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1 <br /> 6.1 D <br /> • Four members shall possess current experience in one of the following six a��s <br /> and shall either reside or conduct their related business activities associated with <br /> the expertise criteria in Redwood City or within the sphere of influence: <br /> ➢ General Construction Contractor; <br /> ➢ Manager or other executive of a financial institution with experience in <br /> credit/underwriting; <br /> ➢ Official from a title company, licensed appraiser, residential real estate <br /> professional, and/or attorney in real estate law or related field; <br /> • One member shall be an interested and committed Redwoad City Resident; <br /> • Atl five ta be voting members; <br /> • Eliminate all provisions related to non-voting members. <br /> Over the course of the last year, the HILC has functioned as a five-person committee. <br /> This has been due to member vacancies. During this time, they have continued to <br /> review loan applications to determine credit worthiness, recommend appropriate loan <br /> terms, and review other collateral issues to make well-informed decisions using their <br /> combined expertise. The smaller committee has demonstrated their effectiveness in the <br /> execution of business at this smaller size, with the exception of obtaining a quorum. <br /> The current five HILC members meet either the recommended expertise; sphere of <br /> influence or resident at large requirements and therefare these recommended changes <br /> would not affect the current composition of the committee. <br /> Staff also recommends changes to the By-Laws to make them conform ta actual <br /> practice and to be consistent with other Boards, Committees and Commissions in the <br /> City. The changes include: <br /> • Delete the appointed Council liaison position since the City Council has ' <br /> eliminated this Council assignment. <br /> • Delete the HHCC liaison position in lieu of City staff providing infvrmational <br /> reports to the HHCC as requested. <br /> • Delete the City Staff position from the HILC membership <br /> • Change the terms of office from three years to four years and staggered. <br /> • Delete Section 4.1 on the committee creation of subcommittees because the <br /> committee determined it can conduct its business in the regular or special <br /> meetings. <br /> • Other minor items provided for clarity. <br /> ALTERNATIVE <br /> Do not amend the By-laws in which case the committee would have to ensure a quorum <br /> of four for all meetings (as a nine member committee with seven voting members), and <br /> in addition the City Clerk's office will need to conduct a recruitment to replace the two <br /> existing voting member vacancies. <br /> FISCAL IMPACT , <br /> The recommended proposal to amend the HILC By-laws in this report has no financial I <br /> impact. It is anticipated that it will reduce staff time and resources necessary for <br /> scheduling and recruiting commissioners in the future. The potential reduction in the <br /> use of staff resources may represent a cost savings to the City and allow resources to <br /> be allocated to other department assignments. <br />