HomeMy WebLinkAbout01-12-16 TSHA MinTEXAS •
STU EN HOUSING
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) HELD JANUARY 12, 2016 AT
Westlake Town Hall
1301 Solana Boulevard
Building 4, Suite 4202
2ND FLOOR, COUNCIL CHAMBER
WESTLAKE, TX 76262
PRESENT: Board members Scott Bradley, Bryant Fisher, Tracy Schornack, Gregg
Malone, Mark Harrow and Trish Howard.
OTHERS PRESENT: Kyle Nail, Jason Fort, and Ben Didier from Asset Campus Housing.
1. CALL TO ORDER
President Bradley called the meeting to order at 6:01 p.m.
2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON DECEMBER 15,
2015.
MOTION: Director Howard made a motion to approve the minutes of the December
15, 2015 meeting. Director Schornack seconded the motion. The motion
carried by a vote of 6-0.
3. RECEIVE REPORT FROM THE EXECUTIVE DIRECTOR. CONSIDER AND TAKE
ACTION CONCERNING FUTURE OPERATIONS OF THE AUTHORITY.
Director Schornack presented budget numbers. Town Lake numbers do
not reflect $2,400/month fees owed to TSHA as those were removed from
the budget.
No action necessary.
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4. RECEIVE REPORT FROM ASSET CAMPUS MANAGEMENT CONCERNING
BUDGET PROCEDURES AMD MANAGEMENT OF CAMBRIDGE SCHOLARSHIPS
AND TAKE ANY NECESSARY ACTION.
DISCUSSION: Jason Fort described how Asset Campus Housing determines the
number of scholarships at each property then determines the rate
for each property. Preliminary budget is prepared and their team
goes through each item of that budget.
Town Lake occupancy has always been good but the budget /
funding has not been sufficient. Asset Campus Housing does not
have a relationship with the Trustee. That relationship is between
TSHA and the Trustee. There is a 3% expense increase per year.
Director Schornack mentioned that operating expenses should be
paid first then the Trustee's funding.
Director Schornack asked why Cambridge scholarship students
paid the property directly unlike the other properties. Jason Fort
stated Cambridge includes food service, has a 10 month term, they
have multiple payment plans, and management fees were set
higher for Cambridge.
Bradley stated that ACH is required to present a report showing the
incremental costs per room/bed. Asset Campus Housing stated
they could provide numbers including cost per bed for food and
rent.
The future of the Cambridge property is grim since College Station
is building several new dorms. 2,000 new beds have already been
added and 3,000 more are expected.
ACH has proposed that there be a busing connection to Blinn
Community College in Bryan. Blinn is building a new campus and
does not have campus housing. Blinn is 6 miles from Cambridge.
30% of Cambridge students historically attend Blinn. The
Brenham campus is different. 95% of Blinn students transfer to
A&M. Private dorm The Traditions has dropped to 30% occupancy
and is looking to sell.
If something cannot be worked out with Blinn then the Cambridge
property will not be financially viable. Cambridge is 73% occupied
this year and appears to be on track to do the same next year. Asset
Campus Housing CFO is Randall Husmann.
One of the EMET Capital principals used to be at Fannie Mae.
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Town Lake payables are $161,000; spent $69,000 but invoices
were not being processed timely. Director Harrow requested an
annual budget and lump sum needed to pay off Accounts Payable.
ACH stated that a budget will be presented by end of month
including unpaid fees since March 2011.
ACH will timely present budgets going forward to the TSHA.
No action required by the Board.
5. CONSIDER AND TAKE ACTION CONCERNING FUTURE OPERATIONS,
INCLUDING ADOPTION OF REVISED BUDGETS FOR THE CAMBRIDGE
PROJECT AND THE TOWN LAKE PROJECT.
DISCUSSION: No action taken. Agenda item will be moved forward until we are
in receipt of the budget from ACH.
6. ADJOURN. All agenda items having been addressed, President Bradley
adjourned the meeting at 8:04 p.m.
APPROVED by the Texas Student Housing Authority Board of Directors on
021V.,{a) /i ' , 2016.
Scott Bradley, President
ATTEST:
Trish Howard, Sec etary
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