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HomeMy WebLinkAbout01-20-04 TSHA Min MINUTES AND CERTIFICATION On January 20, 2004, 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 Michelle Corson Member Jac Irvine Member Becky Rogers Member Vacant Member Vacant Member all of whom were present. Also present were: Mr. Scott Bradley, Mr. Allen Moon, Mr. . Hank Smyth, Mr. Pete Ehrenberg and Ms. Ginger Crosswy. President Carter called the meeting to order at 5:35 p.m. There was a motion by Mr. Blake, seconded by Ms. Corson,to approve minutes of the meeting of the Authority held on November 18, 2003. There was no discussion and the motion carried unanimously. Mr. Smyth told the Board he had received four proposals to take over the property management duties at the TSH properties in Denton, Austin and San Marcos. The proposal from Trammel Crowe was not considered due to the fact they had not addressed the points asked for in the RFP. Mr. Smyth went through the fee schedule proposed by each applicant. At this time Mr. Smyth asked Mr. Moon to speak regarding this item. Mr. Moon told the Board that to remove JPI from the property management position the bondholder has to approve the removal and the replacement company. After a lengthy conversation with Ms. Leanne Parziale of Eaton Vance, the bondholder on the Denton property, Mr. Moon said he was convinced Eaton Vance would not approve removing JPI as the property managers in Denton due to the fact that JPI is not drawing a fee and is basically working for free. There was a motion by Mr. Irvine, seconded by Ms. Corson, asking Mr. Smyth to draft two letters, one to Eaton Vance letting them know that JPI is doing a bad job, giving them our options, including the fact that we have interviewed new applicants, and asking which they prefer. A second letter to JPI asking for their assurance that the property is being properly maintained and their estimation of what steps need to be taken to properly maintain the property. Mr. Smyth was asked to share the letters with the Board before sending. After a lengthy discussion the motion carried unanimously. Mr. Smyth proceeded with the presentation giving the Board his recommendation of using Asset Campus Housing at the San Marcos property and Townlake in Austin and using Collegiate Management at the property in Denton and Ballpark in Austin. There was a motion by Ms. Corson, seconded by Ms. Rogers to write letters to the other bondholders stating that the Board would like to change property managers on the other three properties, but give all three properties to Asset Campus Housing instead of splitting them between two management teams. This is subject to Mr. Smyth checking the references and being able to negotiate a one-year renewable management agreement. After a lengthy discussion the motion carried three for, Ms. Corson, Ms. Roger and Mr. Irvine, and two against, President Carter and Mr. Blake. Consider and take any necessary action on the audit for Jefferson Commons at the Ballpark for the period December 27, 2001 through December 31, 2002. Mr. Smyth and Mr. Ehrenberg presented the audit. There was a motion by Ms. Rogers, seconded by Ms. Corson, to accept the audit. There was a short discussion after which the motion carried unanimously. Report from the Executive Director. Report from the Finance Manager, which consisted of an update on the insurance situation. Mr. Blake asked the Board if a written policy regarding the requirements for renewal of the scholarships could be put together? Mr, Smyth was asked to prepare this. There being no further business the meeting was adjourned at 7:44 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 16th day of February 2004. ATTEST: es P. Cart esi nt f Inge Crosswy, Secret