Racking Horse Breeders’ Association of America

Unapproved General Membership Meeting Minutes

April 26, 2008

 

 

The meeting was called to order by President Ed Hiers at 10:15 a.m.

 

Invocation was given by Wilburn Williams.

 

Treasurer’s report:  Darlene Harris gave the treasurer’s report.  She stated we had $124,000 in a money market and $18,000 in the checking account. We have no outstanding bills.

 

Minutes: Motion to approved February 16th, 2008 General Membership Minutes made by Mickey Dalton and 2nd by Leslie Blaylock.  Motion passed.  Minutes were approved.

 

Committee Reports: President Ed Hiers stated we would skip committee reports and go to old business.

 

Old Business: Sale of property.  President Ed Hiers asked Judy Jones to speak and tell the membership about the terms of the sale.

Judy Jones stated we would receive $800,000 in cash and a 5 year plan to rent 3 weeks a year at a 50% discount. This would include arena rental, stalls, campers, box seats and parking.  The new owner would receive all revenue from shavings, vendors and concessions.  The RHBAA would receive office space and pay a percentage of the utilities.  If the facility becomes unavailable during the 5 year plan the RHBAA will received an addition $200,000.  Discussion followed. The payoff on what is owed at this time is $524,000.  Ed Hiers stated after the end of the 5 year plan the RHBAA will have first right of refusal for 25 years to rent the facility. Tim Philpot spoke on how he felt the RHBAA should keep the property that everyone is working together and things are looking better.  He stated that the RHBAA would never have the opportunity to buy again. He was against the sale.

President Ed Hiers stated to the membership that it was a unanimous vote from the Board to sell. He stated he had talked to each association and the Amateur, Pleasure, Trainers and Ladies Aux had each endorsed the sale.  Leslie Blaylock called the vote and Randy Siniard 2nd.  Votes were collected and counted.  The vote was 105 for the sale and 2 against the sale of the property.

 

Committee Report’s: President Ed Hiers asked if anyone had any questions for any committee chairman.  There were no questions.

 

Motion to Adjourn made by Leslie Blaylock and 2nd by Billy Howard.

  

Respectfully,

            Donna Kaufmann