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Home My WebLink AboutKit Housing - 2017-05-17 Minutes Board of Directors Meeting Wednesday, May 17, 2017 City of Kitchener City Hall, Schmalz Room PRESENT: B. McColl (Chair) Directors: B. Ioannidis, F. Etherington, T. Bleaney, A. Chin, M. Seiling, P. Kohli General Manager: L. Trumper Manager of Accounting: S. Heide Manager of Facilities: I. Anghel Account Analyst: C. Suciu REGRETS: B. Vrbanovic, R. Parent GUEST: Mike Mooney 1. Meeting Opening 1.1 Call to Order Bob McColl- Chair of the Board, called the meeting at 4:05. Bob welcomed Mike Mooney to the Board meeting. Mike is interested in joining the KHI board. 1.2 Declaration of Conflict of Interest There was no conflict of interest declared. 1.3 Approval of Agenda Res #01-05-17: Approval of Agenda On a motion by T. Bleaney seconded by M. Seiling, that the agenda be approved. 1.4 Approval of Minutes Minutes were circulated with the agenda. Res #02-05-17 Approval of Board Minutes – April 19, 2017 On a motion by B. Ioannidis seconded by A. Chin, it was resolved that the minutes of the Board Meeting of April 19, 2017 be accepted. 2. Finance & Administration Business 2.1 Mortgage Renewal-15 Linden Avenue The current mortgage for 15 Linden Avenue matures on September 1, 2017 in the approximate amount of $1,347,077. The current interest rate is 4.95 % and is repayable in blended monthly payments of $14,219.00 On a motion by T. Bleaney, seconded by B. Ioannidis 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 15 Linden Avenue, Kitchener maturing on September 01, 2017 in the approximate amount of $1,347,077. 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. 2.2 Mortgage Renewal – 355 Charles Street The current mortgage for 355 Charles Street matures on September 1, 2017 in the approximate amount of $1,377,393. The current mortgage bears interest at 4.95% and is repayable in blended monthly payments of $14,539. On a motion by T. Bleaney, seconded by B. Ioannidis 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 355 Charles Street, Kitchener maturing on September 1, 2017 in the approximate amount of $1,377,393. 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. 2.3 2017 Air Conditioning Operating Agreement Management performed an analysis comparing the hydro consumption at the 9 properties impacted by the agreement over the summer months in 2015 and 2016 and found that the average daily hydro consumption increased by .7% or 0.70 kWh per unit per day, year over year. Management recommendation is to discontinue the Air Conditioning Operating Agreement for the 2017 fiscal year. Res #05-05-17: 2017 Air Conditioning Operating Agreement On a motion by T. Bleaney seconded by B. Ioannidis and CARRIED it was resolved that the Board approves discontinuation of the Air Conditioning Operating agreement for the 2017 fiscal year. 2.4 Estimated Market Value of Properties The Board has previously requested information regarding the estimated market value of Kitchener Housing Inc.’s real estate portfolio. Management used Gross-Up of MPAC Assessed Value, Replacement Values, and Capitalization Rate Analysis in an attempt to determine a reasonable estimate of KHI’s real estate holdings. 3. Facilities Operations/Property Management Business 3.1 430 Connaught Development Update Julian presented the report.  Wood framing is now on the fourth floor of the building  Mechanical contractor started installing the first floor drainage under the drive through concrete slab 4. Matters for Discussion 4.1 GM’s report Lori provided information on the:  Affordable Housing – City Incentives  Provincial Budget – Ontario’s Fair Housing Plan  Proposal to Redevelop 355 Charles Street East  Professional Development 4.2 General Manager’s Report – Sub Committees Terms of Reference In January 2017 the Board passed a resolution with the structure of the subcommittees. The Terms of Reference set out the Role, Purpose and scope/Goals of each Sub-committee. Res #06-05-17: Sub-Committees Terms of Reference On a motion by T. Bleaney seconded by A. Chin, it was resolved that the Board approves the Term of Reference for the Sub-Committees. 5. In-Camera Business 5.1 Motion to go In-Camera Res #07-05-17: Approval for In-Camera On a motion by A. Chin seconded by M. Seiling, it was resolved that the Board meet in-camera at to discuss a legal matter at 5:18 p.m. 5.2 Motion to come out of in-camera Res #08-05-17 Approval to come out of In-Camera On a motion by A. Chin seconded by T. Bleaney, it was resolved that the Board come out of in-camera session of the May 17, 2017 Board Meeting at 5:37 p.m. 6. Matters for Noting 7. Meeting Closing 7.1 Next Regular Meeting Next meeting: Wednesday June 21, 2017 @ 4:00 PM. 7.2 Meeting Adjourned Res #09-05-17: Approval to Adjourn On a motion by B. Ioannidis seconded by M. Seiling, it was resolved that the Board meeting of May 17, 2017 be adjourned at 5:43 p.m. __________________________ _____________________________ Chair Date __________________________ ____________________________ Date Vice--Chair