Here Are a Few Highlights Since Our Last Board Meeting

President’s Report

Here are a few highlights since our last Board Meeting:

1)Strategic Plan – Continued to work on refinement of the Strategic Plan. Added previous goals to goals derived from Board Planning Retreat. Converted all to GANT chart to evaluate resource allocation and timing. Met with staff, followed by ED allies, to discuss goals and timing. Worked with Steve Statz and Michelle Lavallee on recommended revisions. Established performance metrics. Revised one-pager to incorporate all revisions.

2)Financial/Development Model – Worked with Kaschmitter Appraisals on projected land sales, pricing, and development costs for all SFDF owned properties. Provided variety of documents/information to banking consortium, as well as GOED. Appraisals for SFDF properties (excluding mega-site) came in at $21.7M (as-is) and $77.3M (market rate, fully developed.) Bankers verbally indicated satisfaction that the LTV ratio is sufficient to support a new credit facility for future development of Foundation Park and Park 8.

3)Development – Negotiated revisions in grading contract with Lidel Construction to provide flexibility in timing of grading project in Foundation Park. We also closed on a small sale of 1-acre lot north of I-90 (near Catfish Bay.) Met with principals of Project Viper to discuss project. Also met with community leaders in St. Joseph, MO to discuss community impacts of similar project. Participated in Real Estate Committee meeting.

4)Marketing and Promotion–Participated in interviews of the finalists for Digital Marketing Associate. Helped plan for training and initial workload for same position. Worked with FSF National Marketing Committee on marketing plan and explored options for continued funding of DCI. Met with Jodi Schwan’s replacement at Sioux Falls Business Journal. Went on “It’s Your Business” radio show to discuss SFDF economic and workforce development.

5)Miscellaneous – Held briefing at Chamber Leadership Council for new CEOs. Met with President of NCDS (FSF’s fundraiser) to discuss follow-up of the campaign. Held two lunch briefing with City Council members on SFDF development of Foundation Park, as well as other economic and workforce development initiatives. Also worked on the revisions to the accounting system, creating more consistency between chart of accounts for internal financials, budget, and audit.

In the next 30 days, I will be focused on finalizing the new credit facility, getting the new social media position and program started, and revisions to the accounting system.