Magnolia Public Schools
Minutes
Audit/Facilities Committee Meeting
Date and Time
Thursday December 9, 2021 at 6:00 PM
Location
https://zoom.us/j/98398352804?pwd=ZmJDUitUL2NsQjhEN2RRQVgrUTAxUT09
Meeting ID: 983 9835 2804 Passcode: 715551
One tap mobile: +16699009128,,98398352804# US (San Jose)
One tap mobile: +16699009128,,98398352804# US (San Jose)
Audit/Facilities Committee Members
Mr. Mekan Muhammedov, Chair
Ms. Diane Gonzalez
Dr. Umit Yapanel (alternate)
CEO and Superintendent
Mr. Alfredo Rubalcava
Mr. Mekan Muhammedov, Chair
Ms. Diane Gonzalez
Dr. Umit Yapanel (alternate)
CEO and Superintendent
Mr. Alfredo Rubalcava
Committee Members Present
D. Gonzalez (remote), M. Muhammedov (remote)
Committee Members Absent
None
I. Opening Items
A.
Call the Meeting to Order
M. Muhammedov called a meeting of the Audit/Facilities Committee Committee of Magnolia Public Schools to order on Thursday Dec 9, 2021 at 6:01 PM.
B.
Record Attendance and Guests
Refer to attendance information stated above.
C.
Approval of Agenda
D. Gonzalez made a motion to approve the agenda as presented.
M. Muhammedov seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| D. Gonzalez |
Aye
|
| M. Muhammedov |
Aye
|
D.
Public Comments
B.Lopez, Chief External Officer, welcomed everyone to the meeting and thanked the Board for their continued commitment. No further comments were made.
E.
Announcements from CEO & Superintendent and Committee Members
A.Rubalcava, CEO & Superintendent, and Committee Members had no announcements at this time.
II. Recommended Action Items
A.
Approval of Form of Purchase and Sale Agreement for the Acquisition of the Property Located at 7111 Winnetka Ave for MSA-5
P.Ontiveros, General Counsel & Director of Facilities, presented to the Committee the form of purchase and sale agreement for the property located in Winnetka for Magnolia Science Academy-5. In a prior Committee Meeting, the members were informed of a non-binding letter of intent that was signed which laid out the essential terms of the formal purchase and sale agreement. P.Ontiveros, laid out the process in which after the agreement is signed a good faith deposit will be made to escrow and MPS will have a 90-day due diligence period. If MPS decides not to go forward by or before the 90-day period the deposit will be refunded to MPS. Staff will come back to the Committee and Board for any further approvals for this project. B.Lopez, Chief External Officer, presented enrollment projections and analysis surrounding the area. Staff addressed Committee Members questions.
M. Muhammedov made a motion to approve the form of Purchase and Sale Agreement, attached as Exhibit A (the “PSA”), for the acquisition of the real property located at 7111 Winnetka Ave, Winnetka (the “Property”) approximately 2.5 miles away from the Magnolia Science Academy—1 campus in Reseda, (2) grant the MPS CEO and Superintendent the authority to negotiate and approve such changes to the PSA as he shall deem necessary and appropriate and in the best interest of MPS, and to sign and deliver the same in order to open escrow for the acquisition of the Property, and (3) grant the MPS CEO and Superintendent the authority to assign the PSA to a wholly owned subsidiary of Magnolia Properties Management, Inc. for the purposes of financing and closing
the transaction or to a wholly owned subsidiary of Pacific Charter School Development, Inc., a California non-profit public benefit corporation focused on developing facilities charter schools (“PCSD”). Staff further recommends that the Committee recommend and move that the Board adopt the same.
D. Gonzalez seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| M. Muhammedov |
Aye
|
| D. Gonzalez |
Aye
|
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 6:26 PM.
Respectfully Submitted,
M. Muhammedov