John Scarffe, Nederland. Nederland Downtown Development Authority Board Executive Director Hope Jordan announced her resignation during the Board’s remote monthly meeting on February 10, 2021. The Board also heard updates on the financial plan and ongoing projects and discussed a Rural Development Grant.

 Jordan has been back east taking care of some family issues and does not know when she will return to Nederland. According to the agenda information memorandum, Hope Jordan graciously requested that the NDDA Board begin the process of transitioning to a new Executive Director (ED). 

“While Hope truly enjoys working for the NDDA, life matters require her to remain on the East coast for a while. Because of this she feels that it is in the best interest of the NDDA that the Board should find someone to replace her. 

“Hope expressed an interest in and willingness to continue working for the NDDA through May 2021 so that a new Executive Director can be hired and on boarded into the roles and responsibilities of the NDDA ED,” according to the memo.

Chair Karowe expressed his gratitude for all the work and help Hope has contributed to the NDDA in her tenure. She thought long and hard about it, so this is transitioning. When the previous executive director left the position, Hope didn’t receive any support, so for Hope to provide support during the transition is crucial to the Board. 

Karowe remarked, “We appreciate all the hard work you have done for us.”

Chair Karowe requested approval from the board to create a job description for the ED position before the March meeting, so it can be approved and sent out immediately after the March meeting.  

Karowe outlined the anticipated timeline and actions needed to set up an ED search committee which will create the job position to be voted on (with or without edits) at the March 10, 2021, meeting.

The ED Search Committee will review applications and set up interviews. The committee will then decide who to recommend to the Board.

If the Nederland Board of Trustees needs to be involved, the NDDA will make a recommendation to the Trustees at their next available meeting.

Once approved, a new ED will be hired immediately.

The new ED will work with Hope, Chair Karowe, and the Town to get up to speed as quickly as possible.

NDDA will pay Hope for her time getting the new ED up to speed.

Karowe requested that the Board vote on two members to be on the ED Search Committee.

Board Members Karina Luscher and Barbara Hardt will be part of the hiring committee.

“It’s a lot more work than people realize,” Hardt said. The Board has been impressed with what Hope has done. She also expressed support for the time line and getting someone hired so Hope can help with the  transition.

Karowe said the committee should bring this back to the Board as a job posting. He received a nod of four to set this in motion.

Dana Edwards with Cornerstone Investment Advisors LLC presented a Financial Planning Services Agreement with a draft investment policy. The NDDA has a number of investment options for its funds. 

Edwards wanted to check in with the Board and discuss those various options in brief, and ideally, come to a conclusion as to what investments the Board wants or doesn’t want to have in its portfolio. Then she can work on the final draft for presentation in March. The Town and NDDA lawyer will look at this.

The main purpose is to allow the NDDA to do more with its funds than just sitting in a bank account. According to her research, the NDDA is allowed to invest in six investments. Options include putting money into a CD with a 3 percent return that is a guarantee from the bank. 

Safety of the Principal is number one. Liquidity is important. “We want to make sure you are doing better than the bank,” Edwards said. 

Take $250,000 and put it into less risk investments, and different kinds of risks are available. Money Market Mutual Funds should have a portion of the investment portfolio and United States Treasury notes have a wide variety. The NDDA also can invest in products and Government Enterprise Funds that have government relationships

The biggest part of this is to get a sense of which of these the Board is interested in, Edwards said. Do you want to go simple or complex? 

Board members said they are not interested in more complex and being conservative is the direction they lean. Edwards asked who has the authority to manage it? It could be the treasurer or outside personnel. Treasurer Ron Mitchell said no investment will be made at this time. The entire board needs to improve it.

Edwards said she would change the wording to give more flexibility and designate the treasurer as the single person to bring investments to the Board. The Board agreed to name the treasurer and the chair. Edwards said the goal is to have this final draft for the next meeting. 

Board Member Andrew Dewart told the Board that a brochure came to his attention specific to the USDA administrator grants and not a lot of people have applied. It would take some time but could assist with some of the things the Board has talked about. 

It’s a lower-level development grant on a competitive basis and could help with parking and public access. The Deadline is February 26, 2021. 

USDA Rural Development is the lead Federal agency helping rural communities grow and prosper. They increase economic development and improve the quality of life in rural places and small towns, according to the memo.

They provide loans, grants and technical assistance to build critical infrastructure like broadband, water systems and hospitals. Their programs expand access to e-connectivity, electric and transportation infrastructure, support business growth, as well as healthcare, education, housing, and other community essentials.

Karowe said he talked to Hope and she could help write the grants for the propane tank property by Teens Inc., showers at the community center, internet connectivity, energy efficiency, the purchase and remediation of Schnyder’s Garage and anything public works wants to do. 

Town Administrator Gerrity said Town staff could work with Hope, and they will be able to tell her about the environment and can work with her if the Board wants to give her the nod. The Board said it’s a great idea and gave a nod of four to have Hope work with the Town to meet the deadline.

The next meeting is planned for March 10, 2021, at 6 p.m. remotely on Webex.

(Originally published in the February 25, 2021, edition of The Mountain-Ear.)