MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Thursday, July 12, 2007
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd., Suite 5

Minutes

I. Call to Order

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

Staff: Pam Hennarty, Kent Andersen, and Ben Manning

Other: Craig Knight and Eric Fishburn

III. Public Comments
Craig Knight representing Starwood Capital would like to reengage with MLH associated with Housing Mitigation for Mammoth Mountain Ski Area (MMSA). He stated that he is a proponent for affordable housing for the workforce, and indicated that MMSA is developing, in cooperation with MLH and TOML, the value of MMSA’s land and housing stock to potentially meet MMSA’s future housing mitigation requirements.

Eric Fishburn talked about the Tallus land offer. He stated that he has discounted the lands to $5 million, with a value of $60,000 per FTEE for a total of 84 FTEE’s available for discussion. He wants to be involved in the planning and construction of the project at a 25% reduction of his normal rate. He wants to be involved in order to lessen the devaluation of his property and guarantee a good product.

IV. Approval of Minutes from the June 7, 2007 BOD Meeting
Minutes approved by 5-0 vote.

V. Discussion and Possible Action Regarding 2007/2008 Fiscal Year Budget
Budget approved by 4-0 vote with one abstaining.
Pam Hennarty reported that budget was generally based on the Year to Date expenses and projections from the previous fiscal year. There were some changes due to the fact that the organization will now have project budgets to better track operation vs. project spending. It was noted that the payroll expense line item was left at the same level as last year in order to allow Board flexibility with the filling of the Executive Director’s position. Kirk Stapp requested that next meeting include a discussion of the Town’s budget for workforce housing.

VI. Policy Discussion Regarding Home Buyer Assistance Programs
Assistance will be provided to individuals in the 121% – 200% AMI. The Board suggested that the guidelines match that of the HELP down payment assistance program.

VII. Discussion regarding Potential Future Project with Mono County
Pam Hennarty met with Scott Burns to discuss the County’s desire to work with MLH in a more comprehensive role. Scott Burns stated that the Board/Housing Authority would like to do a strategic plan and asked if MLH is willing to provide financial and strategic assistance. Scott has requested $35,000 – $45,000 of CDBG administrative funds to do this strategic planning. Several options as to how MLH will work with the County in the future were discussed.

VIII. Discussion of Housing Mitigation Toolbox Policy
Need to explore the combination of tools in the toolbox memorandum. The Board recommended a study session for the Toolbox and recommended bringing Peter Denniston or another developer in for discussion. Pam Hennarty to coordinate this session.

IX. Project Review
a. Aspen Village Apartments- Nearly complete, finishing some landscape and lighting issues. Mark Carney wants to see more landscaping along the road frontage.Stapp suggested evergreens as a solution.
b. Aspen Village Condos- Building permit approved. Grading work going on and budget will be worked out.
c. Manzanita- Receiving building permit.
d. Jeffreys- Certificate of Occupancy by October 1st, 2007.
e. Tavern Road Plaza- Receiving bids that include value engineering.
f. San Joaquin Villas- Continuing to show units.
g. Future Projects- Ben Manning is looking at parcels available for development. Pam Hennarty is currently talking with John Vereuck about potential projects.

X. Discussion and Possible Action Regarding Shady Rest/ California Housing Partnership Contracts
MLH will provide Victor Lee access to the California Housing Partnership. Kirk Stapp and Pam Hennarty to rework letter to Victor Lee.

Closed Session

XI. Pursuant to Government Code Section 54956.9, subdivision (a), the Board will hold a conference to discuss one case of potential litigation.

XII. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss the terms and conditions of acquisition of real property (APN 33-170-03, 04 & 05).
Board voted by 3-0 vote to reject the counteroffer and cease further negotiations.

XIII. Pursuant to Government Code Section 54957, the Board will hold a closed session to discuss personnel evaluations.

XIV. Pursuant to Government Code Section 54957, the Board will hold a closed session to discuss the status of the Executive Director Position.

XV. Adjourn