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CEDC board selects John Spaffanato as CEO; loan fund and audit figures reviewed
Summary
The CEDC board voted to appoint John Spaffanato as president and CEO starting June 15; staff reviewed an audit noting asset growth, loan‑fund performance (transcript cites $6.5 million in loans to 272 businesses), SBA obligations and recent revenue gains.
County staff reported that the CEDC board voted to appoint John Spaffanato as CEDC president and CEO, with an expected start date of June 15; the outgoing executive said his contract runs through Sept. 30 to allow a transition period. "He's going to start on June 15. My contract runs through September 30," the presenter said.
The presentation also reviewed the CEDC audit and loan‑fund performance. Staff said total loans over recent years totaled about $6,500,000 to 272 businesses and noted growth in technical assistance and revenue. The transcript reports asset and revenue comparisons to 2015 figures and cites a loan‑fund repayment arrangement with the SBA; the presenter said the organization currently carries SBA obligations that shape reserves. The presenter described an increase in operating revenues and noted the technical assistance award that has grown to a larger amount because of program volume.
Board members and staff discussed succession, candidate search process and how the transition would work operationally; staff committed to supporting a multi‑month handover period and to providing further detail in follow‑up materials.
