MINUTES OF THE SPECIAL BOARD OF TRUSTEES MEETING
March 12, 2013
CALL TO ORDER
President John Jacobsen called the special meeting of the Board of Trustees of the Los Angeles Firemen’s Relief Association to order at 8 a.m. The meeting had been noticed to the Board on March 6, 2013.
ROLL CALL
MEMBERS PRESENT:
- John Jacobsen, President
- Juan Albarran, Vice President
- Andrew Kuljis, Secretary
- Jim Dolan, Assistant Secretary
- Trustee James Coburn
- Trustee Jeff Cawdrey
- Trustee Chris Hart
- Trustee Craig White
- Trustee Doak Smith
- Trustee Gene Bednarchik
- Trustee Robert Steinbacher
- Trustee Michael Overholser
- Trustee David Peters
- Trustee Steve Tufts
- Trustee Chris Stine
- Trustee Francisco Hernandez
- Trustee Steven Domanski
- Trustee Rick Godinez
- Trustee Kurt Stabel
- Trustee Mark Akahoshi
- Trustee David Ortiz
- Trustee Barry Hedberg
- Trustee David Lowe
- Trustee Tim Larson
- David Ned Smith – Executive Director
- Todd Layfer – Controller
GUESTS:
- Marlene Casillas, Marketing Director
- Paul Butler, NewLeaf California LLC
Building Purchase
John Jacobsen informed the Board that they were holding a Special Board Meeting to discuss and decide if they will approve entering into a purchase and sales agreement or continue to lease with LAFCU.
David Smith reviewed the option of continuing to lease with the LAFCU for an additional five years after the two years of the current lease. He informed the Board of the credit union’s lease price offering for the additional five years.
David Smith referred to the specific property of interest and showed a summary of the year-by-year cost compared with the Credit Union lease offering. He discussed operating costs, property tax and the opportunity cost for this investment. He briefly discussed the option of obtaining a loan for the property versus purchasing with cash. He indicated that if they decide to purchase the building, they need to sign the Purchase and Sales agreement which would start their 30-day due diligence period.
Barry Hedberg motioned to approve entering into a purchase and sales agreement for the stated property. Chris Hart seconded. Kurt Stabel indicated that they need to spend an appropriate amount to perform due diligence including evaluating the seismic and environmental situation of the property. There was no further discussion or objections.
Motion carried to enter into purchase and sales agreement for stated property.
Jacobsen reminded the Trustees of the confidentiality issue with the building and asked that they not speak publicly of the potential purchase due to the nondisclosure agreement that we have engaged into.
ADJOURNMENT
John Jacobsen entertained a motion to adjourn. David Lowe so moved. Barry Hedberg seconded. There was no discussion or objections.
The Special Board of Trustees meeting adjourned at 8:58am.
