Community Land Trust Organization Board

City of Columbia, Missouri Meeting Minutes Community Land Trust Organization Board Tuesday, May 9, 2017 Room 1C, City Hall, 701 Regular Meeting E. Broadway, Columbia 6:30 PM I. CALL TO ORDER Call to Order: 6:32 p.m. II. INTRODUCTIONS Attending: Cullimore, LaBrunerie, Prevo, Rhoades, Trapp, Cole, Dowell (6:40), Stanton (7:17), Jack Beard (Beard, Bayner & Assoc.), Megan Favignano (Tribune), Lucas Geisler (KMIZ), M. Brown (by phone) Present: 7- Shirley Rhoades, Jerry Dowell, Anthony Stanton, Alexander LaBrunerie, Dan Cullimore, Paul Prevo and Michael Trapp III. APPROVAL OF AGENDA Approval of Agenda: Move by Prevo, 2nd by LaBrunerie; passed by those present and voting (4). Mr. Prevo made a motion to approve the agenda; second by Mr. LaBrunerie. The motion passed by a unanimous voice vote. IV. APPROVAL OF MINUTES Approval of Minutes: Motion to approve with corrections by Dowell, 2nd by LaBrunerie; unanimous vote in favor. Mr. Dowell made a motion to approve the April 11 meeting minutes with corrections; second by Mr. LaBrunerie. The motion passed by a unanimous voice vote. Minutes of the April 11, 2017 CCLT meeting V. NEW BUSINESS City of Columbia, Missouri Page 1 Printed on 6/20/2017 Community Land Trust Organization Meeting Minutes May 9, 2017 Board Repair and Maintenance Reserve Repair and Maintenance Reserve: Brown describes various options available to the Board for establishing a fund, what the fund might cover, how the fund is capitalized, who directs/owns the fund and who makes decisions about the approval of expenditures. Cole presents spreadsheet showing impact of capitalization at sale & various annual maintenance fee amounts. General agreement on establishing a no-interest loan fund to be directed by the Trust and capitalized by Trust contributions at time of sale, to cover unexpected expenses by homeowners. Brown agrees to draft language for the Board to consider during June meeting. Repair and Replacement Reserves Decision Guide Repair and Maintenance Reserve Projection CCLT Ground Lease Final Draft CCLT Ground Lease Final Draft: Discussion of corrections to Article 10.5 & 10.6. The Board will vote on final version in June. VI. SPECIAL ITEMS CCLT Final Risk Transfer Agreement Lynn Cottages Risk Transfer Agreement: Cole leads discussion of Risk Transfer Agreements and Builders Risk insurance coverage options; leads to consideration of General Liability coverage options and costs. Insurance Coverages Insurance Coverage: Motion by Dowell to spend $4100 for General Liability coverage on the four Lynn Street Cottages & $375 per house for Risk Transfer and Builders Risk coverage insurance, 2nd by Stanton. Unanimous vote in favor. Mr. Dowell made a motion to spend $4100 for General Liability coverage on the 4 Lynn Street Cottages and $375/hour for Risk Transfer and Builders Risk coverage insurance; second by Mr. Stanton. The motion passed by a unanimous voice vote. CCLT Builders Risk CCLT General Liability Columbia Community Land Trust Logo Feedback Exercise Columbia Community Land Trust Logo Feedback Exercise: Several members suggest changes to Concept 1, to be revised by staff and returned by Doodle Poll for approval (in time for marketing materials to be prepared prior to announcement of the August Midwest Regional CLT conference). City of Columbia, Missouri Page 2 Printed on 6/20/2017 Community Land Trust Organization Meeting Minutes May 9, 2017 Board VII. REPORTS Staff Memo Federal Home Loan Bank Pre-application Feedback Federal Home Loan Bank Pre-application feedback: Cole reports on conversation with FHLB regarding the pre-application and that the proposed 8th Street projects may have a good chance of being funded upon completion of full application. Midwest Regional CLT Conference & Associated Events Midwest Regional CLT Conference & Associated Events: Cole reports on planning for this August 10 & 11 hosted by City of Columbia, keynote speakers and various workshops, and potential ribbon cutting event for the Lynn Street Cottages. He reports that most of the costs have been covered by donations. May 22nd Visit to St. Louis 24:1 May 22nd Visit to St Louis: Intended to finalize the agenda for the August conference. VIII. GENERAL COMMENTS BY PUBLIC, MEMBERS AND STAFF Talking Points: Cole describes the initial document, to general approval. Cole will share with partners. IX. NEXT MEETING DATE: JUNE 13, 2017 X. ADJOURNMENT Adjournment: 7:58 p.m. Members of the public may attend any open meeting. For requests for accommodations related to disability, please call 573-874-7214. In order to assist staff in making the appropriate arrangements for your accommodation, please make your request as far in advance of the posted meeting date as possible. City of Columbia, Missouri Page 3 Printed on 6/20/2017