Chicago Market March 2018 Board Meeting Minutes

Lakeview Pantry
Minutes: Emily
Present: Dana, Anthony, Ankit, Grant, Sunny, Jen, Lee, Sara, Greg, Dan, Edward

Guests: Angela, Audrey and Justin

Ice breaker
Check in on To Do status and other team progress
Finance - Edward
CDS - how to choose components and refine scope
OLC - decision on break escrow point - Greg
Executive Session (lease discussion)

Check in on To Dos:
-Owners on 3/14: 1032, owners on 3/28: 1035 - small but mighty growth!
-CDS notes to be posted
-Benefit Chicago application: in progress
-USDA FLPP - will schedule next meeting tonight. Plan will be in place by 4/11 (Sunny & Greg)
-Board votes recorded by 3/19 - done
-Budget: short term approval - Team inputs by 4/4 for discussion at 4/11 meeting

Check in on teams and projects not represented above:
-Board members that went to UCUR are going to get together to put together info to report back and info that's useful to document but can just land in Basecamp
-Grant would like to see OLC timelines soon for discussion

Finance (Edward):
-No major activity going on other than normal expenses
-Couple missing invoices from Board Development from Joe (Org Dev/Grant to follow up)

Ankit asked our guests how they heard about Chicago Market. Justin and Audrey saw us on social media when the Wilson stop petition came out. They're residents of Uptown and are looking forward to the development of Broadway by small, locally owned businesses. Angela is a long-time Owner, as are a few of her family members, and she's looking to reconnect with the Chicago Market community.

CDS consultants (Lee):
Lee walked us through the three initial areas where consultants would come in to play: Feasibility, Planning, and Project Management. Many of the action items and research in Feasibility are complete. Planning is the next big phase (many factors are intertwined here: development of budgets, design, square footage by department, labor costs, etc.). The first two areas lay out the plan for the implementation phases.

OLC (Greg):
Greg explained that some lenders for the Owner Loan Campaign may ask that we establish a break-escrow point. We discussed the pros and cons of this strategy, as well as the unknown variables that come along with running an OLC campaign. Greg and the OLC team are going to continue to do research and bring that back to the Board.

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