Board of Directors Meeting

Monday, January 7, 2013
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members: Bill Taylor, Kirk Stapp, Larry Johnston, and Rick Wood
Member absent: Dave Wilbrecht
Staff present: Jennifer Halferty, Pam Hennarty

III. Public Comments
No comment given.

IV. Approval of Minutes from the December 10, 2012 BOD Meeting
Minutes approved with correction. Motion made by Bill Taylor, second by Rick Wood with a 4-0 vote.

V. Discussion Regarding Town of Mammoth Lakes Loan Forgiveness Discussion
The loan originated from the 1% of TOT funds for Measure A Housing Funds. It was first lent to the Meridian Court project and then transferred to the Aspen Village Condo project under Town Council resolution in 2006. The 2006 resolution instructs the loan to be forgiven should certain parameters be met. MLH staff and Town staff have discussed this matter over the past year or more and the resolution of the matter had been postponed until after the town’s bankruptcy proceedings were completed.
Now Town staff has discussed the possibility of structuring payments on the loan to the Town. The Board believes the money, if paid back to the town, should go into the housing fund as restricted for housing purposes. The board also discussed their interest in the 1% of TOT for housing be fully restored. This matter is before Council on February 6, 2013.

VI. Discussion Regarding Town of Mammoth Lakes Restructuring Plan
Board discussed the upcoming presentation of housing on the February 6th Council meeting.

VII. Review of Fiscal Year 2011-2012 Financial Audit
Board reviewed the Audit.

VIII. Review of Fourth Quarter 2011-2012 Financial Statements
Board reviewed the statements.

IX. Review of First Quarter 2012-2012 Financial Statements
Board reviewed the statements.

X. Board Member Reports
Larry Johnston reported that the Mono County Board of Supervisors will be making new appointments at their next regularly scheduled meeting.
XI. MLH Monthly Status Report
Report was discussed.

XII. Adjourn