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r <br />�vh4„ re 7P cc'kn�s mmc)" 1-d9lClfl9 r <br />Item No. 21 <br />2. Valuable Expertise: Board members cultivate deep institutional knowledge and valuable <br />expertise that are immense assets. Limiting their tenure could result in a loss of this intellectual <br />capital. <br />3. Succession Planning: Ensuring a smooth and effective transition in board leadership requires <br />thoughtful succession planning. This amendment would afford us greater flexibility in managing <br />transitions and leadership development within the board. <br />4. Proven Performance: We have observed that board members often spend their initial term <br />familiarizing themselves with the intricacies of their role and the organization. Their subsequent <br />term is where their contributions truly peak, underscoring the insight and knowledge they <br />accumulate over time. Allowing them an additional term maximizes their value and <br />contributions to the organization and board. <br />There is precedence for this kind of bylaw amendment. Several economic development corporations <br />across the state have provisions that do not rigidly limit the number of terms for board members. These <br />organizations have reported that such flexibility has contributed positively to their strategic <br />accomplishments and retention of institutional knowledge. <br />Finally, while this provision would allow a board member an opportunity to seek reappointment, it <br />continues to honor the appointment process by City Council, ensuring only qualified candidates who <br />have demonstrated exceptional service are considered for an additional term and appointed by City <br />Council. <br />RECOMMENDATION: <br />Approve, by resolution, the Amended Bylaws. <br />