A concurrent meeting of the Boards of Directors of Lincolnshire Apartments, Inc./Lincolnshire North Apartments, Inc. was held on Friday, September 25, 1998 at 12:00 noon at Audubon Area Community Services, Inc.

Others Present:

Mr. Johnson, Alexander and Company, reviewed the audits of both Lincolnshire Apartments and Lincolnshire North Apartments. There was a clean and unqualified opinion given. Mr. Logsdon shared a letter received from HUD stating that they have approved and closed the audits.

Mr. Logsdon discussed Lincolnshire North having had "excess cash" remaining at the closeout of the 1997-98 administrative year. This money was sufficient to pay off one of the $29,234 acquisition loans owed to Audubon Area Community Services, Inc. With interest, $42,465 was paid to Audubon Area to retire one of the two acquisition loans. It is expected that the remaining Lincolnshire North acquisition loan will be paid off next year. In addition, a $4,600 operating to Lincolnshire North provided in 1995 as initial operating capital was repaid (with interest) to Audubon Area Community Services.

Ms. Nash was introduced to the new Lincolnshire North Board member. Rev. Baize was introduced as the new AACS, Inc. Board Chairperson.

Ms. White distributed a copy of both complexes vacancies, new move-ins and move-outs starting with January 1998. She explained that during the summer months there are more vacancies due to more people moving out.

Ms. Allinder suggested that the dumpsters be painted and spoke with concern about the grass growing up in the middle of the sidewalks and causing a hazard.

Mr. Wilkey inquired into what happens when all of the mortgages are paid off. He asked if the re-financing should be considered to stretch out the amortization so that more money would be available for improvements now. Mr. Logsdon stated that he would check into this possibility with the mortgagors.

Mr. Logsdon spoke on the new office/maintenance addition at the Lincolnshire property. Audubon Area provided the decorations for the offices. The AACS has also furnished the Lincolnshires with a truck for better servicing the complex, he advised.

Mr. Wilkey inquired into improving crime prevention at the complexes Ms. Devine and Ms. Nash stated that the police are coming into the area more often and that the situation had greatly improved. The possibility was discussed that the Green River Area Development District be sought to do a survey of the area’s traffic count and needs. Presently, GRADD says Lincolnshire does not have enough traffic for additional stop signs or speed bumps. Mr. Logsdon suggested the management might want to look at installing a sign like the Housing Authority of Owensboro uses stating how many children were living in this area. Sargent Duvall informed the Board of some new traffic control tactics the Police Department (OPD) is working on. The OPD has recently developed a Traffic Unit. The only problem with this is the new unit works mostly in the daytime. The OPD is also working on forming a Crime Analysis unit. This unit’s report will actually help pinpoint where the most crime activity is within the city.

Sargent Duvall stated the OPD had already conducted one neighborhood watch with the tenants of both complexes. This is part of OPD’s community-oriented policing program. Neighborhood Watch uses both Block Captains as the community’s—and OPD’s— "eyes and ears." This helps keep the police officers better informed as to what is happening in the neighborhoods. Mr. Logsdon inquired into whether the police sub-station located at Lincolnshire was being put to adequate use by the officers. Sargent Duvall stated that he thought it was used effectively. Mr. Logsdon suggested that Sargent Duvall inquire into whether there was anything that we could do to make the unit more usable for the officers.

Ms. White distributed a copy of the drug grant proposal submitted to HUD along with the proposed budget. This proposal was completed and submitted to HUD in May. As of the meeting, nothing has been heard about it from HUD. It will, if approved, be used for fencing, additional lighting, etc., at both complexes.

Mr. Logsdon stated this meeting was supposed to be the Annual meeting and time to re-elect officers. It was discussed and approved that Mr. Logsdon would mail each Board member a copy of the By-Laws—both complexes—to review and see if changes needed to be made in these. Mr. Logsdon will appoint a nominating committee for the re-election procedure.

The next Board meeting will be held in early December. Ms. Allinder inquired into who would be paying for the lunches and Mr. Logsdon stated this would be taken care of by the Lincolnshire complexes.