MAMMOTH LAKES HOUSING, INC.
Special Board of Directors Meeting
Wednesday, October 10, 2012
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.
I. Call to Order
II. Roll Call
Members: Bill Taylor, Dave Wilbrecht, Kirk Stapp, Larry Johnston, and Rick Wood
Members absent: Dave Wilbrecht, Rick Wood
Staff present: Jennifer Halferty, Pam Hennarty
III. Public Comments
No public comment.
IV. Approval of Minutes from the September 17, 2012 BOD Meeting
Continued until the next meeting.
V. Discussion Regarding Measure A Housing Funds
The board discussed the status of the Town’s restructuring and the impacts of the proposed restructuring on the 1% of TOT for housing passed by the voters with political commitment. Cuts have been made to the MLH contract over the past two years with those cuts going in the Town’s general fund. Starting in the budget year 2014/15 the debt service to land for affordable housing with be paid in full and the Town is planning to move those monies the general fund. With that re-allocation the 1% TOT housing fund will be cut by 58%.
VI. Discussion Regarding Town of Mammoth Lakes Proposed Restructuring Plan with Regard to Mammoth Lakes Housing, Inc.
The board discussed the cuts already taken by MLH in order to assist with the Town’s bankruptcy and financial distress.
VII. Board Member Reports
No member reports were presented.