City of Laredo, Texas Laredo Housing Finance Corporation, 8 May 2019

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05-08-19 Laredo Housing Finance Corporation

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We have forums.

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We have one bill. Salus president, ever moto en 41 son is jose. Zuniga is you'll, be absent.

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We just start with item number three approval of the minutes for marsh xx.

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Okay: item number for citizen comments.

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I just know we have a Gary here: okay,.

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Oh boy, finger anywhere.

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Fools: okay: okay. Next item: we have the finance operation in 2019 budget update by capstone real estate services, with discussing a possible action on Hamilton apartment repairs, improvements, leases, operation.

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The expenses for we had a total income. We were negative 76 18. This is due to rent increase. We get a rent increase by or compliance Department annually, so we are bringing the tenants up to the new rent as we were you so this. This will decrease as we do the renewal process and then we lost tenants. So we were trending at 90 I'm, happy to report that we should be backed up to a 92 on Friday, so 90 to 93 on Friday.

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Is going to increase total repair and maintenance, we were positive, we didn't mean it, we. We stayed right on the budget, variance positive variance of $29 monthly expenses. We were also positive. There we've been managing expenses and we've been staying on. Target utilities was a was a good positive variance. Their.

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General administrative: we were positive there, 37:20 taxes and insurance that is negative due to the MEP insurance. Now now that we have to pay on a monthly basis, so it's 1642 negative miscellaneous. We were positive mr. Lincoln's, as anybody that leaves women with the balance on their Ledger's. So we didn't have lots there. So we're good.

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743 total operating income, negative 875 and then the net income we were budgeted at nine thousand six hundred fifty three, the variance was 37 84. This was due to the water heater that was approved, but that water heater was also submitted for replace the reserve replacement. So we should get that money back. So looking.

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Would we were still positive about three thousand dollars.

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Approximately I.

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Want to report that the rent the rent per degaton was increased effective by one it will increase to 1875 monthly. Follow me, the provider services, one of the unit's should increase June 1st and then the second. It should.

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Increase November.

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1St and they're in they're, in agreement with the rent, so it was a lease agreement.

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The Palomita provider services have signed a lease Minister Rocha has not scientists least he's still pending. To give me back, his fees, I have been asking him for the least, and he hasn't returned it.

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His rents already paid and we paid the full amount. 75.

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So monitor reported mr. samito when it report on what we had and reserve account. We still have money left over from the.

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About 41 $4,100, we have 267,000, but we have to keep in reserve at all times, 160 5,000. So that is what we have. The reserve account.

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For this meeting.

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We're gonna be checking that the cost of the modification has a.

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Hamilton, what we do now is that we are, we don't pay for those repairs. Once somebody comes in and asked for modification.

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We are not obligated to convert those those those tubs into showers. So that's what we try to do. I think we were gonna, go and get some estimates to see how much it would cost for us to do it in case they they we are required to do it, but we're not required to convert them into into into showers.

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Yes, we have. We.

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To vendors and the approximate cost to convert them would be about $3,800, approximately an average of $38.

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Okay, next item update with possible action regarding capital improvement plan in building repairs in maintains priorities.

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The doors closed for the doors and we're still acquiring poets for that the doors and then mr. Garcia wants me to get an electrician for the nights, the exterior lights, just the lights, because the awning and stuff we would have we were. We were put on hold.

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Side of it, so we are getting quotes for the lights and for the doors. That is what we're working. The main thing that we're working on now, which is the priority.

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To the next one update by crown castle with discussion possible action regarding the placement of antennas at top of the existing tower structure, William the rooftops.

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Cron Council representative, here and Gary and here to discuss any questions you might have they're going through the process of trying to put their antennas up there. Obviously.

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Put the picture the picture of before.

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Happening before.

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And after yeah.

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Believe the third time we've come before you requesting this I think the other solution was to put the antennas on skid maps to be just placed on the rooftop. Our engineers came back and said structurally, that's that's not an option and with potential wind speeds it could be an issue. So we went to the second option, which was mounting them on the billboard frame. That's existing there and I think the Assumption early on, and that was that we had rights to that as part of the easement agreement and then I believe.

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After some discussion back and forth, it was determined that that's actually the side that belongs to the Hamilton building and part of the science nil. So we entertained the Sprint entertained a a short-term arrangement to utilize that that frame for about 12 month period, I believe, is right.

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Never went forward.

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With that, so no equipment was mounted on that so sprint kind of backed out of that. But crown Castle indications of good faith and trying to is looking at options too and.

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Compensate for our partial compensation for that consideration of you know entertaining that that solution, short-term solution, so today is a permanent solution, utilizing the existing tower. That's or the structure, that's atop, the the building currently, so that what you have before you is the photo simulations of what it looks like now, and then what the proposal is about that equipment on.

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The actual tower.

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Which that's you kind of the purpose? It's probably the first place. We should this started rather than the rooftop and.

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Then the worst after this we would.

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Have to go through the historic review process as well and then again for permitting I, do have engineer reports to attest to the structural capability of not just the tower, but also with the building. So they were really ran. Two separate structural analysis reports on both to ensure the integrity of the structure and the building, of course, and but.

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Also just want to.

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Mention that, since we came to you requesting this solution for Sprint placing antenna, t-mobile also has interest in this and they're working on including equipment on the tower itself. So the photo simulations you have the show, also the t-mobile solution, so that's totally Sprint and t-mobile. That would be sited on.

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Able to work I mean 60 mile an hour. Winds won't topple that thing over and down into the street. Well,.

