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HomeMy WebLinkAbout10-26-04 TSHA Min MINUTES AND CERTIFICATION On October 26, 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 Dr. Larry Darlage Member Jac Irvine Member Jill McKean Member Becky Rogers Member Vacant Member all of whom were present. Also present were: Mr. Scott Bradley, Mr. Hank Smyth, Mr. Allen Moon, Mr. Bill Moon., Mr. Pete Ehrenberg and Ms_ Ginger Crosswy. President Carter called the meeting to order at 6:25 p.m. There was a motion by Ms. Rogers, seconded by Mr. Blake, to approve the minutes of the meeting of the Texas Student Housing Authority held on August 30, 2004 as presented. There was no discussion and the motion carried unanimously. The Executive Director's report was included in each Board member's package and Mr. Smyth spoke briefly regarding several items. He told the Board that beginning with the 2005-06 school year the cost of a room upgrade paid by a scholarship student would be coming to TSHA instead of going into the general fund of the property. There was a lengthy discussion concerning this information and how it would affect the scholarship student. Ms. Rogers and Mr. Bradley left during this discussion. Mr. Smyth told the Board that MuniMae, the principal bondholder of Town Lake in Austin, has indicated that MuniMac may be agreeable to letting JPI go as the property manager at the end of this calendar year. Mr. Smyth presented a breakdown of the number and value of scholarships awarded since this organization was formed in 1995. Mr. Ehrenberg briefly covered the financial status of each of the properties. There was a short discussion regarding this information. Mr. Allen Moon described a proposed Resolution authorizing the amendment of the financing and management documents and the budget and financial statements for the Cambridge Project, located in College Station, Texas; authorizing the execution and delivery of the amended documents; authorizing the Officers, Directors and Representatives of the Texas Student Housing Authority to execute and deliver certain legal and financial documents in connection with the sale by Cambridge Student Housing Development, L.P. of its rights under the installment sale agreement and resolving related matters. Mr. Moon explained this item to the Board by stating that Cambridge is in the process of refinancing their debt on this property to pay off its construction loan and this action is needed in order to accomplish this. This would be beneficial to TSH as well because it would extend the term of the contract, making the monthly payment lower and leaving more money in the waterfall after debt service. This resolution would authorize President Carter, Mr. Bradley and Mr. Smyth to approve and sign the final documents which will include the revised budget therein. There was a lengthy discussion regarding this item. There was a motion by Mr. Blake, seconded by Ms. McKean, to adopt this resolution. There was no further discussion and the motion carried unanimously. There was a motion by Mr. Irvine, seconded by Ms. McKean,to pay invoices from Thomas Allen Moon in the amount of$1,600.00 for August legal fees and $4,550.00 for September legal fees. There was no discussion and the motion carried unanimously. President Carter thanked Dr. Darlage for joining the Board and said that any member of the Board or staff would be available at any time to sit down with him and answer any questions he might have or explain any issue he was unclear about. Mr. Smyth gave him a package of information that will be helpful in learning about TSH and his position as Board member. There being no further business there was a motion by Mr. Irvine, seconded by Mr. Blake to adjourn. The motion carried unanimously and the meeting was adjourned at 7:27 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 18th day of January 2005. ATTEST: Ja s P. Carter, Pre ' ent Ginger Crosswy, Secretary