Title
Consider/Discuss/Act on a Resolution Approving the Seventh Amended and Restated Bylaws of McKinney Economic Development Corporation
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: July 31, 2017
DEPARTMENT: McKinney Economic Development Corporation
CONTACT: Darrell Auterson, President
Jason Burress, Chairman
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
* The major changes to the Bylaws incorporates the following:
o Article IV, Section 1f:
"Directors seated as of the Effective Date shall attend a training course on economic development within one (1) year after the Effective Date or one (1) year after their appointment date, as the case dictates. The Board may grant a Director an extension under this subsection for good cause shown."
o Article V Section 1:
"Roles and duties of the President: The President shall be a compensated employee of the Board. The President shall be the chief executive officer of the Corporation responsible for all daily operations and the implementation of Board policies and resolutions. The President may sign upon the approval of the Board, in the name of the Corporation, and/or attest to the signature thereto, all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other instruments of the Corporation. The President shall attend all called Board meetings and perform those duties and functions as the Board shall prescribe. Any supervision or direction by the City Manager under prior bylaws shall be hereby supplanted by Board direction or supervision, and the "duties and responsibilities" of the President shall be subject to the review, direction, and supervision of the Board. The President of the Corporation shall be hired by the Board only upon ratification by the City Council. Termination of the Executive Director shall require Board approval by a majority vote of the board in open session and shall only be effective upon ratification by majority vote...
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