THE HOUSING AUTHORITY OF THE CITY OF AUBURN
The Board of Commissioner's Special Meeting
December 15, 2020
The Board of Commissioners of the Housing Authority of the City of Auburn, Alabama met on Tuesday, December 15, 2020 via Zoom due to COVID-19.
CALL TO ORDER
The Board of Commissioner's Special Meeting was called to order at 12:36 pm by Vice Chairperson Nolan Torbert.
Present: Nolan Torbert, Rene Waldrop, Deborah Hand, and Marguerite White
Others Present: Sharon Tolbert (Secretary/Treasurer), 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 FYE2021-018: ACDC Financing - Bedell Village Acquisition
Resolution FYE2021-018 was introduced by Vice Chairperson Torbert. Commissioners were provided a copy of the resolution and a report reflecting a historical analysis of AHA Development LLC's operating reserves. Secretary/Treasurer Tolbert and Finance Director, Wendy Cochran, reviewed the report. There was various dialogue regarding the funding needed by the Auburn Community Development Corporation ("ACDC") to acquire Bedell Village. It was agreed that AHA Development LLC will provide up to $2,750,000 to ACDC
to purchase Bedell Village. 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.
Vice Chairperson Torbert asked for a motion to approve Resolution FYE2021-018. Commissioner Waldrop moved that the resolution be approved as received. Commissioner White seconded said motion and all members voted aye. Vice Chairperson Torbert declared the resolution approved.
There being no further business, Vice Chairperson Torbert asked for a motion to adjourn. Commissioner White moved that the meeting be adjourned; Commissioner Waldrop seconded. The meeting was adjourned at 12:43 pm.