HomeMy WebLinkAboutKit Housing - 2010-11-24
KITCHENER HOUSING INC
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD:
Schmalz Room, City Hall, 200 King Street West, Kitchener
DATE:
November 24, 2010
TIME:
4:00 p.m.
PRESENT:
Carl Zehr, David Heintz, Andrew Head, Paul Holowaty, Ted Bleaney, John
Gazzola
RESOURCE
STAFF:
Karen Kwiatkowski, Iulian Anghel, Lori Trumper, Camelia Suciu
ABSENT:
Denny Cybalski, Mike Seiling, Christina Weylie, Corrine Cash
OTHER:
Frank Etherington
Opening Remarks
1.
Andrew Head, Vice- Chair called the meeting to order at 4:00 p.m.
Conflict of Interest
2. - nil
Approval of Agenda
3.
On a motion
by Paul Holowaty, seconded by Ted Bleaney and CARRIED,
the agenda be approved.
Approval of Board Minutes – October 27, 2010
4.
The minutes of the Board of Directors Meeting of October 27, 2010 had been circulated
with the agenda.
On a motion
by Ted Bleaney seconded by Paul Holowaty and CARRIED,
it was resolved that the minutes of the Board Meeting of October 27, 2010
be accepted as a true and correct record of the meeting.
Finance & Administration Business
5.
Financial Statements – October 2010
5.1
The Financial Statements for October has been circulated with the agenda. Lori Trumper
gave an overview or the report. Lori to adjust the 2010 YTD Budget amounts and email
corrected October statements to all Board members.
On a motion
by John Gazzola, seconded by Paul Holowaty and CARRIED,
the October statements be approved with changes as noted.
2
Rental Arrears Report – October, 2010
5.2
The Rental Arrears Report for October had been circulated with the agenda. Lori Trumper
gave the report.
The arrears for October were 1 % with 3 vacancies and we were over the market target by
26
KHI Website
5.3
The idea of having our own website has been under discussion by staff for some time. Julian
has secured the domain name www.kitchenerhousing.ca for $ 9.95+tax/year. Web hosting is
$11.95+tax/year with 250 GB web space, min 10 emails, Google exposure, etc. The website
design cost $500 - $ 1000 a one time fee.
Questions were raised at the meeting for the website maintenance and the time needed to
maintain the domain. Board members supported more discussions with City of Kitchener IT
department for more information on how we can update the current website that is on the
City’s webpage. Follow up January Board.
Mortgage Renewal 31 Oprington Dr
5.4
The mortgage renewal date for 31 Oprington Drive is March 1, 2011.
On a motion
by C. Zehr, seconded by P. Holowaty 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
31 Oprington Drive, Kitchener maturing on March 1, 2011 in the approximate
amount of $9, 492,480.01
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.
3
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
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 John Gazzola and CARRIED, the
meeting adjourned at 5:20 p.m.
ACCEPTANCE OF MINUTES
___________________________________ __________________________
Chairman Secretary