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09-16-08 TSH San Marcos Min (2) BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY – SAN MARCOS PROJECT (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) September 16, 2008 PRESENT: Chairman Jim Carter and Directors Jac Irvine, George Ledak, and Jill McKean, Melanie Lekkos, and Chuck Schultz. ABSENT: None. OTHERS PRESENT: General Counsel Scott Bradley, Finance Manager Pete Ehrenberg, and Secretary Kim Sutter. 1. CALL TO ORDER. Chairman Carter called the meeting to order at 7:08 p.m. 2. DISCUSS POSSIBLE SALE OF THE RIDGE AT SAN MARCOS AND AUTHORIZE STAFF TO PURSUE POSSIBLE FINANCING OPTIONS. Finance Manager Ehrenberg addressed the Board regarding the item. Mr. Ehrenberg advised the Board that $19.5M is owed on the property and that MuniMae has offered to sell the property to TSHA for approximately $9.5M based on TSHA’s tax exempt status. Mr. Ehrenberg advised the Board that a two-year-old appraisal valued the property at $14.5M. Discussion ensued regarding the possible sale, impact to current scholarship recipients, General Counsel Bradley stated that he feels the Board should explore purchasing, but felt the deal would be difficult to put together, and recommended the Board have a financial advisor review. Finance Manager Ehrenberg stated that an appraisal should be available in three (3) weeks. It was the consensus of the Board to move forward with evaluating the possibility of purchasing the property Chairman Carter directed staff to provide the appraisal to the Board when available. 3. ADJOURN. There being no further business before the board, Chairman Carter declared the meeting adjourned at 7:30 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON ________, 2008. The Minutes are approved and certified to be a true and correct reflection of the actions of the officers and members of the Board, and is hereby certified to be an official copy thereof, on file among the official records of the Board, on this the ___TH day of ________. ______________________________________ Jim Carter, Chair ATTEST ____________________________________ Kim Sutter, Secretary