MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Thursday, June 5, 2008
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.

Minutes

I. Call to Order

II. Roll Call
Members: Bill Taylor, Jim Smith for Rusty Gregory, Kirk Stapp, and Rob Clark
Absent: Byng Hunt
Staff: Pam Hennarty, Jennifer Halferty, Kent Andersen

III. Public Comments
In light of the election results on Tuesday June 1st, Executive Director Pam Hennarty requested to include on the next agenda the addition of Kirk Stapp as a community member of the Board of Directors for Mammoth Lakes Housing. Kirk informed the Board that the Town Mayor will select either them self or a council member to the MLH Board to replace Kirk in his capacity as a “Town Member” per the MLH By-Laws.

IV. Approval of Minutes from the May 6, 2008 BOD Meeting
Minutes were approved as presented. Bill Taylor motioned, Rob Clark seconded, approved 4-0 vote.

V. Financial Statement Forecasting Discussion
Jennifer Halferty presented the new forecasting statement. This statement will be presented henceforth every quarter.

VI. Review of Draft Budget for Fiscal Year 2008-2009
Pam stated that this budget is similar to the budget presented at last meeting. A memorandum was included from the MLH CPA responding to concerns voiced at the May 8th board meeting in regards to the depreciation expense line item. Jim Smith stated that depreciation could be included in the non-cash items.

VII. Review and Approval of Contract for Services with the Town of Mammoth Lakes
Contract was approved with changes. Kirk Stapp motioned, Bill Taylor seconded, approved 4-0 vote.

VIII. Review of Town of Mammoth Lakes Workforce Housing Budget
Kirk Stapp and Bill Taylor gave a background discussion on the 2002 Measure A. A memorandum from Rob Clark was discussed. The Board agreed that a loan from the Measure A Housing Fund could be allowed for the Housing Element update, but that repayment of this loan should be a priority as the Long Range Planning Fund is replenished. The Board also asked that the Housing Element Update be kept separate from the MLH strategic planning, and that Town and MLH staff meet to coordinate the Housing Element Update efforts.

The Board also agreed that the L’Abri apartments are not being utilized as a legitimate Housing Fund expense. That Board suggested that the Town rent one of the units to community members on the Town of Mammoth Lakes Workforce Housing Waitlist.

IX. Town of Mammoth Lakes Housing Element Update
Discussed simultaneously with Agenda Item #VIII

X. Review and Approval of changes to Mammoth Lakes Housing Purchase Policies and Procedures
Staff will provide revised changes in an alternative view using Microsoft Word. Continued until next meeting.

XI. Agency Review
a. Aspen Village Condos – Working on purchase contract and manuals. Will be receiving a Conditional Report from the Department of Real Estate around mid-July which we could then begin pre-selling the units. The DRE Final Report shoud be reading by mid-August. Working with Town Community Development Department on reducing number of stair wells.
b. San Joaquin Villas – No response from Intrawest concerning adjusting sale prices. Jim Smith will contact Doug Ogilvy concerning this.
c. Executive Director’s Report –
• Five homes have come up for resale, four at Meridian Court and one at Bigwood. Two are currently in escrow
• Maria Linarez resigned on June 3rd.
• Next Board meeting will be July 3rd.

CLOSED SESSION

XII. Pursuant to Government Code Section 54957, the Board will enter into closed session to discuss an evaluation of performance of the Executive Director.

ANNOUNCEMENT OF ACTION TAKEN IN CLOSED SESSION
The Board will reconvene from closed session and announce any actions taken therein which are required to be disclosed

No action taken in closed session.

XIII. Adjourn