GUAM HOUSING CORPORATION REGULAR BOARD OF DIRECTORS MEETING OF Wednesday, February 25, 2015 AGENDA I. Call to Order II. Roll Call III. Approval of Board Minutes - Regular Board of Directors Meeting of January 21, 2015 IV. Legal Report V. New Business 1) Clarification Affidavit ref: Grant Deed to Maeda Pacific Corporation “Maeda” 2) Changes to Board of Director’s Meeting Date and Time VI. Reports 1) President’s Report 2) Management Reports (Dec ’14 and Jan ’15) A. Accounting Report B. QAO Report C. Loan Activity Report D. Rental Report VII. Public Participation VIII. Miscellaneous IX. Adjournment AGENDA; REGULAR BOD MEETING OF February 25, 2015 GUAM HOUSING CORPORATION BOARD OF DIRECTORS REGULAR MEETING HELD 21 JANUARY 2015 MINUTES OF REGULAR MEETING I. Call to Order: The regular meeting of the Guam Housing Corporation Board of Directors was called to order on 21 January 2015 at 1535 at GHC Offices, Tamuning, Guam. II. Roll Call of Directors: Members present included the following; Francisco Florig, GHC Chairman Romeo Angel, Member Sandra Bordallo, Member Tom Flores, Member For Management and Employees; Martin Benavente, President Michael Martinez, Manager Alysia Leon Guerrero, Acctg Manager Carolyn Panes, ASO Clyde Beaver, Q.A.O. Lorretta Iriarte, Clerk Typist II Board Coordinator Also present was legal counsel Fisher & Associates by attorney Thomas J. Fisher III. Approval of Board Minutes Upon motion duly made, seconded and carried, the Board approved the minutes of the Guam Housing Corporation Board of Directors regular meeting of25 November 2014. IV. Legal Report Legal counsel deferred to the President's Report V. New Business The Board discussed an amendment to the present Corporation budget to allow additional compensation for the President to include retroactive pay. Upon consideration of the application, a motion was made to amend the budget to provide an additional $44,425.30 in compensation for that person. The motion was duly seconded and passed without objection. A motion was made to approve Guam Housing Corporation Resolution 01-2015, A Resolution Approving Passage of Legislation Amending §41004 ofArticle 10, Title 12 ofthe Guam Code Annotated, That Resolution is attached hereto and incorporated in these minutes as iffully set forth herein. The Motion was seconded and passed without objection. VI. Reports. A. President's Report. The President updated the First Time Homebuyers Assistance Program. It was reported that the Corporation had issued 239 First Time Homeowners Assistance Program certificates totaling $1,704,337.81. The President reported that the Rental Department's vacancy rate was at 14.62 per cent. The President reported that the net income of the Loan Department for November 2014 was $11, 933.09. The President reported that the Corporation would celebrate its 50th anniversary of existence on 21 August 2015. The President's Report of 05 January 20 IS is attached hereto and incorporated in these minutes as if fully set forth herein. B. Management Report. A written report was submitted for review. VII. Public Participation. None VIII. Miscellaneous. None IX. Adjournment A motion was then made to adjourn the meeting. This was duly seconded and carried unanimously. WHEREFORE the Board meeting adjourned. Approved and accepted as to form and content; For the Board of Directors; 2 CLARIFICATION AFFIDAVIT This CLARIFICATION AFFIDAVIT is dated February __,2015, and is by Guam Housing Corporation, an instrumentality of the Government of Guam, whose mailing address is Post Office Box 3457, Hagatna, Guam 96932, ("GHC"). RECITALS: Whereas, GHC executed a Grant Deed to Maeda Pacific Corporation ("Maeda"), as recorded in the Department of Land Management, Government of Guam, under instrument no. 831095; Whereas, the said Grant Deed transferred to Maeda title to the following "property" described below; Whereas, the purpose of the transfer was to settle a dispute and to allow for the development of affordable housing for the people of Guam; Whereas, title to the property is now in the name of parties as set forth below and is now being developed into a project for affordable homes and related beneficial uses; Whereas, GHC desires to correct and clarify a clause in the said Grant Deed to allow for the development of affordable homes; NOW THEREFORE, GHC by its representative as set forth below, hereby states and declares the following: 1. Any reference to the Grant Deed shall mean the following: That Grant Deed With Continuing Conditions and Restrictions, instrument no. 831095, from Guam Housing Corporation, conveying to Maeda Pacific Corporation, the following property: Lot no. 10120-14, containing an area of32,455 ± s.m. (8.020 acres), Dededo, Guam, as shown on Land Management Drawing No. 14-9IT395, Map Drawing No. PRB90-138, recorded under Instrument No. 450102; and Lot no. 10120-16, Dededo, Guam; containing an area of 154,395 ± s.m. (38.152 acres), Dededo, Guam, as shown on Land Management Drawing No. 14-9IT395, Map Drawing No. PRB90-138, recorded under Instrument No. 450102. 