Background:
At the March 27 Board of Trustees Study Session, the governance team agreed upon several "Success Criteria" for the lease-up and stabilization of the MVW at the Sevens staff housing project. In the ensuing discussion, the Board's consensus was to move ahead quickly to cause the formation of a non-profit 501(c)(3) corporation to govern staff housing into the future. The desired model for implementation is the Jefferson Union High School District's Educational Housing Corporation, which has been operating for three years.
At the April 24 regular meeting of the Board of Trustees:
- Approved Resolution No. 06-042425 Approving the Formation of a Non-Profit Corporation to Govern Staff Housing at 699 N. Shoreline Blvd. (MVW Residences Corporation - or "Corporation")
- Approved Articles of Incorporation
- Discussed and gave direction - Bylaws of the Corporation
On May 29 the Board of Trustees approved the Bylaws of MVW Residences Corporation as revised to respond to Trustees questions and comments on April 24.
Now that the structure for the Non-Profit Corporation has been provided through Board action, staff asks that the Board of Trustees review and give input on the selection and appointment process for Directors for the MVW Residences Corporation Board.
Fiscal Implication:
Legal Counsel costs associated with processing application documents with the Federal and State Governments.
Recommended Action:
Staff recommends that the Board provide input to staff on the process for the selection and appointment of the MVW Residences Corporation Board of Directors.