January 2016 Board Meeting Minutes

Here are the minutes from Chicago Market's Board meeting on Jan. 27, 2015 at Cafe Chien.

Present: Grant, Mark, Linn, Jen, Anthony, Malcolm, Mark, Esther, Emily, Kelly, Heather, Karen (via phone)

Guest: Greg
Absent: Dan, Lance, Tony

Grant applauded the addition of our three new Board members and said they're already stepping in to work. Linn is working on the next pop-up event, Jen is coordinating Website 2.0 efforts and Esther is getting up to speed on finance.

Grant reminded the Board to read the minutes from each On-Track Committee meeting every week and make necessary to-dos for ourselves based on "trouble spots" identified by the committee.

Malcolm presented the finance report. He said that we're refining our pro forma with a consultant to get his approval on our numbers. We expect a draft of the pro forma by Valentine's Day. Malcolm will go through the sources and uses statement and will assign names to be responsible for each line. He noted that the pro forma begins with Day 1 of the co-op -- the first time the group spent any money at all, so our total budgets will need to reflect this. He said that any significant spending changes will affect feasibility and that the pro forma will add more formality to our spending habits. 

Anthony asked Malcolm to plan a meeting with the SuperTeam so the group can learn more about the pro forma and present it to our community in marketing and social media. 

Mike led a discussion on naming a treasurer. Mike nominated Esther to serve as Treasurer. Grant seconded the motion. The Board unanimously approved the motion. Esther and Malcolm will set up a meeting to go over finances. 

Kelly spoke about the SuperTeam's progress. A recent data analysis showed that 40 percent of new Owners from the #getto80 campaign joined as a result of "personal touches" from one of the Board members. "We've got good momentum but we're not sustainable in getting Owners without a campaign," she said.

Anthony noted that our weekly status updates on the blog have gotten a great response and again asked the Board to provide content for the updates. 

Anthony discussed our upcoming #reasons2own campaign that will run now through April. It will remind people of all of the elements that go in to Chicago Market. We will have 100 or 200 reasons that will go out on social media. We'll be asking Owners to get engaged with this and share photos and videos. Anthony will share a Google Docs spread sheet where the Board and others can list #reasons2own. Kelly noted that we should all ask our volunteers for their reasons.

Kelly reminded the group that we have a goal to get 250 more Owners by April 1. Fifty of those will be businesses. We all need to reach out to our networks to get Owners. Anthony reminded the group that we have email templates for outreach. 

Emily asked the Board to RSVP to Monday's Businesses as Owners Happy Hour if we will be attending. 

The Board entered into executive session to discuss the Market Study.

The Board exited Executive Session.
Grant discussed our revised timeline, which was revamped after our discussions with Jacqueline Hannah to make it easier to see how each team's progress affects the others. 

Karen and others asked if we have a Plan B if we don't reach our Owner goals. Mark said he expects many of the property owners we're talking to will be willing to work with us and might even lengthen the contingency period until we secure funding. 

Site will work with Marketing and others to decide how early we should announce a potential site, weighing the benefits of a probably ownership bounce with fears of sharing information with competitors. 

Mark said we are very, very close to being ready to negotiate on at least two of our sites. He noted that the supply of buildings like the one we're looking for for Chicago Market is very limited and that we must be ready to jump on an opportunity. We could have two finalists within a few weeks. 

Grant said Site must be sure to keep the rest of the group updated so we can make a plan for sharing this news with our Owners and others.

Grant said we must live by our timeline and that each team needs to take ownership of their column. Grant moved to adopt use of this timeline and use it as each meeting. Kelly seconded the motion. The Board approved the motion. 

The Board entered into Executive Session to discuss a hiring issue. 

The Board exited Executive Session and Grant adjourned the meeting. 

Be the first to comment.

Sign up to receive our newsletter.

Connect with our team.

Created with NationBuilder