HomeMy WebLinkAbout03-11-98 TSHC Min MINUTES AND CERTIFICATION
On March 11, 1998, the Board of Directors (the "Board") of the Texas Student
Housing Corporation (the "TSHC") convened in a public meeting at the designated
meeting place in Westlake, Texas. The roll of the duly constituted officers and members
of the Board was called, which are as follows:
Name Title
James P. Carter President
Worth Blake Vice President
Annette Bush Treasurer
Dr. Forrest Watson Member
Dr. Charles Bradberry Member
Dr. Patsy Sharp Member
Dr. John Brooks Member
Dr. Ted Gillum Member
Carroll Schubert Member
all of whom were present except Dr. Ted Gillum, thus constituting a quorum. Also
present were: Allen Moon, Scott Bradley, Larry Williamson, Ginger Crosswy and Peter
Barlin of A. S. C. Management, Inc.
President Carter called the meeting to order at 6:45 p.m. and asked everyone to
introduce themselves to Mr. Barlin. Larry Williamson introduced Mr. Barlin to the
Board and explained why Mr. Barlin would like to address the Board. Mr. Barlin of
A.S.C. Management, Inc., which manages the Madison House in Austin for the TSHC,
told the Board that his company is selling all of its remaining student housing in Austin to
a REIT and has also agreed to sell the note and deed of trust from the TSHC that it holds
on the Madison House to the REIT. The REIT has expressed more interest in buying
the Madison House than in carrying the mortgage on it so Mr. Barlin was asked to
approach the Board about selling the Madison House to the REIT for a cash payment to
the TSHC. After a lengthy question and answer session the Board convened into
executive session at 8:00 p.m.
Executive Session: The Board conducted a closed session pursuant to Chapter
551 of the Texas Government Code with its Finance Attorney and its Financial Advisor to
discuss the possible selling of real properties, as permitted by Section 551.072 of the
Texas Government Code.
The Board reconvened into open session at 8:35 p.m. There was a motion by Mr.
Blake, seconded by Dr. Sharp, to authorize Scott Bradley to negotiate with Mr. Barlin and
A. S. C. Management, Inc. concerning an agreement to sell the Madison House. Motion
carried unanimously.
There was a motion by Mr. Blake, seconded by Dr. Bradberry, to approve the
minutes from the meeting held on November 12, 1997, as presented. Motion carried
unanimously.
A Treasurer's report was given by Mrs. Bush.
There was a motion by Mr. Schubert, seconded by Mr. Blake, to table the item to
review and award scholarships for 1998 until the next meeting due to the lengthy
discussion concerning the Madison House in Austin. Motion carried unanimously.
The question was asked whether a student who has graduated in a previous year
from one of these four school districts is eligible for a scholarship. It was decided that
this item should be added to the agenda for the next meeting.
Mr. Blake stated that he and Dr. Sharp have been working on a document to be
added to Westlake's home page giving information about the Texas Student Housing
Corporation. This has been finalized and will be mailed out to the Board members for
their approval.
Allen Moon gave a report on a meeting he, Larry Williamson and Jim Carter held
with Senator ,lane Nelson concerning asking the Attorney General's office for an opinion
on the expansion of the Board's holdings.
Motion by Dr. Sharp, seconded by Mr. Blake, to adjourn. Motion carried
unanimously.
The meeting was adjourned at 9:00 p.m.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and
to correctly reflect the duly constituted officers and members of the Board, and is hereby
certified to be a correct copy of an official copy thereof, on file among the official records
of the Board, on this the 23`d day of March, 1998.
[SEAL]
mes P. Carter, Presift,t
ATTEST:
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Wri rosswy, SecretaT-