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LAKEWOOD HOUSING AUTHORITY
SPECIAL MEETING
Tuesday July 13, 2004
8:00 A.M.
Members Present: Robert Sandridge-Chair
Sandra Maben-Commissioner (via phone conference)
Gari Westkott-Commissioner
Members Excused: Joan Smith-Vice Chair
Minoo Poorteymoor-Resident Commissioner
Staff Present: Garnette Hardesty - Administrative Assistant
Bill Lunsford - Development Manager
CALL TO ORDER
The Chair, Robert Sandridge, called the regular meeting to order at 8:07 a.m. with roll being called by the Administrative Assistant. The Chair stated a quorum was present.
Bill Lunsford responded to Gari Westkott's question on the private activity bonds attached to tax credits for Kings Row Apartments. The Kings Row property is under contract and in order to close the transaction the bank will be issuing bonds will cover two parts of the transaction. First, the bank will provide funds for the acquisition of the property and secondly they will provide a construction/rehab component to the property during a two-year period. The primary long-term loan of $7,700,000 will stay in place and the rehab portion of the bond will be paid off by the tax credit financing at the end of the two-year period.
Gari Westkott asked if the bank was going to sell the bonds to private investors and Bill's response was he thought they were not. They are keeping the bonds in their portfolio. So it will not be a public placement.
REQUEST FOR RESOLUTION FOR APPROVAL OF THE ISSUANCE AND SALE OF THE BONDS FOR KINGS ROW
Bill Lunsford requested approval of the issuance and sale of three series of bonds for Kings Row Properties. One bond in the amount of $7,700,000, one for $2,066,000 and one in the amount of $634,000, which is not tax-exempt.
A motion was made by Sandra Maben, seconded by Gari Westkott to approve the resolution as written.
The vote of the Commissioners was as follows:
Robert Sandridge :aye
Sandra Maben :aye
Gari Westkott :aye
The motion carried.
The resolution was put together by Stan Raines who is working closely with Randy Komisarek from Gorsuch Kirgis.
Sandy Maben's question on rates and dates was answered when Bill Lunsford told her the rate is floating and the maturity won't be set until the bonds are closed. Bill will notify the board of this information when he receives it. The ballpark rate is around 5.4%.
Other Business
The special meeting of the Housing Authority of the City of Lakewood was adjourned
at 8:15 a.m.
Robert Sandridge - Chair
Lakewood Housing Authority
Sabrina Pierre-Louis
Deputy Executive Director
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