HomeMy WebLinkAbout03292023 TSHC Denton Project MinutesT F 7x 7S I
STUDENi HOUSING
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS OF THE
TEXAS STUDENT HOUSING CORPORATION — DENTON PROJECT
March 29, 2023
Varispace
2111 Floor Conference Room
1900 W Kirkwood Blvd
Southlake, TX 76092
PRESENT: Board members Scott Bradley, Rich Mueller, James Krekow, Katie
Kolkineier, Mark Harrow, Paula Peterson, and Executive Director Tracy
Harrow.
1. CALL TO ORDER.
President Bradley called the meeting to order at 6:30 pm.
2. REVIEW AND CONSIDER APPROVAL OF MINUTES FOR THE MEETING HELD
OCTOBER 25, 2022.
DISCUSSION: Director Petersen made a motion to approve the minutes of the meeting
held October 25, 2022. Director Harrow seconded the motion. The
motion passed unanimously.
3. UPDATE FROM EXECUTIVE DIRECTOR REGARDING RENOVATIONS AT THE
RIDGE APARTMENTS.
DISCUSSION: Executive Director Harrow shared an update on the renovations at the
Ridge Apartments including the completion of a test unit and ongoing
work for a contract on the remainder of the units. No action taken.
4. UPDATE FROM EXECUTIVE DIRECTOR ON SCHOLARSHIPS AND OCCUPANCY
FOR FALL 2023.
DISCUSSION: Executive Director Harrow provided an update on scholarships at The
Ridge Apartments for Fall 2023. 12 students have been awarded
scholarships, 5 are renewals and 7 are new. Executive Director Harrow
also shared that occupancy at The Ridge Apartments is 90%. No action
taken.
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5. CONSIDER AND TAKE ACTION TO APPOINT ANEW SECRETARY OF THE
CORPORATION, SUCH APPOINTMENT TO BECOME EFFECTIVE ONLY UPON THE
RETIREMENT OF KATIE KOLKMEIER FROM THE BOARD OF DIRECTORS.
DISCUSSION: The Board considered an appointment of a new secretary of the
Corporation and decided to defer this action until the appointment of a
new Board member in future months. No action taken.
6. CONSIDER AND TAKE ACTION TO AUTHORIZE THE PRESIDENT TO (a)
NEGOTIATE WITH UNIVERSITY OF NORTH TEXAS TO OBTAIN ITS CONSENT
TO THE FINANCIAL RESTRUCTURING FOR THE RIDGE APARTMENTS AS
PROPOSED BY THE PRIMARY BONDHOLDER AND (b) ENGAGE BANKRUPTCY
COUNSEL TO FILE A CHAPTER 11 BANKRUPTCY PROCEEDING ON BEHALF OF
THE CORPORATION IN EVENT THAT THE UNIVERSITY FAILS TO CONSENT
UNDER TERMS SATISFACTORY TO THE CORPORATION AND THE PRIMARY
BONDHOLDER.
DISCUSSION: The Board considered this authorization of President Bradley on behalf of
the Corporation. Director Harrow made a motion to authorize the
President to (a) negotiate with University of North Texas to obtain its
consent to the financial restructuring for The Ridge Apartments as
proposed by the primary bondholder and (b) engage bankruptcy counsel
to file a Chapter 11 bankruptcy proceeding on behalf of the Corporation
in event that the University fails to consent under terms satisfactory to
the Corporation and the primary bondholder. Director Mueller seconded
the motion. The motion passed unanimously.
7. EXECUTIVE SESSION.
The TSHA Board convened into executive session at 6:49 pm to conduct a closed session
pursuant to Texas Government Code, Annotated, Chapter 551,
Subchapter D, Section 551.072 for the following: Consultation with an
attorney whereby the Board seeks advice about deliberations regarding
real property: 1) Offers for parcels 107 and 115 pertaining to the
TXDOT eminent domain project at The Ridge Apartments, Z)
Consultation with attorney whereby the Board seeks advice about
deliberations regarding the threatened or pending litigation with
University of North Texas, and 3) Consultation with attorney whereby
the Board seeks advice on possible arbitration with ACC on alleged
funds owed after management departure.
8. RECONVENE MEETING.
President Bradley reconvened the meeting at 6:53 pm.
9. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION.
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DISCUSSION: No action taken.
10. ADJOURNMENT
President Bradley adjourned the meeting at 6:54 pm.
APPROVED by the Texas Student Housing Corporation — Denton Project Board of Directors on
'�TV1j iL ,2 0 , 2023.
Scott Bradley, resident
ATTEST:
Ilk
Katie Kolkmeier, Secretary
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