Board of Directors Meeting

Thursday February 15th, 2007
6:00 p.m.

Town Conference Room
437 Old Mammoth Rd. Suite R


I. Call to Order

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

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

Press: Andy- Mammoth Times

III. Public Comments
No Comment

IV. Approval of Minutes from the Meeting of December 12, 2006
Minutes approved on 4-0 vote

V. Review of 2nd quarter financials with Allegra Stevens
Allegra discussed each category of the financials. The Board requested to have Allegra join the Board Meetings every quarter.

VI. Discussion of Tenant Improvement for Mammoth Lakes Housing Office
Neubauer and Jennison are moving forward with the improvements. Discussion of the changes being made to the offices in order to make the space more functional. Costs of tenant improvement range from $30,000 – $40,000.

VII. Alternative Housing Mitigation Discussion
Mark discussed 6 different mitigation options
 Onsite Mitigation-Discussion on whether Mammoth Lakes Housing should enforce Towns regulations. Analyze the plans and specs prior to submittal to the Town. Discussion of how employers are allowed by Town code to build units and make their employees a priority. Developers have mentioned to build a partnership with Mammoth Lakes Housing
 Off-Site Mitigation- Discussion on 4B being an example of Off-Site Mitigation.
 Discussion of possibly purchasing Bristlecone apartments once their tax credits have expired.
 In-lieu fee
 Land donation
Any combination of the above should be acceptable.

Mark expressed his concern regarding the AMI rental restrictions being too low. Mammoth Lakes Housing feels that there is a tremendous need for households of 80% to 100% AMI, therefore the Board passed motion with a 5-0 vote in favor of Mammoth Lakes Housing advocating for a change in the Town Code to limit rental mitigation projects to 80% and 100% AMI households. Mark is to provide the Board with an outline to establish a policy.

VII. Discussion Future Possible Projects
Item deferred to closed session

VIII. Discussion of potential joint meeting with Mammoth Lakes Housing Board and County Board of Supervisors
Bing discussed County possibly hiring an Executive Director verses working with Mammoth Lakes Housing. Discussion on County debating whether they should hire a person for MLH office or County office. County requested a meeting with Mammoth Lakes Housing Board. Kirk asked to develop an Agenda for this proposed meeting.

IX. Status Report on All Projects

A. Meridian Court
 1 unit left to sell.
 The unit will be fully cleaned.

 B. Callahan 4B
 Temporary Certificate of Occupancy for first Phase is anticipated for 1st of April. There are 16 units in first phase I and 4 are in contract as of now.

 Aspen Village
 Aspen Village is completely occupied. Tenants are happy and are using the bus, therefore it minimizes the amount of traffic on Old Mammoth Rd.
 More to be discussed during Closed Session.

 C. Aspen Condos
Building Permit was submitted to the Town.
Neubauer and Jennison are working on budget.

D. Jeffreys
The Jeffreys is closed for the winter and on schedule.

E. Manzanita
Construction on Manzanita is scheduled to start in the Spring.

F. Tavern Road
 Use permit approved by Planning Commission.
 CDLAC bond application to be submitted in March.
 Mammoth Lakes Housing is working with Town on a parking strategy for Tavern Road.
 Grading Permit is to be submitted next week and foundation submittal will follow.
 Expected completion date is January of 2009.

VI. Discussion of North Village Parking
Discussion about Mark Maldonado’s meeting with Rusty, Kirk and Craig Knight.

VII. Discussion of Hidden Crossing
Mark Maldonado discussed with the developer the possibility to create affordable housing using a different methodology than what was proposed. Mark Maldonado discussed a variety of Homebuyer assistance programs that could apply to the project.

VIII. Discussion of CDBG Application
Discussion of general allocation and PTA funding applications with anticipation of award within 30days.

IX. Adoption of Amended Resolution Changing Articles of Incorporation
Discussion about the revised resolution to meet requirement of State Board of Equalization
Motion passed 5-0 vote to adopt amended Articles of Incorporation.

Closed Session

X. Pursuant to Government Code Section 54957, the Board will enter into closed session for the purpose of considering a Personnel Matter.


No action taken during closed session.

XI. Adjourn