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ACDC Minutes - 11/24/2020

MINUTES
AUBURN COMMUNITY DEVELOPMENT CORPORATION
The Board of Director's Regular Meeting
November 24, 2020

The Board of Directors of the Auburn Community Development Corporation ("ACDC") met on Tuesday, November 24, 2020, via Zoom due to COVID-19.

CALL TO ORDER

The Board of Director's Regular Meeting was called to order at 12:01 pm by Sharon Tolbert, President.

ROLL CALL

Present: Nolan Torbert, Rene Waldrop, Marguerite White, Robert Smith, Deborah
Hand, and Sharon Tolbert
Others Present: Sandra Sanders and John O'Donaghue
Absent: None
There was a quorum for the purpose of conducting business.

APPROVAL OF THE AGENDA

President Tolbert asked if there were any changes to the Agenda. There were no changes. President Tolbert asked for a motion to approve the Agenda. Director White moved that the Agenda be
approved as received. Director Smith seconded said motion and all members voted aye. President Tolbert declared the Agenda approved.

APPROVAL OF MINUTES

President Tolbert asked if there were any corrections to September 29, 2020, Regular Meeting Minutes. There were no corrections. President Tolbert asked for a motion to approve the Minutes. Director Torbert moved that the Minutes be approved as received. Director Hand seconded said motion and all members voted aye. President Tolbert declared the Minutes approved.

PUBLIC COMMENTS

There were no public comments.

TREASURER'S REPORTS

Secretary/Treasurer Torbert reviewed Requisition #1 which included a quote to buy shelving for the Food Pantry. Requisition #1 is attached and made part of the Minutes. 

UNFINISHED BUSINESS

A. Affordable Housing Initiative
John O'Donoghue with Greysteel made a presentation regarding property that is on the market to be sold located at 889 Lunsford Drive, Auburn, AL. There was various dialogue regarding the property.

NEW BUSINESS

A. Resolution FYE2021-003: Property Acquisition
Resolution FYE2021-003 was Tabled. There was various discussion regarding the option to purchase the property located at 889 Lunsford Drive. The Directors indicated the property would be a great opportunity to expand housing opportunities for low-income families. However, additional information is needed regarding financing before the Board approves to purchase the property. Letters of Interest are due by December 17, 2020. Director Torbert, Director Waldrop, and President Tolbert will meet with a lender to get information on financing options and forward a recommendation to the Board. The Board agreed to have a Special Meeting on December 15, 2020, to discuss the proposed purchase. Director Robert Smith disclosed he has business relations with the Alabama Housing Finance Authority and Auburn Bank and abstained from all discussion.

B. Resolution FYE2021-004: Insurance
Resolution FYE2021-004 was introduced by President Tolbert. The Resolution approves procuring insurance to include but is not limited to Directors and Officers Insurance, General Liability Insurance, and other applicable insurance coverage. President Tolbert asked if there
were any questions. President Tolbert asked for a motion to approve Resolution FYE2021-004. Director Waldrop moved that the resolution be approved as received. Director White seconded said motion and all
members voted aye. President Tolbert declared the Resolution approved.

C. Next Meeting
There will be a Special Meeting on December 15, 2020, at 12:30 pm (immediately following the AHA Board Meeting) to discuss purchasing the property located at 889 Lunsford Drive. The meeting will be held via Zoom.

OTHER BUSINESS

There was no additional business.

ADJOURNMENT

There being no further business, President Tolbert asked for a motion to adjourn. Director White moved that the meeting be adjourned; Director Hand seconded. The meeting was adjourned at 1:11 pm.