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HomeMy WebLinkAbout08-30-04 TSHA Min MINUTES AND CERTIFICATION On August 30, 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. Branum and Ms. McKean. Also present were: Mr. Scott Bradley, Mr. Hank Smyth,Mr. Allen Moon, Mr. Pete Ehrenberg, Ms. Carolyn Sims and Ms. Ginger Crosswy. President Carter called the meeting to order at 5:45 p.m. There was a motion by Ms. Rogers, seconded by Mr. Irvine, to approve the minutes of the meetings of the Texas Student Housing Authority,the Texas Student Housing-Denton Project and the Texas Student Housing-San Marcos Project held on July 29, 2004 as presented. There was no discussion and the motion carried unanimously. Mr. Smyth passed out his Executive Director Report and briefly covered it with the Board_ There was a short discussion regarding the resignation of JPI as property manager in Denton with the effective date being September 30''. There was a long discussion concerning how TSH should pay the expense of the scholarships that are in place,with Board consensus being that the incremental cost should be the cost for the full scholarship students as well as the partial scholarships. The way the scholarship revenue is shown in the property budgets was discussed. President Carter asked Mr. Ehrenberg to recalculate the revenue variance without the scholarship revenue being included. Mr. Smyth gave a summary of the current percentage that each property is pre-leased and the final number of scholarships offered and accepted. Mr. Ehrenberg presented the TSH budget to the Board, explaining the line items and how he calculated the numbers. After a short question and answer session there was a motion by Mr. Blake, seconded by Mr. Irvine,to adopt the budget as presented. There was no further discussion and the motion carried unanimously. Mr. Smyth told the Board that he and Mr. Ehrenberg met with Mr. McCune and Mr. Strickland at Northwest Bank and asked the bank to share the interest being earned from TSH money flowing through the bank. Mr. McCune answered that they would get back to Mr. Smyth with a proposal. This could be as much as $30,000.00 to $40,000.00 per year. Mr. Smyth told the Board that TSH has received two proposals to conduct the yearly audit on TSHA and that staff recommends that the Board award the bid to Weaver & Tidwell. President Carter stated that since one of the companies in consideration is Whitley Penn he would abstain from the discussion and vote. There was a motion by Mr. Irvine, seconded by Ms. Rogers, to award the bid for the audit to Weaver& Tidwell. There was no further discussion and the motion carried with three votes in favor. There was a motion by Mr. Irvine, seconded by Ms. Rogers,to pay an invoice from Thomas Allen Moon in the amount of$3,550.00 for July legal fees and an invoice from the Marriott Solana in the amount of$2,053.80 for the scholarship reception. There was no discussion and the motion carried unanimously. Mr. Bradley told the Board that the Marbach litigation has been settled. President Carter told the Board that the scholarship reception was very nice and he was sorry that some of the Board members had not been able to attend. He gave a brief report on his visit to College Station. Mr. Smyth told the Board that the current plan is to meet in September and November but not in October and December. At this time Ms. Crosswy was asked to leave the room as the Board discussed her departure. There being no further business the meeting was adjourned at 7:00 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 26h day of October 2004. ATTEST: 9P.jesCarter,eP4-.'sident Ginger Crosswy, Secretary 6