HomeMy WebLinkAbout032013 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
"SPECIAL MEETING"
Wednesday, March 20, 2013 — 10:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10/OOa.m.�t�C�ima�T�m�H��.T�Kd���
nnenlb8Bvvanapresent: Chang, Craig Radzak']VhnGmndbandRobertVaughn. Thomas
Hickson and Sylvester Chang were absent. Cynthia Lindsay, Finance Director, was also present.
2. Interview Real Estate Investment Manaciers
Greg McNeillie began by discussing the different types of Real Estate Investment opportunities and the
differences between the four firms that will present to the Board today. Sylvester Chang expressed his
concerns regarding 11 years of returns by L&B (in the initial review/report) when the core property
investments were actually only 2 years old and noted that Greg should have corrected that information
before presenting it to the Trustees.
Senior Vice Presidents Henry Newhall, Sharon Linnik, and Minnie Yao Sanford presented an overview of
theBaiUamd Real Estate Investment Trust. They discussed their investment strategies, the queue
process, exit process, fee structures and payment of investment returns. After answering questions from
the Trustees and the Investment Consultant, they closed their presentation.
Paul Nasser, CFO/O}(}, presented an overview of Intercontinental Realty. He discussed their
investment strategies, the queue process, exit process, fee structures and payment of investment
returns. After answering questions from the Trustees and the Investment Consultant, he closed his
presentation.
Richelle Hayes, Director of Marketing and Client Services, presented an overview of American Realty
Advisors. She discussed their investment strategies, the queue process, exit process, fee structures and
payment of investment returns. After answering questions from the Trustees and the Investment
Consultant, she closed her presentation.
MandiVVedin/ Vice President ofMarketing and Client Services, presented an overview nf the ASB
Allegiance Real Estate Fund. She discussed their investment strategies, the queue process, exit
process, fee structures and payment of investment returns. After answering questions from the Trustees
and the Investment Consultant, she closed her presentation.
3. Action Plan
Following a lengthy discussion, a motion was made by John Smith to allocate $1 million to
Intercontinental Realty and hire the firm as the Core Plus Manager pending review and approval of
the agreement bv the Plan Attorney. Seconded bv Craig Radzak/ the motion carried unanimously.
Another motion was made by Robert Vaughn to allocate $1 million toASBAllegiance Real Estate
Fund and hire the firm as the Core Manager pending review and approval of the agreement by the Plan
Attorney. Seconded by Craig Radzak the motion carried unanimously.
Greg McNeillie will notify Intercontinental and ASB and ask that they send the prospective management
agreements to the Plan Attorney for his review. Once the agreements are fully executed, the Investment
Consultant and the Plan Administrator will coordinate the transfer of the funds.
4. Adiournmen
The meeting ended ai12:4Op.mn.