MAD RIVER GLEN COOPERATIVE
MINUTES OF MEETING
July 5, 2005
An executive session meeting of the Single Chair Finance Committee of the Mad River Glen Cooperative was convened at 3:00PM on July 5, 2005 via teleconference.
Present at the meeting were Permanent Committee Members Leigh Michl, Jed Kalkstein, Geordie Hall, Charlie Tipper, Deri Meier, Al Russell, and Jamey Wimble.Roy Liu was absent.Deb Steines attended the meeting in her role as a trustee of the Stark Mountain Foundation but indicated that the SMF was a third party and had different interests than the Co-op.
call to order:
Mr. Michl called the meeting to order at 3:00PM.
review of july 2nd trustees meeting:
Mr. Michl reviewed the discussion and votes of the MadRiver trustees at the July 2nd meeting.He indicated that the board had voted:
The Committee discussed a range of consultant types and responsibilities and agreed that individual members of the Committee would identify prospective consultants for the Committee to consider at the July 15 SCFC teleconference.Without talking to prospective consulting candidates, the Committee noted that it was not possible to develop, at this time, qualifications for the position.However, it was noted that the Committee would have a preference for a Vermont resident (because of proximity to the Co-op) as well as a person who would be respectful of the unique character of MadRiver.
Charlie Tipper, Leigh Michl, and Geordie Hall agreed to contact several candidates.
The Committee agreed that Al Russell, Jamey Wimble, and Roy Liu would (1) identify potential lending sources and (2) explore debt terms (rates, covenants, commitment fees and length of commitments, etc.).
The Committee expressed their interest in receiving a grant from the Stark Mountain Foundation to help pay for the historic rebuild of the Single Chair.Ms. Steines indicated that she had discussed this possibility with counsel and agreed to consider the matter in greater detail with outside professionals that had been engaged by the Foundation.Leigh Michl and Charlie Tipper agreed to follow-up with the Foundation.
The Committee agreed to consider, at a future date, whether to recommend that the Co-op engage counsel to study various fundraising alternatives.
There being no further business, the Committee adjourned at 3:50PM.
Respectfully submitted, Leigh Michl
A true record.