MAMMOTH LAKES HOUSING, INC.
Board of Directors Special Meeting
Monday, December 13, 2010
10:30 a.m.
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.
Minutes
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.
Closed Session
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.
V. Adjourn