RIVER PLACE SOUTH HOUSING CORPORATION
BOARD OF DIRECTORS MEETING
January 30, 2018
CALL TO ORDER
The meeting was called to order by Ms. Mays at 5:41 p.m.
Board Members Present:
Janice Mays President
Waqas Ali Vice President [arrived 5:53]
Jim McInerney Treasurer [by phone]
Sara Shahade Secretary
Vic Reddy Director
Richard Villegas Director
David Williams Director
Board Members Absent: None.
Others Present: Joette Waters Building Manager
Don Perper Zalco
Bob Porco Zalco
Kevin Kernan Whiteford, Taylor, Preston
Barbara Seaman Recording Secretary
Residents: Nancy Greenberg #542; Lauren Hall #1029 & 1034; Linda Mejia, Remax Allegiance #518; Naomi Pena #721.
ZALCO REPORT: Mr. Porco said that the financials as of December 31, 2017 showed a strong cash position on both the co-op and the rental side. He said that the rental side had about $369,000 but that bills would be coming in at the beginning of next month. He also suggested moving money in both the co-op side and rental side as a buffer. He said that the co-op side has an operating surplus of $100,000 and operating expenses were $84,000 under budget. He added that capital expenses were $565,000 mainly for the roof. In response to Mr. Reddy’s question about the remainder of the loan, Mr. McInerney suggested that he and Ms. Waters and Mr. Reddy hold a conference call with Eagle Bank. Mr. Villegas also recommended that they ask the bank about prepayment penalties and refinancing with another bank. Over all, Mr. Porco said that the corporation’s cash position was strong and that the rentals are generating enough money to cover expenses. In addition, there was about $1 million in reserves even after capital expenses.
[Mr. Perper and Mr. Porco left the meeting at 5:54 p.m.]
The Board then held an Executive Session after which the open session was reconvened.