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HOUSING YORK INC.
September 13, 2006
The Board of Directors of Housing York Inc. met at 2:56 p.m. in Committee Room A,
Directors present at this Meeting:
Mr. T. Taylor, Chair
Ms S. Sherban, Vice-Chair
Mr. M Ferri
Mr. B. Fisch
Mr. J. Heath
Ms B. Hogg
Staff: L. Bigioni, P. Casey,
J. Simmons, J. Vanderburgh
Declaration of Interest
Nil
Confirmation of Minutes
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06-16
It was moved by Mr. Fisch, seconded by Ms Sherban that the Minutes of the Board of Directors of Housing York Inc. meeting of June 7, 2006 be confirmed, which was Carried.
[The following links open .pdf files of the Reports and Attachment]
Housing York Inc. � Mid Year Financial Status
A Report of the General Manager and Treasurer dated August 30, 2006 was presented recommending that:
1. The Board approve the 2006 Mid-Year Variance Report and Year-End Forecast Report for Operating and Capital for Housing York Inc., including the adjusted draw on reserves for Provincial Reform capital.
06-17
It was moved by Ms Sherban, seconded by Mr. Ferri that the foregoing report be adopted, which was Carried.
Housing York Inc. Insurance Reserve
A Report of the General Manager and Treasurer dated August 29, 2006 was presented recommending that:
1. The Board of Directors approve the establishment of an insurance reserve for Housing York Inc. and the initial transfer of $200,000 from retained earnings to provide start up funding.
06-18
It was moved by Ms Sherban, seconded by Mr. Fisch that the foregoing report be adopted, with the addition of Recommendation No. 2 as follows:
2. That a Progress Report regarding the Insurance Reserve be prepared for the Board's consideration at the end of 2007, which was Carried.
Energy Management Strategy � The Green Light Loan Program
A Report of the General Manager dated September 6, 2006 was presented recommending that:
1. The Corporation enter into loan agreements for Founders Place (540 Timothy Street in the Town of Newmarket) and Elmwood Gardens (325 Elm Street in the Town of Whitchurch-Stouffville) not to exceed $110,000 in total with CFI Trust pursuant to the Social Housing Services Corporation's (SHSC) Green Light Loan Program. Approval is to be conditional upon changes made to the Loan Agreement as outlined in this report, and that the Region provide a guarantee of the loan as described in this report, which limits the Region's exposure and further that there is no restriction upon the Corporation as to future encumbrances against the subject properties.
2. The General Manager and Treasurer be authorized to execute the loan agreements for
3. A request be made to Council to provide the necessary Regional Guarantee to support these loans and further that the Region be requested to provide loan guarantees not to exceed $1.0 million for energy efficiency work to be performed at other Housing York Inc. (HYI) projects over time.
4. The General Manager and Treasurer be authorized to enter into loan agreements for further HYI projects for energy management upgrades subject to the conditions of the loans remaining substantially the same as described in this report to a maximum of $1.0 million including the amounts guaranteed for the two properties which are the subject of this report.
[see also Attachment 1]
06-19
It was moved by Mr. Heath, seconded by Ms Hogg that the foregoing report be adopted, which was Carried.
There being no further business, the Board adjourned at 3:15 p.m.