MINUTES
Willington Housing Authority
Regular Meeting
6 p.m., January 13, 2014
Willington Senior Center Craft Room
60 Old Farms Road, Willington CT 06279
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Present: Chairman Robert Campbell, Vice-President Wilbur Gangaway, Treasurer C. D’Agata, Secretary Don Berg, Member Laurel Millix, Financial Consultant Dave Berto, Recording Secretary Brenda Sullivan.
1. Call to Order – the meeting was called to order at 6:01 p.m.
2. Present to speak – no members of the public present.
3. Old Business – Senior Housing “Button Hill”
D. Berto reported that the Willington Housing Authority was one of four projects in Connecticut to be awarded funding by the Federal Home Loan Bank (FHLB). The WHA is now waiting to hear if it will receive CHAMP 4/Dept. of Housing (DOH) funds. He said he’s told the DOH about the FHLB funding award but a formal notification would be sent by FHLB to Putnam Bank and/or the WHA and some kind of follow-up will probably be required. D. Berto said he also called Putnam Bank to let them know about the FHLB award. He said the DOH has had the CHAMP 4 application for about a month and that at the last meeting with the DOH it was indicated that the WHA would likely receive CHAMP4 funds.
R. Campbell said he got an email from Ed LaChase congratulating the WHA on the FHLB funding and saying he will pass this news along.
D. Berto noted that of the FHLB awards, the WHA’s was the largest of those awarded in Connecticut.
R. Campbell asked D. Berto to prepare a press release that includes the fact that the WHA was the largest award recipient and that thanks Putnam Bank for sponsoring the FHLB application.
W. Gangaway asked what is the actual amount of the FHLB funding. D. Berto said the $1.73 million advance is the loan at reduced interest – and $970,000 is the grant. He said the subsidy has two parts – a $500,000 grant that will be sent to Putnam Bank, which it will then send to the WHA, and the balance is the buy-down amount, the long-term cost of giving the WHA the loan at a lower rate. R. Campbell said they’re buying points off the loan, probably 2 or 3 points.
R. Campbell noted the WHA still needs to find pre-development gap funding in order to pay current bills, i.e. Gardener and Peterson and legal bills/Scaramossa, probably about $25,000, which could later be repaid from the developer’s fee. He said use of the money still with the Town, for roads and infrastructure, will need to follow town procurement policy.
D. Berto said the WHA will also want to pay Gardener and Peterson to administer funds.
D. Berto suggested Putnam Bank might consider making an advance. R. Campbell said it is OK for D. Berto to talk to the bank about this. D. Berto said he met with Putnam Bank this morning and that now he will set up another meeting to discuss an action plan.
R. Campbell said when the predevelopment funds are in hand, the WHA can go out to bid to begin the first phase of the site work.
R. Campbell asked D. Berto when the WHA should meet with the selected developer, Zlotnick Construction. D. Berto said to wait until the WHA officially receives notice of CHAMP 4 funding, but before signing the contract (the closing). He said any modifications would be discussed at this meeting, such as D. Berg’s request for the roof to be designed to accommodate installation of solar panels at a future date. R. Campbell said any changes have to fit within the project budget.
R. Campbell asked if the WHA can now close its account with Rockville Bank and transfer funds to Putnam Bank. D. Berto said yes and that the WHA should probably open one account for the FHLB funds and one for the CHAMP4/DOH funds.
4. New Business – setting meeting dates for 2014.
D. Berg made a motion, seconded by W. Gangaway, to approve the following 2014 WHA meeting dates – January 13, February 10, March 10, April 14, May 12, June 9, July 14, August 11, September 8, October 20, November 10 and December 8, 2014. The motion passed unanimously.
5. Approval of minutes – C. D’Agata made a motion, seconded by W. Gangaway, to accept the minutes of the Jan. 13, 2104 meeting. The motion passed unanimously.
6. Treasurer’s report – C. D’Agata distributed the report. Payroll expenses for November and December 2013 were $107.64, and a refund check was received from Building Estimated Services for $650, resulting in a balance of $1,842.49.
7. Correspondence – A letter from Rockville Bank to R. Campbell was given to R. Campbell.
8. Adjourn – The meeting adjourned at 6:40 p.m.
Respectfully submitted by Brenda Sullivan, Recording Secretary
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