FARGODOME Authority - January 1, 2017 Minutes
A regular meeting of the Fargo Dome Authority was held on Tuesday, January 31, 2017 at 5:00 p.m. in the FARGODOME Conference Room with President David Suppes presiding.
Members present: President David Suppes, Troy Goergen, Nancy Jordheim (via phone), Darrell Vanyo (via phone), Blake Nelson and Michael Ellingson.
Members absent: Ryn Pitts
Others present: Susan Thompson, Director of Finance – FARGODOME; Bernie Larson, Assistant General Manager – FARGODOME; Amanda Muellenbach, Administrative and Auxiliary Services Manager - FARGODOME and Rob Sobolik, General Manager – FARGODOME.
Media present: None
President David Suppes called the meeting to order at 5:02 p.m.
Troy Goergen made a motion, seconded by Blake Nelson, to approve the agenda of the January 31, 2017 Fargo Dome Authority meeting as presented. Motion carried.
Blake Nelson made a motion, seconded by Michael Ellingson, to approve the minutes from the December 6, 2016 Fargo Dome Authority meeting. Motion carried.
Rob Sobolik presented the General Manager’s report as follows:
- Year-to-Date Net Income through November 2016 is stated at $675,370 which is a positive variance (to budget) of $390,005.
- Year-to-Date Net Income through December 2016 is stated at $528,767, which is a positive variance (to budget) of $436,445.
- Upon review, Blake Nelson made a motion, seconded by Michael Ellingson, to approve the November 2016 and December 2016 financial statements as presented. Motion carried.
- Past Events: NDSU Football Playoff Game vs. SDSU on December 10, 2016. Rudolph the Red-Nosed Reindeer on December 12, 2016. NDSU Football Playoff Game vs. James Madison on December 16, 2016. Rumble on the Red Wrestling Tournament on December 29-31, 2016. Saturday Night Fever on January 8, 2017. Monster Jam on January 14-15, 2017. RRV Boat & Marine Show on January 27-29, 2017.
- Upcoming Events: Fargo Marathon Kick Off 5k/10k Run on February 4, 2017. NDSU Spring Career Fair on February 7-9, 2017. Kiwanis Pancake Karnival on February 11, 2017. ND State HS Wrestling Tournament on February 16-18, 2017. RRV Home & Garden Show on February 24-26, 2017.
- Comments on Past Events: Nothing to report.
Blake Nelson presented the Fargo Dome Authority Finance Committee report. The Fargo Dome Authority Finance Committee met on Wednesday, January 25, 2017. Items discussed included:
- Due to a lack of quorum, the November 2016 and December 2016 financials were reviewed and endorsed by the Finance Committee, but no motion was made.
- Capital and Investments:
- Video Board Bond Sale – The City sold the bonds for the video board financing with a net interest cost of 3.4%. Please see attachments.
- FARGODOME Investment Policy – The committee reviewed the existing City of Fargo-FARGODOME Permanent Fund Investment Policy Statement. The committee also reviewed a proposal to adopt an updated Standards of Investment Performance within the Permanent Fund Investment Policy. Please see attachment. The committee would like further clarification on what consequences, if any, there would be if any of the criteria in the updated Standards of Investment Performance were not met. Susan will follow up with the State Investment Board. This item will be further discussed at the next Finance Committee meeting.
- Escrow Balance & Performance Reports: The FARGODOME permanent fund performance, year-to-date, through November 2016 is 3.98%. Please see attachments.
- Project Updates:
- Video Boards – The video project is almost complete. The freight elevator is installed and working.
- Wheelchair Accessible Seating Project: Bids for the wheelchair accessible seating project in sections 13 and 30 are due on February 23, 2017.
- Suite Upgrades: Rob is working on getting costs and color options for upgrades in the suites. Once the color options and costs are obtained, Rob will start to meet with suite holders and contractors to go over options.
- Convention Center Study – HVS is currently working on the convention center study. More information will be available at upcoming meetings.
- Additional Items: Discussions have begun on contract renewal negotiations between FARGODOME and NDSU. This item will be further discussed at upcoming meetings.
Blake Nelson made a motion to approve the Finance Committee report as presented. Motion carried.
Additional Items: Darrell Vanyo thanked FARGODOME staff for their work in 2016.
The next Fargo Dome Authority meeting will be on February 28, 2017 at 5:00 p.m.
There being no further business, the meeting was adjourned at 5:34 p.m.