06/25/07 Committee Meeting Minutes

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PARC Committee Meeting Minutes of June 25, 2007 Page 2 Update from Council Appointment to the Century Center Board of Managers: Dan Osberger, a Council appointment to the Century Center Board of Managers noted that he was the newest member to the Board. He was appointed by the Council in August of 2006. He then highlighted activities since his term began, noting that: • October 3, 2006 Global Spectrum made a presentation to the Board • January, 2007 Letter of Understanding entered into with Global Spectrum • February, 2007 Global Spectrum, as the management company informed that all former employees of Century Center would become Giobal Spectrum employees; that City's Human Resources has assisted with the transition • Global Spectrum has a three (3} year contract with an additional two (2) 1-year contract opportunities • Global Spectrum will be paid a management fee plus an incentive fee based on revenue growth up to 100% of the management fee • April, 2007 Kurt Brown became the General Manager; he formerly was the Kansas City Convention Center Manager • Challenges include budgets and revenues; broadening marketing to be more regional and national in scope • He serves on the Marketing Committee and the Executive Committee Century Center Board of Managers is only required to meet quarterly under their by-laws In response to questions from Council Member White, Mr. Osberger stated that five (5) employees have been impacted; with the concern being those who were close to be vested with regard to their retirement benefits since Global Spectrum used a 401 deferred compensation program. City Controller Fanello stated that only four (4) employees were close to being vested with PERF and all are still on the city payroll until that occurs. Once they individually become vested they will become Global Spectrum employees. She Hated #hat ten (10} years of service is needed to be vested. 1t was also noted that new conferences and vendors are being targeted to get a broader audience; with a tiered schedule being in place regarding the performance incentives. In response to questions from Council President Rouse, Ms. Fanello stated that their performance is being r~sl4ed and that monthly financial documents are being sent to her office. ~ ~°'~ `~ Council Member Puzzello thanked everyone for their updates and then adjourned the meeting at 3:41 p.m. R ctfully s fitted, u em er An zzello, Chairperson PARC Committee Attachments