2017 10C Minutes of the Board of Directors

10C Minutes from January-December 2017

JANUARY 12th, 2017 
10C Board Meeting Thursday Jan 12, 2017 at 10 Carden St (Heritage Room); 7-9pm
Staff: Julia, Joy, Emily
Board: Doran, Anne, Heather, Rob, Lise, Crista
Regrets: Mark, Ben
Guest: Jane Humphries

  • Motion: Rob & Doran co-chairs of the nominating committee, with Crista also on the committee. Moved by Crista. Seconded by Heather. All in favour.
  • Motion: 10C stays committed to the Elevator Project and can allocate the equivalent of 2500$ of resources in staff and/or cash. Moved by Heather. Seconded by Anne.
  • Motion: Board approves launching the two OTF seed grant projects. Moved by Heather. Seconded by Doran.

FEBRUARY 7th, 2017
10C Board Meeting Tuesday, Feb 7, 2017 at 42 Carden St; 7-9pm
Staff: Julia, Joy
Board: Anne, Mark, Lise, Crista
Regrets: Doran, Rob, Heather

  • Motion: Receive board report. Moved by Mark. Seconded by Lise. All in favour.
  • Motion: The board agrees to proceed with possible collaboration with the potential sponsor to include possible mural advertising campaign on the west facade for 2 months. Julia to have conversations about extended time frames for a community mural program (2+ years). Discussion of 10C advertising policies to be revisited by the board. Moved by Crista. Seconded by Mark. All in favour.

FEBRUARY 28th, 2017
10C Board Meeting Tuesday, Feb 28, 2017 at 10 Carden St; 7-9pm (Additional February meeting)
Staff: Julia
Board: Lise, Anne, Doran, Heather, Rob, Mark
Regrets: Crista

  • Motion: Mark moves to approve the 2016 minutes. Seconded by Heather. All in favour.
  • Motion: Julia will get the documentation around subordination from Brian, along with draft communication. Will circulate to the board with 48 hour turnaround on feedback by email and/or conference call. Moved by Anne. Seconded by Heather. All in favour.
  • Motion: Julia will be seeking another appraisal with a faster turnaround. Moved by Heather. Seconded by Doran. All in favour.
  • Motion: Julia will investigate mortgage brokers to explore financing scenarios beyond the current credit unions. Moved by Rob. Seconded by Mark. All in favour.
  • Note: The financial details discussed will be internal only

MARCH 14th, 2017
10C Board Meeting Tuesday, March 14, 2017 at 10 Carden St; 7-9pm
Staff: Julia, Joy
Board: Doran, Heather, Rob, Crista, Emily,
Regrets: Lise, Anne, Mark

  • Motion: Board understands that we are working towards a June 1st occupancy deadline. Moved by Doran. Seconded by Crista.
  • Motion: 10 Carden will proceed with discussions with 3 selected credit unions (Vancity Community Investment Bank, Kindred Credit Union and Meridian Credit Union) once appraisal is in hand will extend to other credit unions and banks for competitive financing. Moved by Crista. Seconded by Heather
  • Motion: The board acknowledges that the existing first lender needs to have the appraisal in hand before they issue an extension. We are not asking them to increase investment just continue the 1.2 million for up 6 months. Moved by Heather. Seconded by Rob.

APRIL 11th, 2017
10C Board Meeting Tuesday, April 11, 2017 at 10 Carden St; 7-9pm
Staff: Julia, Joy, Emily
Board: Anne, Mark, Lise, Crista, Rob, Doran
Regrets: Heather

  • Motion: Crista and Rob will review the member agreement to finalize it so that it can be circulated and signed by members. Moved by Mark. Seconded by Crista. All in favour.
  • Motion: Rob to be representative of 10 Carden on the 42 Carden board. Moved by Lise. Seconded by Doran. All in favour.
  • Motion: Approve the March board minutes. Moved by Rob. Seconded by Doran.

MAY 9th, 2017
10C Board Meeting Tuesday, May 9, 2017 at 10 Carden St; 7-9pm
Staff: Julia
Board: Anne, Mark, Lise, Heather, Rob, Doran
Regrets: Crista

  • Motion: Approve the April board minutes. Moved by Doran. Seconded by Anne.
  • Motion: Accept staff portion of board report. Moved by Doran. Seconded by Mark. All in favour.
  • Motion: Can proceed with social-based promotion of this neighbour as well as other immediate neighbours. Moved by Rob. Seconded by Doran.
  • Motion: To agree to sign back the discussion paper from Libro Credit Union and pay the $500 fee. Moved by Anne. Seconded by Heather. All in favour.
  • Motion: To agree to sign back the letter of interest from Vancity Community Investment Bank and pay the $1920 fee. Moved by Mark. Seconded by Rob. All in favour.
  • Motion: Received building committee report (verbal report) – details in staff report. Moved by Anne. Seconded by Doran. All in favour.
  • Motion: Received sponsorship committee report (verbal report) – details in staff report. Moved by Anne. Seconded by Doran. All in favour.

