Board of Directors Meeting

Monday, March 12, 2012
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members present: Bill Taylor, Dave Wilbrecht, Jim Smith for Rusty Gregory, Kirk Stapp, Larry Johnston, Rick Wood
Members absent: Luis Villanueva
Staff present: Jennifer Halferty, Pam Hennarty

III. Public Comments
There was no public comment.

IV. Approval of Minutes from the February 6, 2012 BOD Meeting
Bill Taylor motioned to approve minutes as presented, Jim Smith second the motion with all in favor for 6-0 vote.

V. Report on SB1220 HOMeS Housing Trust Fund
As the bill is presented it proposes to impose a $75 fee on the recordation of each real-estate document in order to permanently fund the Housing Opportunity and Market Stabilization (HOMeS) Trust Fund that will support the development, acquisition, rehabilitation, and preservation of homes affordable to low- and moderate- income households, including emergency shelters, transitional and permanent rental housing, foreclosure mitigation, and homeownership opportunities.

VI. Discussion of Town of Mammoth Lakes contract and Mediation Request
Pam met with John Eastman and Jo Bacon regarding MLH’s option to participate in mediation with the Town as they move forward in restructuring and possibly into bankruptcy. Bill motioned to have MLH enter into mediation with The Town of Mammoth Lakes. Jim second the motion with all in favor for a 6-0 vote.

The Town if facing a TOT shortfall this fiscal year and is bracing to budget on a $2 million shortfall for next fiscal year. The Town Council may request that MLH participate in solving this year’s shortfall and then further consider a 10% cut in next year’s contract.

VII. MLH Board of Directors Make-Up Discussion
Luis Villanueva is saddened to resign from the MLH board after only one month though do to MMSA’s restructuring he no longer has any spare time to serve on the board. The board requested Pam check in with Hector Gonzales and Melissa Swan to see if either is interested in serving on the board and report back at the next meeting.

VIII. Board Member Reports
Larry Johnston reported that the Mono County Board of Supervisors added $500,000 to reserves with an existing balance of $1 million. Furthermore, property tax has stabilized and the MMSA property tax appeal has been settled.

IX. MLH Monthly Status Report
Report presented and reviewed. Of highlight, the first Aspen Village Condo deed restricted unit is available for re-sale. MLH staff has secured a buyer and the unit should transfer hands in April.


X. Pursuant to Government Code Section 54956.9, the Board will hold a closed session to discuss pending litigation.

No action taken.

XI. Adjourn