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HomeMy WebLinkAbout1993_10_18 Housing Authority Minutes rr ,' ® MEETING MINUTES OCTOBER 18, 1993 The meeting was called to order at 8: 30 PM by Paul Winick, Chairman. The meeting was held in Conference Room B in the Mamaroneck Town Hall. Mamaroneck Housing Authority members in attendance were: • Paul Winick, Chairman ▪ Jeffrey Marston, Secretary ▪ Mary Regina Carlson. Visitors and staff in attendance were: ▪ Steve Altieri, Town Administrator ▪ Carmine de Luca, Town Comptroller Sandi Vanderslice, Town Deputy Comptroller Saul Gluckman, Montrose Management Paul Vuillerimier, Montrose Management. 1. Payment of Bills. It was moved by Paul Winick, seconded by Mary Regina Carlson, that the Authority approve and authorize the Chairman to sign checks to pay the outstanding bills, see the attached list, ,plus an additional bill in the amount of $7, 171. 50 submitted by Gallagher Newman Insurance Brokers. The motion was passed 3-0. 2 . Report from the Town Comptroller on the Investment of Bond Proceeds. Mr. de Luca reported that $3 , 000, 000 was invested in bank CD's in NatWest Bank. Ms. Vanderslice reported that funds were not deposited in the MBIA CLASS account on the advice of Bond Counsel Tom Rothman who stated that the MBIA account are not allowable investments under housing authority regulations. $1, 000, 000 were each invested at 3 . 05% in 30, 60, and 90 day CD's. The remainder was invested in an interest bearing checking account. The Authority requested that the Town Comptroller increase the amount of funds invested in CD's after a discussion of the timing and needs of the funds and the rates of interest to be earned in longer term investments. Resolution 93-20 was moved by Jeffrey Marston, seconded by Paul Winick, that: The Mamaroneck Housing Authority hereby authorizes the Town Comptroller to open the following accounts on behalf of the Authority: • Cost of Issuance Fund • Operating Fund 11E: Debt Service Reserve Fund Debt Service Sinking Fund k © . Capitalized Interest Fund. The motion was passed 3-0. 3 . Project Ccnstruction Issues. Steve Altieri provided a report on the progress of construction. Because of the extensive extra soils work and a week of bad weather, the project is approximately one week behind schedule. There was an extensive discussion of a request submitted by the construction manager asking the Authority whether it would agree to help one of the subcontractors by paying for equipment purchased out of the ordinary sequence. Mengler Construction purchased equipment, as called for under his contract, ahead of the time at which he would ordinarily be scheduled to install it in the project. The amount involved is $90, 000; there is not any negligence on the part of the Authority or any other contractor; shop drawings and specifications have been submitted. Tri-Tech estimates that installation would begin in late November or early December. Ordinarily, the contractor would be paid gradually for equipment on the basis of the equipment installed. The request for payment for the equipment cost was 50% on the November invoice and 50% on the December invoice. Costs for installation would be paid on the normal as-installed basis. There were several questions about the risks to the Authority of taking title without taking delivery and how the Authority would be covered through insurance. Storage of the equipment in a bonded warehouse was considered. It was the consensus of the Authority that the requested payment schedule (see the above paragraph) was satisfactory, 'subject to the subcontractor providing adequate insurance for the equipment between the time it is delivered and the time it is installed on the site. 4 . Managing Agent. The Authority carried out a question and answer session 'with the representatives of Montrose Management in order to increase the members' knowledge of issues involving the management of the completed project. There are two basic options in management, namely: ▪ Management by an agent • Self-management. The decision on which option to select should focus on whether the Authority or Town have the experienced, administrative staff to carry out management activities. Steve Altieri stated that he did not think that the Town had such staff. Variations exist in terms of the extent of services provided by the agent and Authority staff, such as: iro Resident screening and certification ® Rent collection • Maintenance, repairs, and grounds keeping Handling of complaints and inquiries Section 8 paperwork Reports relating to the various funding sources for the project. The Montrose representatives recommended that the managing agent staff not be responsible for maintenance. They recommended that the Authority hire a full time superintendent who would live at the project. They stated that offering a two-bedroom apartment was standard. The cost of a superintendent was estimated to be $50, 000 plus incidental expenses, broken out as follows: $26, 000 salary (union scale) $14, 000 free housing on the site $10, 000 fringe benefits (includes family health coverage) . It was suggested that the pricing of managing agent service would be: 4% of gross rents for agent services, excluding bookkeeping 5%-6% of gross rents if bookkeeping is included. CIt was recommended that the Authority decide whether or not to select a managing agent at least six months ahead of the estimated opening date. The job descriptions of the superintendent and the managing agent should be adjusted according to the management philosophy of the Authority and its ability to access Town employees to carry out operations activities. It was suggested that the NYS Division of Housing and Community Renewal might have information on the selection, duties, and overseeing of management agents. The Montrose Management representatives volunteered to supply the Authority with a copy of the management agreement for their Peekskill project. The Builders Institute of Westchester County may have a list of management agents. It was decided to ask the Authority's attorney for a decision on the restrictions on how the Authority would select an agent. It was suggested that the Authority allow a 30-45 day response time to any RFP for agent with another 45-60 days for the Authority to interview and Select an agent. If the Authority decided not to market the project directly, it should retain the managing agent 30 days before marketing activities were to begin. The next meeting will be held on November 16, 1993, in Conference Room A of the Mamaroneck Town Center. IC: The meeting was adjourned at 10: 10 PM. . - �- too Minutes submitted by Jeffrey L. Marston, Secretary. 41) 93J18MHA C