San Francisco Hall Update:
San Francisco Hall Update:
Current expenditures as of the end of 2005 for the renovation of the new union hall site in Oakland total $2,222,858. The total value of the Hall in San Francisco is still to be established. The last time I checked estimated time of completion of new SF area hall was August or September. Full cost of new hall to be split between sale of old Hall and various Plans, I think. Check the line in bold print! Is the old Hall sold or not? Real Estate buffs will know more about what the following
means.
This following data are figures that reflect End of Year as Reported by MEBA, D1, PCD with the DOL on their LM-2 Annual Report for 2005
The Union acquired a loan from Sun Trust Bank in the amount of $2,800,000. This loan is secured by a first priority interest in all securities, financed assets and other investment property of the District. Also, the District pledges 24 months of debt service reserve in the amount of $168,000 of side collateral for this loan.
SCHEDULE 9: The District refinanced this loan with a term loan-single payment in the amount of $2,800,000.
This loan is due in full when the District obtains a mortgage loan secured by the Oakland Property, the date the District sells its Union hall in San Francisco, CA, or May 24, 2010.
This loan bears interest at 1.5% plus LIBOR and the interest is due monthly and is secured by a first priority security interest in all securities, financed assets and other investment property of the District. There are additional restrictions in this loan including debt service coverage and the making of loans and advances. Also, the District pledges 24 months of debt service reserve in the amount of $168,000 of side collateral for this loan.
posted by wff @ 2:05 PM
2 comments
2 Comments:
Wff
Well I’m glad that you even got a San Francisco/Oakland report. Here in Seattle all we got was a deflection of the question by way of asking why I have the blue prints to the new hall? I do not have any copies of the blue prints. I asked Jon how he knew that I was supposed to have them and all he said was that he knew that I did. I’m here to tell you that a crew member from the ship that I was a 4 day relief first on went over to the new hall and asked for the prints. He brought them back to the ship and as far as I know they are still on the ship, I never opened them up and looked at them because I left the ship later that day. It is just one more example of keeping the members in the dark. I just don’t understand the secrecy, if they are really proud of the new hall they should be very willing to share with us what our new hall will be like.
Mike Jewell
WFF
Here is a resolution that passed in Seattle and Norfolk last meeting week. Hopefully it will pass around country this next meeting week Nov. 6th through 10th. Maybe we'll finally get some answer about Oakland and San Francisco Halls.
Mike Jewell
Resolution – Full and Complete Disclosure of Sale of San Francisco Union Hall and Purchase of Replacement Hall in Oakland, Ca.
Whereas: Very little information has been made available to the membership concerning the sale of the San Francisco Union Hall
And
Whereas: This lack of information appears to be a deliberate attempt on the part of the Union Administration keep this information out of the hands of the membership
And
Whereas: The membership has a legal right to know how their assets are being managed and transacted
And
Whereas: The US Department of Labor Regulation; Union Officials: Guidelines for Fiduciary Responsibilities Under Section 501 of the Labor-Management Reporting
And Disclosure Act, 29 USC 501 imposes a fiduciary obligation on officers, agents, shop
stewards and other representatives of a labor organization:
(1) To hold its money and property solely for the benefit of the organization and its members;
(2) To manage, invest, and expend [the union's money and property] in accordance with its constitution and bylaws and any Resolutions of the governing bodies adopted there under;
(3) To refrain from dealing with such organization as an adverse party;
(4) To refrain from dealing with such organization in behalf of an adverse party in any matter connected with his duties;
(5) To refrain from holding or acquiring any pecuniary or personal interest which conflicts with the interests of such organization; and
(6) To account to the organization for any profit received by him in whatever capacity in connection with transactions conducted by him or under his direction on behalf of the organization.
And
Whereas: Section 4 of Article 6 of the By-Laws of District No. 1 PCD Marine Engineers’ Beneficial Association AFL-CIO as amended through August 1, 2003
requires the District Secretary-Treasurer to “be responsible for the setting up and maintenance of sound accounting and bookkeeping systems; the setting up and maintenance of proper office and other administrative procedures; the proper collection,
safeguarding and expenditure of all District Funds”.
Resolution: Let it therefore be resolved that the Secretary-Treasurer of MEBA be required to provide full disclosure to the membership of the Terms and Conditions of the Sale of the San Francisco Hall ,Terms and Conditions of the Purchase of an Oakland
Property , and full disclosure of renovation specifications and costs to the Oakland Property: Beginning at the November 2006 union meetings and continuing until the new Oakland Hall is fully occupied and the final renovations have been completed the Secretary-Treasurer shall provide a written initial report and written monthly updates. The initial report will provide the following information but not limited to:
1. The Sales Contract and Closing documents including the full and final purchase price of the 340 Freemont Street property with all Terms and Conditions including the names and corporate affiliations of any Brokers and/or Agents participating in commissions of
such sale.
2. Provide a written account of where proceeds from the sale of the 340 Freemont Street property have been deposited and how designated
3. The Purchase Contract and Closing documents including the full and final purchase price of the 548 20th Street property with all Terms and Conditions including the names and corporate affiliations of any Brokers and/or Agents participating in commissions of such sale.
4. Provide full information on the financing of the 548 20th Street property
5. Provide the renovation contract details including full specifications and scope of work, costs and contractor’s bids, and the renovation contractor(s) name(s) for the work being done on the Oakland property
6. Provide a monthly written account of work performed, costs incurred and updates on the expected occupancy date of the Oakland property
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