MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Tuesday, April 4, 2006
6:00 p.m.

Mammoth Lakes Housing, Inc. Office
587 Old Mammoth Rd. #5
(Ground Floor Sherwin Plaza 3)

MINUTES

I. Call to Order

II. Roll Call
MEMEBERS: Mark Carney, Byng Hunt, Kirk Stapp, and Rob Clark, Peter Denniston (proxy for Rusty Gregory)
STAFF: Executive Director Andrea Clark, Development Director Pam Hennarty, Administrative Assistant Jennifer Halferty
PUBLIC: Jared Askeland, Ted Carlton, Lara Kirkner, Mark Wilbur

III. Public Comments
Discussion and response by staff and Board of Directors to the letter from Chateau de Montagne’s HOA Secretary Mary Jo Bauer regarding the deed restricted unit purchased by the Stonegate development. Planning Commission approved this purchase and there has been growing interest from the community to use existing stock for affordable housing. Mr. Gordon Alpers recently wrote a letter to the press in support of this form of acquisition. Much of this fear will need to be met with public education. Board member Byng Hunt indicated he has written a Letter to the Editor regarding this issue.

IV. Discussion of Current and Future Construction Projects
Neubauer Jennison will be taking over the completion of the Aspen Village Apartments. Ms. Clark and the BOD expressed their happiness with MLH’s partnership with Neubauer Jennison and the organization’s desire to continue this partnership with the Aspen Village Townhomes, Manzanita and the Jeffreys projects.

V. Approval of Minutes from the Meeting of March 6, 2006
Minutes approved as presented by vote of 5-0.

VI. Meridian Court Update and Possible Action Regarding Sales Processes
Fourteen units of the twenty-four are in escrow with applicants from the waitlist. Some of the employers represented thus far include: Dominos, Mammoth Community Water District, Schats, The Sheet, Diversified Mortgage, and Angels restaurant. The lower level units are selling at a higher rate than the upper level units primarily due to the limited number of applicants in levels six and seven. Higher-level units are required in order for the projects to be financed.

The Board was presented with three options for handling the remaining level six and seven units:
i. Lower the cost thus taking a loss on the project
ii. Carry a soft second for those units, which don’t qualify for HBA funds from the State.
iii. Advertise the waitlist for people in these upper income levels.

The Board directed staff to advertise the waitlist and educate the current list on what projects will be coming onboard.

VII. Review and Approval of Aspen Village Town Homes Financing Plan
The development budget was presented for review (see attached). The total cost for the project is currently $11.3 million. Due to delays in construction and soil issues $2.5 million is needed to fully fund the project. A motion was made to allocate $1.5 million of the 8050 mitigation monies, $900,000 from the TOT loan currently invested in the Meridian Court Project and another $100,000 from MLH to fill the gap.
Motion passed with a 5-0 vote.

CLOSED SESSION
VIII. Closed Session
Pursuant to Government Code Section 54956.8, the Board will hold a conference with its representative in regard to property acquisitions pertaining to:

Property: APN 33-141-02
Negotiating Parties: Andrea Clark, Executive Director, representing MLH (Buyer); John McElhone, Seller
Under negotiation: Terms of purchase agreement

Property: APN: 35-180-12
Negotiating Parties: Andrea Clark, Executive Director, representing MLH (Buyer); Rob Clark, Town Manager, representing the Town of Mammoth Lakes (Seller)
Under negotiation: Terms of purchase/lease agreement

Pursuant to Government Code Section 54956.9, subdivision (b) the Board will hold a conference with legal counsel with regard to one case of threatened litigation.

ANNOUNCEMENT OF ACTION TAKEN IN CLOSED SESSION
The Board voted 5-0 to move forward with a standalone project on APN: 35-180-12 while remaining open towards integration with the adjoining property’s development without missing milestones on the affordable housing project, which would risk the already committed funding sources. In order to move forward the Board will incorporate $1.5 million of the 8050 mitigation monies; and ask Town Council to allocate $2 million from Parking DIF and $1.3 million from parking in lieu fees.

IX. Adjourn