Minutes, September 20, 2022
Minutes from the September 20, 2022 Clarksville CDC Monthly Meeting
The meeting was held virtually via Zoom
Board members in attendance: Malcolm Greenstein, Paula Hern, Kim O’Brien, Mary Reed, Gregory Tran
Others in attendance: Brak Prak, Thomas Schiefer
1. On motions by Malcolm, seconded by Paula, the minutes from the April 19, 2022 Annual and Monthly Meetings were approved with corrections.
Paula noted an omission in the August 18, 2022 minutes concerning the board’s action regarding rent increases. Kim will make the needed corrections and submit the revised minutes to the board for electronic vote approval.
2. Brad Prak presented the monthly financial reports. The end of month reports show a loss of $22,406, but this is due to roof repairs done this month that were funded with $35,000 in insurance proceeds received in a previous month.
Going forward, Brad will continue to present the monthly financial reports. Since the reports are prepared by Prak Property Management staff, he is in the best position to answer questions that may arise. Mary (CCDC President) and BJ (CCDC Treasurer) will review the reports prior to the board meetings.
The Finance & Operations committee met on September 15, 2022. Minutes from that meeting appear at the end of these minutes.
3. Monthly property reports.
a. CCDC properties managed by Prak Property Management: Brad reported that tenants were notified of rent increases. Lease renewals will be staggered over the next 3 months. One-third of tenants are using the online payment portal.
b. New construction at 1611 W. 10th Street. Kim reported that insulation, sheetrock, and weatherization work was completed in preparation for inspections. The project passed inspections for framing, electrical, plumbing, and the water yard line.
c. Renovation projects funded by OWANA funds: We’ve received the permit to begin construction of the back stairs at 1011 Charlotte. PPM has paid the contractor for additional needed permits.
4. Thomas Schiefer was unanimously approved to fill the Board vacancy left by Aly Byatt’s resignation. Thomas has been an active supporter of the CCDC since he and his wife moved into Mary Baylor’s former home on W. 10th Street, serving both on the Tenant Selection Committee and as a Haskell House docent.
5. The working group reviewing options to meet the CCDC’s financial needs reported that they are continuing to gather information. A comprehensive work session will be held to discuss their findings, likely in December or January.
6. The proposed FY 2022-23 budget was presented. The budget includes all expenses on the horizon, including 2 new roofs and approximately $300,000 in property improvements and repairs. These costs exceed expected revenue by approximately $387,000. Recognizing that all of these improvements and repairs cannot take place without additional revenue sources (discussed in agenda item #5) the budget was adopted with the understanding that this it will be amended as necessary as the year progresses.
7. The discussion of Haskell House activities, including the November 13, 2022 Haskell House re-opening celebration was postponed.
8. No Other Business was discussed.
9. The board did not meet in Executive Session.
Clarksville Community Development Corporation
Finance and Operations Committee Meeting
Minutes - Sept 15, 2022
1. Review of August Financials
BJ provided the committee with the monthly Balance Sheet and PnL. Total August income was $13,389.28. Expenses were 35,795.59. The bulk of expenses were for the repair of roofs for 2 of our properties ($27,900.00), for which we have received payment from our insurance company. Expenses for the 1611 W 10th construction project were only $2,127.81 this month. Our checking account has a balance of $43,896.654 and our Money Market account has a balance of $121,098.97, of which $50,849 is reserved for OWANA funded projects and $40,046.26 is for completion of 1611.
2. Status report on projects -- 1611 West 10th Street, and 1011 Charlotte (Mary)
Mary was not able to attend the meeting, so BJ provided the limited information she has. 1611 has passed the most recent inspections and Kim will provide details at the Board meeting. 1011 Charlotte has finally received permits and will need to be bid again due to the amount of time since the initial bid. Aubrey will report details at the Board Meeting.
3. Report on effort to determine best way to finance all of the property repairs needed. (Mary & BJ)
Mary will provide the Board with details regarding the work of the committee looking at ways to raise money for repairs at the Board meeting. BJ reported that her contact with ACF referred her to the city, which has funds but we would be restricted on how much rent we could charge on units where this money would be used for repairs.
4. Review of draft FY22-23 operating budget (BJ)
BJ shared the draft budget with the committee. It is a negative budget due to the extensive repairs needed for our units. Paula asked if we could approve a negative budget. BJ said that would be a question for Kim since budget approval would most likely be in the by-laws.