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Chief Operating Officer

Company is confidential
Salary
Competitive
Employment
Full Time
Work Place
Remote
Real Estate Field
Location
Austin
 TX
Postal Code
78701
Country
United States

This job is no longer active.

Description


Position Chief Operating Officer
Company Austin Economic Development Corporation
Location Austin, Texas
Reporting Relationship Veronica Briseño, Interim President and CEO of the Austin Economic Development Corporation
Website

COMPANY BACKGROUND/CULTURE
The City of Austin is the fastest growing city in the United States and perhaps one of the best-known cities in the world. From its playful and unconventional culture to its distinctive multi-cultural Texas identity, Austin is iconic. The city government is known for its high level of service and public transparency. It has policy priorities around environmental sustainability, parks and recreation, technology, music, affordability, cultural arts, and diversity, equity and inclusion.

Known as the “City of Music” and host of South by Southwest, Austin is one of the most creative cities in the world. That status along with an attractive quality of life and a powerfully effective economic development department (“EDD”) have led to numerous corporate attraction and retention successes – Dell, Tesla, Apple and many more. Corporate attraction as a body of work is led in a partnership with EDD and Austin’s Chamber of Commerce in a program called Opportunity Austin.

But this economic success has come at a price – driving prices up for residents as well as smaller iconic businesses, music venues, cultural arts providers. As in many other parts of the country, the very features that caused the initial growth and made the city desirable are being priced out of their own city. That growth is also causing new problems of gentrification and displacement in historically minority areas and a growing need for affordable housing at all levels. The city is a Council/Manager form of government and deal making has traditionally gone individually to the council for approval.

In 2019 the Council spent time examining best practices across the nation in the development of the City’s first Strategic Plan. Through community engagement two goals were established: successfully manage an increased pace of deal-making and maximize policy for inclusive and equitable growth that included all citizens and businesses of Austin. In August 2020, the Austin City Council created the Austin Economic Development Corporation (“AEDC”).

While called an economic development corporation, the AEDC is more akin to a public development corporation – a real estate developer acting in the public interest. AEDC will use publicly owned assets and resources – deriving new revenues through facilitation and/or management of public/private and public/public partnerships. Those new revenues allow for more government resources without additional taxes being levied. The creation of AEDC also has several other advantages: responding to deals at the “pace of the market”, speeding approvals for certain targeted public initiatives, reducing the burdens of government with new funding sources, owning and operating real estate to generate cash for operations, accepting private investment dollars, accepting charitable donations.

Similar to NYC Economic Development Corporation (NYCEDC), Philadelphia Industrial Development Corporation (PIDC) and Invest Atlanta, the AEDC is a management structure covering multiple entities. AEDC includes a local government corporation (“AEDC”) that has a 501c3 status and also manages the Austin Industrial Development Corporation, a conduit revenue bond issuer. Further entities within the City are being explored for management, including a qualified NMTC development entity.

AEDC will enter into an annual contract with the City to pursue four activities: real estate transaction support, public lease administration, public real estate development and service contracts with the City of Austin. This contract is anticipated to focus on the City of Austin’s commitment to environmental sustainability, technological innovation, government transparency and strong commitment to diversity, equity and inclusion in all projects which are undertaken.
 
This newly created entity will grow quickly as the city expands its efforts to promote inclusive and equitable growth in the City of Austin through the development of publicly owned land and buildings and the management of public/private transactions and districts.

AEDC has been provided seed funding for its first three years by the City of Austin. It is anticipated that a successfully run AEDC will generate its own funding beginning in year two. AEDC’s first two major projects are underway and being managed by consultants and partly allocated City staff. The AEDC is seeking to immediately identify and hire qualified candidates to lead these projects. The first priority project designated by Mayor and Council during the creation of AEDC is the South Central Waterfront, a 118 district just south of downtown that is anticipated to be rezoned and require the management of up to $250M of public investment in horizontal development, green infrastructure, streetscape, public trails and open space, waterfront access, affordable housing and integration with the newly funded light rail stations. The second priority project is the Cultural Trust, an effort to fund culture and music venues across the City through public acquisition and management of a network of small, medium and large permanently affordable music and cultural venues under the AEDC’s asset management arm (but run by the venue operators themselves). The AEDC consultants are currently working through a potential pipeline of sites owned by the City and other board appointing authorities or partnering agencies in the community to identify potential collaborative projects.

Major Project Areas include:
• South Central Waterfront
• Huston-Tillotson District Planning
• Cultural Trust
• International Investment Fund

Ongoing City-Wide Projects
• Transaction support on P3 negotiations
• Public Owned Sites Pipeline
• Support of Affordable Housing
• Support of childcare & early childhood education

Ongoing City-Wide Projects (cont.)
• Support of inclusive growth around TODs
• Asset Management on public owned sites
• Support of Homelessness
• District (and emerging PID) support
• Colony Park, St. John’s/Home Depot, Health South Justin TOD

The Austin Economic Development Corporation (AEDC) was created to advance partnerships within the community that secure equitable and inclusive development for all austinites. Therefore, it is critical to the mission and essential to day-to-day operations for representatives of the organization to lend their own unique, lived-experiences while embracing, celebrating, and encouraging the lived-experiences of others in the shared pursuit of diversity, equity and inclusion. Leadership of AEDC seeks to go beyond being an affirmative action and equal opportunity employer by creating a team and workplace as open and inspiring as the outcomes the organization seeks to achieve for an inclusive Austin of the future.

