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HomeMy WebLinkAbout08-05-03 TSHA Min MINUTES AND CERTIFICATION On August 5, 2003, the Board of Directors (the "Board") of the Texas Student Housing Authority 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 Vacant Treasurer Dr. Forrest Watson Member Becky Rogers Member Dr. John Brooks Member Michelle Corson Member all of whom were present except Dr. Watson, and Dr. Brooks. Also present were: Mr. Scott Bradley, Mr. Allen Moon, Mr. Hank Smyth, Mr. Larry Williamson and Ms. Ginger Crosswy. President Carter called the meeting to order at 5:55 p.m. Heidi Brendemlhl and Michelle Horan were in attendance from JPI to present the proposed budgets and leasing information for Jefferson Commons at the Ballpark and at Town Lake. Ms. Rogers asked Ms. Brendemihl to furnish to the Board photographs of the various properties along with copies of all promotional advertising done at each property. Mr. Allen Moon stated that the amount billed to TSH for the full scholarship students should be the average executed rent taking into consideration any concessions. There was a lengthy question and answer session after which Ms. Brendemihl and Ms. Horan left the meeting. There was a motion by Ms. Corson, seconded by Mr. Rogers, to approve the proposed budget. After a lengthy discussion the motion carried unanimously.. There was a motion by Mr. Blake, seconded by Ms. Corson, to approve the minutes of the meeting held on June 26, 2003 as presented with one minor correction. There was no discussion and the motion carried unanimously. Mr. Smyth gave the Board an update on the scholarship numbers, his search for a financial manager and the situation at the Cambridge. The Board agreed to a contract amount for the financial manager of $50,000.00 plus $5,000.00 to cover benefits. Mr. Allen Moon will draft the contract. Mr. Smyth explained that the Cambridge is only 17% leased, but the property managers say they will open no matter the occupancy. He asked the Board if they would like to award incremental scholarships to the six additional applications that we received. There was a motion by Ms. Corson, seconded by Mr. Blake, to authorize Mr. Smyth to award additional scholarships to the Cambridge, contingent on getting a written agreement with the property managers that the facility would open as planned. After much discussion of this matter the motion was withdrawn with the consent of the second. The Board then asked Mr. Allen Moon to draft a letter to the property managers regarding the opening, and instructed Mr. Smyth to travel to College Station and report back to the Board on the situation. Mr. Williamson left at this time. Mr. Allen Moon explained the purpose of the Inter-Entity Agreement to the Board, stating that it is primarily a housekeeping item and would streamline the meeting process by making the Authority the operating arm of all of the entities. There was a motion by Mr. Blake, seconded by Ms. Corson, to approve the agreement as presented. Ms. Corson asked Mr. Moon how this would affect the process of TSH possibly making a grant to the Westlake Academy Foundation. Mr. Moon told the Board that TSH could only make cash payments to the Town, but could not stipulate what the Town must do with the money. He suggested the Foundation could coordinate the scholarship activities of TSH with their fund raising efforts by having TSH grant scholarships to the students suggested by the potential donor. There was no further discussion and the motion carried unanimously. Mr. Smyth told the Board that the budget for TSH was not ready for action. Consider and take any necessary action regarding bills and other financial matters. There was a motion by Ms. Rogers, seconded by Ms. Corson, to pay all of the bills as presented when funds become available, contingent on Mr. Smyth's approval. These included a bill from Goins, Underkofler, Crawford & Langdon in the amount of$1500.00 for work done on the Marbach case, an invoice from Allen Moon in the amount of $4825.00 for work done in May and June, a bill from the Town for an invoice from Akin, Gump, Strauss, Hauer & Field, L.L.P., the Town's lobbyist, in the amount of $1650.00, two invoices from the Town for postage during June and July in the amounts of$88.60 and $37.98, two bills from the Town for the secretary's time during June and July in the amounts of$1277.50 an $1260.00, and an invoice from Larry Williamson in the amount of$9000.00 for analytical, accounting and financial services . There was no discussion and the motion carried unanimously. Mr. Bradley told the Board that he had spoken with Mr. Jack Irvine who agreed to serve on this Board. This item will be on the agenda of the Westlake Board of Aldermen meeting on Monday, August 11. Mr. Smyth announced that the new facility at MSU is 100% leased with a waiting list. i After a short discussion the Board agreed that scholarships would be granted to graduate students but that the first priority shall continue going to undergraduates.