|FROM:||Kevin C. Foy, Mayor|
|SUBJECT:||Acceptance of Funds from Foundation for a Sustainable Community; Cal Horton Service Award|
|DATE:||February 26, 2007|
The attached resolution would authorize the Town Manager to execute a Memorandum of Understanding to accept and manage a special account from the Chamber of Commerce Foundation for a Sustainable Community to be used to provide a source of funds for annual cash awards to outstanding Town employees.
In conjunction with the retirement of W. Calvin Horton as Town Manager of Chapel Hill in 2006, the Chapel Hill-Carrboro Chamber of Commerce, through its not-for-profit Foundation for a Sustainable Community undertook a capital campaign to establish in his honor an endowment to be used to recognize outstanding service by employees of the Town of Chapel Hill.
The Foundation has raised approximately $100,000 for this Fund and has proposed that the entire balance be transferred to the Town for management and use in accordance with the attached proposed Memorandum of Understanding.
I recommend that the Council adopt the attached resolution thanking the Foundation and authorizing the Manager to execute the proposed Memorandum of Understanding to accept and manage the funds raised by the Foundation for a Sustainable Community to provide a source for cash awards to employees of the Town for distinguished service.
Representatives from the Chamber and the Foundation will be at our February 26 Council meeting to present the funds that have been raised for the Award.