[00:00:03]
>> OKAY I CALL THE MEETING TO ORDER.
WE'LL START WITH THE PLEDGE OF ALLEGIANCE.
>> FIRST ITEM OF BUSINESS IS THERE ANY --
[INAUDIBLE] >> CAN I DO ROLL CALL FIRST.
[Additions/Deletions to Agenda and Approval of Agenda ]
OKAY. WITH THAT, THEN, CAN I ASK ARE THERE ANY ADDITIONS OR DELETIONS TO THE AGENDA? IF NOT I WOULD ASK FOR A MOTION TO APPROVAL OF THE AGENDA.>> IS THERE A SECOND? >> ALL THOSE IN FAVOR?
>> YAE. >> NEXT ITEM IS PUBLIC COMMENTS.
[Review of Bills and Correspondence ]
NOT HEARING ANY I MOVE NEXT ITEM ON BUSINESS WHICH BILLS ANDCORRESPONDENCE. >> A FEW ITEMS TO -- TWO ITEMS WERE PRESENTED FOR PAYMENT. ONE MY FIRM 607.50.
ANOTHER ONE TO BRADLEY GARRISON FOR MONTHLY FEE OF 1500.
IN ADDITION I DO HAVE THE FLORIDA ASSOCIATION OF LOCAL HOUSING FINANCE AUTHORITIES MEMBERSHIP FORM THAT I WILL PAY FOR NEXT YEAR AND THEN WE MAY WANT TO GO OVER THEIR LAST FEW YEARS YOU MAY HAVE BEEN CONSIDERED INACTIVE USER AT $500. I DON'T KNOW WHAT YOU WANT TO INCREASE TO ACTIVE WHICH WOULD BE $1,000.
>> I DON'T KNOW IF YOU WANT TO DISCUSS THAT NOW.
TWO OTHER QUICK ITEM. DEPOSIT OF 1428.89, THAT WAS FROM LEE COUNTY FOR THE JENNY MAY PROFIT.
>> YOU SAID CURRENT BILL OF 500 CONSIDERED INACTIVE?
>> CORRECT. >> AND 1,000 IS FOR ACTIVE?
>> CORRECT. >> ANY DISCUSSION FROM THE
BOARD? >> WHAT'S THE ADVANTAGE OF BEING
ACTIVE? >> I TRULY DON'T KNOW THE
DIFFERENCE. >> IT MAY HAVE BEARING ON IF YOU ATTEND THE CONFERENCE EACH YEAR IN JULY.
I DON'T KNOW IF THAT PROVIDES US WITH A DISCOUNT.
I DON'T KNOW IF THERE WILL BE ONE OR IF IT WILL BE VIRTUAL AGAIN. MAYBE WE CAN LOOK INTO THAT.
>> MR. POWELL I THINK YOU MENTIONED TO MY STAFF.
I'M NOT QUITE SURE A FEW DAYS AGO AS YOU CAN IMAGINE WE'RE IN THE TLHROWS OF THECOID RESPONSE. WHEN IS THE BILL DO?
WHEN DO WE HAVE TO PAY? >> LAST YEARS PAID IN NOVEMBER.
IT'S FOR THE 2020 AND 2021 YEAR. I WOULD SAY IN THE NEXT 30 TO 60 DAY. WE CAN CERTAINLY MAKE A PHONE CALL AND FIND OUT THE ANSWER TO THIS QUESTION.
>> DOES THE BOARD HAVE ANY PROBLEMS WITH THAT AT ALL?
>> DO YOU KNOW HOW LONG WE'VE BEEN ENACTIVE?
>> I DIDN'T RESEARCH HOW MANY YEARS YOU BEEN CONSIDERED INACTIVE. THE QUESTION IS WHAT ARE THE BENEFITS OF THE ADDITIONAL $500. VERSES HOW LONG WE'VE BEEN
INACTIVE. >> I WOULD SUGGEST THAT TABLE PAYMENT UNTIL NEXT MONTH WHEN WE HAVE MORE INFORMATION.
>> ANY OTHER BILLS THAT WE NEED TO DISCUSS?
NOT AT THIS TIME. >> THEN, MOVE ON TO THE
[Financial Report ]
FINANCIAL REPORT BUDGET. >> I DIDN'T PREPARE THE PROPOSED
[00:05:03]
BECAUSE AT THE LAST MEETING THERE WAS SEVERAL MOVING PART ONE OF MR. MAST WELL AND HIS LOAN AND INTEREST APPROVALS.I SEE HE'S ON THE AGENDA TODAY. I WOULD IMAGINE NEXT MONTH I WILL HAVE THE FINAL AMENDED BUDGET FOR LAST YEAR AND THE PROPOSED BUDGET FOR 2020 AND 2021.
AND LIKE I SAID. THESE MOTIONS AND MOVEMENT ARE THE AUTHORITY HAVE A DIRECT EFFECT ON THE FIGURES THAT I WOULD PRESENT. I DEEMED IT -- I WOULD DEEM IT A WASTE OF TIME TO COME WITH BUDGET THAT COULD CHANGE MATERIALLY TODAY. WITH THAT SAID WE DON'T HAVE THE BUDGET AS OF YET. SECONDLY, WE WANT TO DISCUSS PROPERTY SALE AS WELL. I WOULD LIKE TO APPROVE ON NEXT YEAR'S BUDGET THE POTENTIAL GAIN FOR SALE OF THE PROPERTY AS
ANY BOARD MEMBERS HAVE QUESTIONS OR CONCERNS?
>> I HAVE A QUESTION. BUT IT'S BACK WITH THE REVIEW OF BILLS AND CORRESPONDENCE. DID YOU SAY THAT YOU A BILL PAYABLE TO YOUR FIRM MR. O'CONNELL?
>> YES, $607.50. >> DID WE DISCUSS THAT?
IT'S A BUDGETED ITEM. >> ALL RIGHT.
ANYONE ELSE HAVE ANY QUESTIONS? NOT HEARING ANY WE WILL MOVE ON
[Administrator’s Report – Joe Cone ]
TO NEXT ITEM OF BUSINESS ADMINISTRATOR'S REPORT.>> YES, SIR. AS I MENTIONED EARLIER OR A FEW MOMENTS AGO, ONE OF THE THINGS THAT THE HOUSING DEPARTMENT HAS BEEN FOCUSED ON IN THE LAST -- WHAT SEEMS GOES BACK TO THE END OF MARCH OUR COVID RESPONSE.
THE HOUSING DEPARTMENT RIGHT NOW IS CURRENTLY RUNNING WHAT I WILL CALL ROUND TWO OF COVID RESPONSE FOR RENTERS AND HOMEOWNERS.
WE ARE INSTEAD OF USING SHIP DOLLARS WE USE CARES FUND THAT WERE ALLOCATED TO THE INDIVIDUAL COUNTIES FOR BASICALLY ANY TYPE OF RESPONSE TO CORONAVIRUS. OF COURSE THERE'S OTHER RULES AND REGULATIONS. THANKFULLY ALTHOUGH OUR DEPARTMENT FREQUENTLY FINDS ITSELF INVOLVED IN THESE TYPE OF ACTIVITY. WE'RE NOT INVOLVED IN THIS ACTIVITY. THE ACTIVITY WE WERE TOLD TO IMPLEMENT THE ACTUAL ASSISTANCE ITSELF.