JUNE 13th, 2017
10C Board Meeting Tuesday, June 13, 2017 at Shakti; 6-9pm
Staff: Julia
Board: Rob, Heather, Crista, Mark, Ben, Lise, Anne

First discussed & motioned by email May 25-26 2017; Approved at this meeting.

  • Motion: To accept the financing terms negotiated with private lender offering Third Mortgage of $400,000 at 5.0% interest. Interest compounded and accrued semi-annually. Principal and accrued interest to be repaid in full at any point prior to May 29, 2018. One month written notice is required prior to repayment of full amount if prior to 6 months (December 29, 2017). The board is aware that we are responsible for processing fees of approximately $500.00. Moved by Ben. Seconded by Crista. All in favour.
  • Motion: Bridge financing to be used to pay the remainder of Demikon Invoice Progress Draw #11. $225,649.48 on or before June 2, 2017. A further partial payment to the majority of Progress Draw #12 $261,279.52 will be made upon confirmation of July 1, 2017 move-in date for partial occupancy of the 1st and 2nd floor, with arrangements with 10C and CCSC to be made for construction access. Moved by Mark. Seconded by Crista. All in favour.
  • Motion: to approve May minutes. Heather moved. Ben seconded. All in favour.
  • Motion: Signing the lease as presented between 10 Carden and 42 Carden Shared Space for a 5 year term. Moved by Crista. Seconded by Heather. All in favour.
  • Motion: The board acknowledges the construction budget is currently $300k higher than anticipated. The board is working to fill the funding gap with $350-400k, budgeting for an additional overrun. The board acknowledges that this cannot be carried past 1 year, and the board’s intention is to, within a year, fill 50% via additional sponsorship and other fundraising and build a specific plan on how to cover the additional 50%. 10C is working to immediately secure continued short-term financing for $200k past May 2018 (for 1-2 years). Next April, our series A bonds renews or is cashed out ($50k), so by December 2017 will consider what our 2018 bond offering will be, and how it fits into the construction budget shortfall plan. Moved by Rob. Seconded by Mark. All in favour.

JUNE 20th, 2017
10C Board Meeting Tuesday, June 20, 2017 at 10 Carden; 7-9pm
(Additional June board meeting + June 27 electronic vote motion)
Staff: Julia
Board: Rob, Heather, Mark, Lise, Anne
Regrets: Ben, Crista

  • Motion: Accept the staff report. Moved by Mark. Seconded by Lise. All in favour.
  • Motion: to accept the board roles as described. Moved by Lise. Seconded by Mark. All in favour.
    • Heather is willing to fulfill succession as chair for 10C
    • Rob is willing to be vice chair but notes his limited capacity.
    • Doran continues as acting treasurer.
    • Anne continues as secretary.
  • Motion: to accept the 42C board roles as described. Moved by Anne. Seconded by Doran. All in favour.
    • Chair – (10C member) – Heather
    • Vice-chair (Chalmers) – Peter
    • Treasurer (Community/ 10C) – possibly a representative from the Co-operators (Aaron Holly)
    • Secretary (10C) – Mark will be secretary for a 6 month period
    • Rob will be 42C member at large, and acting treasurer for now.

June 27 Electronic Vote Motions

Electronic Vote #1: To sign and submit attached Letter of Intent to Vancity Community Investment Bank necessary to proceed to final financing of 42 Carden Shared Space. This agreement is to be submitted with the application fee of $1920.00. Van City is working towards a mortgage closing date of July 14, 2017. Moved by Heather. Seconded by Ben. All in favour. (Anne, Crista, Mark, Lise, Rob).


JULY 11th, 2017
10C Board Meeting Tuesday, July 11, 2017 at 42 Carden; 7-9pm Staff: Julia
Staff: Julia
Heather, Crista, Rob, Lise, Anne, Ben, Doran
Guests: Jessica Piaseczny, Aaron Holley

  • Motion: Appoint Jessica Piaseczny as a board member for 10C. Moved by Lise. Seconded by Ben. All in favour.
  • Motion: Appoint Aaron Holley as a board member for 42 Carden,  pending approval by 42 Carden board. Will be 10C’s community member representative on the 42 Carden board. Moved by Ben. Seconded by Crista. All in favour.
  • Motion: Accept staff report. Moved by Heather. Seconded by Crista. All in favour.
  • Motion: Accept 10C organizational, indivdual and student members list. Moved by Anne. Seconded by Lise. All in favour.

