DATE: May 12, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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*Consideration of Resolution 2016-27, a Resolution to Amend the Partnership Agreement with Forest Growth Timber Advisors. (05-16-16 Employee Pension Committee, 05-24-16 WS)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a proposed amendment requested by Forest Growth Timber Advisors, a manager of pension assets for the City of Franklin Employees’’ Pension Plan
Background
In negotiating the final close of the FIA Timber Growth and Value Partners Fund, FIA agreed to seek certain changes to the LPA from investors. FIA believes that all of these provisions will be to the benefit of the limited partners. FIA is requesting that the City of Franklin Employee Pension Plan arrange for execution of the amendment.
This amendment was approved by the Pension Committee, subject to pension counsel approval.
Financial Impact
There is no direct financial impact.
Recommendation
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Staff recommends approval of the Resolution.