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| Author | Topic: "Refinancing Loan" |
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Leon (Moderator) |
posted 1/29/10 4:08 AM
"As you are aware in February of this year [2009]the Cooperative paid off all of its existing mortgage loans with IHDA and closed on a refinancing loan through Arbor Commercial Mortgage LLC who is now the Cooperative's Mortgagor." December 07, 2009, Robin R. Lay, Area anager, Realty & Mortgage Co.My question is as a member how would you have known? Was the matter of great importance discussed openly at a membership meeting? The President, Arthur Slater, of Harper Square Housing Corp. signed off on an $18.2 million loan. I asked the property manager Ladell Pearson for a copy of the minutes of the Board meeting where the the President was authorized to execute a loan of that magnitude. She said she would sent those minutes (and others on the bylaw changes) up the my unit the next morning. It did not happen, instead I got a letter from Pearson (1/26/2010)stating that the information sought would be made available within 7 to 30 days!What do you think? Does it matter to you how your Directors are running the Co-op? |
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Leon (Moderator) |
posted 2/4/10 2:53 AM
[This message has been edited on 02/05/2010] |
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Leon (Moderator) |
posted 2/4/10 2:54 AM
Update: The Harper Square property manager Ladell Pearson's written promise to me: "I will send you a copy of the minutes reflecting discussions regarding the decision to refinance the property within 7 days of our meeting; therefore you can expect a copy of this information no later than Monday February 1, 2010." Well, I did not receive any minutes from Pearson the manager until Wednesday evening February 3, 2010. ** What is the big deal about making copies of Co-op minutes. Besides, they always say copies are available in the office! |
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Leon (Moderator) |
posted 2/4/10 3:18 AM
I read the minutes received from Pearson: October 29, 2008 Board Meeting. (I believe I video taped some of that Board meeting over objection of Tutel Onli the Corporate Secretary. I'll look for the video.) First the copy of the aforementioned Board minutes were not signed, they contained no details of re-financing, no authorization for the the President Arthur Slater to sign-off on an $18.2 million mortgage. ?? These questions are obvious: when were the 10/29/2008 minutes approved by the Board of Harper Square Housing Corp.? What meeting did the Board actually approve the $18.2 million mortgage from Arbor. (corrected 2008 date) [This message has been edited on 02/06/2010] |
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Leon (Moderator) |
posted 2/4/10 4:43 AM
I just read at the October 21, 2009 Board meeting Al McCowan was recorded announcing Harper Square would be securing an electrical generator for partial power for 24 hours to the common areas. Now, when did the Board approve that idea? How much will it cost us to buy and maintain. Where will the fuel storage tanks be placed or how will it be powered? [This is an old idea that was rejected in the past because of the high cost, limited utility, etc.] |
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Leon (Moderator) |
posted 2/6/10 5:13 PM
Follow-up on posting 2/4/10 3:18 AM "As noted the "minutes" sent to me by our property manager Laddel Pearson (Realty & Mortgage Co.) were NOT signed by ANY Officer of Harper Square Housing Corporation. Thus, those minutes cannot serve as legal an valid documentation of Board actions. Also, there was NO vote records of anything listed in those unofficial minutes. [This message has been edited on 02/07/2010] |
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