Board Candidate Kijana Crawford from the Department of Sociology and Anthropology at RIT introduced herself to the Board.

Mark Walcott from ESL made a presentation for our offer to purchase the Latta Road school site.

Mr. Walcott explained the process of taking out a loan to purchase the building.
Explained the Proposal Term Sheet and what is entailed.
Not for profit organization.
Owner Occupied commercial property-at least 51% occupied by owner.
Special Use property.
Fifteen year term, we will still be paying substantially less in mortgage payments than we currently are in rent.
Fixed rate --will be set prior to closing-no rate lock.
No pre-payment penalty.
The property is the collateral.
The school is responsible for all taxes.
The property must be appraised.
We must supply annual financial data/audit.
We must maintain a Debt Service Coverage Ratio of 1.20x.
All fees will be paid by RACS.

 

Discussion, questions, and answers regarding the process and possibility of a line of credit.

Telephone conference Call with Pathfinder Bank representative.
Terra Science will serve as guarantor for the first year of the loan, with the option of revisiting the arrangement every year.
20 Year term, rate will reset every five years (adjustable rate mortgage every five years).
Appraisal has been done-Terra can share that information with us.

 

Bank Reps not available to talk with us.

Information provided by bank for comparison.

Discussion among the Board over the three options. 

Expense Ratios are in good form-all expenses are as budgeted and only few slightly under or over the budgeted amount.

The finance committee recommends that our various accounts at Chase Bank closed per board approval while ago. And Chase Escrow were transferred to Citizens Escrow, after Chase accounts closing. It now needs a transfer over $75K in Citizens Escrow to Citizens Main Account prior starting the mortgage.

Demir got estimates for water testing from 3 different organizations.
Monroe county offers testing for free or for a minimal fee.

Holiday Gift Cards of $200 for staff are a tradition at RACS (actual paid through payroll) This is already included in the budget.

A board vote is required for the pursuit of a line of credit-we had previously discussed a $500K maximum line of credit.
The recommendation is to apply for a line of credit as part of our mortgage.

Our attorney has finalized the document for the construction cost overruns that we voted on at the last meeting-the document is as we discussed.

Some minor adjustments to the budget-realigning budget items so that there will be no effect on fund surplus.

This is the written teacher observation policy prepared by teachers and administrators using our current practice on teacher observation and evaluation.
Uses Highly Effective, Effective, Developing, Ineffective

Total enrollment is down to 352 students-our budget threshold is 355.
Most of the decline is due to students moving out of state.
The Fire Department has made some suggestions to amend our safety plan (we sent it out to them for evaluation).
Emergency response cards are posted in all rooms.

Joann is out-no report.

We are implementing our board recruitment plan.
Dr. Crawford is attending today's meeting as a potential member.

One resignation, we are in the process of replacing, but the final day will be the end of the month.