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9/24/20 RISE Meeting Minutes

Minutes of the Virtual Board Meeting of the Board of Directors of the RISE Development Corporation September 24, 2020

Director James Dates, Chair, called the meeting to order at 9:00 a.m. At roll call, the following were in attendance:

Present at Roll:       

  • Director James Dates, Chair
  • Director Stephanie Owens
  • Director Jerrilyn Evans
  • Director Terri Lipsey Scott

Staff Present:           

  • Michael Lundy, Chief Executive Officer
  • Robin Adams, Asset Management Officer
  • Audria Davis, Compliance Officer
  • Larry Gonzalez, Housing Choice Voucher Officer
  • Pamela Hobbs, Procurement Officer
  • Andrea Joyal, Acting Finance Officer
  • Jackie Roberson, Human Resources Officer
  • Mikayla Gleason, Communications Specialist

Others Present:       

  • Charles Harris, Attorney, Trenam Law
  • Rose Coman, NIC Sign Language Interpreter
  • Tyler Land, NIC Sign Language Interpreter
  • Brian Evjen, Director of Development, NorStar
  • Brian Nemeroff, Berman, Hopkins, Wright & LeHam
  • Laura Anne Pray, Berman, Hopkins, Wright & LeHam

SUBJECT: Approval of the Agenda

BOARD ACTION: Director Evans motioned to approve the agenda. Director Lipsey Scott seconded the motion. There was no further discussion and a vote was called:  

  • Director James Dates  YES
  • Director Stephanie Owens  YES
  • Director Jerrilyn Evans  YES
  • Director Terri Lipsey Scott  YES 

SUBJECT: Public Forum

There was no Public Forum.

SUBJECT: Approval of Minutes of the August 27, 2020 RISE Virtual Regular Meeting

BOARD ACTION: Director Evans motioned to approve the minutes. Director Lipsey Scott seconded the motion. There was no further discussion and a vote was called.

  • Director James Dates, Chair  YES
  • Director Stephanie Owens  YES
  • Director Jerrilyn Evans  YES
  • Director Terri Lipsey Scott  YES

SUBJECT: Jordan Park FY 2019 Audit Report Presentation

Brian Nemeroff of Berman, Hopkins, Wright & LeHam presented the Jordan Park Audit Report for the 2019 Fiscal Year. Mr. Nemeroff informed the Board that the financial statements included in the audit present fairly and explained the breakdown of expenses and revenue for Jordan Park in 2019. The audit report also covered cash flow, including the purchase of capital assets. Mr. Lundy asked if the audit included a valuation of the land, rather than just the buildings. Mr. Nemeroff responded that land was not included as its own item and that he will look into it.

SUBJECT: Financial Reports

Andrea Joyal, Acting Finance Officer, presented the RISE Financial Reports as of August 31, 2020.

SUBJECT: Old Business

Mr. Lundy presented the Board with an update on the Jordan Park redevelopment process and the Penny for Pinellas grant application. Mr. Lundy explained the grant requirements were further clarified and Jordan Park does not qualify as "Workforce Housing" under the new guidelines. However, the county will still consider the application under their Acquisition and Long-Term Lease Agreement Program. There was extensive discussion between Mr. Lundy, the Board and Brian Evjan, Director of Development at NorStar. 

SUBJECT: New Business

Mr. Lundy discussed the legal structure of RISE and questions that arose during Board training sessions. Mr. Lundy informed the Board it was the legal opinion of Squire Patton Boggs that there were significant benefits to continuing RISE. One advantage is the ability of the instrumentality to have a 501(c)(3), which permits RISE to submit applications for funding that would otherwise not be available to housing authorities. There was extensive discussion between Mr. Lundy and members of the Board. 

There being no further business, the meeting was adjourned at 9:49 a.m.

Approved and adopted on this 22nd day of October 2020.