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HomeMy WebLinkAboutKit Housing - 2015-01-21Agenda # 4.1 KITCHENER HOUSING INC MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS HELD: Schmalz Room, City Hall, 200 King Street West, Kitchener DATE: January 21, 2015 TIME: 4:00 PRESENT: Bob McColl, Ted Bleaney, Lisa Keys, Bil Ioannidis, Richard Parent, Frank Etherington, Mike Seiling, Berry Vrbanovic, Preet Kohli, Andre Chin RESOURCE STAFF: Tom Belanger, Lori Trumper, Camelia Suciu ABSENT: Julian Anghel Opening Remarks Bob McColl - called the meeting to order at 4:00 p.m. New members Preet Kohli, Andre Chin and new Mayor Berry Vrbanovic were introduced and welcomed to the Board. 2. Conflict of Interest - nil 3. Approval of Agenda On a motion Bil Ioannidis, seconded by Ted Bleaney and CARRIED, that the agenda be approved. 4. Minutes 4.1 Approval of Board Minutes — November 19, 2014 The minutes of the Board of Directors Meeting — November 19, 2014 had been circulated with the agenda. On a motion by Bil Ioannidis seconded by Lisa Keys and CARRIED, it was resolved that the minutes of the Board Meeting of November 19, 2014 be accepted as true. 4.2 Board Election to Executive Committee This item will be on the Agenda for February's meeting. 4.3 Growth Sub - Committee Membership Mandate to consider potential for new development and growth of portfolio through capitalizing on Feb /Prow Investment in Affordable Housing Programs and other sources of funds. First meeting will be held in February. On a motion by Richard Parent, seconded by Lisa Keys and CARRIED, Berry Vrbanovic, Richard Parent, Andre Chin be approved as members on the Growth Sub - Committee. 4.4 Capital Sub - Committee Mandate would be to work with staff on developing a 5 -year Capital Expenditures Plan. Utilizing KHI's new Building Condition Assessments and Reserve Fund Study andf any other data information, members will recommend to the Board a 5 -year Capital Expenditure Plan and, Annual Capital Budget, effective the 2016 Budget Year. On a motion by Richard Parent, seconded by Lisa Keys and CARRIED, Lisa Keys, Mike Seiling, Ted Bleaney, Julian Anghel, Tom Belanger and Lori Trumper be approved as members on the Capital/Maintenance Sub - Committee. 4.5 Policies and Procedures Sub - Committee Mandate would be to review various policies and procedures identified by board or staff requiring updating. The members will then recommend adoption of policies to the Board. On a motion by Richard Parent, seconded by Lisa Keys and CARRIED, Bob McColl, Lisa Keys, Preet Kohli be approved as members on the Policies and Procedures Sub - Committee. The Investment Sub - committee mandate will be presented at February's meeting. 5. Finance & Administration Business 5.1 Financial Statements — September The financial statements for December have been circulated with the agenda. Lori Trumper gave an overview of the report. On a motion by Ted Bleaney, seconded by Richard Parent and CARRIED, the December financial statements be approved. 5.2 Mort2a2e Renewal Carwood Avenue The mortgage renewal date for 278 Carwood Avenue is March 1, 2015. On a motion by Mike Seiling, seconded by Berry Vrbanovic 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 278 Carwood Avenue, Kitchener maturing on March 1, 2015 in the approximate amount of $ 1,560,771.92 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. 5.3 Revised CLC David Street Ph.2 The project at 35 David Street Phase 2, came under budget and at that time Karen Kwiatkowski submitted a request to retain the surplus, request that was denied. Kitchener Housing Inc. would like to re- submit the request. On a motion by, Lisa Keys seconded by Andre Chin and CARRIED, Bob McColl was authorized to enter into an agreement with the Region of Waterloo to sign a new Conditional Letter of Commitment. 5.4 Rental Arrears Report December 2014 Rental Arrears Report for December 2014 had been circulated with the agenda. The arrears were at 4 %, and arrears including retro charges were at 5 %.We had 3.7 vacancy and we were over the market target by 14.5 units. 5.5 Tenant Placement Report (TPR) The Tenant Placement has been circulated with the agenda. During the month of December we had 9 notices to vacate for various reasons. 5.6 City of Kitchener Request At the Striking Committee meeting a motion was made requesting that Kitchener Housing Inc Board consider adding a third member of Council to the Board, and if so , the appointment of Councillor Z. Janecki be confirmed. After discussions at the meeting it was agreed that at this time Kitchener Housing Inc. doesn't require another member to the Board. On a motion by Richard Parent, seconded by Andre Chin and CARRIED, the Board of Directors would like to thank City Of Kitchener for the interest although at this point has chosen not to change the by -laws and add another member. 5.7 E -Scan and Work Plan The Kitchener Housing Inc. — 2015 Environmental Scan and Work Plan was circulated with the Agenda. On a motion by Ted Bleaney, seconded by Bil Ioannidis and CARRIED, the 2015 E -Scan and Work Plan be approved. 6. Property Business — was discussed in Caucus 6.2 Property Maintenance Report — was discussed in Caucus 7. General Manager's Report - was discussed in Caucus 8. Open Forum - 9. Other — 10. Adiournment On a motion by, Richard Parent seconded by Bil Ioannidis and CARRIED, the meeting adjourned at 6.00 P.M Chairman ACCEPTANCE OF MINUTES Secretary