0 7 LlIt;" ssttulerrts ,fucft112�ttntRshrff: Further, the t -VA camp, like theothersportr camps. serie=s as a prmnOthnmi and iveruhing tool Or 1:<Ir1I& Its kh eactutrttges lti hlv fltrtrltfretl prospects to app )- for JAU time et"wUnrent at MW Ile C mnbrifl:;e, theref .ire, series a usEjrtl Mal help 711J It' iu awme cnrOUnwnt. f Ar Paula Opal tit 979 - 845 - 3076.1 44 The L VA s1ii172 ciL camp at T.AMU is (�i�� �r�t�t_tr <;i�f� p��r�: -�in�s �s� wKWA iii iiii-111cl-alicc: (W i A NV A Lciticat 011',11 JlUrposi: �c�rlrf mis }ir. rls f . Ifet`enireS 50. P*Or each Of the fax years tit issue, 7SILA Operated on a fiscal rear. rather than a crticrrticrr �eur, which began on September 1 and ended on Ail ust 31. For the fisc:•rrl year ended . ngtist 311 2#05, the gross revenues (without incluelin ; the corresponding expenses) received bt' 7SIL •I farsrtnrnter us'e Of the C'tunbrhf ge by the tetnporarr occupants was approxirnutelff S53, I S , Or 1.2P,, ttf the total rC1T1l[Ws fOr that period. .1 crr the f1111f31Vtnl; ft$L'(rl i's'frr.S. the revenues received from use by tenif orat :v occupunt . compared to total revenue.4 fir the f scal year, were frs fUllows: �Septenrber- 2005 - :1ug ust 2006 September 2006 -A I ii ust 2007 September 007 - Auy fist 2008 5.SP!,; Ofthe total revenues 7.81`,';; Of total reverutes 7148"'�,, of total revenn s I oi" the pwpos% o EdaL the parties hcwby SLIbIllit Llic Aurced Stat 'iI em of'Facis <md ::xhihits 101` the COLIFi :> et)ti ,��t i " €1Iit�21. Page 12 of 1 /E &xlxGTON L.L.P. Bw ........... ... ... Kelley a. Hill State Bar \m 09646700 40) \. AM On. W % IW) SmR ga &« Texas 76092 817A84 6G\ Acpon 817-488-4545,1 acsim (e imuR \R¥ FOR PLYUNTIFF I= M ces of Rodgers & Mil& G � .� . . . . .. .. .. .. . ...� . ..�... Jon MUM- Ann Bar \m 1493000 PS). Box 4884 Bryan, Texas 77805-4&84 4444 CarCrCreek Pa±yuy S 3 C 20\ Bijan. `s & 77802 979-260-991E telephone 9708407081 MAP ATTOR\R¥ FOR DEEE \9%\ ƒ\ 13 or O Category Variance Comment Due to THSA August rent being coded to Concessions instead of Gain /Loss to lease. This is $8k total due to only being for 1/2 Concession ($9,542.50) month. $2,500 is due to comped rent for residents helping with Turn in 2009. In addition, the property carried a personal trainer on the Employee Units ($9,699.54) property due to vacancy in order to help with renewals. Combined Goss Market Variance with Vacancy Loss. Due to property being about .75 percent lower on occupancy on average Vacancy Loss ($20,135.37) during year than anticipated. Cancellation Fees $6,000.00 Enforcing fees for residents to find replacements pre -Fall Move -in. Demand for carports increased over year. So, the final spots Carport/Garage $5,457.50 leased were greater than compared to the original Move -in. $8,300 due to additional payroll and overtime post -Turn in August Office Salaries ($19,077.42) 2009. The reminder is due to averages during the Fall 2010 Turn. $4500 is due to not being able to find temp labor for property as it has been able to in previous years. Therefore, the additional work load was given to the on -site staff. Another $7,500 is due to an additional payroll and overtime in September 2009. The remaining amount is due to hours need during the year for off -hours work and Maintenance Salaries ($15,312.83) Turn work for the current Fall. Category is based on certain % of payroll numbers. So, negative Workers Comp ($5,666.97) variance in those categories lead to this variance. Group Health $7,168.86 Not all current employees have opted into the plan. Due to fire inspections being coded to R &M Fire - Safety instead of Contract - Alarm. This a category that was given a new code post Contract - Alarm $8,918.75 budget approval. Appliances replaced repaired during year were mostly due to age. For an example, a stackable washer and dryer is right at $1,000 to replace. Considering the property is in its 10th year, the amount of Appliances ($9,798.26) replacements in not uncommon. $6k is due to new flooring in leasing office for leasing value. The remainder is due to care of carpet after water damage, etc. We Carpet[Vinyl/Tile ($11,294.89) also had a couple of units replaced due to mold. Exterior lighting help up better than expected. These are usually Lights /Fixtures $3,857.07 $25 /light to replace. Painting $11,962.61 Exterior paint project lower than anticipated. Plumbing ($3,295.41) Mainly due to two main waterline break this year. Carpet Cleaning $5,941.10 Due to lack of need during previous Turn. Due to fewer units that we were able to clean in -house during previous Turn due to one of the housekeepers being out on Cleaning ($5,225.14) maternity leave. Due to paint re- stock. Which arrived earlier than anticipated. Painting ($17,308.72) Therefore, the