MAMMOTH LAKES HOUSING, INC.
Board of Directors Special Meeting
Monday, December 13, 2010
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.
I. Call to Order
II. Roll Call
Members present: Bill Taylor, Byng Hunt, Jim Smith for Rusty Gregory, Kirk Stapp, Rick Wood, Rob Clark
Staff: Pam Hennarty, Jennifer Halferty
III. Public Comments
No public comments.
IV. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Aspen Village.
Board discussed negotiations with Oak Valley Community Bank (OVCB) on the construction loan at Aspen Village Condos. Bill motioned to present an offer of a new loan with interest set at Libor plus one percent, new principal of $1.2 million, OVCB to receive 100% of the net proceeds of all sales, brokers/sales agents to receive 3.5% commission, MLH to bring taxes current and pay interest monthly. Byng second the motion with all in favor.