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