invoice was also due earlier than anticipated. The overage is due to working with 99 Tutors. We paid for the ad print, while they advertised on campus. They are able to flyer the Print ($5,100.00) campus due to being a tutoring service. Internet Ads $3,183.74 Ballpark did not use any supplemental websites this year. The UBS group was around 20 residents fewer than previous years. In addition, we did not receive as many Shuttlebus tour leases than Locator Fees $9,905.00 in previous years. Internet $6,555.79 Due to having to pay one -less invoice than anticipated. Summer was not near as hot as it has been in the past in the area. Therefore, there savings due to lower electric bills. In addition, the property was filled with all new energy efficient bulbs at no cost to the property. So, this has resulted in savings for both the property Electric CA $11,719.00 and residents. Due to replacing low flow fluidmasters, water consumption has dropped overall. We are already replacing showerheads with low - Water $104,367.36 flow heads as they are replaced. Gas $3,173.41 Again, less usage due to milder temps throughout the year. Taxes $57,710.13 NA Category Variance Comment $5,100 due to additional payroll and overtime post - T urn in August There was spike in the market with skips /evictions during the Mainly due to not being able to able to find stable contract labor, previous year. The property operated at approximately 2% below Bad Debt ($6,033.79) budget due to the skips /evictions. Group Insurance $6,673.05 Not all current employees have opted into the plan. TSHA concessions were not changed to loss to lease for July and Concessions ($11,245.08) August. Due to adding a trainer to one of the vacant rooms for resident retention. In addition, the Property Manager lived on property for Employee Units ($13,608.61) approximately 6- months. Due to being 2.5% lower on occupancy than budgeted during any given period. For example, 2.5% is 16 beds. 16 beds at an average of $417 /bed /month totals $6672 per month. 12 months Vacancy Loss ($71,068.37) totals $80,064 Accelerated Rent ($4,574.00) moved to vacancy loss due to no longer using that particular code. Cancellation Fees $4,000.00 Is offset by the negative variance in Relet Fees. Carport $5,015.79 Due to residents adding carports as the year progressed. Property was able gain income throughout year instead of just Damages Income $3,940.83 August. Late Fees $4,448.82 Due to higher than anticipated late rent payments. LMR Forfeiture $5,898.16 Charged out on skipped /evicted accounts. Mainly due to fewer renewals staying on first floor. Returning Miscellaneous Income $7,985.33 Residents are charged less for hardwood floors. Relet Fee ($3,932.50) Offset by Cancellation Fees Reimbursement from residents who did change utilities over into RUBS income $3,232.68 his /her names. $1,140 is due to moving resident screening to its own category. $3,500k is due to fewer than anticipated refunds. Another $1,500 is due to moving alarm violations to permits /fees. Finally, the reminder is due to moving some items down to marketing - such as snacks Miscellaneous $10,341.09 for tours, items for presentation, etc. to Marketing. $1,800 is offset by Long Distance savings (combined two categories). Another $750 is due to payment resolution on an older Telephone Pagers ($3,876.13) invoice. $8,247 due to additional payroll and overtime post -Turn in August Office Salaries ($17,157.46) 2009. The reminder is due to overages during the Fall 2010 Turn. $5,100 due to additional payroll and overtime post - T urn in August 2009. The reminder is due to overages during the Fall 2010 Turn. Mainly due to not being able to able to find stable contract labor, therefore the maintenance staff had to work additional overtime to Maintenance Staff ($11,073.79) complete work. Group Insurance $6,673.05 Not all current employees have opted into the plan. Landscape Maintenance $3,102.19 Rates did not increase as originally anticipated. Mainly due repeated repairs to older units. Property still has Appliances ($5,801.00) majority of original units. Property is now going into its 8th year. Building Interior ($7,892.25) Due to repairs to three separate mold units. Property has more water damage issues than in year's past. Issues Carpet/Vinyl ($6,449.11) were mainly due to the property settling. $500 is for new key machine. $1000 is for locks for TV's and computers in common areas. The reminder is due to additional Locks /Keys ($3,596.00) needs for deadbolts and key re- stocking. Due a spa heater replacement and a motor replacement for the Pools ($4,055.00) pool. Tool Replacement ($3,068.21) $1,500 for new power washer. New tools for updated HVAC units. Due to age of units. The