AGENDA #5d

 

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            Ralph D. Karpinos, Town Attorney

 

SUBJECT:       Update on Status of the Chapel Hill Downtown Economic Development Corporation

 

DATE:             June 14, 2004

 

 

The purpose of this report is to update the Mayor and Town Council on the status of the new Downtown Economic Development Corporation.

 

On April 14, the Council adopted a resolution (Attachment 1) authorizing actions to establish the Downtown Economic Development Corporation. 

 

On April 30, Articles of Incorporation were filed with the North Carolina Secretary of State to form the Chapel Hill Economic Development Corporation as a nonprofit corporation.  Attachment 2 is a copy of the Articles of Incorporation. 

 

Tonight the Council is scheduled to make its four appointments to the Board of Directors.  The new Board would then meet, select an additional Board member, consider a proposed set of bylaws that is being drafted and begin to pursue its mission. 

 

ATTACHMENTS

 

1.         Resolution 2004-04-14/R-17 (p. 2).

2.         Copy of Articles of Incorporation for Chapel Hill Downtown Economic Development Corporation (p. 3).