HomeMy WebLinkAbout09-16-08 TSH San Marcos Min TEXAS1*
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STUDENT HOUSING
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY—SAN MARCOS PROJECT
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
September 16, 2008
PRESENT: Chairman Jim Carter and Directors Jac Irvine, George Ledak, and Jill McKean,
Melanie Lekkos, and Chuck Schultz.
ABSENT: None.
OTHERS PRESENT: General Counsel Scott Bradley, Finance Manager Pete Ehrenberg,
and Secretary Kim Sutter.
1. CALL TO ORDER.
Chairman Carter called the meeting to order at 7:08 p.m.
2. DISCUS POSSIBLE SALE OF THE RIDGE AT SAN MARCOS AN
AUTHORIZE STAFF TO PURSUE POSSIBLE FINANCING OPTIONS.
Finance Manager Ehrenberg addressed the Board regarding the item. Mr. Ehrenberg
advised the Board that $19.5M is owed on the property and that MuniMae has offered to
sell the property to TSHA for approximately $9.5M based on TSHA's tax exempt status.
Mr. Ehrenberg advised the Board that a two-year-old appraisal valued the property at
$14.5M.
Discussion ensued regarding the possible sale, impact to current scholarship recipients,
General Counsel Bradley stated that he feels the Board should explore purchasing, but
felt the deal would be difficult to put together, and recommended the Board have a
financial advisor review.
Finance Manager Ehrenberg stated that an appraisal should be available in three (3)
weeks.
It was the consensus of the Board to move forward with evaluating the possibility of
purchasing the property
Chairman Carter directed staff to provide the appraisal to the Board when available.
3. ADJOURN.
There being no further business before the board, Chairman Carter declared the meeting
adjourned at 7:30 p.m.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD
DIRECTORS ON OCTOBER 27, 2008.
The 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 e TH day of _
Ji Ca air
ATTEST ..
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1 im Sutter, Secretary