replacement rate was much higher this Appliances ($7,599.99) year than previous. $8,200 was due to a timing difference on invoices received after Make -Ready ($9,835.15) previous Turn. The overage is due to working with 99 Tutors. We paid for the ad print, while they advertised on campus. They are able to flyer the Print ($5,540.00) campus due to being a tutoring service. Due to fewer than anticipated Shuttlebus leases from previous Locator Fees $8,166.00 leasing season. Due to rates not increasing on internet portion of the bill. They only Cable TV $4,678.06 increase cable TV. Mainly due to milder temperatures than compared to previous Electric Common $7,687.47 summer. Due to having more vacant units open, which the property cannot Electric Resident ($7,927.30) turn off. Water ($4,471.51) Due to slight rate increase in Fall. Management Fees $16,121.92 Due to lower than anticipated income. Blind and Drapes ($3,711.90) Variance due to invoice from previous Turn. Due to previous Turn as a result of a higher Renewal Transfer rate than in other years. Therefore, we had to rep the rooms vacated by Carpet/Vinyl ($8,998.00) the transferring student. Order was reduced to offset overage from property paint and lack of Furniture $12,059.31 need. Painting ($4,395.00) Due to additional stucco repairs. Recreation $16,875.00 Cut to offset additional expenses in other categories. Kelly Edwards From: chuck schultz [chuckschultz @earthlink.net] Sent: Tuesday, December 07, 2010 1:43 PM To: Kelly Edwards Cc: chuck schultz; George Ledak; Gregg Malone; Jill Mckean (j ill. mckean @ge.com); Jim Carter (jim @jamespcarter.com); Pete Ehrenberg; Scott Bradley (paigebrooke @verizon.net) Subject: Re: TSH Agendas I will be at the start of the meeting today but will have to leave around 6:00. I just found out today I have a function I can't miss. I apologize to all. That said here, are my thoughts on tonights topics. Scholarships: I think we should be moving to more full scholarships at the expense of fewer partials. This provides a much bigger benefit and would seem to be easier to manage. I am concerned about the management and risk of scholarships off property. This is more of a negotiated discount from a competitor than a scholarship. Summer Camps: While the numbers are a little hard to follow, these seem like they are more trouble than they are worth and that's without the tax risk. I also doubt we are factoring in wear tear caused by very short term residents. Cambridge Accts. Rec. Variance: While I realize this is not a cash flow issue, it brings into question how well these properties are being managed. It makes me question all the other numbers. Cambridge Budget Variances: These numbers are a little hard to follow. However, I think with the big revenue miss and not a corresponding expense saving again makes me question management. Sorry if I have misunderstood the analysis. Also, I do not understand the interest variance. What is this. Finally, after reading the consultant study for the Ridge, I am very concerned about our ability to manage these facilities. There are issues raised regarding potential theft, safety, management of both expenses and revenue, lack of training of employees, misuse of property assets, lack of security, etc. I am not sure that we have the ability to make sure these issues are addressed and do not reoccur. As a Board we need to understand how these failures can be corrected and be convinced that we can manage these issues going forward. We also need to undertake a similar review of the other properties. Chuck Schultz On Dec 3, 2010, at 9:32 AM, Kelly Edwards wrote: •. Agendas have been posted for both (Authority & Denton) meetings on 12/7/2010. Click here Thank you and have a great weekend. 2011/2012 Scholarship scenarios, i Cambridge Ballpark Town Lake Denton Off TSHA Property TTL Cost Present 12 F 28 Inc 9 F 36 Inc '9 F 36 Inc 0 F ',20 Inc 0 F 20 Inc (30F/140 Inc) $48,000 $0 $0 $40,500 1 , $10,125 $40,500 $0 $22,000 $0 $34,000 $195,125 Scenario 1 10 F 301nc 5 F 40 Inc 5 F 40 Inc O F 20 Inc O F 20 Inc (20F/150 Inc) $40,000 $0 $0 $45,000 $5,625 $45,000 $0 $22,000 $0 $34,000 $191,625 Scenario 2 10 F 30 Inc 5 F 40 n 15 F 40 Inc 0 F 20 Inc 0 F 30 Inc (20F /16OInc) $40,000 $0 000 $ 0 $ , $5,625 $45,000 - $0 $22,000 $0 - $51,000 $208,625 Scenario 3 8 F . 32 Inc 4 F 41 Inc 3 F 42 Inc O F _ 20 Inc O F 30 Inc (15F/160 Inc) $32,000 $0 $0 $46,125 $3,375 $47,250 $0 $22,000 $0 $51,000 $201,750 Scenario 4 5 F 35 Inc 3 F 42 Inc 2 F 43 Inc OF 20 Inc OF - 40 Inc (10F /170Inc) $20,000 $0 $0 $47,250 $2,250 $48,375 $0 $22,000 $0 $68,000 $207,875 Scenario 5 11F 29 Inc 6 F 39 Inc 6 F 39 Inc 0 F 20 Inc OF 23 Inc (23 F/150 Inc) $44,000 $0 . $0 $43,875 $6,750 $43,875 $0 $22,000 $0 $39,100 $199,600