2020-06-30-LEXHAB-min - Laserfiche WebLink

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LexHAB Board Meeting June 30,2020 8:30 AM—HELD BY Remote Connection Open to Public Minutes of the meeting held virtually due to COVID—19 on June 30, 2020 at 8:30 am Members present were Bob Burbidge, Henry Liu, Les Savage, Bob Phelan, Donna Leary, Martha Wood Gerry Howell and Bill Hays. Also present were Pearlene Varjabedian, Housing Manager and Karen Iverson, Financial Administrator, Tara Mizrahi of Affirmative Investments, Patricia S. Nelson, counsel to LexHAB.Absent was Bill Kennedy. The Chairman, Bob Burbidge presided. Minutes from the May 14, 2020 meeting were reviewed and accepted as amended. All in favor by Roll Call. FINANCIAL REPORT Gerry Howell reported • P & L comparison to previous. 5 months reviewed January to May. • Income$68K more than previous mainly due to improved collection of rents from tenants and increases in Section 8 rents paid by the Lexington Housing Authority. • Repairs and Maintenance less than previous year. • Water and Sewer bills were assessed in June and will appear on next report. Maintenance will inspect for causes of properties with higher usage. • Report shows$136K net income after expenses,with adjustments that won't appear until next report... • Reviewed balance sheet. Does not include net proceeds of refinance with Patriot Community Bank. • Karen Iverson indicated $90,000 in remaining expenses will be deducted from net proceeds of the refinance. • In addition to the net proceeds of the refinance, Patriot Community Bank released pledges of 2 CD's in the approximate amount of$400,000. Motion made to accept Treasurers report. Motion approved. —Roll Call POLICY TASK FORCE • Task force is reviewing existing leases • Purpose of revisions to the LexHAB page in the Lexington Code:to make corrections, make it more consistent with LexHAB's charter; and allow for greater flexibility. • Select Board and Town Manager approval required. • This should be completed by next meeting and will report Motion made to accept revisions to LexHAB's page in the Lexington Code. Motion approved. —Roll Call REPORT ON TOWN MEETING Bob Burbidge discussed Town Meeting votes: • TM approved $75,000 for Vine Street/ Leary design fund. • TM did not approve$25,000 to assess move of Hosmer House to Vine Street • Article 19C—TM approved use of affordable housing stabilization funds from Brookhaven for LexHAB new construction and reconstruction of existing properties. Lester was asked to move forward with Architect Request for Proposals for Vine Street/ Leary project.