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Roll Calt
Approve Minutes of
January 16, 2024
Meeting
Election of Chairman
and Vice Chairman
Affirm Appointment of
President, Secretary and
Treasurer
A Resolution of the
Board of Directors
authorizing the Charge
Off of Tenants’
Accounts Receivable
Other Business
Minutes of a Meeting of the
Cypress Terrace Development Corporation
January 21, 2025
Having duly given public notice, the Board of Directors of the Cypress Terrace
Development Corporation met at the offices of the Authority at 227-27" Street, in the
City of Newport News, Virginia, at 9:29 a.m. on Tuesday, January 21, 2025.
The meeting was called to order by Chairperson Davis and those present were as
follows:
Kenneth Penrose
Lisa Wallace-Davis
William Black
George Knight
Barbara Holley
Thaddeus Holloman
Directors Present:
Also present: Raymond H. Suitle, Jr.
Kaufman & Canoles, P.C.
Lysandra M. Shaw
Executive Director
Tera Lockley
Director of Housing
Valarie Ellis, Director
Administrative Services
Lisa Dessoffy, Director
Finance
David Staley, Director
Community Development
Kayonia M. Betts
Executive Assistant
Justin Orie
NNRHA IT Department
Director Knight made a motion to approve the minutes of the January 16, 2024, meeting.
The motion was seconded by Director Black and passed with a majority vote. Ms. Call
abstained as she was not present.
Director Black made a motion to elect Dr. Lisa Wallace-Davis to the position of
Chairman and Mr. Thaddeus Holloman to the position of Vice Chairman. The motion
was seconded by Director Penrose and passed with a unanimous vote.
Director Penrose made a motion to affirm the appointment of Lysandra Shaw as
President, Secretary and Treasurer. The motion was seconded by Director Knight and
passed with a unanimous vote.
Ms. Shaw reported as of September 30, 2024, there are three accounts recommended
for charge-off action with a total dollar value of $5,630.40. This represents 2.3% of
Cypress Terrace net rental revenue. We budget 2% for bad debt at Cypress Terrace.
The average amount per vacated account is $1,876.80. Last year NNRHA charged off
$38,128.23 which represented twelve accounts.
The adoption of the attached resolution authorizing the charge-off in the total amount of
$5,630.40 for the 12-month period ending September 30, 2024, is recommended.
Director Knight made a motion to approve the resolution. Director Penrose seconded
the motion which passed with a unanimous vote. The resolution is attached to and
made a part of these minutes.Jump to an indexed page (75 of 75)