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HomeMy WebLinkAbout07-19-04 TSHA Min MINUTES AND CERTIFICATION On July 19, 2004, the Board of Directors (the "Board") of the Texas Student Housing Authority("TSH") 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 Bill Branum Member Jac Irvine Member Becky Rogers Member Jill McKean Member Vacant Member all of whom were present except Mr. Carter and Mr. Branum. Also present were: Mr. Mike McGrath, Mr. David Wallace and Ms. Julie Bonnin of Asset Campus Housing. Mr. Scott Bradley, Mr. Hank Smyth, Mr. Allen Moon, Mr. Pete Ehrenberg, and Ms. Ginger Crosswy were present as well. Vice President Blake called the meeting to order at 5:45 p.m. There was a motion by Mr. Irvine, seconded by Ms. McKean,to approve the minutes of the meeting held on May 18, 2004 as presented. There was no discussion and the motion carried unanimously. Mr. Smyth gave an update to the Board regarding the scholarships awarded. We have offered 345 new incremental scholarships with only 119 accepted to date. The value of scholarships this year will be $650,000 vs. $370,000 last year. He relayed to the Board that there are approximately 14 additional applications for scholarship from kids who do not meet our requirements that could be offered if the Board chooses to do so. After a lengthy discussion there was a motion by Ms. McKean, seconded by Ms. Rogers,to temporarily waive the established policy requirements thereby permitting the Board to accept these students on a provisional basis. There was no further discussion and the motion carried unanimously. The Board urged Mr. Smyth to continue trying to determine the reason so many students were declining the scholarship offered. Ms. Julie Bonnin of Asset Campus Housing presented the proposed budget for the Cambridge in College Station. After a lengthy question and answer session the Board asked Ms. Bonnin to rework the reserve accounts. Ms. Bonnin presented the proposed budget for the Ballpark. After a discussion of the items on the budget the Board asked Ms. Bonnin to add the debt service ratios to the budget and examine the reserve account amounts. Ms_ Bonnin presented the proposed budget for San Marcos. After a lengthy discussion the Board asked Ms. Bonnin to reevaluate the 90% occupancy rate that the budget was prepared under and to examine the reserve account amounts. Mr. McGrath told the Board that they would have the new proposed budgets to Mr. Smyth by the end of the week. Mr. Moon suggested that there be a sentence added to the budget summaries that states the property manager has Board authorization to invade the management reserve as well as move money from line items that have overages into line items that have short falls without the requirement for Board approval. The representatives from Asset Campus Housing left at 7:35 p.m. and the Board took a short break. The meeting reconvened at 7:43 p.m. Mr. Smyth told the Board that UNT had been offered the Denton property to manage but senior University official had rejected the offer stating they were concerned about the impact such action would have on their bond rating. There was a long discussion regarding the action, if any, that TSH should take in response to this decision by UNT. The Board asked Mr. Smyth to explore the situation with Eaton Vance to see what options were available. There was a motion by Mr. Irvine, seconded by Ms. Rogers, to pay an invoice for June from Mr. Moon in the amount of $4,450.00. There was no discussion and the motion carried unanimously. Ms. McKean left the meeting at 8:10 p.m. The meeting continued without a quorum but no items requiring Board action were considered. TSH staff presented only information type items. Mr. Ehrenberg presented the Denton budget stating that the budget has been created using an occupancy rate of 87% and the rate is predicted to be 84-85%. Mr. Smyth recommended that when the Board meets on Thursday, July 29th this budget should be approved. After a lengthy discussion the Board consensus was to ask Mr. Ehrenberg to revise the budget predicated on a realistic rate. Mr. Smyth told the Board that JPI is refusing to create a realistic budget for Town Lake because of monetary issues. Hopefully we will have a budget to consider at the July 29th meeting, but it may not be a realistic budget. The Board stated they will not approve a budget that is not realistic and asked Mr. Smyth to bring comparisons to last years actual amounts for Town fake and comparisons to the Ballpark numbers as well. Mr. Ehrenberg passed out the first draft of the TSH budget for the Board to look at before the next meeting. Copies will be mailed to all to all Board members who were absent. Mayor Bradley reported that he has spoken with Mr. Michael A. Milnac about joining the Board in the position of Treasurer and he has declined. Mayor Bradley told the Board that the Marbach litigation has been settled but he has not received the settlement papers. At this time Ms. Crosswy was asked to leave the room as the Board wanted to discuss her departure. There being no further business the meeting was adjourned at 8:45 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 29th day of July 2004. ATTEST: Worth Blake, Vice Pr srdent A - ,4, ,, Inge Crosswy, Secret