HomeMy WebLinkAbout10-30-19 TSH Denton Min TT, x--As, I*
STUDENT HousING
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING CORPORATION — DENTON PROJECT
October 30, 2019
99 Trophy Club Drive
Trophy Club, TX 76262
PRESENT: Board members Scott Bradley, James Krekow, Paula Petersen, Mark
Harrow, Randall Quick, Rich Mueller, Katie Kolkmeier, and Executive
Director Tracy Harrow.
1. CALL TO ORDER.
President Bradley called the meeting to order at 7:09 pm.
2. REVIEW AND CONSIDER APPROVAL OF MINUTES FOR THE MEETING HELD
AUGUST 26, 2019.
DISCUSSION: Director Krekow made a motion to approve the minutes of the
August 26, 2019 meeting. Director Petersen seconded the motion. The
motion passed unanimously.
3. DISCUSS THE REFINANCING OF SERIES A AND B BONDS FOR THE RIDGE
APARMTNETS.
DISCUSSION: The Board discussed the refinancing of Series A and B bonds for The
Ridge Apartments and no action was taken.
4. CONSIDERATION AND APPROVAL OF THE ENGAGEMENT OF TIJERINA GALVAN
LAWRENCE LLC AS THE TEXAS STUDENT HOUSING CORPORATIONS— DENTON
PROJECT'S FINANCIAL ADVISOR AND RELATED LETTER AGREEMENT.
DISCUSSION: The Board received and discussed at length a proposal from Tijerina
Galvan Lawrence LLC (`Financial Advisor") concerning the retention of
the Financial Advisor for the proposed refinancing of the debt on The
Ridge Apartments. The proposal is attached to these minutes as
Exhibit A. The Board then placed a conference call to Tom Lawrence, a
principal of the Financial Advisor and engaged in a discussion of the
proposal with the Financial Advisor. Upon the motion of Director Rich
Mueller, seconded by President Scott Bradley, Director Quick was
authorized to further review the document by a unanimous vote.
Page 1 of 2
Director Quick is authorized to reach a final agreement between the
Financial Advisor and Texas Student Housing Corporation — Denton
Project for the engagement of the Financial Advisor.
S. RECEIVE UPDATE FROM EXECUTIVE DIRECTOR HARROW ON THE STATUS OF
EMINENT DOMAIN AND DISCUSS NEXT STEPS REGARDING A COUNTEROFFER
FOR PARCELS 107 AND 115.
DISCUSSION: Executive Director Harrow provided an update on the eminent domain
and discussed the need for consultation with a civil engineer and
appraiser to proceed with a counteroffer for parcels 107 and 115. No
action taken.
6. DISCUSS AND CONSIDER APPROVAL FOR HIRING CIVIL ENGINEERS,
ATTORNEYS, AND INDEPENDENT APPRAISERS FOR THE EMINENT DOMAIN
ISSUE AT THE RIDGE APARTMENTS.
DISCUSSION: The Board discussed the need for the expertise of a civil engineer,
attorney, and independent appraiser for the eminent domain issue at
The Ridge Apartments. Upon the motion of Director James Krekow,
seconded by Director Paula Petersen, President Scott Bradley was
authorized to retain the services of an attorney, civil engineer, and
independent appraiser, and authorized for expenses related to all
parties not to exceed $20,000. The motion passed unanimously.
7. ADJOURNMENT
President Bradley adjourned the meeting at 8:50 pm.
APPROVED by the Texas Student Housing Corporation — Denton Project Board of Directors on
J CA h -.1 `7 , 2019.
Scott Brad ey, President
ATTEST:
Wey,
Katie Kolkmeier, Secretary
Page 2 of 2