Hello! I’ll be live-tweeting today’s Board of Directors Meeting of the Chicago Metropolitan Pier and Exposition Authority (MPEA) for @CHIdocumenters #CHIdocumenters. The meeting is scheduled to start 9am at 301 E Cermak Rd Boardroom 5th Fl.
Agenda here: http://mpea.com/wp-content/uploads/2020/02/MPEA_Board_Agenda_February_18_2020.pdf https://t.co/lUP2SpKlhm
08:59 AM Feb 18, 2020 CST
@CHIdocumenters Downstairs, someone checks your bag. While waiting, there’s tea, coffee - and a mini model of McCormick Square. Roll call: all 9 members present (4 appointed by IL Gov, 4 by Mayor, chair selected by board). No public comment. https://t.co/rENj8unE8I
@CHIdocumenters CEO Larita Clark reports: she was very excited to meet Barack Obama over the weekend.
Stephanie Lovelace-Nieves gives controller report: $4.9 M loss on net basis for Jan; some hotels saw net income due to Amazon event.
@CHIdocumenters Jason Bormann (director of treasury and capital mgmt): $19.5M tax collection in 2020, compared to $16.2M for 2019. Dec hotel tax collection was underreported by ~$2M, expects to update.
@CHIdocumenters David Causton (McCormick Place general mgr): summarizes highlights of recent #ChicagoAutoShow, which is nation’s largest. Common won MVP in Common vs. Chance the Rapper basketball game. Now looking to @c2ez (Feb 28-Mar 1), a national fandom gathering.
@CHIdocumenters @C2eZ MPEA Board moves to executive session.
MPEA is responsible for attracting trade shows, conventions, meetings, expositions and public events @McCormick_Place. The 9 boardmembers comprise a mix of representatives from labor, marketing, law, business.
@CHIdocumenters @C2eZ @McCormick_Place After executive session, MPEA board approves:
-contract amendment for lobbying services w/ Taylor Uhe $77K total thru Dec
-reaffirmation of @FifthThird Bank agreement. Had entered into loan agreement up to $6.6M and line of credit for $1.5M. Proceeds finance part of @NavyPier
@CHIdocumenters @C2eZ @McCormick_Place @FifthThird @NavyPier MPEA will post CFO search; Jason Bormann will be acting CFO (and likely keep director position). Larita Clark was CFO before being appointed CEO last month. https://www.mpea.com/mpea-announces-larita-clark-as-ceo/
From earlier: Clark said first 6 mos of sustainability system has recovered 25 tons food waste.
@CHIdocumenters @C2eZ @McCormick_Place @FifthThird @NavyPier Chicago Metropolitan Pier & Exposition Authority board meeting adjourns 10am. Next meeting March 24. http://www.mpea.com/mpea-board-members/
This concludes my @CHIdocumenters #CHIdocumenters coverage of today’s meeting. Find notes and more info at http://documenters.org. Thanks for following!