Monica L. Harmon

The Board meeting addressed several key items following the call to order. The Executive Committee report was reviewed, including the method of evaluation for the Executive Director, which the Board approved with a modification to consult all members. The nominating process for the Board Chair and Vice Chair for FY26 was discussed, with recommendations for current officers to serve an additional term to ensure continuity during planning processes. The Finance Committee reported on financial statements and the investment report. A new summary of grants chart was presented, noting the Authority did not receive a recent state grant for rail maintenance but intends to pursue other funding. Resolution 12, Series 2025, authorizing the opening of bank accounts to service grant funding requirements, was adopted. Finally, the Board unanimously approved the proposed FY26 budget development process memo after review by the Executive and Finance Committees.

The primary agenda items included the consideration and approval of the proposed FY26 budget, with a stipulation that the annual staff compensation adjustment would mirror the salary adjustment adopted in the Louisville Metro FY26 budget. The Board also addressed the Request for Qualifications (RFQ) for a consultant for the Master Plan funded by the Federal Community Fund Project Grant, authorizing the Executive Committee to collaborate with staff to finalize the draft RFQ for publication. Furthermore, the Board conducted the annual evaluation of the Executive Director, expressing high satisfaction with his performance over the preceding ten months.

The special meeting addressed several procedural and operational matters. Key discussions included clarification of the agenda and rules for calling Special Board Meetings. The Board elected Ron Carmicle as Vice Chair. A motion was approved concerning Resolution 8, Series 2025, following an Executive Director's report on the gantry crane repair and procurement process. Following an executive session regarding ongoing litigation, the Board delegated authority to the Executive Committee for providing guidance to the Executive Director concerning the current litigation, contingent upon the Board's advance approval of any financial settlement or compromise. Finally, the Board approved resolutions to establish a Process for Public Comments During Meetings and a Code of Business Conduct and Ethics, and an Investment Policy.

The Board of Directors meeting included the adoption of a bi-monthly schedule for future meetings, which was subsequently revised to the second Monday of every other month at noon. Key financial discussions involved the adoption of Resolution 1, Series 2025, accepting the FY24 financial audit and management's affirmation regarding the Authority's going concern status, followed by a review of financial statements for July through December 2024. The Board approved amendments to the Authority Bylaws via Resolution 2, Series 2025, to allow for Board committees, subsequently establishing a Finance Committee (Resolution No. 3, Series 2025) and an Executive Committee (Resolution No. 4, Series 2025). A motion to adopt a policy on public comments was tabled for refinement. The Executive Director's proposed FY25 performance goals were approved. The process for creating a Master Plan (focusing on 267 acres development) and a strategic plan (focusing on Foreign Trade Zone, asset utilization, and communications) was approved. Legal counsel reviewed authority and responsibilities regarding ethics and conflicts of interest. In open session, the Board adopted Resolution Number 6, Series 2025, authorizing a Lease with William Caswell, and approved the lease terms for property formerly leased to ELG Metals, with Blue Recycled Materials as the respondent to the RFP. An update was provided on a state grant and outstanding contract matters.