SEPTEMBER 12th, 2017
10C Board Meeting Tuesday, September 12, 2017 at 42 Carden Street; 7:00-9:00pm
Staff: Julia, Joy
Board: Heather, Mark, Anne, Jessica, Lise. Ben
Regrets: Jessica, Crista
Guest: Aaron Holley

  • Motion: to accept that Rob has resigned from the board due to family pressures. Moved by Ben. Seconded by Anne. All in favour.
  • Motion: Accept Mark’s volunteer offer to replace Rob on board development committee. Moved by Lise. Seconded by Anne. All in favour.
  • Motion: to approve August minutes.  Moved by Mark. Seconded by Heather. All in favour.
  • Motion: to approve new 10C members.  [Individual: Bryan McPherson, Joanne Vanin, Andrew Seagram, Tonya Brock, Valerie Stevenson, Roblyn Tremblay; Organization: Oreka Solutions; First Breath; Openly (Tanya Darisi)]. Moved by Anne. Seconded by Ben. All in favour.
  • Motion: 10C supports the issue of the Series G Community Bond with terms to be confirmed (possibly through electronic vote) before the October meeting. We understand that these will be outside of the current asset value, and will be issued as a 3rd mortgage. Vancity supports the offering of this bond series to a cap of $400k including $250k from a single institution to be named at confirmation. Moved by Heather. Seconded by Anne. All in favour.

OCTOBER 10th, 2017
10C Board Meeting Tuesday, Oct 10, 2017 at 42 Carden Street; 7:00-9:00pm
Staff: Julia, Joy, Emily
Board: Heather, Anne, Jessica, Lise, Crista
Regrets: Mark, Ben

Discussion of process to formalize 10C board minutes to not disclose confidential information.

Motion: to keep the 10C public minutes as a list of action items and motions. The discussion around these items is a work-product that is confidential to the board. Moved by Anne. Seconded by Lise. All in favour.

Discussion of political parties and engagement with 10C.

Motion: 10C will not endorse a specific political party, but does present a trans-partisan forum for political parties and elected representatives and candidates to engage community. 10C accepts non-member bookings from political parties, candidates, and elected officials. Moved by Doran. Seconded by Heather.

Motion to adjourn


NOVEMBER 14th, 2017
10C Board Meeting Tuesday, Nov 14, 2017 at 42 Carden Street; 7:00-9:00pm
Staff: Julia,
Board: Mark, Anne, Doran, Crista
Regrets: Heather, Jessica, Lise, Ben

Board members present reviewed agenda & updated action item list. Motions deferred to electronic voting as we don’t have quorum at this in-person meeting.

  • Staff report
  • ED report & financials update
  • Board member roles & skills
  • Motion to accept new members to 10C
  • Motion for April 21 launch party unless significant conflicts discovered
  • Motion to approve staff report
  • Motion around upcoming bonds series and rates:
    Series G 4% accrued and compounding 5 year term. Minimum investment $5,000.
    Series H 4.25% accrued and compounding 5 year term. Minimum investment $50,000.
  • Doran to be appointed to 42C board
  • Motions and work deferred to future meetings
  • Approval of Sept/Oct minute

DECEMBER 12th, 2017
10C Board Meeting Tuesday, Dec 12, 2017 at 42 Carden Street; 7:00-9:00pm
Staff: Julia
Board: Heather, Anne, Lise, Crista
Regrets: Mark, Ben, Doran

Below motions are from between meetings (Dec 1 email)

  • Motion: 10C will issue two new community bond series:
    Series G 4% accrued and compounding 5 year term. Minimum investment $5,000.
    Series H 4.25% accrued and compounding 5 year term. Minimum investment $50,000.
    The board understands that these will be outside of the current asset value and will be issued as a 3rd mortgage
  • Moved by Crista. Seconded by Ben. All responded in favour.
  • Motion: Appoint Doran Hoge as acting treasurer of 42C.
    Moved by Crista. Seconded by Ben. All responded in favour.

Motions from Dec 12 meeting

  • Motion: To approve new members. Moved by Lise. Seconded by Heather. All in favour.
  • Motion: Staff report acceptance. Moved by Heather. Seconded by Crista. All in favour.
  • Motion: Accept the ED report. Moved by Lise. Seconded by Heather. All in favour.
  • Motion: Julia to follow up with Kerry Daly to invite him to the board for January. Moved by Lise. Seconded by Anne. All in favour.
  • Motion: to approve content and format of Sept, Oct, Nov minutes. Moved by Anne, seconded by Heather. All in favour.
  • Motion: Revising the motion from Oct 2017, 10C will accept member and non-member bookings from political parties, candidates, and elected officials. Moved by Anne. Seconded by Heather. All in favour