HomeMy WebLinkAbout11-12-15 TSHA Min TEXAS7*`�
STUDENT
MINUTES OF THE
BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
November 12, 2015
PRESENT: President Scott Bradley, Treasurer Bryant Fisher, Secretary Tracy Schornack,
Director Trish Howard, Director Mark Harrow
ABSENT: Vice President Gregg Malone
OTHERS PRESENT: None
1. CALL TO ORDER
President Bradley called the meeting to order at 6:05 p.m.
2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON SEPTEMBER 14, 2015.
MOTION: Treasurer Fisher made a motion to approve the minutes of the
September 14, 2015 meeting. Director Howard seconded the
motion. The motion carried by a vote of 5-0.
3. CONSIDER AND TAKE ACTION CONCERNING FUTURE OPERATIONS OF THE
AUTHORITY.
DISCUSSION: President Bradley offered background information to board members
concerning the departure of the former Executive Director. Board
members then discussed the following: (1) Town Lake has not paid
required asset management fees to the Authority since March 2011.
(2) Nimes Capital has expressed interest in acquiring either the Town
Lake property or the subordinate bonds on the project as reflected by
the Letter of Intent and Proposed offer which were sent to Board
members and (3) The Board is reviewing Nimes Capital's offer and
TSHA Min 11/12/15
Page 1 of 3
proposal for additional future "student only" housing for properties in
college areas.
MOTION: Director Harrow made a motion that the Board propose a teaming
agreement with Nimes Capital to explore possible TSHA growth
opportunities with them. Director Howard seconded the motion. The
motion carried by a vote of 5-0.
4. RECEIVE REPORT FROM THE EXECUTIVE DIRECTOR CONCERNING THE STATUS
OF THE TOWN LAKE PROPERTY AND TAKE ANY NECESSARY ACTION.
DISCUSSION: Director Harrow discussed Town Lake accounts payable issues.
Accounts Payable are in arrears $140K. He asked the management
of Asset Campus for a revised budget. Maintenance is not getting
done and the property is falling into disrepair.
MOTION: Director Harrow made a motion to reinstate the annual budget
review process for all properties and to require all property managers
to appear in person to present future budgets and answer questions.
Director Howard seconded the motion. The motion carried by a vote
of 5-0.
S. CONSIDER AND TAKE ACTION CONCERNING THE POSITION OF EXECUTIVE
DIRECTOR.
DISCUSSION: President Bradley requested that copies of the job description and
employment contract formerly in place with the prior Executive
Director be sent to the Board via email so that Board members will
have a pattern to consider in proposing a contract and salary to the
Interim Executive Director.
MOTION: No action required.
6. CONSIDER AND TAKE ACTION CONCERNING THE RESIGNATION OF THE
CURRENT SECRETARY AND THE APPOINTMENT OF HER SUCCESSOR.
MOTION: Secretary Schornack resigned her current position as Board Secretary
and moved that the Board appoint Director Howard as the new
Board Secretary. Treasurer Fisher seconded the motion. The motion
carried by a vote of 5-0.
TSHA Min 11/12/15
Page 2 of 3
7. CONSIDER AND TAKE ACTION CONCERNING OPERATIONS SUCH AS BUDGET,
AUDIT, ETC.
DISCUSSION: President Bradley wants the board to make every effort to see that
operation budgets are adequate to fund expenses and preventative
maintenance, and to initiate efforts to recover any funds that were
misapplied by the servicing agent and or trustee.
MOTION: Director Harrow made a motion to hold Board meetings once a
month until such time as all Board members have a better
understanding of how the properties are managed and funded.
Director Howard seconded the motion. The motion carried by a vote
of 5-0.
S. ADJOURN All agenda items having been acted upon, President Bradley
adjourned the meeting at 7:27pm.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS
ON
2015.
ATTEST
Scott Bradley, President
Tracy Sc rack, Secretary
TSHA Min 11/12/15
Page 3 of 3