HomeMy WebLinkAbout2011_12_05 Housing Authority Minutes TOWN OF MAMARONECK HOUSING AUTHORITY
BOARD MEETING MINUTES
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In attendance:
Board Members: Rick Cherry- Chairman, Sal Iacono -Treasurer, Bob Kirby- Secretary, and
Bob Cammer
Managing Agent: Bram Fierstein
The Board Meeting was called to order by Chairman, Rick Cherry,at 7:10 PM. The minutes
from the last meeting in October,2011 were read and approved.
1. Cash Position HVB Operating Account $ 26,076.27
@ 12/05/11: HVB Capital Account $ 27,469.00
Merrill Lynch L/T Reserve $ 491,835.00
Merrill Lynch S/T Reserve $ 157,139.00
Total $ 702,519.27
2. Capital Needs Assessment: The Treasurer presented an analysis that detailed the
capital expenditures required over the next ten years for the Hommocks Park
QApartments that the Chairman had requested at the October Board Meeting. Mr.
Iacono indicated that currently we have capital projects underway that total $178,200.
Proposed long term capital improvements (replacement of roofs, shingles and
windows, etc.) are estimated to cost approx. $1 million. These combined expenditures
exceed our Capital Fund balances of$650,000 @ 11/30/11,resulting in a cash
shortfall of$550,000. He recommended the Board consider a combination of rent
increases and project delays where feasible until after the refinancing of the Revenue
Bonds occurs (post-December 2014).
3. 2012 Budget: The Managing Agent,Bram Fierstein,presented the 2012 Budget for
Board approval in two parts-operating and capital. (See Attached). The operating budget
has a deficit for the year of$3,125. He indicated a rent increase maybe warranted to
cover the shortfall. The capital budget has expenditures totaling$114,000 principally due
to 8 remaining boiler unit installations. The Board approved both budgets for 2012 and
also approved an annual rent increase of 3%for 2012 and 2013,for the first time in five
years (i.e.,2007).
4. Payment in Lieu of Taxes("PILOT")Discussion: The Chairman asked the Board to
consider a payment to the Town of Mamaroneck prior to year-end 2011. After an
extensive discussion of the merits of making such a payment,the Board concluded that it
would not be fiscally prudent at this time in light of current cash requirements,but will
remain on the agenda for consideration in 2012.
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5. Holiday Gift Cards Update: Bram Fierstein informed the Board that the Stop& Q
Shop gift cards approved at the last Board meeting were in the amount of$20
each and were sent to all tenants who are not in arrears.
6. New Business: Due to a tenant complaint about noise from another tenant,the
Board decided that rules regarding tenant noise are to be posted to all tenants and
also be included in future leases.
7. The next Board Meeting is scheduled for March 19,2012.
The Board Meeting was adjourned at 9:00 PM.