N. Quarter Corridor Improvement Authority - Special Meeting

North Quarter Corridor Improvement Authority 1419 Coit Ave NE Minutes Packet Grand Rapids, MI 49505 April 27, 2022 @ 2:30 PM Culver CPA Group PRESENT: Brianna Forbes, Alan Hartline, Duane Culver, Karen Kloostra ABSENT: Kim Bode, Milinda Ysasi, Michael Lomonaco OTHERS: Verah Narh-Kamara, Tricia Chapman, Megan Gordon I. Call to Order The meeting was called to order at 2:38 pm by Chair, Brianna Forbes. II. Public Comment on Agenda Items None. III. Minutes Approval Approval of Minutes from March 17, 2022 No comments or questions were noted. Motion to approve minutes from March 17, 2022 RESULT: ACCEPTED [UNANIMOUS] MOVER: Duane Culver, Member SECONDER: Alan Hartline, Secretary YEAS: Brianna Forbes, Alan Hartline, Duane Culver, Karen Kloostra ABSENT: Kim Bode, Milinda Ysasi, Michael Lomonaco IV. Financial Statements 1. Interim Financial Statements as of March 31, 2022 Tricia Chapman presented the statement and noted that the reserve for maintenance balance is the sponsorship funds that the North Quarter has collected over the years. Alan Hartline had questions regarding the facade program budget line. Verah Narh-Kamara and Ms. Chapman took turns explaining that even though $17,000 has been committed by the facade program, none of that has been paid out yet and that is why that line item is still untouched. Generated 5/3/2022 11:25 AM North Quarter Corridor Improvement Authority Meeting Full Page 2 April 27, 2022 Motion to approve the schedule of expenses for the period ended March 31, 2022 RESULT: APPROVED [UNANIMOUS] MOVER: Duane Culver, Member SECONDER: Karen Kloostra, Member YEAS: Brianna Forbes, Alan Hartline, Duane Culver, Karen Kloostra ABSENT: Kim Bode, Milinda Ysasi, Michael Lomonaco V. Action Items 1. North Quarter Corridor Improvement Authority FY2023 Budget Recommendation. Ms. Kamara presented the budget to the board and noted their priorities for the fiscal year 2023. She also reminded the board that the numbers presented are only preliminary and subject to change. Megan Gordon, the corridor manager, and Ms. Forbes explained their idea behind the business development budget line. Ms. Gordon intends to engage in some business development events for businesses in the corridor. She also plans to use the events budget to host various events that will be focused on the North Quarter, unlike in the past when North Quarter only supported other community events. Ms. Forbes noted that the sponsorship budget line is empty because the committee hopes to have an actual plan for sponsorship, one that is strategic and will lead to desirable outcomes for the North Quarter. Duane Culver noted that so far, sponsorship has been very profitable to the board, and it is worth another look. He suggested adding some funds to the sponsorship line just in case the board decides to invest in sponsorships along the way. The rest of the board agreed and decided to add $10,000 to the sponsorship budget line. The board also discussed the facade budget line and noted that it will be wise to increase that line from $30,000 to $45,000 to accommodate the FY 2022 facade project commitments. Motion to recommend the presented fiscal year 2023 budget to the city commission with the suggested updates. RESULT: RECOMMENDED TO CITY COMMISSION [UNANIMOUS] MOVER: Duane Culver, Member SECONDER: Karen Kloostra, Member YEAS: Brianna Forbes, Alan Hartline, Duane Culver, Karen Kloostra ABSENT: Kim Bode, Milinda Ysasi, Michael Lomonaco Generated 5/3/2022 11:25 AM North Quarter Corridor Improvement Authority Meeting Full Page 3 April 27, 2022 VI. Reports Ms. Brianna provided the committee updates. The North Quarter board currently has one functioning committee, a Design Committee. This committee will review all agenda items for the board until there are enough volunteers to have more committees. This committee will meet on the first Thursday of every month at 12:00pm. VII. Other Business None. VIII. Public Comment None. IX. Adjournment The meeting was adjourned at 3:14 pm by the chair, Brianna Forbes. Generated 5/3/2022 11:25 AM