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HomeMy WebLinkAbout02.27.24 Board Minutes Attendees: *Mark Whitlow *Darryl Pea Russ Furguson *Bill Bartleman *John Williams Jo Romano *Alexandra Sherwood *Ryan Gardner H.R. Cook *Michelle Campbell *Jo Brown Agenda Topics: Presenter: Mark Whitlow Discussion: Called meeting to order. Mark made motion to approve the minuets. Conclusion: (1) Bill Bartleman (2) John Williams – Unanimously Approved Presenter: Bill Bartleman Discussions: Bond Update Bill Bartleman provided updates on estimates for the proposed upgrades, indicating a capacity for a bond issue of $7.1 million, funded by the transient room tax revenue. The estimated cost for roof replacement, already underway, is over $1.8 million. Additionally, estimates for air conditioning unit replacements at both the Expo Center and Julian Carroll Convention Center amount to $3 million each. Other proposed upgrades include a peak power study ($30,000), service corridor electrical upgrades ($36,000), LED lighting upgrades ($1 million), and audiovisual enhancements ($135,000). A recommendation was made to internally fund the peak power study and finance the audiovisual upgrades, as they are projected to have a quick return on investment. It was suggested to move forward with these initiatives immediately, with the possibility of financing through a loan or existing cash. Discussion then turned to the allocation of $100,000 from the Venue Works contract renewal, with suggestions to earmark it for specific improvements or projects. The board agreed to approve funding for the power peak study and requested further recommendations from Michelle and Joe on how to allocate the $100,000. Q.3 (JAN24-APR24) BOARD MEETING MINUTES Location: PMCCC – In Person Date: 02.27.2024 Time: 12:00 PM CST Facilitator: Mark Whitlow (Chair), Michelle Campbell (Executive Director) Bill Bartleman made a motion to fund the power peak study immediately, with anticipation of receiving recommendations on necessary improvements. Chris Hill seconded the motion. After discussion, the motion passed unanimously. Bill Bartleman made a motion to identify audio and visual needs, send out RFP for pricing and make recommendations on funding. Darryl Pea seconded the motion. After discussion, the motion passed unanimously. Presenter: Michelle Campbell Discussion: Director’s Report Michelle Campbell provided updates on recent developments at the Expo Center. Roof replacement work on the convention center side has been completed, with focus now shifting to addressing damages caused by the leaky roof. Cosmetic repairs, including replacing ceiling tiles and painting walls, are underway to rectify the damage. A new sales manager has been hired, who brings valuable experience from the hospitality industry. Despite starting this week, the new manager is currently attending a Rendezvous South event with Lynda at the CVB. Michelle expressed confidence in the new manager's ability to excel in driving sales for the center. Construction of the dome is scheduled for March, with preparations for utilities underway. The center aims to be fully operational for a scheduled show in April, pending any unforeseen issues during construction. Michelle also shared the results of a step challenge organized by Venue Works, where the staff came in second place among all participating teams. Scott was recognized for achieving the third-highest individual step count during the challenge. Joe Romano, CEO of the company, introduced HR Cook as the incoming regional vice president, succeeding Russ Ferguson, who is retiring in March. HR provided a brief overview of his extensive experience in the industry, expressing enthusiasm for supporting Michelle and the center's operations. Russ Ferguson, departing from his role as vice president of food and beverage and facility operations, assured the board of continued support through consulting work following his retirement. He also highlighted the successful conclusion of negotiations regarding the AQ agreement, expressing satisfaction with the outcome and mutual benefits for both parties involved. Presenter: Ryan Garner Discussions: Treasure’s Report The meeting was called to order by Ron, who addressed the financial status of the organization. Despite a net income of $32,871 for January, Ryan highlighted areas of the budget needing attention. However, he expressed confidence in the overall high net income for the year, providing a positive outlook for the fiscal year's end. Ryan then focused on the organization's bank accounts, noting $1.1 million in the operating account and $72,000 in the reserve account, both of which were earning no interest. Additionally, approximately $226,030.45 of the bank accounts balance constituted insurance money for the roof, designated for payment to the county After consulting with Paducah Bank, Ryan presented two account options for moving some of the funds: a money market account with 3% interest and a six-month CD with 4.75% interest. He recommended transferring excess funds from the reserve account into either of these accounts, with a preference for the money market account due to its accessibility. Additionally, Ryan suggested transferring funds from the operating account to fulfill contract obligations and potentially addressing insurance payments. However, pending clarification on insurance invoicing discrepancies, the exact amount remained uncertain. Discussion ensued regarding the frequency of interest rate adjustments, alternative banking options, and the importance of maintaining FDIC insurance coverage. It was agreed to proceed with transferring funds to the money market account while awaiting resolution on insurance payments. Ryan, as treasurer, proposed a motion to transfer $700,000 from the operating account and $100,000 from Venue Works into a money market account, as well as converting the reserve account into the same. Darryl Pea seconded the motion. After discussion, the motion passed unanimously. Presenter: Mark Whitlow Discussion: Closing Remarks and Adjournment The meeting concluded with closing remarks from Mark Whitlow, thanked the attendees for their participation and contributions to the discussions. Chris Hill made a motion to adjourn the meeting. Ryan Gardner seconded. Unanimously approved by all attendees.