MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting
Monday, October 5, 2009
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.
I. Call to Order
II. Roll Call
Members present: Bill Taylor, Byng Hunt, Jim Smith for Rusty Gregory, Kirk Stapp, Rob Clark, and Sandra Facincani
Members absent: Neil McCarroll
Staff present: Pam Hennarty and Jennifer Halferty
III. Public Comments
IV. Approval of Minutes from the September 8, 2009 BOD Meeting
Minutes tabled to next meeting due to lack of attending quorum.
V. Board Member Reports
Byng was driving I-80 in Truckee and noticed the uncanny similarity of their affordable housing development to our Aspen Village Apartments.
VI. Executive Director’s Report
a. Housing Mitigation Ordinance Update Conference call with Ellen and Mark took place now waiting for EPS’s report on Wednesday. The committee will reconvene once Walter Keiser’s report is released.
b. Update of Pending Grants No updates as of today, should hear in November
c. Aspen Village Sales Update No new sales. Three units sold. No offers though lots of showings off the MLS.
d. Existing Deed Restriction Monitoring Update Working with our Attorneys on clearing-up this misunderstanding.
VII. Review of Draft 2009/2010 Cash Flow Projections
Board discussed the results of the projections. As such the Chairman, Mr. Stapp motioned to stop making interest payments and if the bank isn’t willing to work with MLH then allow the property to go back to the bank with a Deed in-lieu of Foreclosure. Jim Smith seconded and the motion passed 5 – 0 with Bill Taylor abstaining.
VIII. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Multiple Properties
ANNOUNCEMENT OF ACTION TAKEN IN CLOSED SESSION
No action taken.