HomeMy WebLinkAboutKit Housing - 2012-01-18
KITCHENER HOUSING INC
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD:
Schmalz Room, City Hall, 200 King Street West, Kitchener
DATE:
January 18, 2012
TIME:
4:00 p.m.
PRESENT:
Andrew Head, Frank Etherington, Ted Bleaney, Bob McColl, Mike Seiling,
Denny Cybalski
RESOURCE
STAFF: ,
Karen KwiatkowskiIulian Anghel, Lori Trumper, Camelia Suciu
ABSENT:
Christian Witt, Corrine Cash, Carl Zehr, David Heintz, Bil Ioannidis
Opening Remarks
1.
Andrew Head, Chair, called the meeting to order at 4:00 p.m.
Conflict of Interest
2. - nil
Approval of Agenda
3.
On a motion
by Mike Seiling, seconded by Ted Bleaney and CARRIED, the
agenda be approved.
Minutes
4.
Approval of Board Minutes – November 16, 2011
4.1
The minutes of the Board of Directors Meeting November 16, 2011 had been circulated with
the agenda.
On a motion
by Ted Bleaney seconded by Bob McColl and CARRIED, it
was resolved that the minutes of the Board Meeting of November16, 2011
be accepted as a true and correct record of the meeting.
Finance & Administration Business
5.
st
Financial Statements – 1 Run – est. December 31/2011
5.1
The R & E statements have been circulated with the agenda. Lori Trumper gave an
overview or the report. The statements included the accruals up to the point that we know
of up to December 31, 2011.There will be some further adjustments beyond this point.
2
Rental Arrears Report - December 2011
5.2
Rental Arrears Report for December 2011 has been circulated with the agenda. Lori
Trumper gave an overview of the report. The arrears were at 3%, we had 1 vacancy and we
were over the market target by 27 units.
At the end of the year we were under the budget for vacancies and bad debt.
Mortgage Renewal – 103 Gage Avenue
5.3
The mortgage renewal date for 103 Gage Avenue is April 01, 2012.
On a motion
by Denny Cybalski, seconded by Mike Seiling and CARRIED,
WHEREAS
Kitchener Housing Inc (the “Corporation” and/or “Housing
Provider”) has requested the Ministry of Municipal Affairs and Housing (the
“Ministry”) to arrange on its behalf a refinancing of the existing
charge/mortgage of land (the” Mortgage”) for its project municipally known
as 103 Gage Avenue, Kitchener maturing on April 01, 2012 in the
approximate amount of $2,011,324.11
And WHEREAS
the Ministry has agreed to arrange said mortgage financing
and the Housing Provider agrees to be bound for those purposes by the terms
and conditions contained in the said Mortgage, or any amendments thereto.
1.
The Housing Provider hereby authorizes the Ministry to solicit and
arrange on its behalf such Mortgage(s) or Mortgage facilities with a lender
or its authorized agent (the “Lender”) as it deems necessary, appropriate or
advisable for the project identified above and for the maturity date
aforementioned;
2.
The Housing Provider hereby agrees to be bound to the Lender for such
mortgage purposes and upon the terms and conditions contained in the
said Mortgage, or any amendments thereto, and the Housing Provider
hereby further agrees to mortgage its property and assets to secure its
present and future obligations under the said Mortgage, or any
amendments thereto, to the Lender, as deemed necessary or advisable.
3.
The Housing Provider hereby authorizes the designated signing Officers to
enter into such agreement or agreements amending the terms of the said
Mortgage and to deliver to the Lender such document or documents as
may be deemed necessary, advisable or required by the Lender to give
effect thereto.
4.
The Housing Provider further confirms that this Resolution has been
ratified and approved by its Board of Directors and it agrees to deliver this
resolution to the Ministry and to the Lender; and
5.
The Housing Provider further confirms that this resolution shall continue
in force and effect until written notice to the contrary is delivered to the
Lender and the Ministry with receipt acknowledged by the Lender and the
Ministry.
Property Business -
6. was discussed in Caucus
Tenant Placement
6.1 – was discussed in Caucus
Property Maintenance Report
6.2 – was discussed in Caucus
3
General Manager’s Report -
7.was discussed in Caucus
Chair updates
8. – nil
Open Forum - nil
9.
Other - nil
10.
Adjournment
11.
On a motion
by, Denny Cybalski seconded by Frank Etherington and CARRIED,
the meeting adjourned at 5.05 p.m.
ACCEPTANCE OF MINUTES
___________________________________ __________________________
Chairman Secretary