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HomeMy WebLinkAboutKit Housing - 2016-12-14 Minutes Board of Directors Meeting Wednesday, December 14 , 2016 City of Kitchener City Hall, Schmalz Room PRESENT: B. McColl (Chair) Directors: T. Bleaney, R. Parent, A. Chin, B. Ioannidis, L. Keys, F. Etherington, P. Kohli General Manager: L. Trumper Manager of Accounting: S. Heide Manager of Facilities: I. Anghel Account Analyst: C. Suciu REGRETS: M. Seiling, B. Vrbanovic 1. Meeting Opening 1.1 Call to Order Bob McColl- Chair, called the meeting at 3:00 1.2 Declaration of Conflict of Interest. There was no conflict of interest declared. 1.3 Approval of Agenda: Res #01-12-16: Approval of Agenda On a motion by R. Parent seconded by T. Bleaney, that the agenda be approved. 1.4 Approval of Minutes Minutes were circulated with the agenda. Res #02-12-16: Approval of Board Minutes October 19, 2016 and November 16, 2016 On a motion by L .Keys seconded by R. Parent, it was resolved that the minutes of the Board Meeting of October 19, 2016 and November 16, 2016 be accepted as true. 2. Finance & Administration Business 2.1 Financial Report for the period ending November 30, 2016 The reports for the Provincial portfolio as well as Cedar View and Howe Green were circulated with the agenda. Scott presented the report and discussed about: Provincial portfolio currently indicating a year to date surplus Substantial portion of the excess revenues are offset by spending overages in repairs and maintenance and administrative costs over budgeted months Increase in laundry revenue; discussion about the possibilities of moving to Coinamatic due to the cost of labor, risks to the staff collecting the money, etc. More discussions to follow. Res #03-12-16: Approval of Financial Reports November 30, 2016 On a motion by T. Bleaney seconded by A. Chin, it was resolved that the Board approve the financial report for the period ending November 30, 2016. 2.2 Rental Arrears Report for the period ending November 30, 2016 Rental Arrears Report was circulated with agenda. Scott presented the report. The arrears for the month of November were at 4% with 10.8 vacancies. 2.3 Tenant Placement Report for the period ending November 30, 2016. Tenant Placement Report for September 2016 was circulated with the agenda. Scott presented the report. During the month of November we had 9 notices to vacate. The average days a unit is vacant is 41. 2.4 Mortgage Renewal 103 Gage Avenue The current mortgage for 103 Gage Avenue matures on April 1, 2017 in the approximate amount of $1,423,536.40. The Ministry of Housing assumed the responsibility of facilitating and coordinating the renewal of mortgages for social housing providers and the Board of Directors is required to pass a motion to allow for the Ministry of Housing to arrange the renewal of the mortgage. On a motion by A. Chin, seconded by B. Ioannidis and CARRIED, WHEREAS Kitchener Housing Inc. refinancing of the existing charge/mortgag project municipally known as 103 Gage Avenue, Kitchener maturing on April 1, 2017 in the approximate amount of $1,423,536.40 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. THEREFORE BE IT RESOLVED THAT: 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 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. 3. Facilities Operations/Property Management Business 3.1 430 Connaught Housing Development Updates. Julian presented the updated on 430 Connaught. Construction is in progress Main floor concrete walls are completed The construction is ongoing as per the last construction schedule presented 4. Matters for Discussion port Lori provided information on the following: Implementation plan of the Strategic Plan. The Management team has met to discuss realignment of duties and responsibilities and redefining how the organization should be structured to meet the goals and objectives of the strategic plan. The work of realigning roles will be completed early in January 2017 Lori has met with representatives of an energy company to discuss the feasibility of installing solar panels on a number of our buildings In September of 2016, the Affordable Rental Innovation Fund was announced. The goal of the Affordable Rental innovation Fund is to encourage new funding models and innovative 5. In-Camera Business 5.1 Motion to go In-Camera Res #05-12-16: Approval for In-Camera On a motion by B. Ioannidis seconded by R. Parent, it was resolved that the Board meet in-camera at to discuss a legal matter at 4:15 p.m. 5.2 Motion to come out of in-camera Res #06-10-16 Approval to come out of In-Camera On a motion by T. Bleaney seconded by L. Keys, it was resolved that the Board come out of in-camera session of the December 14, 2016 Board Meeting at 4:54 p.m. 6. Matters for Noting Lisa Keys is leaving the Board of Kitchener Housing Inc. and this was her last meeting. The Board thanked Lisa for all the years she served on Kitchener Housing Inc. board. 7. Meeting Closing 7.1 Next Regular Meeting Next meeting: Wednesday January 18, 2016 @ 4:00 PM. 7.2 Meeting Adjourned Res #07-10-16: Approval to Adjourn On a motion by L. Keys seconded by B. Ioannidis, it was resolved that the Board meeting of December 14, 2016 be adjourned at 4:56 p.m. . __________________________ _____________________________ Chair Date __________________________ ____________________________ Date Vice--Chair