Mark your calendar and plan to attend this important meeting in which the Greenbelt Development Corporation (GDC) Board of Directors considers and updates GDC’s strategic roadmap. GDC is GHI’s wholly-owned for-profit subsidiary and income from GDC (generated by the Parkway Apartments) helps reduce member fees.
November 29 (Thursday) @ 7 p.m.
GHI Administration Building Board Room
1 Hamilton Place, Greenbelt, MD 20770
(!) Why it matters The Board began a strategic planning review of GDC operations in September 2017 but deferred further planning due to other priorities. Thursday’s meeting will continue that work and the objectives include:
a. Reviewing the strategic objectives regarding 1) GDC’s organization as a corporation, 2) how to meet GDC’s financial challenges, 3) the Parkway Apartments infrastructure, and 4) which business opportunities should GDC pursue.
b. Establishing GDC’s goals and objectives for the next two to five years.
c. Establishing GDC’s action plan and priorities during the next year.
Questions For Your Consideration …
Q1. How will GDC business expansion be funded?
Q2. How will GDC fund its capital improvements and what impact will this have on GHI member fees?
GDC has approximately $4 million in capital-improvement expenditures scheduled over the next 30 years with almost $500,000 in capital expenditures scheduled for 2026.
Q3. Can the GDC Board mortgage the Parkway Apartments for a loan without GHI membership approval?
Article V, Section 4(f) of the GHI Bylaws state in part:
“. . . the Board shall not be empowered to enter into new fields of business enterprise, to mortgage or sell corporate real property, or to sell subsidiary corporations without the prior approval of the membership as provided for in Article VIII, Section 8.”
Q4a. What role will GHI members play in making decisions regarding GDC business opportunities?
Q4b. How might that role be affected by the proposed GHI bylaws amendment limiting the circumstances in which members vote on business decisions?
Good to Know …
The GDC Board of Directors is comprised of the same people who currently serve on the GHI Board of Directors. Below is the list of the current directors and here is how you can contact them: https://www.ghi.coop/content/current-board-members
Linda W. Seely