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Officials approve renewal of Hamilton Apartments insurance; recorded abstention
Summary
At the Dec. 11 meeting, members voted to renew the existing insurance policy for Hamilton Apartments (815 Salinas), a renewal staff said saves about $24,000 annually; the transcript records an abstention by 'Mister Gonzales.'
At a Dec. 11 meeting in Laredo, the assembly considered renewal of the property insurance for Hamilton Apartments at 815 Salinas.
Staff said the renewal was chosen because of a time constraint on shopping the market and that renewing the existing policy would save about $24,000 a year. An unnamed staff member explained the property had been considered for placement with TML but due to timing issues the existing policy was renewed.
A motion to accept renewal of the existing insurance policy was made, seconded and the motion passed. The transcript records one abstention: a member recorded as "Mister Gonzales" is noted as abstaining. The meeting record also includes a statement that the motion "passes for 2 votes," although the transcript is inconsistent about the exact tally; the only clear recorded fact in the transcript is that the motion was moved, seconded and the chair declared the motion passed with a recorded abstention by Mister Gonzales.
Why it matters: Insurance coverage is required by HUD standards for the property; renewing the policy affects operating cost and risk management for the Hamilton Apartments.
What happens next: Staff will continue with the insurance renewal as approved and the board will oversee implementation through its regular operations staff.