I THINK WE HAVE BY OCTOBER 1ST. WE'LL HAVE ADDED SOMEWHERE IN THE NEIGHBORHOOD OF NINE ADDITIONAL STAFF MEMBERED.
IT'S A FAR CRY FROM OUR STAFF WHAT WAS NORMALLY FOUR FOLKS.
AND AT THIS PARTICULAR MOMENT, WE HAVE ASSISTED 145 HOUSEHOLDS TO A TUNE OF ABOUT 461,000. AND 461.243 IS EXACT AMOUNT AS OF LAST FRIDAY. STAFF HAS BEEN WORKING HARD.
I CAN'T SING THEIR PRAISES ENOUGH.
I SHOULD ALSO MENTION MR. COULDER THAT I DIDN'T BRING IT WITH ME. IT WAS MY INTENTION TO.
WE DID RECEIVE A LETTER TO HFA CHAIR.
I HAVEN'T OPENED IT BECAUSE IT'S ADDRESSED TO CHAIR.
I'M NOT SURE WHAT OUR PROTOCOL IS.
I WOULD LIKE TO LET STAFF OPEN THE LETTER IF THERE'S CONCERNS I WILL BRING THEM TO YOUR ATTENTION IMMEDIATELY.
BUT I HAVE NO OPENED THE LETTER. >> PLEASE DO.
I WOULD APPRECIATE IT. IF THERE'S ANYTHING I NEED TO DO SEND IT TO ME AS ATTACHMENT. OR IF I HAVE TO COME DOWN AND
SIGN SOMETHING, I WILL DO THAT. >> OKAY.
THE SECOND THING I WANT TO MENTION IT APPEARS AS OF OCTOBER 1ST THE GOVERNOR'S WILL BE EXPIRING.
WHICH MEANS WE NEED TO HAVE PHYSICAL QUORUM PRESENT TO RESUME MEETINGS. AND THERE HAS BEEN SOME TALK OF TAKING SOME MEETING BACK OVER TO THE HEALTH AND HUMAN SERVICES BUILDING. AND I DON'T REALLY KNOW WHERE WE ARE IN THAT PARTICULAR MOMENT. IT HAS BEEN DISCUSSED.
DO YOU WANT IF ELABORATE ON THOSE THINGS?
>> EVERYTHING YOU SAID IS CORRECT.
JUST AN ADDITION. EVEN THOUGH WE ARE AT LEAST AT THIS POINT NOT ENVISIONING AN EXTENSION OF THE ABILITY TO HAVE CMT IS COMMUNICATION TECHNOLOGY MEETING QUORUM REQUIREMENT THERE'S STILL PROBABLY THE CDC GUIDELINES OF SOCIAL DISTANCING THE BEST YOU CAN AS WELL AS MASKS, HAND SANITIZER AND ALL THOSE THINGS. IF SOMETHING CHANGES I WILL SEND OUT AN E-MAIL WITH THE GOVERNOR UPDATED ORDER SHOULD THAT COME.
>> ANY QUESTIONS? >> JUST A COUPLE OF MORE ITEMS. YOU HAVE ONE MORE ITEM. I'M HAPPY TO ANNOUNCIST RECENTLY PROMOTED TO ASSISTANT DIRECTOR OF HEALTH AND HUMAN SERVICES.
WE'RE NOT QUITE SURE WHAT IT MEANS AS FAR AS MOVING FORWARD.
I ASSUME THAT WE HIRING ANOTHER HOUSING DIRECTOR OR HOUSING
[00:10:02]
COMMUNITY DEVELOPMENT DIRECTOR. AND THEN I WILL STILL BE INVOLVED IN SOME OF THE DAY-TO-DAY OPERATIONS WITH THE HOUSING DEPARTMENT. I JUST WANTED TO LET YOU KNOW THERE'S SOME CHANGES THAT IN PLACE AND GIVE YOU A LITTLE BITOF HEADS UP IF I COULD. >> CONGRATULATIONS.
>> THANK YOU, SIR. >> AND THAT'S BRINGS TO CLOSE
THE ADMINISTRATOR'S REPORT. >> OKAY.
[Approval of Minutes ]
NEXT UP PROOF OF THE AUGUST MINUTES DOES ANYBODY HAVE ANY QUESTIONS OR CHANGES TO THE MINUTES?>> YES, MR. CHAIR. JUST ON THE MINUTES UNDER GUEST PRESENT. I WAS PRESENT ACTUALLY NOT VIA
>> ANY OTHER CHANGES OR AMENDMENTS TO THE MINUTES?
>> IF NOT I WOULD ASK FOR A MOTION TO APPROVE THE MINUTES SUBJECT TO THE CHANGE WE JUST SPOKE ABOUT.
>> I MOVE APPROVE THE MINUTES AS PRESENTED AS CORRECTED.
[New Business: ]
>> MOTION CARRIES. >>> NEXT ITEM NEW BUSINESS.
I GUESS THAT MEANS WE HAVE FOUR VAR, VICE CHAIR, SECRETARY AND
VICE TREASURER. >> THAT'S CORRECT.
>> I GUESS WE MOVE ALONG ON THAT SEPARATELY.
ANY NOMINATIONS FOR THE CHAIR? >> I WILL NOMINATE MICHAEL
O'DONNELL FOR THE CHAIR. >> GOT A SECOND RIGHT THERE.
>> ANY OTHER NOMINATIONS? WAS THAT A SECOND FROM
I'M SORRY. THEN I WILL CALL THE MOTION ALL THOSE IN FAVOR OF MR. O'DONNELL BEING CHAIR FOR THE 2020-2021 SESSION. SAY AYE.
>>> OKAY. THE NOMINATIONS FOR VICE CHAIR.
>> I GUESS MY COMMENT IS WHAT DOES IT ENTAIL.
I THOUGHT YOU WERE GOING TO NOMINATE VICTOR.
[LAUGHTER] >> I WILL CONTINUE AS TREASURE OF SECRETARY IF NO ONE ELSE WANTS IT.
I WILL JUST STAY IN THAT POSITION.
>> I DON'T THINK YOU WERE HEARD. >> WE DIDN'T HEAR YOU, MA'AM.
>> I SAID I WILL STAY IN THE POSITION OF SECRETARY TREASURE.
UNLESS YOU WANT TO REPLACE ME. >> THAT WILL REQUIRE NOMINATION,
PLEASE. >> OKAY I NOMINATE MISS DEGRANDE
AS SECRETARY-TREASURE. >> SECOND.
>> ANY OTHER NOMINATIONS? OKAY.
>> DO WE NEED POINT OF ORDER. >> CAN A CHAIR DO A NOMINATION?
>> TECHNICALLY, NO. >> IS THERE SOMEONE ELSE WILLING TO MAKE THE MOTION OR THAT NOMINATION?
>> IT WAS A POINT OF ORDER AND THE CHAIR CAN'T MAKE A NOMINATION. THEY NEED SOMEONE ELSE TO MAKE THE NOMINATION. I OFFER A MOTION THAT LINDA
DEGRANDE BE SECRETARY-TREASURER. >> DO WE HAVE A SECOND.
>> SECOND. >> THERE'S A MOTION AND SECOND,
I WILL CALL THE ORDER. ALL THOSE IN FAVOR OF MISS DEGRANDE BE SECRETARY-TREASURER. AYE.
