Over thirty members were present.

President Carla Brooks called the meeting to order. The minutes from the 2000 Annual Business Meeting were approved as presented.

Terri Callery submitted the treasurer’s report for Kirk King. The balance as of July 25, 2001, is $53,393.61. Expenses for the Annual Business Meeting will be taken from this total. The money market balance is $20,560.51. The checking account balance is $32,833.10.

In the Real Estate Center update, Dr. Richards announced the impending retirement of Dr. Ray Bowen, Texas A&M University’s President. A search committee has been established. Texas A&M University received the Association of American Universities designation this year. Dr. Richards announced the university will launch its newest capital campaign this fall. Dr. Jerry Strawser is now the dean of The Lowry Mays College and Graduate School of Business as of July 1^st. The Wehner Building expansion is expected to begin this fall and will include the Reliant Energy Trading Room.

The Real Estate Center’s website now has over 22,000 pages of information. The website has an average of 50-55,000 unique viewers monthly with a high of just over 60,000 unique users. Information is continuously being added to the website. The Real Estate Center is celebrating its 30^th anniversary this year. The Center’s communications staff is working to promote the anniversary later this year.

The 27 MSA’s have been updated for 2001 and will be on the Center’s website within the next few weeks.

The Center will host the fourth annual Commercial MCE course in Houston in conjunction with the South Texas Law College October 18-19. The Center is hosting a similar course in Fort Worth area September 27-28 at the Texas Speedway and another commercial course in El Paso in November.

The Center is working with the LERE Advisory Committee to jointly develop a program on natural resources. A meeting with the Bush School is scheduled in August to coordinate the program. The program is tentatively scheduled in early 2002.

The communications staff was recently recognized for its annual report/calendar and the Tierra Grande. In addition, David Jones, senior editor, received an award for his lifetime contributions to the International Association of Business Communicators.

Dr. Etter. He stated there will be 16 students returning to campus in the fall and 15 new students joining the program. Twelve students are on track to graduate in December and four in May 2002. Dr. Etter stated the survey of LERE graduates last year indicated modifications are needed in the program to keep up with the changes in the industry. The respondents indicated they received good technical exposure, but also need negotiation, presentation, and "people" skills. These skills are being worked into classes in the program. A Commercial Real Estate Law course was recently developed at the suggestion of former students. Students are also enrolling in a Negotiations class. The program is working to develop the writing and analytical skills of its students. Dr. Etter also stated he is working to expand job opportunities for the students to include some outside of the traditional opportunities of the past several years.

Dr. Etter reported the four endowed scholarships – Wooten, Plum, Schmedemann, and Valero – are being awarded to nine students in their last semester who have maintained at least a 3.5 GPA. The IPT Scholarship is still providing two $1250 scholarships to students at the end of their first semester. The Fred & Susan Caldwell Scholarship ($2000) has been provided for the third year. The CCIM Houston Chapter has notified the LERE program it is offering a scholarship to a LERE student this fall. Finally, the Appraisal Institute awarded 10 of its 21 $3000 scholarships to LERE students last summer. In the past five years, LERE students have been awarded 50% of the scholarships provided by the Appraisal Institute.

Finally, Dr. Etter thanked Terri Callery for her efforts. He also thanked STAMREP for its continued support of the LERE program.

Bryan Leonard announced the election results:

Vice President – Stuart White

Treasurer – Kirk King

Secretary – Wayne Etter/Terri Callery

Region 1 – Spencer Scott

Region 3 – Jamie Sieffert

Region 6 – Martha Agarwal

Bryan Leonard announced he is considering Del Lago in Conroe, Columbia Lakes south of Houston, or Mill Creek in Salado for the 2002 Annual Business Meeting.

New business:

Ms. Brooks announced the regions need to be reviewed and modified. According to the by-laws, regions are to be reviewed every five years. A breakdown of current region standings will be provided to the board and then regions will be modified accordingly. It was suggested the Dallas/Fort Worth region be divided into two regions, thereby adding a region director.

The by-laws are still in need of revision. The board agreed to have suggested changes presented at the fall board meeting and then present the changes to the general membership shortly thereafter.

John Schmedemann thanked the following for their help in preparing the Annual Business Meeting: Terri Callery, Bryan Leonard, Jim Foster, Paige Schmedemann, and corporate and individual donors. Mr. Schmedemann presented outgoing president Carla Brooks with a plaque expressing STAMREP’s appreciation for her years of service to the organization.

The meeting was adjourned.

Respectfully submitted,

Terri Callery

Secretary