HomeMy WebLinkAbout08-23-16 TSHA Min TEXAj _
STUDENT HOUSING
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) HELD August 23, 2016
99 Trophy Club Drive
Trophy Club, TX 76262
PRESENT: Board members Scott Bradley, Mark Harrow, Bryant Fisher,
Randy Quick, Trish Howard & Executive Director Tracy
Schomack.
OTHERS PRESENT: None
1. CALL TO ORDER
President Bradley called the meeting to order at 6:07 p.m.
2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON June 21, 2016.
MOTION: Director Harrow made a motion to approve the minutes of the June
21, 2016 meeting Director Fisher seconded the motion. The
motion carried by a vote of 5-0.
3. MEETING ADJOURNED TO EXECUTIVE SESSION AT 6:08 P.M.
DISCUSSION: The Board will conduct a closed session pursuant to Texas
Government Code, Annotated, Chapter 551, Subchapter D, for the
following:
(a) Consultation with Attorney seeking advice of its attorney about
pending or contemplated litigation: MMA Capital
(b) Deliberation concerning (1) the possible sale, (2) the possible
refinancing and/or restructure of debt, and (3) the offer from
Nimes Capital, concerning Town Lake Apartments in Austin
4. MEETING RECONVENED AT 9:08 P.M.
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5. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS.
Randy Quick made a motion to approve sale of Town Lake Project as set
forth in a draft by Nimes Capital with adjustments that were discussed
during Executive Session and authorize the president to negotiate the
final agreement. Motion seconded by Mark Harrow and it was approved
by a vote of 5-0.
Motion was made by Scott Bradley that if TSHA is not able to complete
a deal with Nimes then president Scott Bradley is authorized to proceed
with bankruptcy specific to the Town Lake Project. Randy Quick
seconded the motion and it was approved by a vote of 5-0.
6. RECEIVE UPDATES FROM EXECUTIVE DIRECTOR ON OPERATIONS AND
CONSIDER APPROVAL OF BUDGETS FOR EACH PROPERTY.
DISCUSSION: Director Schornack presented:
1)Revised budgets for Town Lake legal fees
2) Revised budgets for Cambridge legal fees.
MOTION: Motion by Trish Howard to approve. Mark Harrow seconded. The
motion was approved by a vote of 5-0
7. RECEIVE UPDATES FROM BRYANT FISHER REGARDING SMART BOARDS FOR
WESTLAKE AND CONSIDER POSSIBLE PURCHASE
DISCUSSION: Director Bryant is still awaiting a commitment from Shelly Meyer to
secure matching funds for a TSHA donation of$50,000 for Smart
Boards.
MOTION: Motion by Scott Bradley to approve the purchase of smart boards not to
exceed $50,000 conditional that Bryant negotiates matching funds.Trish
Howard seconded. The motion was approved by a vote of 5-0
8. ADJOURN.
Meeting adjourned at 9:15 p.m.
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AP/PROVED by the Texas Student Housing Authority Board of Directors on
1 , 2016.
Scott Bradley, President
ATTEST:
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Trish Howard, Secretary
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