MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Tuesday, May 6, 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, Byng Hunt, Kirk Stapp, and Rob Clark
Staff: Pam Hennarty, Jennifer Halferty, and Kent Andersen
Public: Brad Koehn
Press: Lara Kirkner

III. Public Comments
None.

IV. Approval of Minutes from the March 27, 2008 BOD Meeting
Minutes were approved with corrections. Bill Taylor motioned, Kirk Stapp seconded, approved 5-0 vote.

V. Ritz Carlton In- Lieu Update
Pam Hennarty gave a brief update on the appeal taken to Town Council on April 2nd by the Advocates of Mammoth. Council denied the appeal by a vote of 4-1 with Skip Harvey voting in support of the appeal. Currently the Town staff is reviewing the in-lieu agreement that was drafted by MLH counsel, Goldfarb & Lipman. Once the Town has completed their review it will be sent off to the Ritz Carlton team for review and then execution.

VI. Review of 3rd Quarter Financial Statements
Jennifer Halferty gave a presentation on the 3rd quarter financial statements. Jim Smith requested a financial forecasting report for the fiscal year to be presented along with the Financial Statements.

VII. Review of Draft Budget for Fiscal Year 2008-2009
Staff presented the draft budget for the coming fiscal year that showed a potential deficit of $50,550. There has been a decrease in grant administrative fees due to the completion of many of the Town’s grants. The draft budget includes a 19% reduction of expenses. This is not a balanced budget as of yet. Outstanding revenue sources include a possible CDBG award of which is anticipated by the end of May and a potential increase in the Town contract fee. Jim Smith requested staff provide a work plan in conjunction with the draft budget in order to put the budget into context.

Kirk Stapp began a discussion on the applicability of expenditures from Measure A TOT funds by the Town in which three primary topics were discussed. First would be to revisit the automatic 10% of these funds paying Town staff. Second, should Measure A continue to be used to fund housing loans for Town employees who are first time responders? Finally, should the debt service associated with the L’abri condominiums continue to be charged to this budget? The Board agreed that the L’abri condominiums should not be charged to funds generated from Measure A as these condos are a recruitment tool for the town and used for out of town consultants to the Town, therefore not within the spirit of Measure A. Kirk Stapp asked to see the Town Budget on the next agenda.

Rob Clark motioned to approve the Executive Director to prepare and present to Town Council a Budget Policy Decision paper requesting an increased funding for MLH by 15% that would include an itemized budget of where funds will go, Jim Smith seconded, approved 5-0 vote.

VIII. Review and Approval of Contract for Services with the Town of Mammoth Lakes
Executive Director Hennarty presented the draft contract for services with the Town. The Board agreed that item 7 on page 2 of the contract (review of housing mitigation development plans and alternative mitigation plans submitted to the Town) should be billed hourly to the Town whereby the Town can pass the cost on to the developer. There is currently no time allotment for MLH staff in the contract. Staff will begin tracking time spent on all MLH activities. The Board requested that item 6 on page 2 of the contract (assisting the Town in administering and monitoring its deed restrictions) stay on the Board agenda in order to further discuss whether to amend the language or bill separately.

Board member Bill Taylor requested further review of the Recitals in the Agreement. The Recitals make mention of the Housing Element of the General Plan. The discussion of the Housing Element Update required by the State Housing and Community Development every five years ensued. MLH staff has done some preliminary Housing Element Update research throughout the State on cost related to updates. The research results indicated the average cost of updating is $60,000 with very large jurisdictions (i.e., Riverside, Fresno, etc.) spending more than $100,000. Discussion then turned to how the Town plans to fund their Housing Element update via the Measure A funds and that at this time the Town has budgeted $160,000 plus Town staff time. Rob Clark requested that the Housing Element Update be placed on the next Board agenda.

IX. Consideration and Approval of a Resolution Authorizing the Purchase of Real Property and Authorizing the Executive Director to Act with Regard to Said Purchase. APN# 22-330-40.
Rob Clark motioned, Jim Smith seconded, approved 5-0 vote.

X. Discuss scheduling of Joint Town Council and Planning Commission Meetings
Rob Clark requested that staff schedule a Board of Directors workshop in order to review the Housing Mitigation Toolbox prior to the joint meetings with the Commission and Council. Staff will send out available dates to the Board.

XI. Agency Review
a. Aspen Village Condos – Eliminated 4 sets of exterior stairs per building by working with Town staff on new recently released code changes. This could result in a cost savings. Jennifer is working with the contractor on selecting flooring and Formica. Documents for selling the units have been submitted to the Department of Real Estate. Could possibly be entering into pre-purchase agreements in September.
b. San Joaquin Villas – Meeting was held with Intrawest about lowering remaining prices in order to spark sales. Staff is waiting for Intrawest’s response. Lending requirements have tightened as all potential borrowers will be required to come in with a minimum of 3% down.
c. Executive Director’s Report –
• Kent Andersen passed real estate exam.
• Maria Linarez is out for surgery for approximately 2 months. Kent Andersen will also be out for surgery for approximately a week.
• Three deed restricted homes have come up for resale. This is the first time MLH has dealt with resales. Two are in escrow.
• Staff attended the Housing California conference in Sacramento and obtained relevant information on a number of topics.
• Staff is continuing to work with Mono County Housing Authority and their consultant as they go through their strategic planning process.
• Pam Hennarty will be meeting with the Mammoth Unified School District Board on May 12 to discuss MLH’s experience and the possibility of working together on the development of MUSD property.

XII. Adjourn