HomeMy WebLinkAbout11-19-02 TSH San Marcos Min MINUTES AND CERTIFICATION
On November 19, 2002, the Board of Directors (the"Board") of the Texas
Student Housing Corporation- San Marcos Project convened in a public meeting at the
designated meeting place in Westlake, Texas. The roll of the duly constituted officers
and members of the Board was called,which are as follows:
Name Title
James P. Carter President
Worth Blake Vice President
Annette Bush Treasurer
Dr. Forrest Watson Member
Becky Rogers Member
Dr. John Brooks Member
Vacant Member
all of whom were present except Dr. Brooks and Mr. Carter. Also present were: Mr.
Larry Williamson, Mr. Allen Moon,Mr. Bill Moon,Mr. Scott Bradley, Mr. Trent Petty,
Ms. Mary Midgette, Mr. Steve Block and Ms. Ginger Crosswy.
Vice President Blake called the meeting to order at 6.43 p.m.
Ms. Joanne Blaylock, President of the Student Living Division of JPI, was invited
to attend this meeting to discuss property management issues. No one from JPI was in
attendance and the Board expressed great disappointment. There was a lengthy
discussion regarding the matters the Board had hoped to cover with Ms. Blaylock. Mr.
Allen Moon suggested at the next opportunity the JPI representatives be asked why
they were unable to attend the Board meeting when they were requested to do so. Mr.
Petty was asked to draft a letter to JPI covering the issues in question and strongly suggest
that someone be in attendance at the next meeting to provide answers.
There was a motion by Ms. Bush, seconded by Ms. Rogers, to approve the minutes
of the meeting of October 29, 2002 as presented. There was no discussion and the
motion carried unanimously.
Mr. Petty told the Board that he had met with Senator Jane Nelson who said that
the Texas Student Housing entities would most certainly have a very hard time keeping
their tax exempt status in the upcoming legislative session. There was a long discussion
reprding the status of the tax exempt property already owned and property the
Corporations are still considering with Mr. Williamson telling the Board that none of the
properties would cash flow if they were not taken off of the tax rolls. Dr. Watson spoke
of a School Board meeting he had recently attended in the San Marcos area where the
Texas Student Housing entities were a topic of discussion. He suggested that the Board
take a proactive approach to the situation by introducing legislation to help keep the
status quo. He suggested that the Board might look into negotiating with the local
school districts where these properties are located.
Mr. Petty told the Board that even though the proposed budget does meet the debt
coverage ratio and the requirements of the indenture,he doesn't think the budget can be
met due to the market. He stated that since there was no reason, showing on paper, not to
accept this budget be is recommending approval. There was a motion by Dr. Watson,
seconded by Ms. Bush, to approve the budget with the stipulation that if the targets are
not met it comes back to the Board before any changes or overruns are made. There was
no further discussion and the motion carried unanimously.
There were no bills to be considered.
After a short question and answer session regarding several issues the meeting was
adjourned at 7:40 p.m.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and
to correctly reflect the duly constituted officers and members of the Board, and is hereby
certified to be a correct copy of an official copy thereof, on file among the official records
of the Board, on this the 271h day of February 2003.
ATTEST: Worth Blake, Vice President
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