A concurrent meeting of the Boards of Directors was called as a regularly scheduled meeting pursuant to the By-laws of Lincolnshire Apartments, Inc. and Lincolnshire North Apartments, Inc. The luncheon meeting was held at Audubon Area Community Services’ Central Office Board Room.

Others Present:

Call to Order. It appearing that a quorum was present to conduct business, Mr. Wilkey called the meeting to order. Mr. Wilkey presided at the request of the corporations’ president, Ron Logsdon, who was absent.

Concurrent Meetings. It appearing that it would expedite matters to consolidate the meetings for both Lincolnshire and Lincolnshire North.

Tenant-related Issues. The first item on the agenda was tenant-related issues.

Equipment Replacements. The discussion was commenced by Sheila White who reported upon the progress of the replacement of refrigerators and stoves in the units. She advised the Boards that they were proceding on a replacement program which had a target to replace two units a month. This required the use of the complexes’ "reserve" accounts. The Lincolnshire management had requested HUD to allow $10,000 from the reserve accounts for Lincolnshire to use that money for the needs cited. There ensued a discussion of maintenance issues and availability of funds. There was also a discussion of procuring the replacement refrigerators and stoves. Ms. White advised the boards that she always sought three bids before purchasing these items.

Tenant Representative. There was also a discussion of the tenant representative. Lincolnshire North Tenant Representative Sharon Newton was absent and she had advised that she desired to resign from the Board. The Board accepted her resignation and directed the staff to seek a nomination for a replacement to be appointed to fill her unexpired term at the next meeting of the Boards in December.

Tenants’ Meeting With the Boards. There was further discussion of the dificulty of getting a tenant representative. It was decided that an effort would be made to conduct the next meeting of the Lincolnshire boards at an accessible site away from either Audubon Area or Lincolnshire. It was decided that the next board meetings of Lincolnshire and Licncolnshire North would be held at the Mary Cravens Elementary School in a meeting room to be made available to us. It would be conducted at noon on December 2, 1997. People desiring to attend would be there at 11:30 a.m. for lunch. Lunch would be purchased from the school cafeteria.

Speeding Dangers. Karen Allinder reported that she had received complaints of cars speeding through the neighborhoods. Sheila White was directed to inquire of the Owensboro Police Department as to whether or not it would be possible to put speed bumps on those streets.

Market Rate Renters. Karen Allinder raised the issue of tenants leaving once their rent had been raised to market rates. There was a general discussion concerning the policy of HUD to require market rates and how that market rate was determined. It was decided that we would request HUD to review this matter with us at a future meeting.

Cheryl Calloway reported on the progress of the fundraising for repair of the complexes’ playground equipment. She advised that at this time the playground equipment was in need of repair. They were raising money to renovate the playground equipment. She discussed the problems with maintenance. It appears that abuse by the older children of the playground equipment is a chronic problem which causes excessive wear on the equipment.

Mark Johnson presented the 1996-97 Lincolnshire and Lincolnshire North audits

The Lincolnshire Apartments and Lincolnshire North Apartments 1997-1998 budgets were also reviewed. This prompted a discussion of the reasons for the discrepancy in income (and "profit") between Lincolnshire Apartments and Lincolnshire North Apartments. The staff explained that Lincolnshire North had a larger number of two and three bedrooms as compared to Lincolnshire Apartments, which had a larger number of one bedroom units. The larger bedroom units rented for more money and produced substantially more revenue. Dr. Ellen Dugan-Barrette requested of the staff and they agreed that they would at the next meeting provide a report on the number of vacant units. This will become a regular feature of future board meetings.

The boards discussed ways to obtain HUD grants to do needed maintenance and repairs of the projects. Dr. Ellen Dugan-Barrette suggested that Audubon Area make available to the staff access to obtain the information on HUD grants which are now posted on the Internet. It was also suggested that the manager of Lincolnshire and Lincolnshire North have a "manager’s report," which will a regular part of the monthly agenda.

There being no further business,

Meeting adjourned at 1:15 p.m.