>> MOTION CARRIED. DOES THAT BRING US BACK TO VICE CHAIR. I WOULD NOMINATE ROB MARSHAL.
>> DID WE GET A SECOND? >> SECONDED.
[00:15:01]
>> ALL THOSE IN FAVOR? >> AYE.
>> MOTION CARRIES. >> IS THAT IT?
>> CONGRATULATIONS ALL THE NEW OFFICERS OF THE UP COMING YEAR.
[Old Business: ]
>> OKAY. MOVING ON WE NOW HAVE OLD BUSINESS FIRST ITEM THE CONTRACT WITH THE COMMUNITY CONCEPTS GROUP. SUSAN LAY.
WHERE DO WE STAND WITH THAT. >> A QUICK UPDATE.
I'VE HAD CORRESPONDENCE WITH MISLAY.
SHE'S AGAIN VERY BUSY. I SOMETIMES HAVE DIFFICULTY REACHING OUT TO HER AND CONTACTING HER.
WE ARE STILL WORKING ON SOME MINOR LANGUAGE IN THE AGREEMENT.
I HAVE INVITED HER TO OCTOBER MEETING.
IT'S HER INTENTION TO ATTEND MAYBEN PHYSICALLY OR VIA CONFERENCE CALL. AT THAT TIME I HOPE THAT WE WILL HAVE A PHYSICAL AGREEMENT FOR YOU TO SIGN.
>> PART OF THE INTENT WITH MISLAY AS YOU REMEMBER I HAD SUGGESTED IN ONE OF THE THINGS SHE HAD ACTUALLY SUGGESTED TO ME WAS HAVING A CONVERSATION WITH THE BOARD IN AN EFFORT TO KIND OF FLESH OUT WHERE YOU WANDED TO HEAD WITH THE PROPOSAL.
MY INTENT AND IN TALKING WITH HER SHE WOULD BE HAPPY TO DO THAT IN OCTOBER. SHE COULDN'T MAKE IT TODAY BECAUSE A NUMBER OF CONFERENCE CALLS SHE HAD.
>> ANYONE HAVE ANY OTHER QUESTIONS OR COMMENTS ON THAT
IF NOT. WE WILL MOVE ON NEXT ONE.
APPLICATION UPDATE OF BRH GROUP. >> GO AHEAD.
>> I'M NOT SURE THE AGENDA PACKET IN FRONT OF YOU.
ATTACHED IS A COPY OF AGREEMENT THAT WE BROUGHT LAST TIME.
AS WELL AS SOME WORDING ADDRESSING THE LENGTH OF AGREEMENT AND INFORMATION REGARDING PUBLIC RECORDS REQUEST. AND AGAIN SHE'S HERE IF YOU HAVE ANY SPECIFIC QUESTIONS TO HER. I BELIEVE THAT THE BOARD WAS INTERESTED IN SIGNING THE AGREEMENT THE LAST MEETING.
NOT MUCH CHANGE OTHER CLEANER AND THE TERMS HAVE BEEN SLIGHTLY
>> OKAY. DO WE REQUIRE A NEW MOTION AND APPROVAL TO APPROVE THE CURRENT UPDATED CONTRACT?
ANYONE HAVE ANY QUESTIONS ON THE CONTRACT?
>> WE WILL CALL A MOTION. >> HEARING NONE.
DO I HAVE A MOTION TO APPROVE THE CONTRACT WITH THE BRAG
>> ALL RIGHT MOTION CARRIES. >> THANK YOU VERY MUCH.
AND I HOPE THAT WHEN WE COME BACK IN OCTOBER, I WILL BE ABLE TO GIVE YOU REPORT ON THE STATUS OF THE FIRST OF THE MULTIFAMILY
DEAL THAT'S MOVING FORWARD. >> TERRIFIC.
OKAY. MOVING ON, UPDATE ON THE SALE OF
THE HMA BONDS. >> I WANT TO THANK YOU FOR TAKING ON THIS PROJECT. SHE WORKED WITH THE CHAIR IN GETTING SIGNATURES AND CONTACT WITH OUR REAL ESTATE AGENT.
CURRENTLY THE HFA LOTS IN THE 45-DAY WAITING PERIOD WITH A FINAL OFFER OF 285,400. THE CURRENT TENATIVE CLOSING
ANYBODY HAVE ANY QUESTIONS? >> HEARING NONE.
WE WILL MOVE ON. NEXT ITEM -- [INAUDIBLE] FOLLOW UP.
>> SURE. ALSO IN YOUR PACKET TODAY IS I BELIEVE THE ORIGINAL CORRESPONDENCE TO THE BOARD FROM MR. MAXWELL. ALSO THE BOARD'S RESPONSE TO MR. MAXWELL. THE LAST DIRECTION UP I WAS GILING TO BOARD LOOK INTO THE OTHER LEANS MORTGAGE AND ANY OTHER INCUMBRENCES ON THE PROPERTY.
THAT SHOULD BE IN YOUR PACKET. I BELIEVE THE TWO THINGS MR. MAXWELL ASKED FOR RELIEF. OR-1784 FIRST HALF OF THE
[00:20:01]
DOCUMENT. ON THE TAP HALF OF IT.AND OR-2603, WHICH IS TWO BELOW THAT.
THOSE ARE BOTH ASSOCIATED WITH THE HOUSING FINANCE AUTHORITY.
AS YOU CAN SEE THE REAL ESTATE OFFICE HERE WITH COUNTY NICE ENOUGH TO DO THE RESEARCH ON THIS FOR THIS DOCUMENT.
TO CLOSE BASICALLY SAID THERE'S A TOTAL AMOUNT OF MORTGAGES ON THE PROPERTY OF 3,742,000. THAT'S ALL THE INFORMATION THAT I HAVE THERE. I JUST WANTED TO ALLOW YOU TO REVIEW THAT. YOU ASKED US TO LOOK INTO THAT ISSUE FOR YOU. MR. MAXWELL IS HERE.
IF YOU HAVE ANY ADDITIONAL QUESTIONS OR YOU WANT TO HAVE ADDITIONAL DISCUSSION ON THIS ITEM.
>> GOOD EVENING. HARRY MAXWELL.
>> I THINK AT THE LAST MEETING PART OF THE DISCUSSION WAS THAT TO RELIEVE YOU OF THESE LOANS WOULD NOT ACTUALLY LESSON YOUR BURDEN. BECAUSE TO DO IT UNDER THE TERMS YOU HAD SPECIFIED, YOU WERE STILL GOING TO PAY THEM OFF AT
SOME POINT IF POSSIBLE. >> YES, MA'AM.
>> IT DOESN'T REALLY FOR US TO SAY ISN'T GOING TO DO YOU A LOT
I UNDERSTAND. >> AND CAN YOU JUST REFRESH MY MEMORY. WHAT IS THE SUPPOSED MONTHLY PAYMENTS THAT SHOULD BE RECEIVING FROM THE LOANS AT THIS
>> I BELIEVE IT'S 578.98. >> INTEREST ONLY.
THERE'S TWO DIFFERENT LOANS. ONE HAS BALANCE 37,500 AND THE OTHER 10,580. ON THE BOOKS THERE'S ANOTHER REASON I HAVEN'T DONE THE BUDGET FOR YEARS THEY'VE BEEN APPROVED.
