HomeMy WebLinkAbout2015_01_06 Housing Authority Minutes Town of Mamaroneck Housing Authority
Board Meeting Minutes
01/06/2015
In attendance:
Board Members: Rick Cherry-Chairman,Dolores Batallia,Bob Kirby-Secretary
Town of Mamaroneck Members: Nancy Seligson,Steve Altieri
Town Board Liaison:Tom Murphy
The Board Meeting was called to order at 5:00 pm by Rick Cherry.The board minutes from the last
meeting on Dec 19,2014 were approved by the board in a unanimous vote.The chair welcomed
Supervisor Nancy Seligson and Town Administrator Steve Altieri to discuss the Hommocks Park Apts.
Revenue Bonds refinancing to occur in the second quarter 2015.
1. Bond Refinancing:The Housing Authority intends to call the early redemption of the existing
bonds and to issue and sell new Series A bonds to repay the$1,855,000 remaining on the
original bonds and a new Series B bonds of additional money not to exceed$650,000 for
various capital improvements with a twenty year maturity date. The Town of Mamaroneck
is requested by the Housing Authority to guarantee the principal and interest on the total
2015 bonds for an amount of$2,850,000.Supervisor Seligson indicated the town board
would hold a work session in late January 2015 to reaffirm the town's guarantee for the
length of the new bond maturity dates. Also discussed were possible next steps for the
refinancing,including an extension of the ground lease that currently expires in 2021.
2. Driveway Repairs: Rick Cherry requested that the town provide an engineering dept.report
estimating the cost of repaving the driveways within the Hommocks complex. Steve Altieri
agreed to complete the report quickly and he estimated the cost of the repair to be
approximately$60,000---without indicating which entity would pay for it.
3. The next board meeting will be scheduled in February 2015 to approve and adopt the
resolution authorizing the issuance of the 2015 Revenue Bonds.
The Board Meeting adjourned at 6:15 pm.