HomeMy WebLinkAbout08-09-12 TSHA Min TEXAS1*
STUDENT HOUSING
MINUTES OF THE
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
August 9, 2012
PRESENT: President Jim Carter, Directors, Scott Bradley, and Gregg Malone.
ABSENT: George Ledak
OTHERS PRESENT: Executive Director Pete Ehrenberg and Secretary Kelly Edwards.
1. CALL TO ORDER
President Carter called the meeting to order at 6:27 p.m.
2. DISCUSS AND CONSIDER POSSIBLE REFINANCING OF AUSTIN BALLPARK
PROPERTY.
Executive Director Ehrenberg provided an overview of the proposed restricting highlights
as provided in the packet.
Discussion ensued regarding the proposal as presented detailing that Emet proposes to
work through TSHA to restructure the debt obligations by THSA contributing $19 million
and Emet contributing $10 million. The proposal also allows Emet to cash out in 3-5
years which in turn would mean THSA would need to refinance in three (3) years.
Discussion also ensued regarding the possibility of finding a lender, the Town assuming
the debt, the possible loss of the tax exempt status to the Bond Holder, new properties
being built closer to the UT Austin campus, and the possible need to drop rates in the
future due to the addition of those newer properties.
TSHA Min 08/09/12
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MOTION: Director Malone made a motion directing the General Counsel and
Executive Director to speak with Emet advising that the current proposal
is not a workable solution; review the Travis County Appraisal records
regarding the value of the property; General Counsel to speak with Tom
Lawrence regarding the current bond market; and the General Counsel
and Executive Director to schedule a conference call with Emet's liaison
and attorney to determine other if there are any other possibilities than
foreclosing on the property. President Carter seconded the motion.
The motion carried by a vote of 3-0.
3. ADJOURN
President Cater asked for a motion to adjourn.
MOTION: Director Bradley made a motion to adjourn the meeting. Director Malone
seconded the motion. The motion carried by a vote of 3-0.
There being no further business before the board, President Carter declared the meeting
adjourned at 7:14 p.m.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS
ON JANUARY 15, 2013.
ar Carter, P esident
ATTEST
Kelly tclwarCs Secretary
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