WE HAVEN'T RECEIVED A PAYMENT. YOU CAN PROBABLY SKWUP DATE ON US THIS. THAT'S WHY I LOOK FOR GUIDANCE WITH TODAY'S MEETING GOING FORWARD ON WHAT THE MOTION WILL BE IF ANY FOR THE AUTHORITY TO ONE, EITHER LOOK TO TRY TO COLLECT THE BACK INTEREST, FORGIVE THE BACK INTEREST.
OR DO A FORBEARANCE ON THE LOAN FOR FUTURE PERIOD OF TIME WITHOUT PAYMENT. IN ORDER TO HELP MR. MAXWELL.
>> AND I THINK -- IF WE DID -- IF YOU WANT TO CALL IT THE FORGIVENESS ON THE BACK OF THE LOAN.
IT WOULD END UP BEING INCOME TO HIM AND THAT WOULD HAVE A NEGATIVE EFFECT. NOT THE INTEREST.
THE ACTUAL PRESCRIPTION PAL WOULD HAVE TRUE NEGATIVE EFFECT.
THAT WOULD BE THE CANCELLATION. >> WHAT ABOUT THE ACCRUED
INTEREST THAT HAS NOT BEEN PAID. >> IF HE'S DEDUCTED IT.
I HAVEN'T SEEN IT. HIS TAX RETURN.
I SAW SOME FINANCIAL STATEMENT REQUESTED.
ON A TAX BASIS, HE'S A CASH BASIS TAX PAYER, I WOULD IMAGINE. HE'S ONLY DEDUCTING INTEREST IF HE'S PAID IT. IF HE HASN'T SENT CHECKS HE HAS PRESIDENTED -- HASN'T DEDUCTED. IT WILL NOT HAVE TERMINAL EFFECT ON HIS. THE RELIEVING OF THE PRINCIPAL AMOUNT WOULD DEBT TRIMENTAL ON HIS TAX.
>> WE WANT TO KEEP ON THE BOOKS SO THAT IF THE PROPERTY SHOULD SELL, WE WOULD BE IN LINE TO US. REPAYMENT OF THE PRINCIPAL.
>> I WOULD AGREE. I BELIEVE IN PREVIOUS MEETING THAT I RECOMMENDED THAT. I MEAN, THAT WOULD BE DOABLE TO US. WE WOULDN'T HAVE A PROBLEM WITH
THAT. >> SO I'VE GOT A QUESTION FOR EITHER THE ATTORNEY OR MR. O'CONNELL.
IF WE WERE GOING TO DO THAT. WOULD THAT MEAN THAT WE WOULD NEED TO RECAST THE LOANS IN SOME MANNER THAT IT WOULD BE A NEW LOAN OR TWO NEW LOANS AT THE CURRENT PRINCIPAL AMOUNT WITH
THE DIFFERENT TERM. >> THAT'S ONE OPTION THE
[00:25:06]
AUTHORITY HAS. >> ESSENTIALLY BUT THEN YOU WILL PAY THE RECORDING FEES ON THE NEW LOAN.
COULDN'T YOU DO A MODIFICATION? >> YOU COULD DO A MODIFICATION
AS WELL. >> I THINK COULD WHO HAVE RECORDING FEES THERE. BUT YOU WOULD HAVE GOTTEN THE
TIME. >> THE OTHER THING KEEP IN MIND MODIFYING THE LOAN MAY CHANGE YOUR STATUS AS FAR AS PRIORITY
AS A CREDITOR. >> I WOULDN'T WANT TO DO THAT.
>> FULL PRINCIPAL. USUALLY THERE'S A BALLOON ON
THESE TYPES OF LOANS. >> WHAT'S THE HARM IN US WAITING MAKING THE DECISION. I KNOW FROM YOUR POINT OF VIEW.
MEANING WE WAIT UNTIL THEY ALL COME DUE.
>> WE CAN ACCRUE INTEREST IN PERPETUITY I WOULD IMAGINE.
>> IN MY END THE AUDITOR WOULD LIKE FOR GUIDANCE.
YOU WOULD LIKE TO ME FOR GUIDANCE WHICH INTEREST IS COLLECTIBLE. AT THAT POINT, DO I DO AN
ALLOWANCE TO WRITE IT BACK NOW. >> THAT'S DEFACTOR FOR
FORBEARANCE. >> IT WOULD BE IN FAVOR OF THAT.
MY QUESTION IS HOW LONG HAVE WE BEEN DISCUSSING THIS.
>> A LONG TIME. >> AND WHAT'S THE ADVANTAGE OF OR THE BENEFIT OF CONTINUING -- DON'T SEE AN ADVANTAGE BENEFIT IN CONTINUING THIS TO DISCUSS THIS AT EVERY MEETING AND I JUST DON'T KNOW WHY WE HAVEN'T MOVED FORECLOSE
OR CALL IN THE LOAN. >> I DON'T THINK WE'VE MOVED TO FORECLOSE. OUR WHOLE GOAL IS AFFORDABLE HOUSING. AND HARRY MEETS THAT GOAL.
HE'S IN A POSITION HE DIDN'T ASK FOR.
FLORIDA HOUSING PUT HIM IN THE POSITION HE'S IN.
AND IT WAS NASTY. THE WHOLE THING.
FOR US IT'S JUST WRITE IT OFF I'M NOT INCLINED TO DO THAT AT THIS POINT. WE DON'T HAVE TO TALK ABOUT IT EVERY MONTH. IF WE PUT ASIDE AND TABLE IT, WE DON'T HAVE TO ADDRESS IT UNTIL SOME CHANGES.
WE HAD TO BRING IT UP AND TALK ABOUT IT BECAUSE HARRY HAD ASKED FOR FORGIVENESS BUT THERE'S REALLY NO POINT TO THE FRGIVENESS. THERE'S NOTHING THAT WILL
AT THIS POINT I DON'T SEE ANY NEED TO DO IT.
>> I DON'T KNOW IF WE ARE GOOD STEWARDS OF THE PROGRAM.
BY KICKING THE CAN DOWN ROAD. >> I DON'T THINK WE HAVE A LOT OF OPTIONS ON IT. I DON'T THINK WE CAN JUST -- COULDN'T JUST FORECLOSURE ON IT.
THERE'S TOO MANY IN THERE. THERE'S TOO MANY MORTGAGES.
YOU WILL NOT PUSH THEM OFF. >> NOT ONLY THAT.
ON THE OTHER SIDE OF THAT. KEEP IN MIND VERY LOW.
WE CHARGE 630 A MONTH. I'M JUST SAYING.
THESE ARE THREE BEDROOMS. YOU LOOK AT OTHER COMPLEXES.
2200 A MONTH FOR THREE BEDROOM. THE ONE RIGHT HERE BY THE COURTHOUSE IS 1600. WE ARE PRESENTLY SITTING AT 100% OCCUPANCY. THE PROBLEM IS THAT WE'RE SO LOW ON WHAT WE CHARGE IF YOU LOOK BACK WE'RE NOT DRAWING INCOME FROM THAT. WE'RE SATISFYING THAT WORKFORCE HOUSING THAT YOU -- OBVIOUSLY SOMEONE HAS TO SATISFY.
WE JUST IN A BAD SITUATION. SOME OF THAT'S DUE TO BACK WHEN YES HAD CONSTRUCTION UNFORTUNATELY THE CONSTRUCTION COMPANY HAD THEIR PROBLEMS THAT FAILED BACK ON US.
