HomeMy WebLinkAboutKit Housing - 2010-06-30
KITCHENER HOUSING INC
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD:
Schmalz Room, City Hall, 200 King Street West, Kitchener
DATE:
June 30, 2010
TIME:
4:00 p.m.
PRESENT:
Denny Cybalski, Andrew Head, David Heintz, Paul Holowaty, Ted Bleaney,
Carl Zehr
RESOURCE
STAFF:
Karen Kwiatkowski, Iulian Anghel, Cathy Shafe, Camelia Suciu
ABSENT:
Mike Seiling, Corrine Cash, John Gazzola, Christina Weylie
Opening Remarks
1.
Denny Cybalski, Chair called the meeting to order at 4:00 p.m.
Conflict of Interest
2. - nil
Approval of Agenda
3.
On a motion
by Andrew Head, seconded by Paul Holowaty and CARRIED,
the agenda be approved.
Approval of Board Minutes – May 26, 2010
4.
The minutes of the Board of Directors Meeting of May 26, 2010 had been circulated with
the agenda.
On a motion
by Ted Bleaney seconded by Andrew Head and CARRIED, it
was resolved that the minutes of the Board Meeting of May 26, 2010 be
accepted as a true and correct record of the meeting.
Finance & Administration Business
5.
Financial Statements – April 2010
5.1
The Financial Statements for May has been circulated with the agenda. Karen Kwiatkowski
gave an overview.
On a motion
by Carl Zehr, seconded by Andrew Head and CARRIED, the
May statements be approved.
2
Market Rent Increases – 35 Howe Drive and 31 Oprington Drive
5.2
Prior to the transfer of assets, it became apparent that the market rents being charged at both
of these sites were well below established benchmark market rent. It is important that
Oprington, as part of the provincial subsidy program, have the market rents increased
quickly to that of the Indexed Market Rents (IMR).
Howe is a bit different as it is not in the provincial subsidy program and as long as our rental
revenues exceed expenses, the Board can take an as needed approach to the bottom line.
Retaining our existing market tenant ratio of 80% market and 20% RGI is most important
On a motion by
Paul Holowaty, seconded by David Heintz and CARRIED
that market rent at 45 Howe Drive be increased to $779 for a two bedroom
st
and $803 for a three bedroom effective October 1, 2010 for existing tenants
and to $779 for a two bedroom and $ 883 for a three bedroom for new tenants.
Market rent at 31 Oprington be increased to $762 for two bedroom, $812 for
st
three bedroom and $864 for four bedroom effective October 1 for current
tenants and to $ 779 for two bedroom, $847 for three bedroom and $904 for
st
four bedroom effective October 1 for new tenants .
Rental Arrears Report May, 2010
5.3 –
The Rental Arrears Report for May had been circulated with the agenda. Camelia Suciu
gave the report.
The arrears for April were 3 % with 4 vacancies and we were over the market target by 8.
Property Business -
6. was discussed in Caucus
General Manager’s Report -
7.was discussed in Caucus
Open Forum - nil
8.
Other - nil
9.
Adjournment
10.
On a motion
by, Paul Holowaty seconded by David Heintz and CARRIED, the
meeting adjourned at 5:05 p.m.
ACCEPTANCE OF MINUTES
___________________________________ __________________________
Chairman Secretary