MURFREESBORO, Tenn. – The Board of Trustees of the Murfreesboro Community Investment Trust will meet at 4 p.m., today (Monday, July 10, 2023), at the Municipal Airport Business Center (Community Room, 1930 Memorial Boulevard). The Board of Trustees has authority and responsibility under the City Charter for the investment and disbursement of a monetary balance designed to supplement the needs of the City and to provide funding for charitable organizations that benefit the community. One priority of the meeting today (Monday) is to discuss the search for an outsourced Chief Investment Officers for the funds.
The funds in the investment were derived from the sale of Murfreesboro Electric to Middle Tennessee Electric in 2020 for $245-million. At the time of purchase, MTE put a down-payment on the city owned utility of $43-million and agreed to pay a little over $17.2-million per year over the next 15-years. The agreement calls for a total payment of $302 million over fifteen years, which includes the interest.
Minutes from a Board of Trustees meeting that was held on May 3, 2023 showed members were presented a contract with Alpha Capital Management for consulting. The contract that was approved, comes with a $30-thousand price tag that was payable on the execution of the contract. At today’s meeting on Monday, board members of the Community Investment Trust will hold a ninety-minute video conference with Brad Alford of Alpha to begin phase 1 of the consultation.
Alpha Capital Management is an organization that provides a search for outsourced chief investment officers to service non-profit groups that have substantial financial funds to oversee. Alpha works to offer non-partial CIO searches to best serve investment decision making for the groups or organizations they work with.
The capital management firm was founded in 2006 and reports their services represent more than $100 billion in assets in the marketplace on behalf of 85+ institutions. The Alpha firm does not provide investment consulting services to institutions - they focus purely on searches to avoid any conflicts of interest. Evidently, the firm works with a lot of government offices to aid in the search of chief investment officers.
Today’s meeting at the Murfreesboro Municipal Airport begins at 4 PM.
Source: City of Murfreesboro, TN and Information from Alpha Capital Management