AND WE WERE STUCK WITH HAVING TO COMPLETE THAT PROJECT WHICH WE DID. FOR THE HOUSING WE CONTEST THAT THEY HAVE A LOT OF THESE -- THEY SIMPLY COME AND SAY WE'RE WALKING AWAY FROM HIM. WE HAVEN'T CHOSE TO DO THAT.
WE THANK TREMENDOUS BENEFIT TO THE COMMUNITY TO WORKFORCE HOUSING AS WHOLE. THAT'S WHY WE KEEP DOING WHAT WE ARE DOING. AND I THINK IT'S A BENEFIT FOR
THE COUNTY AS A WHOLE. >> I'VE GOT A QUESTION FOR YOU.
[00:30:06]
>> WE JUST CONTINUE ON AS WE ARE AND YOU WOULD BE -- WE MAY OR MAY NOT BE RECEIVING INTEREST IN YOU WOULD THEN BE ACCRUING IT AND THEN COME WE WOULD HAVE TO MAKE A DECISION WHETHER SOME OR ALL OF IT WOULD NEED TO BE WRITTEN DOWN.
WE WOULDN'T HAVE TO TAKE ADDITIONAL ACTION AT THIS POINT IN TIME ACCEPT THAT WE WOULD NOT BE GIVING A FORBEARANCE ON THE
LOAN. >> I APOLOGIZE YOUR QUESTION IS THAT. I WAS ASKING MR. O'CONNELL FROM A TAX STANDPOINT FROM OUR STANDPOINT.
>> FROM OUR STANDPOINT WE WOULD ACCRUE IT ON MONTHLY BASIS AS REVENUE. I WOULD SUGGEST AN ANNUAL REVIEW. AND MAYBE INVITE HARRY TO COME BACK EVERY AUGUST AND SEPTEMBER TO HAVE HAVE A MOTION TO FORGIVE THE INTEREST FOR THAT CURRENT YEAR.
I'M NOT THE LEGAL PROWESS HERE. WITHOUT DOING DOCUMENTATION.
THEN MODIFYING THE LOAN. I WOULDN'T BE INCOME.
TO PAY US. I DON'T THINK I WOULD HAVE AT THE TIME TRIMENTAL TAX. I WOULDN'T RELIEF.
I WOULD GIVE HARRY $598.97 RELIEF.
FOR THE PERIOD OF TIME THAT YOU CONTINUED TO FORGIVE.
>> QUESTIONS FROM THE BOARD THE DIRECTION THE BOARD WANTS TO GO WHICH MEAN YOU WOULD HAVE TO FILE HAVE ANY FILING FEES ANY CHANGES TO THE MORTGAGE DOCUMENTS AND ONCE YEAR COME BACK AND AT THAT POINT ASK FOR SOME FORBEARANCE ON THE ACCRUED
INTEREST. >> YOU WOULD NEED A MOTION FOR T THAT.
>> BEFORE YOU MAKE THE MOTION I WOULD ADVICE THAT WE HAD OFFERED TO MR. MAXWELL TO BE PART OF THE CONVERSATION TO DISCUSS THE POSSIBILITY OF INCREASING THOSE RENTS EVEN TO 800 OR $850 WHICH WOULD STILL FIT AS YOU KNOW MARKET RATE OF 2200.
WOULD STILL FIT YOUR MISSION OF AFFORDABLE HOUSING AND PROVIDE THE ABILITY TO PROVIDE SOME DEBT INSTEAD OF HAVING A BAD LOAN ON
THE BOOKS. >> HAVE YOU SCHEDULED THAT MEETING. MR. MAXWELL DECLINED FROM WHAT I
DECLINE. >> I DECLINE FOR THIS REASON.
IS THAT WE DON'T WANT TO GO FORWARD WITH THAT.
I DON'T WANT THEM TO THINK AGAINST FLORIDA HOUSE HOUSE.
WE WERE IN LITIGATION. I DON'T WANT TO GO DOWN THAT ROAD AND I'M TELLING YOU IT'S NOT GOOD.
AND IF YOU GO BACK DURING THE TIME WHEN YOU GUYS WORK WITH FLORIDA HOUSING AND SEVERAL. IT WAS NOT GOOD WHAT YOU WERE TRYING TO NEGOTIATE. I DON'T WANT TO DO THAT.
I'M SORRY. I WOULD RATHER NOT DO THAT.
>> WITH ALL DUE RESPECT. >> IF I COULD SPEAK TO IT A LITTLE BIT. I CAN GIVE YOU THE HISTORY SINCE I'VE BEEN HERE. SURE THERE'S BEEN SOME ROCKY MOMENTS WITH FLORIDA HOUSING. BUT I WOULD SAY TO YOU THAT BEHOOVES ME NOT TO THINK EVERY TIME AN ATTORNEY IS INVOLVED THAT WE ALL GET INTO ADVERSARIAL MODE.
WE HAD A NUMBER OF POSITIVE CONVERSATION WITH FLORIDA HOUSING IN THE LAST 2-3 YEARS WHEN WE DO DISASTER RECOVERY.
AND YOU KNOW, I CERTAINLY CAN APPRECIATE MR. MAXWELL'S CONCERN. BUT I WILL TELL YOU THAT YOU KNOW MOST OF EVERYTHING THAT WE'VE DEALT WITH HAS BEEN
GENERALLY PRETTY POSITIVE. >> YOU DON'T TAKE THAT
PERSONALLY, DO YOU? >> I HAVE HAD A NUMBER OF CONVERSATIONS WITH FLORIDA HOUSING OVER THE PAST FIVE OR SIX YEARS. I'VE NEVER HAD ANTAGONIST CONVERSATION WITH HIM AT ALL. THEY'VE BEEN HELPFUL IN FINDING
[00:35:02]
SOLUTIONS TO THESE TYPES OF PROBLEMS.>> WOULD YOU RECONSIDER HAVING THE DISCUSSION WITH THEM OVER
THIS? >> NO, MA'AM, I WILL NOT.
I'M SORRY. IF YOU CONTACT MR. MERCER.
HE WOULD TELL OHE'S A LOCAL ATTORNEY.
I'M TELLING YOU DON'T GO DO IT. THEY ARE HOLDING FIRST AND SECOND. ON THE PROPERTY.
I WOULDN'T WANT TO DO THAT. >> WHAT ACT RAISING RENTS?
>> IF WE RAISE THE RENTS AND THIS WHERE WE ARE WITH THAT.
OUR INCOME BRACKET. WHAT WE WOULD HAVE TO DO TO RAISE THE RENT. I'VE HAD THAT DISCUSSION TO 80%.
WE'RE RIGHT NOW 30 AND 60%. ABOVE MEDIAN INCOME.
IF WE WANT TO 80% WE WILL GET A LITTLE BIT MORE BETTER CLIENTELE THAT MAYBE CAN AFFORD TO PAY MORE.
THEIR CONVERSATION THAT I HAVE WITH THEM THEY DIDN'T WANT TO DO THAT. THEY WANTED TO BE 30 TO 60% VERY LOW, LOW INCOME FAMILIES. AND I'VE HAD CONVERSATION AS EARLY AS LAST YEAR WITH THEM. IF WE DO GO TO THAT, WE WILL LOSE SOME OF THE # 0% FAMILY TO GET MAYBE TWO, MAYBE THREE, 80%.
