1,000
OWNER
COUNT
940

Board Meeting Minutes for 6/22/16

Public Board Meeting Minutes for 6/22/16

Chicago Market Board of Directors Meeting, 6/22. Beermiscuous.
Present: Tony, Mark, Dan, Grant, Linn, Mike, Anthony, Heather, Emily
Guest: Greg
Absent: Karen, Malcolm, Lace, Jen, Esther, Kelly

Grant: Congratulations to Tony for securing pro bono legal help for the Owner Loan Campaign. And congratulations to Dan for lining up the architect/designer team.


Emily: The SuperTeam met Monday to discuss the Aug. 28 annual Owners' Meeting. The bylaws say we have to include presentations on operations, finance and voting/board governance. The meeting will be a three-hour event, with the first half hour for mingling, the next hour for presentations and remaining time for small-group breakout sessions. Attendees will be seated at round tables for the event so they can talk to each other.

Mike: We'll again hold elections electronically. We'll have five open seats. Linn, Jen and Lance are up for reelection. Esther and Malcolm will be stepping down. We'll ask candidates to submit a 500-word statement about qualifications/desire to run. An email will be sent out Monday about this, indicating the five open seats and that three are held by incumbents. Applications should be sent to board@ chicagomarket.coop. We encourage them to submit a photo. Submissions are due July 22.

Tony: We need someone to focus on being treasurer, as well as targeting diversity. 

Grant: We should talk via phone with each candidate, to make sure they know the time commitment. 

Mike: We should invite candidates to the July Board meeting. 

Anthony: He'll work with Jen and Karen to come back with his proposals for the Owners' Meeting presentations, taking care to balance transparency with messaging. He'll either share it via Basecamp or at the next Board meeting. 

Anthony: We should also discuss the Owner Loan Campaign at the Owners' Meeting so it's not a surprise.

Greg: Presentation on CCMA conference. There were about 400 people there, all of the national co-op organizations and lenders. He took the funding track. He learned about the 5Cs of funding: Capacity, Capital, Collateral, Character and Conditions. 

Greg: Diversity was also a big topic at CCMA. We need to start creating diversity deliberately -- it won't happen itself. We have to make it a priority. Grant will start discussions on diversity via Basecamp. 

Greg: Also discussed at the conference were New Market Tax Credits, which can subsidize up to 20 percent of a project and provide forgivable debt for seven years. It's a good deal for borrower and investor -- but they're very complicated to apply for. Greg made connections at the conference with people who might be able to help with this. 

Greg: I'm on a very reduced summer schedule and am focusing on Benefit Chicago, a MacArthur Foundation program that has a $100 million fund for social organizations. The first meeting is June 28 and will include application information. He'll need all necessary teams to help with the application process. 

The Board went into Executive Session to discuss financial and site-selection matters. 

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