ACDC Minutes - 12/15/2020
AUBURN COMMUNITY DEVELOPMENT CORPORATION
The Board of Director's Special Meeting
December 15, 2020
The Board of Directors of the Auburn Community Development Corporation ("ACDC") met on Tuesday, December 15, 2020 via Zoom due to COVID-19.
CALL TO ORDER
The Board of Director's Special Meeting was called to order at 12:02 pm by Sharon Tolbert, President.
Present: Nolan Torbert, Rene Waldrop, Marguerite White, Deborah Hand, and Sharon Tolbert
Others Present: Michael Syme (Attorney), Kristen Packard (Consultant) Sandra Sanders (Staff), and Wendy Cochran (Staff)
Absent: Robert Smith
There was a quorum for the purpose of conducting business.
There were no public comments.
A. Resolution FYE2021-003: Bedell Village Property Acquisition - Letter of Interest
Resolution FYE2021-003 was introduced by President Tolbert. The resolution was Tabled at the November 24, 2020, Regular Meeting. The resolution approves submitting a Letter of Interest to acquire Bedell Village located at 889 Lunsford Drive in Auburn, Alabama. If
acquired, the property will be used to expand affordable housing opportunities for low-income families in Auburn and the surrounding areas. Attorney, Michael Syme, provided a thorough review of the opportunities the property may offer to ACDC. Consultant, Kristen
Packard provided an overview of the financing options. There was extensive discussion regarding the proposed property acquisition. It was agreed that AHA Development LLC will provide up to $2,500,000 to ACDC to purchase Bedell Village with the understanding the amount may be increased in an effort to be a competitive bidder. The funds will be used as a cash offer with 10% paid as earnest money upon signing the purchasing agreement. Upon completing the due diligence process, the balance will be paid at closing. Once it has been determined ACDC was awarded the bid for Bedell Village, it will then be determined what method of financing will be used by ACDC to re-pay AHA Development LLC. President Tolbert asked for a motion to approve Resolution FYE2021-003. Director Waldrop moved that the resolution be approved to include the revisions. Director Torbert seconded said motion and all members voted aye. President Tolbert declared the Resolution approved.
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 12:36 pm.