>> WE HAVE TEN OF THEM. >> THAT AVERAGE IS $20, ABOUT 20
>> THOSE PEOPLE WILL NOT FIND ANOTHER ANOTHER PLACE TO RENT
FOR THE 20 INCREASE. >> RIGHT.
>> CAN YOU'RE TALKING ABOUT 650 GOING FROM 630 GOING TO 650.
>> RIGHT. >> AND THEN 825 IF YOU WENT WITH THE 820. IF YOU WENT TO $20.
WE THOUGHT ABOUT DOING THAT. RIGHT NOW FLORIDA HOUSING HAS A STAY IN PLACE. SO DOES THE GOVERNOR.
WE HAVE A COUPLE OF FAMILIES NOT PAYING ANY RENT.
BECAUSE NO ONE CAN PUT IN NOW. BECAUSE OF COVID-19.
WE'VE BEEN DOING THIS FOR MONTHS NOW.
THAT'S NOT LISTED AS THE FLORIDA HOUSING IN JANUARY.
THAT ONLY APPLIES TO EVICTION. DOESN'T APPLY TO RENT INCREASE.
THAT'S CORRECT. >> FLEISS WE CAN DO IT IN 30 DAYS. I'M JUST LOOKING TO DO THAT.
>> IT WOULDN'T BE $20 PER UNIT. VERY LOW WILL NOT INCREASE $20.
BUT PROBABLY A GOOD TIME TO DO IT SINCE EVERYBODY WORRIED ABOUT EVICTION AND IT'S NOT GOING TO HAPPEN.
>> WELL, I THINK HARRY -- THE FINAL UP YOU WE DON'T WANT TO KICK ANYBODY OUT IN THE STREETS EITHER.
I THINK -- I APPLAUD HARRY FOR REALLY MAINTAINING THE LOW MONTHLY INTEREST BECAUSE WE DON'T HAVE ANY THIS TIME.
WE DON'T HAVE IT. THEREFORE YOU WILL CREATE ANOTHER PROBLEM BECAUSE THEN YOU WILL HAVE HOMELESS PEOPLE BECAUSE THEY CAN'T AFFORD THE RENT.
IF -- LIKE I SAID HE REALLY DEAL WITH PEOPLE THAT REALLY, REALLY CAN'T AFFORD TOO MUCH INCREASE. YOU DON'T WANT TO CREATE ANOTHER PROBLEM INCREASE A THEY CAN'T PAY IT TO GET WORSE.
THEN YOU HAVE EVICTION AND STUFF LIKE THAT.
IF YOUTY YOU CAN INCREASE FINE. THE WAY HE TALKS LIKE HIS CLIENTELE CAN'T TAKE TOO MUCH MORE.
>> THAT'S CORRECT. >> YOU DON'T WANT TO CREATE PROBLEM. THAT'S THE WHOLE REASON HE GOT THERE INTO THE FLORIDA HOUSING PROBLEM.
TO HELP PEOPLE THAT CAN'T HELP THEMSELVES.
SORT OF SOME PEOPLE REALLY EX-STREAM LOW INCOME PEOPLE.
I CONSIDER HAVING SOME OF THAT TRY TO WORK WITH EXTREME LOW-INCOME FAMILIES. I THINK IT'S A GREAT IDEA.
[00:40:01]
EVEN THOUGH BECAUSE LIKE I SAID THE SAME APARTMENTS TO OTHER AREAS GO FROM 800 TO 1,000. AND I'M SURE IF -- WHERE ARE THEY GOING. UNDER THE BRIDGE OR SOMEWHERE HOMELESS. I WILL SAY THERE IT IS.GO WITH WHAT HE SUGGESTED. LET US SLIDE INTO ANOTHER YEAR.
BECAUSE YOU KNOW, IF THE CLASS CAN'T AFFORD IT.
I THINK THAT'S WHAT HE'S BEEN SAYING.
IF THEY COULD AFFORD HIM THEY SHOULD HAVE INCREASED THE RENTS AND STUFF. AND YOU KNOW WHAT KIND -- LIKE I SAID THE CLIENTS HE WORKING FOR ARE EXTREMELY LOW INCOME FAMILIES. [INAUDIBLE] IF YOU DO THE FORBEARANCE, IF WE CAN AFFORD TO DO IT, RAISE IT LIKE MARSHAL SAID SOMEWHERE IN THERE.
WE WILL DO THAT. WE DON'T MIND DOING THAT AGAIN NEXT YEAR WE COME IN AND BEFORE THAT IF WE COULD AFFORD TO MAKE THE PAYMENTS WE COULD DO IT. WE'RE NOT TRYING TO LOOK FOR A WAY OF TAKING ADVANTAGE OF THIS BOARD OR ANYTHING OF THAT NATURE. IF YOU TAKE A RIDE BY THE PROPERTY. I'VE SEEN THIS TODAY.
HE CAN TELL YOU. WE KEEP THOSE APARTMENTS UP A LOT OF LABOR I DEAL MYSELF. WE HIRE MAYBE, ONE OR TWO PEOPLE. TO PAINT THE BUILDINGS THE PLACE. WE ARE NOT SLUMLORDS OR ANYTHING OF THAT NEIGHBOR. WE KEEP THE CRIME DOWN.
BOTH OF THOSE LOCATIONS I THINK MR. COHEN YOU DON'T LIVE TOO FAR FROM IT. YOU COMPLIMENTED.
YOU KEEP THE PROPERTY UP. IT'S A GREAT PROPERTY.
WE DO WONDERFUL THING BASICALLY FOR THE AMOUNT OF MONEY WE'RE CHARGING AND THE PEOPLE HAVE A SAFE WONDERFUL ENVIRONMENT
THERE. >> JUST CAN'T ASK FOR ANY MORE
THAN THAT. >> JUST A QUICK COMMENT ON THAT
MR. MAXWELL. >> I THINK WE'RE ALL IN AGREEMENT -- WE'RE ALL TRYING TO ACCOMPLISH THE SAME THING.
YES, SIR YOU'RE CORRECT. I THINK IT'S SUSTAINABILITY.
IS WHAT YOU DO SUSTAINABLE? NOBODY KNOWS.
IT SEEMS LIKE WHEN THEE BALLOON PAYMENTS ARE DUE THAT WILL ANSWER THE QUESTION, UNFORTUNATELY.
TO GO ALONG WHAT LINDA IS SAYING.
I THINK THE BEST THING FOR US JUST NOT TO REALLY MAKE THE DECISION RIGHT NOW. BECAUSE WE'RE NOT GOING TO KNOW ANYTHING UNTIL YOU HAVE A COUPLE OF THREE MILLION DUE IN FEW FIVE YEARS OR SOMETHING. WHEN THAT HAPPENS, IF IT'S SUSTAINABLE THEN IT WOULD BE MORE THAN WILLING TO FORGIVE THAT. I THINK THE ORIGINAL DISCUSSION HOW THIS WILL BENEFIT YOU NOW. UNFORTUNATELY THE ANSWER IS NO.
>> I DON'T KNOW IF I NEED TO MAKE A MOTION OR WHAT NOT.
I AM IN AGREEMENT THAT WE JUST DON'T MAKE A DECISION RIGHT NOW.
I DON'T KNOW -- IN MY OPINION WHEN BALLOON PAYMENTS ARE DO
WHEN WE WILL KNOW SOMETHING. >> WHY DON'T WE TAKE THE SUGGESTION TO REVIEW IT AGAIN NEXT OCTOBER.
