HomeMy WebLinkAbout08-08-17 TSHA Min TF-Tis .
STUDENT' HousI G
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) HELD August 8, 2017
99 Trophy Club Drive
Trophy Club, TX 76262
PRESENT: Board members Scott Bradley, Mark Harrow, James Krekow, Paula
Petersen, Katie Kolkmeier& Executive Director Tracy Schornack. Not
in attendance: Randy Quick and Trish Howard.
1. CALL TO ORDER.
President Bradley called the meeting to order at 6:30 pm
2. REVIEW AND APPROVE MINUTES FOR THE MEETING HELD March 2, 2017.
DISCUSSION: Director Harrow made a motion to approve the minutes of the
March 2, 2017 meeting. President Bradley seconded the motion. The
motion carried unanimously.
3. RECEIVE UPDATE FROM EXECUTIVE DIRECTOR TRACY SCHORNACK ON FINAL
SCHOLARSHIP COUNT PER PROPERTY AND THE VALUE OF SCHOLARSHHIP
AWARDS FOR 2017-2018 SCHOOL YEAR.
DISCUSSION: Cambridge: 77 scholarships, 4 full scholarships at $9570, 2 at $5000,
71 partial scholarships valued at $2500 each for a total scholarship
awarded of$225,780.
Town Lake: 43 partial scholarships awarded at $107,500.
4. NOMINATE AND APPOINT NEW OFFICERS: VICE PRESIDENT, TREASURER
AND SECRETARY.
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DISCUSSION: Executive Director Schornack nominated Katie Kolkmeier for Secretary,
James Krekow for Treasurer, and Randy Quick for Vice President.
President Bradley made motion to confirm these nominations. Director
Harrow seconded. After discussion, the motion passed unanimously.
5. DISCUSS AND APPROVE THE CAMBRIDGE BUDGET FOR FY 2017-2018 AND
THE AUTHORITY BUDGET FOR FY 2017-2018.
DISCUSSION: President Bradley gave background information on the Installment Sale
Agreement (ISA) for Cambridge and explained the flow of funds to the
Trustee and Bond Holders. He made a motion to approve the
Cambridge budget as presented, with the option to adjust at a later
date. Director Petersen seconded the motion. Motion passed
unanimously.
President Bradley then moved to approve the TSHA budget with the
deletion of legal fees. Director Kolkmeier seconded the motion. After
discussion, the motion passed unanimously.
6. DISCUSS AND PRESENT UPDATE ON MEDIATION RESULTS FROM ITG
LITIGATION HELD AUGUST 3, 2017.
DISCUSSION: President Bradley outlined details of the ITG lawsuit against all
defendants. No settlement was reached at the mediation. No further
discussion required.
7. DISCUSS STATUS OF THE TOWN LAKE TRUE UP POST CLOSING.
DISCUSSION: Executive Director Schornack sent last correspondence to Asset Campus
Regional Manager asking for details of gift card purchase. We are still
awaiting requested documentation. No action required.
S. DISCUSS WESTLAKE ACADEMY FUTURE PROJECTS.
DISCUSSION: President Bradley discussed whiteboard investment requested by
Westlake Academy and current projects under consideration by the
Academy. TSHA has awarded $950,000 in past years primarily for the
Westlake Academy Arts and Science center. Following is a list of
possible Westlake Academy investments:
• Replacement of portable classrooms
• Library expansion and remodel
• Blacksmith artwork
• Supplemental stone on buildings
• Early childhood center
After discussion, no action was taken.
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9. DISCUSS INQUIRY FROM EMET CAPITAL AND GREYSTONE REAL ESTATE
ADVISORS CONCERNING THE CAMBRIDGE PROPERTY.
DISCUSSION: The Board discussed inquiries and decided none of the properties are
currently for sale. No further action taken.
10. DISCUSS AND APPROVE ASSET CAMPUS TO REQUIRE RENTER'S INSURANCE
FOR ALL STUDENTS BEGINNING 2018 FALL SEMESTER.
DISCUSSION: Executive Director Schornack indicated Asset Campus was going to
require renter's insurance for all students beginning with the fall
semester of 2018. Students will be given the option to obtain their own
renter's insurance or Asset Campus will charge $11.95 per month for
coverage. President Bradley made the motion that TSHA approve the
policy to require students to obtain renter's insurance or purchase
renter's insurance through the property; provided that any income from
the sale of property-provided insurance will accrue to the property.
Director Harrow seconded the motion. After discussion, the motion
passed unanimously.
11. ADJOURNMENT
President Bradley adjourned the meeting at 8:00 pm.
APPROVED by the Texas Student Housing Authority Board of Directors on
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Scott BraclTey, President
ATTEST:
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Katie Kolkmeier, Secretary
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