CITY OF CONVERSE

CONVERSE PUBLIC FACILITY CORPORATION

BOARD OF DIRECTORS MEETING

SEPTEMBER 19, 2006

6:30 PM

 

 

The Converse Public Facility Corporation met in a regular meeting at the City Council Chambers at 402 South Seguin Street on Tuesday, September 19, 2006 at 6:30 PM to discuss various items on the agenda.  The following were present:

 

Mr. Craig Martin, President                                                Mr. Billy Schindler, Vice President

Ms. Gloria Weers , Secretary                                             Mr. Sam Hughes, Executive Director

Mr. Jerry Wilson, Treasurer                                               Mr. Scott Jauregui, Board Member

Mr. Milton Smith, Board Member                                     Mr. Al Suarez, Board Member

Mr. Jim Uballe, Board Member

 

Visitors:

Ms. Laura Arens, Assistant City Manager                     Mr. Mark Luft, COC EDC Executive Director

Ms. Jackie Gaines, Administrative Secretary                  Mr. Ray Ortiz, City Attorney

Mr. John Heberling, Herald                                                Ms. Penny Hieronymus, City Secretary

 

{Tape 1, Side A}

 

1.                    Call Meeting to Order

 

President Craig Martin called the meeting to order at approximately 6:31 PM.

 

2.                    Roll Call and Recognition of Visitors

 

President Craig Martin asked the record to reflect that all Board Members are present.

 

3.                    Discussion and Appropriate Action on a Request to Approve the Minutes for the Converse Public Facilities Corporation Meeting Conducted on March 7, 2006

 

Board member Billy Schindler made a motion to approve agenda item #3.  Board member Jim Uballe seconded the motion.

 

It passed unanimously to approve agenda item #3.

 

4.                    Briefing by Mr. Michael Hogan on the Status of the Town Square Project and the Actions Required for the Converse Public Facilities Corporation to Support the Project

 

Mr. Hogan of Project Manager of Hogan Real Estate Services provided the Board with a briefing memorandum on the Converse Town Square Apartments – project status, introduction of partnership legal team and purpose for Resolution being considered (attached in the official minutes).  He introduced Mr. Michael Eaton.  There are 3 attorneys involved:  Mr. Ray Ortiz-City Attorney; Fulbright and Jaworski-Attorney for the Housing Finance Corp./bond specialist; and Mr. Michael Eaton-Attorney for the ownership is the Public Facilities Corp. and them as the developer.

 

Mr. Michael Eaton of Eaton, Deaguero & Bishop provided the Board with a copy of “Certificate of Formation of Town Square Living, LLC” and “Certificate of Formation of Converse Town Square Apartments, LTD.”  He gave a short briefing on this item and explained the tax credits and the allocations.  There is more than 1loan involved.  One loan is the agreement to lend the bond sale proceeds and there are whole separate set of documents that actually supports the construction transactions.  So, there are really 2 different sets of debt documents totally apart from the equity documents (tax credit documents).

 

5.                    Discussion and Appropriate Action on a Request to Approve Converse Public Facility Corporation Resolution #1; a Resolution for the Converse Public Facility Corporation

 

Board member Jim Uballe made a motion to approve agenda item #5.  Board member Milton Smith seconded the motion.

 

It passed unanimously to approve agenda item #5.

 

6.                    Adjournment

 

President Craig Martin adjourned the meeting at approximately 6:47 PM.

 

PASSED AND APPROVED THIS 3rd DAY OF October, 2006.

 

 

 

                                                                                                                ___________________________

                                                                                                                Craig Martin, President

 

 

 

ATTEST:

 

 

 

_______________________________

Gloria Weers

Secretary