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Board to study moving sale proceeds into Northwest Savings investment vehicle
Summary
Staff proposed placing proceeds from recent property sales into an investment account at Northwest Savings to earn higher interest (money‑market / laddered CD options); the board agreed to schedule a study session to review terms before making an authorization.
Staff told the board they had received sale proceeds from two recent dispositions (identified in the packet as proceeds from 26 East 26th Street and 2514 French) and that Northwest Savings had proposed investment options that could earn higher returns than a checking account. Aaron Snippert described options including a laddered account, money‑market alternatives and CD terms, and said funds could be made available "within 2 business days" upon authorization.
Board members expressed interest but asked for further details on terms, FDIC limits and comparative pricing from other banks. The chair and staff agreed to arrange a short study session so the board could review the account terms and return with a formal direction at a subsequent meeting.
