HomeMy WebLinkAbout10-20-1999 Meeting
PENSION COi\'Il\'illTEE
COi\'IMITTEE ROOl\'l
OCTOBER 20, 1999
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PRESENT: Hans. Bob Young, Mayor, UBridges, 1. Beard, 1. Morrey, R. Oliver
members, D. Collins, Finance Department, Jim Wall, Attorney, Charles May, Edwin
May, M.A. Mullis, Financial Consultants from Robinson-Humphrey and Lena J. Bonner
Clerk of Commission.
Also Present: J. Brigham, Commissioner, Oscar Baker, Bill Maddox, and James
Beck.
A review of the Investment Performance by Robinson & Humphrey.
At this time Charles May presented an overview of the Capital Markets .. 3rd
Quarter '99 results, Pension Plans Summary, Asset Summaries of the 1949, 1945 and
1977 pension plans as of 9/30/99.
ivlr. Bridges: I move we receive this as information.
ivlr. Beard: Second
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Motion adopted unanimously.
Discussion of Lease on property owned by 1949 Pension Plan.
lvIr. Oliver: As a result of the marke~ analysis perfor:ned by l'vIr. Bill
Hollingsworth we recommend that the rent be increased by 25% of the difference,
effective Jan 1, 2000.
ivIr. Mayor: ivIr. Wolfe would you like to address the committee.
Ner. Paul Wolfe, owner ofrhe Riverwalk Antique Depot, Inc.: I would like to request that
the rent be increased between 10-15%.
After further discussion., ivlr. Bridges I move that the rent be increased by 15% of the
difference etfec-;:ive >Tovember 1 Sl and that it be a 'Iear to vear lease.
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ivlr. Beard:
Second
Motion adopted unanimously.
Discussion on sale of Pension Property.
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NU-. Mayor: ;\rr.);1addox would yeu like ~o 1ddress [he committee.
Mr. Maddox: I would like to recommend to the committee that the property be
:rr~~~~e~n::~/L~~d:,~~ ~:c~:~~ ~or sale. We have lost 5800,000 on this property 1_
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_'IiI'. bGCg~S:
I 30 move that :he Drocer:-:/ 0<<: .:iconiseci.
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Nfr. Mayor:
Second for purpose of discussion.
After further discussion, ivIr. Bridges I would like for the appraisal to be presented to us
at our next meeting and we'll go from there.
Motion adopted unanimously
ADJOlJ"R1'ti\'IENT: There being no further business, the meeting was adjourned.
Lena J. Bonner
Clerk of Commission
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