Board of Directors Meeting

Tuesday December 12, 2006
6:00 p.m.

Town/ County Conference Room
437 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members: Mark Carney (via phone), Rusty Gregory, Byng Hunt, Kirk Stapp, and Rob Clark

Staff; Mark Maldonado, Pam Hennarty, Jennifer Halferty, Norma Tapia and Kent Andersen.

Press: Laura Kirkner

III. Public Comments
No Comment

IV. Approval of Minutes from the Meeting of November 2, 2006
Minutes approved 5-0 vote.

V. Welcoming of New Staff Member
Mark Maldonado Introduced Kent Andersen to the Board.

VI. Organizational Development
Mark Maldonado announced that Pam and Jennifer are now Department Heads at Mammoth Lakes Housing.

Discussion of Legal Representation and Legal Setting. Mark Maldonado commented on utilizing a firm out of the Los Angeles area who has represented over 100 non-profit organizations.

Deadline for CDLAC January 19, 2007

Mark Maldonado met with Caleb and discussed Developer Costs and partnership between Mammoth Lakes Housing and PacWest.

VII. Status Report on All Projects
A. Meridian
• 3Bedroom unit has not sold. It was agreed by the Board to lower the price and offer the unit to people on our waitlist at their AMI.
• Discussion of Meridian Court HOA meeting.
 11 out of 20 homeowners attended the meeting.
 Homeowners were advised to read their CCR’s to help them understand rules and procedures.
 Homeowners were given a timeline to elect the Board Members.

B. Callahan
• Mark Maldonado visited the site on December 12 and became aware that they will not be pouring concrete around March 1st of 2007.
C. Aspen Village Apartments
• Aspen Village is 99% occupied and the Conditional Certificate of Occupancy will be issued today.
D. Aspen Village Condos
• The Structural Engineering will be submitted to the Town Offices within the next two weeks and it is scheduled to start construction in the spring.
E. Jeffreys
• The Jeffreys progress is outstanding.
• The units are stacked and closed in.
• A local sub-contractor will be doing the decks and roofs.
F. Manzanita
• The trees have been removed as scheduled.
• We hope to start construction mid April and have Certificate of Occupancy by December of 2007.
G. Tavern Road
• Discussion of Project Proforma Report.
• Discussion of Parking Fund Grant – Transient Oriented Development
• Each parking space will be sold for roughly $38,000.
• A Commercial Developer has agreed to purchase 9400 sq. ft. for three million dollars.
• The Tavern Road project will go to ADP on Thursday December 14 and will go before the Planning Commission on February 14, 2007. Mammoth Lakes Housing will submit for building permit no later than March 15, 2007.

VIII. Review of Fiscal Year 05/06 Audit
Mammoth Lakes Housing is in compliance with the Budget Circular A-133. The Auditors made some suggestion with regard to creating new internal controls and having the Board approve employee reimbursements.

The Affordable Housing Tour is scheduled to take place in April or May.

IX. Adoption of Resolution Changing Articles of Incorporation
Motion to adopt Resolution 06-04 was approved by 5-0 vote.

Due to the very strict process of The State Board of Equalization, Mammoth Lakes Housing made changes to the Articles of Incorporation to qualify for property tax exemption.

Closed Session
X. Notice to change Council
Direction to staff to proceed with the change of Council

XI. Discussion of Consultant Contracts
No action.

XII. Adjourn