AND SEE WHERE WE ARE AT AND MAKE A DECISION ON FORBEARANCE OF THE
INTEREST. >> CAN I ADD ONE THING TO WHAT ARE SAYING. YOU CORRECT ME IF I AM WRONG ABOUT ANY OF THIS. SOME OF THE -- YOU RECEIVED SOME SORT OF SHIP DOLLARS FROM THE COUNTY OR MAYBE FROM THE STATE.
FOR THIS PROJECT; CORRECT? >> THAT'S CORRECT.
>> SOME OF THEM ARE KIND OF LIKE A GRANT; RIGHT?
UNLESS YOU SELL THE PROPERTY. >> THAT'S CORRECT.
IN SOME OF THE CASES WITHOUT COMING THROUGH EACH INDIVIDUAL AGREEMENT MR. O'DONNELL. WE HAVEN'T DONE MUCH OF THIS SINCE I'VE BEEN HERE. UNFORTUNATELY HAD TO SPEND OUR SHIP DOLLARS ON DISASTER RELIEF EVERY YEAR.
BUT TYPICALLY WHAT HAPPENS THERE'S 30-YEAR MORTGAGE ON THE PROPERTY. WE GRANT YOU OR WE LOAN YOU X NUMBER OF DOLLAR TO HELP SUBZIZE THE PROJECT.
AS LONG AS YOU KEEP IT AFFORDABLE WHERE YOU DON'T TRY TO SELL IT OR SOMETHING ELSE HAPPENS IN THE MEAN TIME.
IT REALLY NEVER BECOMES DUE. IF I HAD TO GUESS YOU PROBABLY HAD A NUMBER OF -- YOU HAVE SO MANY AGREEMENT ON THE PROPERTY.
[00:45:02]
YOU PROBABLY HAVE MAYBE 2 OR 3 OF THESE.>> YES, SIR. >> NOT TO CONTRADICT YOU.
THERE'S I DOESN'T. YOU'RE NEVER GOING TO SEE THIS BALLOON PAYMENT AT THE OWNED OF THE DAY.
>> UNDERSTOOD. >> THAT MAKES -- THAT'S
DIFFERENCE THEN. >> YOU HAVE LIKE WHISPERING WOODS AND WHISPERING PINES. THEY ARE UNDER THE SAME UMBRELLA THAT THEY RECEIVED SHIP DOLLARS AND THE SAME THING HAPPENED.
SAME THING WITH THE NEW CDGBR APARTMENTS.
>> WE WILL HAVE FORGIVENESS. >> IT'S A GRANT THEY DO LIKE YOU DO MEET THE INCOME QUALIFICATION FOR THE PEOPLE THEY RENT TO AND THEY HAVE TO SET ASIDE A CERTAIN NUMBER OF PEOPLE IN CERTAIN INCOME BRACKETS. IT ALL ENDS UP BEING A BIG MATH PROBLEM LIKE YOURS IS. IF YOU DON'T MEET THOSE THAT'S WHEN YOU ARE IN VIOLATION. THEY EXPECT YOU TO FIND PEOPLE
AND NOT RENT TO OTHERS. >> RIGHT.
> WE TYPICALLY FOLLOW THE MODEL FOR A NUMBER OF DIFFERENT PROJECT WE DO INCLUDING CDGBE. WE ALSO HAVE SINCE EYE BEEN HERE USED AFFORDABLES HOUSING FUND WHICH PRIMARILY GENERATED THROUGH DRI FUNDS THAT WENT BACK MAYBE TEN TO 15 YEARS.
AND WE'VE BEEN LOOKING AT OTHER REVENUE STREAMS THAT WE CONTINUE TO BUILDUP. WE PUT SOME SORT OF CONTRACT OR MORTGAGE, A LIEN ON THE PROPERTY THAT SAID YOU KEEP IT AFFORDABLE FOR X NUMBER OF YEAR. WE'VE HAD BIG DISCUSSION.
I WOULD SAY BETWEEN 20 TO 30 YEARS.
THE CURRENT FLORIDA HOUSING TRYING TO ENCOURAGE US TO DO OVER THE LAST 3-4 YEAR HAS BEEN INCREASE AMOUNT TO 50 YEARS.
EVEN IF THEY SELL THE PROPERTY SOMEONE ELSE THEY ARE SADDLED WITH THIS I GOT TO KEEP IT AFFORDABLE.
>> WHAT DO WE GAIN BY WAITING HERE?
>> THE SITUATION WILL NOT GET BETTER A YEAR FROM NOW?
>> WE'VE BEEN HERE ALL THE TIME. WE'RE SUSTAINABLE.
I MEAN, NOT SOME LEVELS BUT I ASSURE YOU WE WILL BE HERE NEXT YEAR. WE WILL BE HERE THE FOLLOWING YEAR. WE'RE GOING TO BE HERE AND
PROVIDING AFFORDABLE HOUSING. >> THAT'S NOT MY CONCERN.
>> I'M SORRY. >> MY CONCERN IS THE SITUATION THE FINANCIAL END OF THE SITUATION IS ONLY GOING TO GET WORSE. BECAUSE THERE'S NO SOLUTION TO THE DILEMMA. IF WE SAY OKAY WE WILL DO ANNUAL REVIEW. WE WILL DO IT AGAIN NEXT OCTOBER. I DON'T SEE WHERE ANYTHING WILL CHANGE BECAUSE OF THE FINANCIAL SITUATION THAT WE'RE DISCUSSING ABOUT YOUR LIMITATION ON RENT YOU CHARGE AND THE ABILITY OF YOUR CLIENTS TO BE ABLE TO PAY ANY INCREASES.
I DON'T SEE WHERE IT WILL CHANGE ACCEPT MAKE THE FINANCIAL
SITUATION WORSE. >> I APPLAUD YOU FOR WHAT YOU ARE DOING. AND I THINK YOU DO A GOOD SERVICE. MY CHALLENGE IS THAT WE'VE GOT A PROGRAM THAT FOR A VARIETY OF REASONS I DOESN'T MEET THE MODEL IT WAS INTENDED FOR. WE AS THE BODY WE PARTICIPATED IN THAT BY ALLOWING THAT TO CONTINUE.
IT JUST CREATING MORE PROBLEMS. THAT'S MY CONCERN.
>> ANYONE ELSE HAVE ANY DISCUSSION?
>> WHAT ARE OUR CHOICES? >> WHAT CHOICES ARE WE LOOKING
AT? >> A MOTION BY MR. O'DONNELL HE WOULD REPEAT AND SEE IF WE HAVE A SECOND.
AND THEN VOTE ON THAT. >> MR. RAYMOS; YOU ARE NOT FOR
THAT; CORRECT? >> YOU ARE NOT FOR DOING ANNUAL
>> JUST WANTED TO MAKE SURE. >> BUT I'M ONLY ONE.
>> I KNOW. >> HOW ABOUT FOR FORGIVENESS.
>> I WOULDN'T ACCOMPLISH ANYTHING IF WE FORGIVE.
>> THAT'S WHY I'M ASKING WHAT THE CHOICES ARE.
