Board of Directors Meeting

Tuesday, December 11, 2007
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members: Mark Carney, Rusty Gregory, Byng Hunt, Kirk Stapp, and Rob Clark
Staff: Pam Hennarty, Jennifer Halferty, and Kent Andersen
Press: Lara Kirkner and Ted Carleton
Other: Allegra Stevens

III. Public Comments

IV. Approval of Minutes from the November 13, 2007 BOD Meeting.
Minutes were approved as presented. Rob Clark motioned, Mark Carney seconded, approved 3-0 vote with two abstentions.

V. Review of Aspen Village Condos Fiscal Summary.
A presentation was provided by Allegra Stevens. Rob Clark asked to see funding sources and timing of receipt of funds added to the project summary in the future. During discussion of the project summary of Tavern Road the Board recommended that further joint ventures ensure that costs are split, i.e. MLH and Town. Allegra and Pam Hennarty will review the $1.8 million land grant and determine if reclassification is needed.

VI. Review of Budget vs. Actual and Cash Flow Reporting.
Allegra moved Homebuyer Assistance (HBA) out of revenue and in to Other Income. HBA will then become a receivable once loaned out. Allegra intends to create the statement of cash flow in to a budgeted cash flow, possibly by next meeting.

VII. Discussion and Adoption of Resolution for CDBG Application Cash Match.
A motion was made by Mark Carney to adopt the resolution for the CDBG Match; it was then seconded by Kirk Stapp and passed by a 4-0 vote.

VIII. Presentation and Discussion of Home Buyer Assistance Program.
Review of information presented which consisted of a historical look at the Home Buyer Assistance program. Within in the past 18 months MLH has administered over $3 million in financing for 43 households. Four of the families have purchased in Mono County and the remainders have been in the Town of Mammoth Lakes.

IX. Policy Discussion Regarding the Value of an FTEE- Continued from November Meeting.
Rob Clark motioned to adopt the $87,700 value of an FTEE for the next year with an annual review and modification; Byng Hunt then seconded and passed by a 3-0 vote with Mark Carney and Rusty Gregory abstaining.

X. Review of Revised Contract with Mono County.
Kirk Stapp expressed concern about MLH working on the County’s schedule and wants to ensure MLH staff will have necessary flexibility. Mr. Stapp also wants to clarify that MLH will not work beyond the $40,000 allocated from the County. Mark Carney suggested adding a mutual indemnification clause.
Pam will work with Marshal Rudolph, Mono County Attorney, to redraft a contract that will be sent to the Board for comment.

XI. Future Projects
Chuck Boxenbaum is assessing land value for his Crowley Lake property. It is currently zoned for 48 affordable housing apartments. Due to the parcel’s distant proximity to services it would more than likely not qualify for tax credit and bond financing, the most common method of financing affordable apartments. Pam’s suggestion for this property is home ownership.

Pam is scheduled to meet with the Mammoth Unified School District to discuss the feasibility of their property in Crowley Lake.

XII. Agency Review

a. Aspen Village Condos – All concrete walls have been poured and one roof has been completely sheeted.
b. Manzanita – Should have certificate of occupancy by mid-February.
c. Executive Director’s Report – All staff evaluations have been completed. Jennifer Halferty has been promoted to Deputy Director.

Closed Session

XIII. Pursuant to Government Code Section 54956.9, subdivision (a), the Board will hold a closed session to discuss pending litigation.

XIV. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Hillside Mitigation Proposal.

XV. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- San Joaquin Villas.

XIV.The Board approved a base FTEE value of $87,700 with a thirty percent (30%) increase per code for the greater community benefit for those serving deeply targeted income levels and an increase of fifteen percent (15%) greater community benefit for those serving the blended income workforce. The Board also agreed to limit the Hillside agreement to eighteen months after which the agreement will expire. Kirk motioned to adopt the fee schedule and greater community benefit percentages, then Rusty Gregory seconded with a 5-0 approval.

No other action was taken in closed session.

XVI. Adjourn