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Home My WebLink About02-20-09 TSHA Agenda Packet TEXASI* STUDENT HouSING MINUTES OF THE BOARD F DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) January 20, 2009 PRESENT: Chairman Jim Carter and Directors Jac Irvine, Jill McKean, and Chuck Schultz. ABSENT: Directors George Ledak and Melanie Lekkos. OTHERS PRESENT: President Pete Ehrenberg, Secretary Kim Sutter, and General Counsel Scott Bradley 1. CALL TO ORDER. Chairman Carter called the meeting to order at 6:09 p.m. 2. DISCUSS AND CONSIDER APPROVAL OF TEXAS STUDENT HOUSING AUTHORITY AUDIT FOR FY 2007-2008 PRESENTED BY PATILLO BROWN & HILL, L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board, and cited no concerns. Board discussion ensued regarding the audit. There being no further questions, Chairman Carter asked for a motion. MOTION: Director Schultz made a motion to accept the 2007-2008 TSH Authority audit for FY 2007-2008. Director McKean seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER APPROVAL OF BALLPARK PROPERTY ANNUAL AUDIT FOR FY 2007-2008 PRESENTED BY PATILL®BROWN cis HILL, L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board. Discussion ensued regarding the audit, specifically the status of payments to the bond holders. TSHA Board of Directors Page 2 of 4 Minutes January 20,2009 MOTION: Director McKean made a motion to accept the 2007-2008 Ballpark property audit for FY 2007-2008. Director Irvine seconded the motion. The motion carried by a vote of 4-0. 4. DISCUSS AND CONSIDER APPROVAL OF TOWN LAKE ANNUAL AUDIT FOR FY 2007-2008 PRESENTED BY PATILLO BROWN& HILL.,L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board, and cited no concerns. Discussion ensued regarding the audit report, specifically the status of the debt service reserve. MOTION: Director McKean made a motion to accept the 2007-2008 Town Lake property audit for FY 2007-2008. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 5. DISCUSS AND CONSIDER APPROVAL OF CAMBRIDGE (COLLEGE STATION PROJECT) ANNUAL AUDIT FOR FY 2007-2008 PRESENTED BY PATILLO BROWN & HILL,L.L.P. Mr. John Manning, Partner with Patillo, Brown & Hill, L.L.P., presented the draft audit to the Board, and noted an on-going concern in the opinion letter as the project is in default on its certificates and is not financially able to make scheduled principal and interest payments on its outstanding debt. Discussion ensued with regard to the operating income ratio. MOTION: Director Irvine made a motion to accept the 2007-2008 Cambridge property (College Station Project) audit for FY 2007-2008. Director McKean seconded the motion. The motion carried by a vote of 4-0. Chairman Carter recessed the meeting at 6:35 p.m. to consider the TSHC — Denton Project agenda. Chairman Carter reconvened the meeting at 6:54 p.m. 6. DISCUSS AND CONSIDER APPROVAL OF AMENDED BYLAWS. President Ehrenberg reviewed the proposed changes to the Bylaws: - References to Board of Aldermen changed to Town Council - Title of Chairman changed to President - Title of President to Executive Director Director Irvine recommended a change to Section 3.9 to reflect that the Executive Director shall be appointed by the Board of Directors as opposed to appointed by the President and on terms approved by the Board of Directors. TSHA Board of Directors Page 3 of 4 Minutes January 20,2009 MOTION: Director Irvine made a motion to approve the amended bylaws as presented and with the recommended change to Section 39. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 7, EXECUTIVE DIRECTORS' REPORT. Executive Director Ehrenberg addressed the Board regarding the status and cost of an overflow facility in College Station Mr. Ehrenberg requested direction from the Board with regard to the number of scholarships to be awarded and number of recipients placed in an overflow facility in College Station and San Marcos. Discussion ensued with regard to the scholarship offers and the use of overflow facilities in College Station and San Marcos. It was the consensus of the Board to renew all current qualified scholarship recipients at the San Marcos property. The Board directed Executive Director Ehrenberg to attempt to negotiate a reasonable rate with a facility in the College Station area for the purpose of offering housing scholarships, and also to evaluate the San Marcos area for a potential housing facility. 8. CONSIDER APPROVAL OF A SCHOLARSHIP CONSULTANT AGREEMENT FOR THE 2009-2010 SCHOLARSHIP CYCLE. Executive Director Ehrenberg presented the proposed scholarship consultant agreement to the Board, and advised the Board that the fee per scholarship application is $50.00. Additionally, Mr. Ehrenberg advised the Board that staff will screen the applications for applicability and completeness before submitting the documents to the scholarship consultant for scoring. MOTI®N: Director Irvine made a motion to approve the scholarship consultant agreement with Mr. Henry Smyth. Director Schultz seconded the motion. The motion carried by a vote of 4-0. 9. CONSIDERATION F RENEWAL SCHOLARSHIPS FOR 2009-2010. Executive Director Ehrenberg presented the scholarships eligible for renewal for 2009- 2010 school year. MOTION: Director Schultz made a motion to approve the renewal of scholarship offers as presented by the Executive Director. Director McKean seconded the motion. The motion carried by a vote of 4-0. TSHA Board of Directors Page 4 of 4 Minutes January 20,2009 10. REVIEW AND APPROVE MINUTES OF SEPTEMBER 16, 2008. Chairman Carter introduced the item and requested a motion. MOTION: Director Irvine made a motion to approve the September 16, 2008, minutes as presented. Director McKean seconded the motion. The motion carried by a vote of 4-0. 11. REVIEW AND APPROVE MINUTES OF OCTOBER 14, 2008. Chairman Carter introduced the item and requested a motion. MOTION: Director Irvine made a motion to approve the October 14, 2008, minutes as presented. Director McKean seconded the motion. The motion carried by a vote of 4-0. 12. ADJOURN. There being no further business before the board, Chairman Carter declared the meeting adjourned at 8:07 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS FEBRUARY 24,2009 z/1 Tim Ca er, Uhairman ATTEST 4f_j lam im� tter, V Secretary