KEY RESPONSIBILITIES
The Chief Operating Officer (COO) will be a member of the Senior Management Team (CEO, CXO and CFO) of the AEDC and will lead the entity from its creation to a well-run entity, fully staffed and highly effective in executing its multiple bottom-line mandates, balancing the needs of generating economics with the mission of delivering inclusive growth for the City.

This individual will be the lead internal manager and administrator of the organization, as the CEO is more focused on relations with external government, community and private sector leaders.

The professional in this position will organize budgets, personnel, strategies, and be involved in specific deals as needed.

As a member of the Executive Team, this individual will make key decisions related to overall operations of the AEDC including staffing, asset management, property management, government services and commercial development.

Goals will include supporting the CEO and staff in creating value through development, overseeing a high-performing organization, fostering a culture of diversity & inclusion within the corporation, and the maximization of AEDC’s budgetary resources to maximize its positive impact on the City.

Key responsibilities include:
Strategic Planning
• Participate in Board Meetings as the AEDC’s operating expert, advising the Executive Team and the Board on operations, staffing, development, and portfolio management decisions
• Participate as directed by the CEO in Board and Project-related Committees.
• Define and execute Portfolio Strategy for owned and future public/private and public/public developments
• Develop strategies to expand AEDC’s partnership opportunities leveraging its operating and development capabilities

Value Creation
• Conduct annual portfolio assessment, and implement double bottom line asset management plans to achieve the appropriate balance between generating NOI and generating policy outcomes
• Support the inclusion of existing and/or new projects in the negotiation of the annual Master Contract with the City of Austin
• Cultivate relationships with major national and international foundations to obtain operating support through capacity building grants of $1M+.

Operational Effectiveness
• Assure efficient and effective operation of all assets
• Establish AEDC Key Performance Indicators (KPI’s) across all staff members and manage leadership teams to successfully achieve performance internally
• Emphasize the importance of community engagement through communication excellence and develop/expand key stakeholder relationships
 
Employee Development
• Ensure that a succession plan is in place for key employees (including the COO)
• Use personal leadership skills as a mentor and advancing the concept of team and internal leadership development
• Foster a culture of diversity, equity, inclusion and belonging within the AEDC workplace and in the public-facing work that AEDC undertakes
• Act as a change advocate who encourages support for new ideas and seeks new solutions

Government and Community Relations
• Participate in external communications such as Board meetings, City meetings, industry and community events
• Support other executives’ communication with the community, government, and business in their engagement with AEDC
• Ensure positive relations with JV Partners, operating partners, and community and interest groups, as one of the key external voices of the AEDC
• Understand the financial and inclusivity metrics important to the AEDC stakeholders and communicate results and messaging on such clearly and confidently

YEAR ONE CRITICAL SUCCESS FACTORS
• Successfully establish the South Central Waterfront financing mechanism with AEDC serving as the management entity of the district and of specific transactions through a Master Development Agreement with the City of Austin and an MOU with any current major developers.
• Work to support the COS in successfully identifying grantmaking prospects or alternative revenue streams for year three of the organization and begin conversations to obtain soft interest
• Gain credibility and establish strong and productive working relationships with AEDC’s senior leadership team, employees throughout the organization and pertinent community organizations/members.
• Maintain a culture of trust through equity, diversity & inclusion, sense of opportunity and positive morale for the broader organization
• Set the direction for the broader AEDC team and help build a cohesive culture of inclusion and excellent

PROFESSIONAL EXPERIENCE/QUALIFICATIONS
The successful candidate should be a proven senior operating executive with demonstrated experience leading teams and running the operations of a relevant private organization, publicly traded organization or quasi-governmental entity. He/she will have experience with economic development and/or public-private partnerships for real estate development.
This professional will have contributed to an organization’s solid operating direction, and the creation of value for that organization. Although experience with a government entity would be useful, it should be complemented by strong entrepreneurial instincts, a risk-taking orientation, and a positive “can-do” attitude. This individual should be an exceptional leader whose qualities will be enhanced by the uniquely positive environment that will characterize the AEDC.
• Ideally, this individual will be experienced at managing complex organizations or projects, and preferably has served in an executive role at a comparable and complicated quasi-public or impact-real estate organization.
• This individual should have professional knowledge and experience with people management, efficiency, organizational management, understanding finances, public/private.
• With proven leadership ability to motivate the workforce, build effective teams, unify disparate functions to achieve common goals, and effect change throughout the organization, the individual will possess the ability to think and lead strategically and make tough decisions.
• Excellent oral and written presentation skills to facilitate being an “external face” of the Company.
• Understanding of government structures and appreciation for process and individuals working in a government environment, with knowledge (or the ability to quickly attain such knowledge) of all the related issues/challenges therein.
• Deals with conflict directly and effectively.
• The new COO will be a person of high integrity and character, a “statesperson” that reflects the values of the organization and its culture, including diversity, equity, inclusion, innovation and sustainability.
• The successful candidate will be a strategic thinker, with sound judgment, vision, and a proven ability to get the job done.
• Must be able to carry and maintain appropriate government credentials.

EDUCATION
With at least 15 years of total experience, the ideal candidate will have an undergraduate degree either in business, real estate, or a related field. An MBA is preferred.
 

Job Sector


Not specified

 

Experience


More than 15 years


This job is no longer active.

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