[00:50:02]
FORGIVENESS OR THE ANNUAL REVIEW.THOSE ARE THE TWO. >> YOU REALLY HAVE THREE THINGS TO CONSIDER. YOU HAVE THE INTEREST THAT HAS BEEN ACCRUED PART OF IT AS THE A YEAR AGO FISCAL YEAR THEN YOU HAVE THE CURRENT SITUATION AND THE 2019-'20 FISCAL YEAR THAT I WILL HAVE AKREWE AND PUT ON THE BOOK.
WE CAN APPROVE THE CURRENT FISCAL YEAR ACCRUE AND FORGIVE IT. THEN THE THIRD OPTION FORGIVENESS OF BOTH OF THESE LOANS IN TOTAL.
MY SUGGESTION WAS ANNUAL REVIEW I GAVE YOU ALL.
I'M JUST GIVING YOU ALL SOME OPTIONS HERE.
WOULD BE TO FORGIVE THE 2018-2019 SMALL AMOUNT THAT'S DUE AND THEN ACCRUE AND FORGIVE THE 2019-2020 AMOUNT AND THEN DO AN ANNUAL REVIEW OR YOU CAN ELECT TO FORGIVE THE INTEREST FOR ALL THOSE PERIODS AND NOTES THEMSELVES.
THOSE ARE THE THREE THINGS. OR YOU CAN LEE THEM ON THE BOOKS AND SEE IF YOU CAN ENFORCE ATION.
OR LEAVE THEM ON THE BOOKS AND TAKE NO ACTION.
>> THERE'S SEVERAL CHOICES. >> LET ME ASK YOU THIS.
IF THERE WAS FORGIVENESS OF THE LOAN, WOULD THAT --
[INAUDIBLE] >> ANYTIME YOU HAVE CANCELLATION OF THE ACTUAL DEBT NOT NECESSARILY INTEREST PART JUST THE MORTGAGE, OF 110,580 MR. MAXWELL THROUGH HALO PROPERTIES INC, I WOULD RECOGNIZE A INCOME OF 110,580 WHICH WOULD PASS THROUGH TO HIS PERSONAL RETURN.
IF HE HAS SUFFICIENT CARRY FORWARD ITEMS IN REGARD TO LOSSES. I BELIEVE IT SHOW A LOT OF LOSSES DUE TO DEPREFERATION. I MAY NOT HAVE A TAX IMPLICATION. AT SOME POINT IT WILL.
IT MAY REDUCE THE CARRY FORWARD. I CAN'T SPEAK TO THAT.
BECAUSE I DON'T HAVE THE RECORDS.
>> YOU WOULD ISSUE 1099-C FOR CANCELLATION OF DEBT.
SOLVENCY IS A WAY TO ELIMINATE. BANKRUPTCY A WAY TO ELIMINATE THAT OR IF HE HAS OTHER CARRY FORWARD WOULD ELIMINATE THE TAX
IMPLICATIONS. >> IT WOULD BE IN FAVOR OF RELIEVING HIM OF 2018-2019 INTEREST; FORGIVING THAT.
CARRY THE '20. WE COULD FORGIVE '20 I GUESS AND REVIEW IT NEXT YEAR AND SEE WHAT WE NEED TO DO AT THAT TIME.
>> I SECOND THAT. >> CLARIFY THE 2018 AND 2019 IS THE ADDITIONAL AMOUNT HE HASN'T PAID.
>> CORRECT. >> JUST WHAT'S DUE.
AND THEN '20 AND THEN >> 2019-2020.
AND THEN NEXT YEAR WE WOULD REVIEW IT AND SEE WHERE WE NEED
TO GO. >> -- MUCH DOES THAT AMOUNT TOO?
>> JUST ROUGH OFF MY HEAD. 8400 PROBABLY.
I THINK IT'S 14 MONTHS. I MAY BE 14 MONTHS.
>> THAT WOULD NOT EFFECT HIM TAXWISE.
>> I DON'T BELIEVE I CAN'T SPEAK FOR HIM.
99% OF CLIENTS I DEAL WITH THAT S-CORPORATION MOST ON THE CASH BASIS. THEY ARE NOT COLLECTING.
THEY ARE NOT PAYING TAX ON RENTS THEY MAY COLLECT.
MOST RENTAL AREAS YOU DON'T UNLESS YOU ARE MANDATED BY THE CODE BASED ON THE SIZE OF YOUR ENLT OWOULDN'T WANT TO RUN ON CASH BASIS. TAX RETURNS AT ALL.
>> IT WOULD BE IN FAVOR OF THAT. AS LONG AS IT DOESN'T EFFECT HIM AND HURT HIM. I DON'T WANT TO HURT HIM.
>> I SECOND. >> ALL THOSE IN FAVOR?
>> THANK YOU VERY MUCH. I HOPE THAT HELPS.
IF MR. COHEN HAS MY CELL AND THE BUSINESS NUMBER IF YOU WOULD LIKE TO COME BACK AND VISIT THE COMPLEX FEEL FREE TO CALL ME.
OR IF YOU NEED ANY OTHER DOCUMENTATION, OF COURSE, WE ARE
[00:55:02]
WILLING TO PROVIDE THAT. >> THANK YOU VERY MUCH.
>> THANK YOU. NEXT ITEM IS THE [INAUDIBLE] IS THERE ANY UPDATE AT THIS
THERE'S BEEN THREE NEW LOAN RESERVATIONS SINCE OUR LAST MEETING. TWO WERE ACADEMY MORTGAGE CORPORATION. AND ONE IS FAIRWAY INDEPENDENT
MORTGAGE CORPORATION. >> ACADEMY MORTGAGE?
>> ACADEMY HAS TWO OF THEM, YES, MA'AM.
THAT'S ALL THE BUSINESS I SEE. I WILL TAKE A MOTION TO
THE NEXT MEETING DECIDED? >> IT SAYS TO BE DETERMINED.
I THINK IT'S BASED ON WHAT IS GOING TO HAPPEN WITH THE EXPIRING OF REQUIREMENTS FROM THE GOVERNOR.
I THINK WE'LL HAVE TO WAIT AND SEE WHAT WE CAN AND CAN'T DO.
>> THANK YOU. I DIDN'T KNOW IF THERE WAS A PREFERENCE FROM THE AUTHORITY. [INAUDIBLE] HE ASKED IF THERE'S A PREFERENCE TO BE HERE OR AT THE HHS BUILDING? OF COURSE WE'LL HAVE TO DO WHAT WE ARE FORCED INTO. BUT WE'RE JUST ASKING IF THERE'S
A PREFERENCE. >> WE'RE REQUIRED TO HAVE A PHONE LINE SO THAT THE PUBLIC CAN CALL IN.
AND AT THIS TIME WE DON'T HAVE THAT IN OUR CONFERENCE ROOMS.
>> BUT WE ARE WORKING WORKING TECHNOLOGY ADVANCES IN THE LOT
OF THE ROOMS. >> WE HAVE NO CHOICE BUT TO STAY
>> WE ADVERTISE EVERY WEEK. YOU CAN TELL US WHERE IT WILL
BE, GUESS. >> WE DON'T MIND BEING HERE.
>> OKAY. WE'LL SEND OUT A NOTICE.
>> I LIKE BEING IN CHARGE. >> PLENTY OF PARKING.
>> STAFF HAS NOTHING FURTHER. >> OKAY.
I WILL TAKE A MOTION TO ADJOURN. >> MOTION TO ADJOURN.
>> SECOND. >> ALL THOSE IN FAVOR.
AYE. >> MOTION
* This transcript was compiled from uncorrected Closed Captioning.