MEDCO – Vice President Asset Operations and Compliance Management

• Vice President Asset Operations and Compliance Management
• Maryland Economic Development Corporation (MEDCO)
• Filing Deadline: Open until filled

Mission Statement:

MEDCO’s mission is to enhance the overall quality of life and economic competitiveness of Maryland by facilitating economic development projects that result in increased business activity, investment, commerce, business retention/attraction, and high value job creation. MEDCO pursues the execution of its mission, focused on the following strategic objectives: target industry development, innovation capacity development, supporting inclusive and equitable economic growth, and strategic placemaking. MEDCO efforts are further driven by its core values: equity, integrity, community, and excellence.

Position Summary:

The Vice President of Asset Operations and Compliance Management (AOCM) performs asset operations management and provides oversight of project compliance, asset operations management, and commercial insurance for MEDCO-owned assets. The Vice President collaborates with the Real Estate Development and Construction department to facilitate the transition of projects from development and construction to the AOCM department for management and operation for the duration of the financing term. This position performs direct asset operations management on a number of MEDCO assets as well as supports Asset Operations Managers in their work managing their assigned assets. The Vice President of AOCM manages the entire team – allocating workload, ensuring alignment with expectations, and providing guidance and support. Additionally, the Vice President of AOCM routinely engages with partners and stakeholders, reviews budgets and maintenance, and, importantly, reviews project bond requirements to ensure compliance.

A key member of the Leadership Team, the Vice President of AOCM collaborates with the Vice President of Project Financing, the Vice President of Real Estate Development and Construction, and the Chief Financial Officer to effectively manage the project workflow as well as to perform required analysis and contribute to financial reporting.

Responsibilities

Compliance Management

• Ensure compliance with financial covenants and insurance requirements, relevant laws, regulations, MEDCO policy and funding requirements, using the existing MEDCO database while developing supplemental tools and resources.
• Ensures timely delivery of approved budgets, quarterly financial statements as well as audited annual financial statements, and engineering and consulting reports.
• Resolves issues related to project compliance, overseeing the coordination between internal asset and compliance management, external project partners, and, when needed legal resources.
• Coordinates with direct reports and with external project managers to manage and implement project-related policies and procedures, modifying as needed.
• Manages team members who administer MEDCOs Post Issuance Tax Compliance requirements, Electronic Municipal Market Access (EMMA), and Electronic Maryland Intergovernmental Review and Coordination (EMIRC) efforts,
• Reviews project closing documents to identify project-related requirements and expectations. Confirms accuracy of project information that is uploaded into the operational database. Generates and reviews project requirements to ensure compliance on a (quarterly/biannual) basis.
• Manages and updates lease agreements, ensuring compliance with legal requirements. Reviews lease terms, represents MEDCO in negotiations, and ensures that all parties involved fulfill their legal obligations.
• Manages contract agreements with vendors, service providers, and tenants, ensuring that contracts are properly drafted, executed, and performed.
• Partners with property managers to stay informed about local, state, and federal regulations governing real estate operations. This includes zoning laws, building codes, fair housing regulations, environmental regulations, and more. Ensure that all properties adhere to these regulations to prevent any legal complications.

Asset Operations Management

• Ensures the management of MEDCO-owned projects by fulfilling bond document requirements in accordance with best business practices.
• Develops and monitors project budgets, coordinating with the property manager and the project partner on the development and approval of the operating budget and the capital expenditure budget, reviewing variance, coverage ratios and additional factors.
• Conducts asset operations performance evaluation of property management. On a regular cadence and frequency, reviews information submitted by property managers, scheduling in-person reviews.
• Establishes and maintains relationships with project site staff, partners and vendors.
• Conducts vendor selection process and negotiate contracts to complete work as required including but not limited to reoccurring preventative maintenance, communication systems, system monitoring, testing, landscaping, and cleaning services.
• Coordinates efforts at the end of the project to ensure closure with MEDCO’s involvement.
• Coordinates with Vice Presidents within the Project Workflow in reviewing project closing documents to provide input and feedback for Asset Operations Management
• Calculates and reviews Management Fees per management agreements. Reviews each asset’s management agreement and trust indenture to determine the source and the prioritization of funds to pay the management fees.
• Issuer Orders: Manage process of payments (management fees, repair and replace etc) through submission of issuer orders for transmission to the trustee.
• Conducts 3^rd Party Manger performance evaluations, evaluating the performance of the 3^rd Party Managers to determine quality of their performance and to recommend next steps, if needed. Reviews 3^rdParty Manager performance with MEDCO leadership. Provides enforcement options for failure-to-perform for consideration as listed in the applicable Management agreement
• Coordinates construction project completion handoff to manager for operations, ensuring the smooth transition of work with property manager from construction phase to asset operations management.
• Conducts reviews of Project Maintenance, routinely meeting with 3^rd– party managers to review their work on maintenance, inspections, establishment and use of maintenance contracts etc.
• