HomeMy WebLinkAbout2016-01-25 CHA Special Mtg Caldwell Housing Authority
January 25,201 b Special Meeting Minutes
At Sunrise Cafe
Board Members Present: Patricia Benedict, Estella Zamora, .Pini Porter, Mariscla Pesina, and
Sid Freeman
Staff Members Present: Mike Dittenber and Ruben Buenrostro
In Order of Business:
L Roll call And call to order:
Patricia Benedict called the meeting to order at 6:30am.
2. Construction and Construction Funding Considerations:
Mike started the meeting by explaining to everyone present at the meeting the funding plan he
draltcd liar developing the 121 E. Elgin and 125 C. Elgin properties. He then provided an
explanation of file construction timelines and the necessity to proceed with construction
immediately.
Sid Freeman reminded ,Mike and the Board of their commitment to undertake north-end
development activities without putting the Farmway Village property at risk. One of the funding
options was to leverage$100.000 of the Security Deposit Reserves against a construction loan.
Mike was told that was no longer an option and to return to the bank for additional lending
options.
Jim Porter suggested Mike return to the Urban Renewal Agency Hoard to ask for a $100,000 low
interest loan to complete the construction.
Patricia Benedict asked Mike to get finn "loan commitments" from the bank before proceeding.
3. Adjournment:
Meeting adjourned at 7:25am.
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(resident, Board of Directors Executive Director
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