HomeMy WebLinkAbout10-14-08 TSH San Marcos Min (2)
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY – SAN MARCOS PROJECT
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
October 14, 2008
PRESENT: Chairman Jim Carter and Directors Jac Irvine, Jill McKean, George Ledak, and
Chuck Schultz.
ABSENT: Director 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 5:45 p.m.
2. HEAR UPDATE AND DISCUSS AND TAKE ANY NECESSARY ACTION
REGARDING POSSIBLE SALE OF THE RIDGE AT SAN MARCOS.
President Ehrenberg advised the Board that a private buyer has agreed to purchase the San
Marcos property for $11 million. Mr. Ehrenberg stated that the buyer has visited the
property is finalizing the offer and expects to close on the property by the end of the month.
Mr. Ehrenberg advised that MuniMae has agreed to pay all legal fees associated with the sale
and the General Counsel has recommended that a Deed in Lieu of Foreclosure be executed
by Texas Student Housing.
General Counsel Bradley advised the Board that Texas Student Housing is the borrower and
the City of Cameron is the Bond issuer on the San Marcos Project property.
Chairman Carter requested that MuniMae indemnify TSH of any outstanding fees associated
with Vinson and Elkins.
President Ehrenberg advised the Board that MuniMae has agreed to honor the current
scholarships for the remainder of the school year.
TSHA – San Marcos Project Page 2 of 2
Special Meeting Minutes
October 14, 2008
Chairman Carter expressed his interest in asking the buyer or MuniMae to honor all current
scholarships for the remainder of their eligibility.
Board discussion ensued regarding the number of renewal scholarship applicants.
General Counsel Bradley recommended the Board utilize Mr. Allen Moon and reimburse
him for attorney fees to negotiate and prepare the documents associated with the sale.
Chairman Carter recessed the meeting at 6:24 p.m.
Chairman Carter reconvened the meeting 7:02 p.m.
MOTION: Director Schultz made a motion authorizing TSHC-San Marcos (the
“Corporation”) to employ Allen Moon, Esq., to represent the Corporation
in connection with the proposed transaction with MuniMae, provided, the
terms of the transaction shall include the following consideration from
MuniMae: 1) payment of all legal fees incurred by TSHA; 2) Payment to
TSHA of approximately $35K in accrued asset management fees; 3)
Payment to Asset Campus for property management fees related to early
termination; 4) Agreement that all current scholarship students will be
allowed to stay at the property on the same basis as currently provided
under the TSHA Scholarship program; 5) Payment of fees owed to the
City of Cameron; and 6) Indemnification from any and all (including
without limitation) any fees owed to Vinson and Elkins. Director McKean
seconded the motion. The motion carried by a vote of 5-0.
3. ADJOURN.
There being no further business before the board, Chairman Carter declared the meeting
adjourned at 7:15 p.m.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF
DIRECTORS ON ________________.
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 the __ day of___________.
______________________________________
Jim Carter, Chair
ATTEST
____________________________________
Kim Sutter, Secretary