Ashante Evans-Blackwell was on the phone from 8:35am until 8:59 am when she arrived at the meeting.  
Sonji Branch was on the phone from 8:35am until 8:57 am when she arrived at the meeting.
David Selburg - on phone for entire call
Dodd Williams - on phone for entire call
Patti Ray entered phone call at approx 9:09am.

Ms Blackwell was on the phone when she opened the meeting.

One change to minutes - Katie Satterthwaite was on the phone during the meeting.  

Ashante Evans-Blackwell spoke with Sonji Branch and she is unable to fulfil her board obligations.  She would like to resign from Board and join the Governance Committee.  Yetta Lewis stated that we should review our membership and attendance guidelines for the Board,  Bobbie Turner will be added to the Academic Committee. 
 

We ended Q1 with 1.3 mil in cash.  
Income statement - operating revenue $350,000 less than budgeted --- (BEP was down in Aug, Sept, but Oct true up is higher than the Aug & Sept and we will receive those additional funds, Capital Outlay, delay in title I revenue, timing of CSP & facilities grant -- the money will come in, just later than expected)
Expenditures down $710,000 less than forecasted - due to school leaders buy in for budget and purchasing
Balance Sheet - Cash and Cash equivalents; we are in a good position, we can pay bills.  $400,000 cash increase shown is because we drew this on Regions line of credit.   US bank accounts had enough to meet our financial needs in Sept, but there was a restriction that we did not realize and we could not actually use the funds in the account.  We drew this money out of the Regions line of credit, but it has already been paid back and Oct will show balance sheet will show this.
CSP - There was $2.7 million that we might lose because we did not open Crosstown High nor did we create the autistic program that we had planned.  However, we submitted a CSP amendment and it was approved, and the grant period was extended 1 year to cover SY 19-20,  so we will recoup these funds. 
Mendenhall Loan - 3 lenders - Pinnacle Bank - $6 mil at 5.25%, Hope Credit Union - 1 mil @ 5.25%, Boston Community, now Blue Hub  - - $7mil @  20 yr amortization schedule with a 5 year term.  We will need to refinance on or before the 5th year. There is no prepayment penalty, and no origination fee for Pinnacle & Hope; Blue Hub has a 1% origination fee.  Oct 31 closing date, may be extended to November 7th.
Blue Hub wanted the Regions line of credit canceled; the line is secured on a UCC, and they want to secure the assets, we did not feel comfortable with that, so the attorney is wanting them to only encumber the asses directly related to Mendenhall Mall project.
 

Resolution for Mendenhall Mall Construction Loan
Ability to move forward with borrowing 
 Katie Motion to approve resolution as drafted; Dodd seconded -- no opposes, no abstentions, motion carries

Mendenhall Construction Project.  
After a competitive bid process, Montgomery Martin was selected as the General Contractor for the Mendenhall Construction Project
The schedule is 289 days; they have started with some remediation around asbestos - it is imperative that we start as soon as possible and stay on time.  Project is $17,284,742 including cost of property (that has already been incurred)
$103,000 in contingency, General Contractor is caring somewhere around 3% contingency (approx. $500,000). Telecommunications and some of the other soft costs are built into the Proforma.  David Selburg request that we confirm our contingency cost with our Developer.  A signed contract is needed prior to closing on Oct 31.  Katie motioned that we approve the contract, Yetta seconded, no opposes, no abstentions, motion carried.

Executive Session after Board Meeting closed.  Discussion by Executive Team with Christy Gilmore Consulting.  Executive Session was approximately 45 minutes long.

Board meeting was closed prior to Executive Session.