2.3.
| CC Work Session |
| Meeting Date: | 01/23/2024 |
| Primary Strategic Plan Initiative: | {ud_pd2} |
Information
Title:
Consider Economic Development Manager Request to Interview and Serve on CMDC Board of Directors
Purpose/Background:
Economic Development Manager Mr. Sullivan has requested to interview and serve on the CMDC Board of Directors. CMDC has reached out to Mr. Sullivan in the past and has recently asked him to consider interviewing for their Board of Directors again. This is an item he has considered in the past 6 years since he began his tenure in Ramsey. This is an opportunity for "free" professional development to learn more about the banking process, trends in banking, level of risk for deals and to see what else is happening in other communities in Anoka County and beyond.
The City currently uses CMDC to underwrite and provide documents for its RLF and SAC and WAC Deferral Loans. The City contracts for this service and CMDC has done a great job. Mr. Sullivan indicated that serving on the Board of Directors won't impact the ability for CMDC to perform this valuable service for the City of Ramsey.
As a Board Member, he will be assigned to a Loan Committee to review loan applications for CMDC (SBA) funding for projects. Loan Committee Meetings are virtual and the Board of Directors meets 4 times a year at their office in Andover. Below are some questions and answers regarding the position and time commitment from Economic Development Manager Sullivan:
How often does the committee meet? CMDC’s Board of Directors meets once a quarter and has an annual meeting in December. Board members are also assigned to one of two loan committees. Each loan committee is scheduled for a virtual TEAMS meeting twice a month. These meetings are only held if there are loan requests to review.
I am assuming the meetings are at the Andover office, please confirm. Board meetings are held at our Andover office.
How long are average meetings? Board meetings are typically 1.5 hours. Loan committee meetings are usually less than a half hour.
What is the scope of the committee? Loans only? Other things? See the attached Code of Federal Regulations specific to CDC’s Board of Directors.
What type of time commitment would this be for me? Meeting prep, etc. Typically, you will receive an agenda for board meetings ahead of time to review. This takes no more than a few minutes. Loan committees will receive a credit memo two days before the scheduled meeting. We expect that the members review and formulate any questions prior to the meeting. This should not take more than 15-30 minutes.
Is this a paid position? This is a volunteer position.
When does the Committee meet? Day? time? I need to make sure I don’t have any conflicts with standing meetings. Board meetings are 3-4:30, the last Tuesday of January, April, July, and October. Annual meeting is from 3-6 the first Thursday in December.
What do I do if a loan from a Ramsey business is being considered by the loan committee? You would recuse yourself from the discussion and abstain from the vote for that loan.
Marty said other City Officials have sat on the committee? Can you share who they were and what cities they were from?
Clark Arneson – City Manager, City of Blaine (retired) - current board member
Thomas Gamec – Mayor, City of Ramsey – Past board member
Others have also served.
For the past 20 years, Mr. Sullivan has served on the EDAM Board of Directors, as a Planning Commissioner for Oak Grove, City Council Member for Oak Grove and a School Board Director for the St Francis School District which has limited the ability to serve on other boards and commissions due to the time commitment to other boards he was currently serving on. Mr. Sullivan no longer serves on the above-mentioned boards/positions and believes that he has the capacity to serve on the CMDC Board and to complete his normal job duties for the City of Ramsey without issue.
The City currently uses CMDC to underwrite and provide documents for its RLF and SAC and WAC Deferral Loans. The City contracts for this service and CMDC has done a great job. Mr. Sullivan indicated that serving on the Board of Directors won't impact the ability for CMDC to perform this valuable service for the City of Ramsey.
As a Board Member, he will be assigned to a Loan Committee to review loan applications for CMDC (SBA) funding for projects. Loan Committee Meetings are virtual and the Board of Directors meets 4 times a year at their office in Andover. Below are some questions and answers regarding the position and time commitment from Economic Development Manager Sullivan:
How often does the committee meet? CMDC’s Board of Directors meets once a quarter and has an annual meeting in December. Board members are also assigned to one of two loan committees. Each loan committee is scheduled for a virtual TEAMS meeting twice a month. These meetings are only held if there are loan requests to review.
I am assuming the meetings are at the Andover office, please confirm. Board meetings are held at our Andover office.
How long are average meetings? Board meetings are typically 1.5 hours. Loan committee meetings are usually less than a half hour.
What is the scope of the committee? Loans only? Other things? See the attached Code of Federal Regulations specific to CDC’s Board of Directors.
What type of time commitment would this be for me? Meeting prep, etc. Typically, you will receive an agenda for board meetings ahead of time to review. This takes no more than a few minutes. Loan committees will receive a credit memo two days before the scheduled meeting. We expect that the members review and formulate any questions prior to the meeting. This should not take more than 15-30 minutes.
Is this a paid position? This is a volunteer position.
When does the Committee meet? Day? time? I need to make sure I don’t have any conflicts with standing meetings. Board meetings are 3-4:30, the last Tuesday of January, April, July, and October. Annual meeting is from 3-6 the first Thursday in December.
What do I do if a loan from a Ramsey business is being considered by the loan committee? You would recuse yourself from the discussion and abstain from the vote for that loan.
Marty said other City Officials have sat on the committee? Can you share who they were and what cities they were from?
Clark Arneson – City Manager, City of Blaine (retired) - current board member
Thomas Gamec – Mayor, City of Ramsey – Past board member
Others have also served.
For the past 20 years, Mr. Sullivan has served on the EDAM Board of Directors, as a Planning Commissioner for Oak Grove, City Council Member for Oak Grove and a School Board Director for the St Francis School District which has limited the ability to serve on other boards and commissions due to the time commitment to other boards he was currently serving on. Mr. Sullivan no longer serves on the above-mentioned boards/positions and believes that he has the capacity to serve on the CMDC Board and to complete his normal job duties for the City of Ramsey without issue.
Timeframe:
5 to 10 Minutes
Funding Source:
This would fall under normal staff duties.
Responsible Party(ies):
Economic Development Manager Sean Sullivan
Community Development Director Stephanie Hanson
City Administrator Brian Hagen
Community Development Director Stephanie Hanson
City Administrator Brian Hagen
Outcome:
Economic Development Manager Mr. Sullivan is looking for consent from the City Council to interview for the CMDC Board of Directors position and to accept the position, if offered.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Kathy Schmitz | 01/18/2024 02:20 PM |
- Form Started By:
- Sean Sullivan
- Started On:
- 01/16/2024 04:49 PM
- Final Approval Date:
- 01/18/2024