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I'm not an engineer I.

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The engineering reports that I'm sure.

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And they ran these reports based upon 120 mile an hour ultimate wind speed, and then, of course it goes into detail like okay, 120 mile an hour for what three seconds or fuss I mean they they break it down. Pretty pretty.

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So 60 mile an hour winds and be sure I, don't know what that does to.

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Now, when we do this in Corpus Christi or any of the along the it actually increases based on those wind events that occur even without our economy, they still get.

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What I spoke to the the the short term? Please and that's something that we're we're actually finalizing that now it's a portion of left that twelve agreement was so.

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On that, that's.

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As far as I can speak to that, but I do know that there's a compensation package being put together and um I'm hearing that it's between 1,500 and 3,000 dollars and.

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That's just for the.

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Consideration we, you know, no work was ever done, promote what time.

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Frame so that we thought there are option to put sign back.

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I just well, this is there's no conversational, not.

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Only called yeah.

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Surprisingly, just as a footnote to that, we structurally that that's a very the integrity of that built, more structures strong. So if you you know, you wanted to put the.

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Letters back on you'd be okay, I'm sure you guys have insurance for that antenna.

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We had initially was where the consideration they demonstrate.

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Never it was it to party so.

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I guess you guys.

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Reimbursing the board well.

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We can approve a contingent getting our money.

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Will turn around and put back into that.

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Okay me, my only concern with that is with contingencies, based on our this project and holding the lease rights and the interest in that lease rights. You know moving forward that that could potentially you know if save Verizon wants to come back, and you know that could be another opportunity for the board to say well that that would be fine. We will prove this contingent on whatever whatever it may be, and I believe that the perpetual lease arrangement is just I think.

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I think I mean the issue that I think in all good faith and honesty that the board got into that lease with bran castle.

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In good faith,.

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We they wanted to get.

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A portion of that just to show, because there was discussion back and forth so for consideration that crown castle was not spring when they.

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There was never a construction of the cella committee.

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They own the antenna, I mean it's a yeah. They just need your your pool for the a story.

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And if we said no, then that could hurt their chances was.

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Was her superior with.

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Later on, you wouldn't maybe add more incentive the way if, if other carrier showed interest in going there, that would be something we would consider and bring back to you because we know through the building historic, but I will say others decide, though, that this is really in preparation of fried cheese being deployed here, so it I don't want to hold up hurting.

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The citizens- because we don't do this, then you.

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All of that and the consumers or whatever it is their antenna whatever it would be nice to get that check from them. Hopefully you guys wouldn't come back and say no, no.

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So I move that we go ahead with.

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At least that compensation to approve them to go ahead and do that, does that hurt.

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Second, that one so.

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We have approval.

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Sick, if I give up to you.

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Anyone oppose motion that pass.

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Now that we have or to to limit access to to the rooftop or.

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Credentials that contractors mmediately then.

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We can work with you on that and.

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You can only do it this time, or we want to be mindful that, because.

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That was even getting caused asking.

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Was available on the weekends are scheduled as many and, of course, if we need to schedule after hours or something that that isn't a problem, because I do have maintenance stuff that comes in Saturdays and Sundays with a limited time frame. But yes, I would, if it could be. You.

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Know the scheduling.

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And that way I know who's going to show up to the site and.

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I will take this back to our team and.

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So worst-case scenario.

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Have insurance.

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There's crown castle courses self-insured fortune, 500 companies; they they do have the portfolio insured for the deed. If you need like details on that and how its insured we.

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Can absolutely.

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Provide that information I think.

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If somebody doesn't come back in seven days, but.

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I can see that in telephone.

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The engineers have tested that and 120-mile it shouldn't happen, but insurance is needed.

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You know an interesting event along the Gulf Coast: we we didn't lose any towers during any of the storms, and so we did lose power to them. So they were pretty much ineffective, a lot of them because of the lost power. So now, t-mobile and Sprint are going back down there and putting backup generators so they're trying to make it foolproof. So.

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The next item this.

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Question impossible.

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Action regarding the historic, salad, hotel's conversion. We have it selected into a next grant. Inca project.

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You can really see it, the vehicles walking it, but it's been making. It seem the same bit. Uppity condition into Houston was probably you know. Twenty years ago we are from the staff site of the city. We're looking at the renovation and conversion of that building to house makes you think you like would be not no income.

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Do you focus it would be and makes use of the bottom, also taking it to a counter-current we're just looking at possibilities having been that the southern.

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The finest corporation I wanted to just get the board support, so we can advise City Council that you wiII be willing to consider taking on that project before going.

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To do at the same would be open to any person that wants.

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Very preliminary, the proposal that your staff were kind of looking at or trying to develop ideas and how to be converted rehabilitated. How many what options within what enemies to use like you, all to finance ability.

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There's many options, but right now we're gonna mix. Take them.

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Use so that means.

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It would be a hug section, one wait, no, a very similar to what was the Hamilton. The only requirement that we have is that.

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There was about the capacity for about 10 units, so, let's just say: if it's 10 units both on this counting.

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And third, that would be six would have to be doing. 51% and four would be market correct. So.

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That would extend so that's what we call mixing, so you wouldn't just be low-income or concentrating them and then on the bottom floor would be.

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Right now, preliminary stages we're looking at it just want to get the board.

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Old Indy and the other side, new vision.

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So, basically trying to figure that mechanism and look at our options, but obviously I mean the boards just.

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Have bacon so we should look at.

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I made some city management, so then we can.

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I made the motion.