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HomeMy WebLinkAbout06.25.24 Board Minutes Q.4 (MAY-JULY) BOARD MEETING MINUTES Location: PMCCC – In Person Date: 06.25.2024 Time: 12:00 PM CST Facilitator: Mark Whitlow (Chair), Michelle Campbell (Executive Director) Attendees: *Mark Whitlow *John Williams *Bill Bartleman *Michelle Campbell *Ryan Gardner *Jo Brown *Alex Sherwood 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: Michelle Campbell Discussions: Directors Report Business and Marketing Plan for 2025: Michelle Campbell presented the marketing and sales plan and budget for 2025. The deadline for approval is July 1. The plan was authored by Michelle Campbell, edited by Joe, and reviewed by VenueWorks. There was an emphasis on addressing challenges and weaknesses. A motion to approve the business and marketing plan for 2025 was made by Ryan Garner and seconded by Bill Bartleman. After discussion, the motion passed unanimously. Personnel Status and Needs: Michelle Campbell provided an update on personnel. The Event Manager position is open as Zane returned to Washington due to personal situations. An offer has been extended to a potential new hire from Nashville. There is a need for housekeepers and part-time operations personnel. Michelle emphasized the need for a dedicated marketing person separate from sales. Angela has been effective in sales, securing new events. H.R., VenueWorks representative, is bringing new promoter relationships. Ongoing and Upcoming Projects: Michelle Campbell discussed various projects and maintenance issues. There are exterior EFIS issues estimated to cost between $55,000 and $75,000, parking lot light fixture replacements costing $1,000, loading dock repairs with bids pending, and service hallway epoxy resurfacing costing $21,000. There has been an increase in insurance costs by $26,000 annually, and the recent power bill was $34,000. Authorization for County Payment: Michelle informed the board of the need to issue a check to the county for $226,030.45. This amount is part of the county's portion related to the insurance payment for the roof. There was a brief discussion about the discrepancies in the calculated amounts, but it was agreed to go with Jo's figure and proceed with the payment. A motion was made to authorize the payment of $226,030.45 to the county by Ryan Garner and seconded by Bill Bartleman. After discussion, the motion passed unanimously. Authorization for EIFS Repair Spending: The discussion was brought up regarding the repair of the Exterior Insulation and Finish System (EIFS). It was suggested that the board pass a motion to authorize the spending for the repair, with quotes ranging from $50,000 to $75,000 depending on the extent of the work. The balcony needs immediate repair, and the front and sides of the building can be addressed subsequently. It was noted that the balcony, installed in 2008 or 2009, should have lasted longer. Concerns were raised about the overall condition of the EIFS, which seemed to deteriorate prematurely. There was no warranty found for the balcony, and the contractor responsible for the initial work was still being identified. A suggestion was made to use the funds from the transient room tax, which had been set aside for maintenance. This account currently has approximately $23,000. A motion was made to authorize spending up to $75,000 on EIFS repairs by Bill Bartleman and seconded by John Williams. After discussion, the motion passed unanimously. Presenter: Ryan Gardner Discussion: Treasurer Report Ryan provided an update on the current financial situation. After making a payment of $226,030.45 to the county, the money market will be reduced to approximately $570,000, which is drawing at least 2.5% interest. The board discussed the interest rates of various accounts, with a suggestion to consider transferring some funds to a money market account at Baird, which offers around 5% interest. Michelle Campbell emphasized the importance of having access to funds for operational needs, and it was agreed to explore options for higher interest rates while ensuring liquidity. The board discussed the balance needed in the operating account to be comfortable, recommending three months' worth of operating expenses. It was noted that previously they didn't have this financial cushion, highlighting the importance of maintaining this safety net. The consensus was to keep around $433,460 in the operating account to ensure smooth operations. Ryan reported on outstanding invoices and expected reimbursements. An invoice for $44,000 has been sent to AQS, and reimbursement from the city for half of the $46,000 installation cost of the dome is anticipated. The cost to take down the dome was $29,000, and the total expenditure related to the dome will be around $77,000, which will be offset by reimbursements from AQS and the city. There was a detailed discussion about the need for an electrical study to address spiking issues, with a proposed expenditure of $20,000. Michelle Campbell mentioned previous efforts to identify the cause, which were unsuccessful, leading to the recommendation for a comprehensive energy audit. The board agreed to proceed with the audit and seek a focused review of the electrical issues. Presenter: Mark Whitlow Discussion: DOME lease Grant for Dome Covering: It was noted that the AQS people received a grant for half a million dollars to replace the covering on the dome. The state covered the expenses for this, leading to questions about the ownership of the dome once it is fixed. The board is collaborating with Nicholas to address this issue. It was highlighted that a draft lease, as currently written, grants the quilt show the right to place the dome on the property for five years. Michelle raised concerns about potential restrictions if the lease is not revised to allow for the possibility of erecting a permanent structure. The board is actively working with Nicholas to revise the language of the lease to resolve this matter. 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. Alex Sherwood made a motion to adjourn the meeting. John Williams seconded. Unanimously approved by all attendees.