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HomeMy WebLinkAbout07-26-05 TSHA Min TEXASiw. STUDENT ]HOUSING MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) JULY 26,2005 PRESENT: President Carter and Board Members Jac Irvine, Gary Fickes, Jill McKean, Larry Darlage (arrived at 6:45 p.m.) ABSENT: Board Members Becky Rogers and Chuck Schultz OTHERS PRESENT: Executive Director Hank Smyth, General Counsel Scott Bradley (left at 7:07 p.m.), Finance Manager, Pete Ehrenberg, Secretary Jean Dwinnell, Representatives of Asset Campus Housing Julie Bonnin and Mike McGrath, and Representatives of Weaver and Tidwell Trish Fritsche and Jerry Gaither 1.: President Carter called the meeting to order at 5:40 p.m. 2. Consider approval of the FY 2005-2006 Budget for the Cambridge Facility. Representative of Asset Campus, Mr. Mike McGrath, reviewed the proposed budget and advised that the Cambridge facility would be 100 %full this fall. Discussion ensued regarding the number of scholarship students that would be residing at the Cambridge facility, the number of scholarship applications received, and rates for the units. Ms. McKean moved, Mr. Fickes seconded the motion to approve the proposed FY2005-2006 Budget for the Cambridge facility. There was no further discussion and the motion carried unanimously. 3. Consider approval of the FY 2005-2006 Budget for the Ballpark Facility. Discussion ensued regarding rates, maintenance, and capital improvements. Mr. McGrath advised that the complex would be 100%full this fall. Mr. Irvine moved, Ms. McKean seconded the motion to approve the FY 2005-2006 Budget for the Ballpark facility. There was no further discussion and the motion carried unanimously. 4. Consider approval of the FY 2005-2006 Budget for the Townlake Facility. Discussion ensued regarding the rates at the Townlake facility. Mr. McGrath advised that the facility would be approximately 95% full this fall. Ms. McKean moved, Mr. Fickes seconded the motion to approve the FY 2005-2006 Budget for the Townlake facility. There was no further discussion and the motion carried unanimously. SECRETARY'S NOTE: THE MEETING WAS SUSPENDED AT THIS TIME (6:25 P.M.) IN ORDER TO CONSIDER THE AGENDAS FOR THE DENTON AND SAN MARCOS PROJECTS, RESPECTIVELY. SECRETARY'S NOTE: THE MEETING WAS RECALLED TO ORDER AT 6:57 P.M. 5. Consider approval of the Audit for the Townlake facility for FY 2003-2004 presented by Weaver and Tidwell. Representative of Weaver and Tidwell, Mr. Jerry Gaither, apologized for the delays in the preparation of the Audit and advised that Weaver and Tidwell paid$116,000 in time and would only be able to bill for one-half of that. He further advised that this was the first audit for the Townlake facility and that the former management company for the facility was not cooperative in providing documentation and information. Representative of Weaver and Tidwell, Trish Fritsche, reviewed the auditor's notes, discussed assets, application of funds to bondholders, debt, operating revenues, cash flow, and financial statements. She was very complimentary of Cameron at MuniMae for his assistance in providing information for the audit process. Mr. Fickes moved, Ms. McKean seconded the motion to approve the audit for the Townlake facility for FY 2003-2004 as presented. There was no discussion and the motion carried unanimously. 6. Review and approve minutes of the meeting of the Texas Student Housing Authority held on June 23, 2005. Dr. Darlage moved, Ms. McKean seconded the motion to approve the minutes of the meeting of the Texas Student Housing Authority held on June 23, 2005. There was no discussion and the vote on the motion was as follows: Ayes: Dr. Darlage, Ms. McKean, and Mr. Fickes Nays: None Abstentions: President Carter and Mr. Irvine President Carter declared the motion carried. 7. Consider approval of a Treasurer. Executive Director Hank Smyth explained that the Authority's Charter states the Authority would have a Treasurer to serve as an overseer of funds and accounting. Mr. Jac Irvine expressed his interest and volunteered to serve. Ms. McKean moved, Dr. Darlage seconded the motion to approve the appointment of Jac Irvine as the Authority's Treasurer. There was no discussion and the motion carried unanimously. S_ Consider cancellation of the Scholarship Recipient's Reception Executive Director Hank Smyth explained that approximately 23 students out of approximately 200 that had received scholarships had confirmed their attendance at the reception. Discussion ensued regarding the options for holding the reception or the possibility of holding an event later in the year. It was the consensus of the Board to cancel the reception and consider having an event later in the year. 9. Executive Director's report. Executive Director Hank Smyth reviewed his report and scholarship numbers. He also advised that he would be making a report to the Board of Aldermen during either August or September to update them on the activities of the Authority and that he had made a presentation to the Regional Directors of all Texas Independent School Districts. 10. Consider approval of the FY 2005-2006 Budget for Texas Student Housing Authority. Finance Manager Pete Ehrenberg reviewed the proposed FY 2005-2006 budget for the Texas Student Housing Authority. Mr. Fickes moved, Dr. Darlage seconded the motion to approve the proposed FY 2005-2006 budget for the Texas Student Housing Authority. President Carter advised that he would like to consider the possibility of providing scholarships to students attending schools located in cities other than locations where the Authority owns property, consider Masters Program and Doctorate Program students, the possibility of purchasing other properties in locations such as Lubbock, and the possibility of using all of the Texas Student Housing Authority funds for scholarships each year. There was no discussion and the motion carried unanimously. 11. Review and take any necessary action regarding bills. There was no action taken. 12. Adjourn. There being no further business, President Carter declared the meeting adjourned at 8:20 p.m. These Minutes are approved and certified to be a true and correct reflection of the actions of the officers and members of the Board, and is hereby certified to be an official copy thereof, on file among the official records of the Board, on this the 2--7+' day of�SP� °Prn��r , 2005. r J" arter, nt fan Dwinnell, Secretary 7