HomeMy WebLinkAbout2014_07_29 Housing Authority Minutes ® TOWN OF MAMARONECK HOUSING AUTHORITY
BOARD MEETING MINUTES
07/29/14
In attendance:
Board Members: Rick Cherry - Chairman, Sal Iacono - Treasurer, Bob Kirby- Secretary,
and Caroline Silverstone
Managing Agent: Bram Fierstein
Town Board Liasion: Not present
The Board Meeting was called to order promptly by Chairman, Rick Cherry, at 7:05 PM. The
motion to approve the minutes from the last meeting in January, 2014 was made by Caroline
Silverstone and seconded by Sal Iacono.
The Chairman indicated a new Town Board Liasion, Tom Murphy, has been named by the
Town Supervisor,Nancy Seligson.
1. Cash Position HVB Operating Account $ 88,645.28
@ 07/29/14: HVB Capital Account $ 7,066.87
Morgan Stanley L/T Reserve $ 626,571.14
Morgan Stanley S/T Reserve $ 59,964.51
Total $ 782,247.80
417
2. Managing Agent's Report: The Managing Agent, Bram Fierstein,reported to the Board
that all apartments are currently rented and total arrears are currently$4,700. Bram also
presented the updated Tier Report that indicates there are currently 14 Section 8 tenants
representing 26.4%of the tenant totals.
3. Driveway Repairs: The Managing Agent mentioned that after the last meeting,the Town
did make minor repairs to the driveway but there still remains a larger section that needs
to be replaced. Town Administrator Steve Altieri then indicated that Town engineers
would complete a cost estimate for a proper repaving of the driveway, but no report has
been forthcoming. Caroline Silverstone recommended that the Managing Agent prepare a
letter(with photos attached)to the Town Superior to "speed up'the process.
4. Cedar Siding Project: The Managing Agent indicated the cedar shingles continue to age
poorly. The Board had previously decided to postpone the project to replace the cedar
shake with a man-made material of mineral cement siding until after the bond refinancing
-- assuming the Board approved borrowing additional principal to complete major capital
• projects. Our last cost estimate in 2012 for the project was approx. $400,000 if the siding
was replaced to all 7 Hommocks Apt. buildings at the same time. The Chairman, Rick
Cherry, indicated that the option to complete the project over several years was still
available if we find significant cost inflation for the project.
5. 2013 Audit: The Treasurer reported the annual audit was completed by the
® accountants O'Connor, Davies LLP in Harrison,N.Y. and that there are no major
issues to report.
6. Bond Refinancing: The Treasurer indicated that a meeting with our advisor, Mr.
Richard Tortora of Capital Markets Advisors LLC, to review the refinancing
analysis he prepared, has been scheduled for September, 2014. Both Sal and Bob
Kirby will attend. The Chairman recommended that a second meeting with the
Board and Mr. Tortora be held to discuss the bond refinancing process with
regard to the Town of Mamaroneck guarantee for the rating agencies and the
timeline for the refinancing process.
7. New Business: Bram Fierstein and Sal Iacono are evaluating three proposals to
change most of the pine trim around the apartments garage doors to a man-made
Azak material. They hope to present a recommendation to the Board at the next
meeting.
8. The next Board Meeting will be scheduled sometime in the 4th Quarter, 2014.
The Board Meeting adjourned at 8:10pm.
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