2. The Grant Deed is hereby clarified by: I A. Adding "or for rent" to section 1, Build houses, first sentence, on page 2, to read as follows: "In consideration of conveying the within Property to Grantee, the Grantee agrees that it will build and offer for sale or for rent houses on the subject Property all in accordance with Public Law ..." B. Adding "multi-family dwellings, community center, other amenities and uses, including a rental community as allowed by law" to the last line in the paragraph designated as section 5.1, on page 5 of the Grant Deed, to as follows: " ... , nor shall such premises be used for any other purpose whatsoever except for the purpose of providing a private single-family dwelling or residence, multi-ramify dwellings. community center. other amenities and uses. including a rental community as allowed by law." 3. Satisfaction of Conditions. GHC has reviewed the proposed development, including the completed portions of the development, and GHC acknowledges that the entire development has met all the requirements of public law and section 3 of the Grant Deed, instrument no. 831095. END OF CLARIFICATION. GHC, by and through its authorized representative as set forth below hereby state and declare that the above is true and correct. GUAM HOUSING CORPORATION By: ___________ Its authorized representative We, the undersigned owners, or parties having a fee simple ownership interest in the above lots, hereby agree with said correction and clarification. Core Tech Development, LLC Summer Town Estates DE, LLC ~~~t:....-.-~-~7 .".--"---­ By: ~7 By: ~ Ho SangEfuI Ho SangE Its Managing Member Its Mana ng Member Summer Town Estates II, LLC BY: --=:;~ ____---r- __ Ho SangEun Its Mana . g Member 2 Territory of Guam ) ) ss: City of Hagatna ) On this __ day of February, 2015, before me, the undersigned notary, personally appeared _________,' the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it as the authorized representative of Guam Housing Comoration , and he signed it voluntarily for its stated purpose. Notary Public Territory of Guam ) ) ss: City of Hagatna ) On this f q *day of February, 2015, before me, the undersigned notary, personally appeared Ho Sang Eun, the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it as the Managing Member of Core Tech Development, LLC , and he signed it voluntarily for its stated purpose. Otali Public AVELINA T. BALDO NOTARY PUBLIC In and for Guam, U.S.A. My Commission Expires: March 04,2017 206 Kayen Che'op MIdmnao DedecIo, Guam 96929 3 Territory of Guam ) ) ss: City of Hagatna ) On this __ day of February, 2015, before me, the undersigned notary, personally appeared Ho Sang Eun, the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it as the Managing Member of Summer Town Estates DE. LLC , and he signed it voluntarily for its stated purpose. Notary Public Territory of Guam ) ) ss: City of Hagatna ) On this I q fI'-day of February, 2015, before me, the undersigned notary, personally appeared Ho Sang Eun, the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it as the Managing Member of Summer Town Estates II. LLC ,and he signed it voluntarily for its stated purpose. lJ6tary Public AVELINA T. BALDO NOTARY PUBLIC In and for GUBJD, U.S.A. My Commission Expires: March 04, 2017 206 Kaym (1le'op Machanao Dededo, Owm 96929 4 Guam Housing Corporation December 2014 Financial Summary Financial Highlights Loans Closed Direct Loan Total Qt.}' Amount Disbursement Oct-14 0 0.00 0.00 Nov-14 1 131,200.00 131,200.00 Dec-14 1 180,000.00 186,750.00 Year to Date - Direct 2 311,200.00 317,950.00 6% Loan Total Qty Amount Disbursement Oct-14 0 0.00 68,580.00 Nov-14 1 150,000.00 177,000.00 Dec-14 0 0.00 49,860.00 Year to Date - 6% 1 150,000.00 295,440.00 Cahat Loan Total Qty Amount Disbursement Oct-14 1 40,000.00 40,000.00 Nov-14 0 0.00 0.00 Dec-14 0 0.00 0.00 Year to Date - CAHAT 1 40,000.00 40,000.00 Combine Total Oct-14 1 40,000.00 108,580.00 Nov-14 2 281,200.00 308,200.00 Dec-14 1 180,000.00 236,610.00 Year to Date Total 4 501,200.00 653,390.00 First Time Home Owners __ Qty Funds from Disbursed Oct-14 8 DOA 60,373.08 Nov-14 8 DOA 52,709.06 Dec-14 15 DOA 116,208.44 Year to Date Total 31 229,290.58 FY 2012 FTHO Disbursements 15 GHC 107,513.31 FY 2013 FTHO Disbursements 50 GHC 357,106.08 FY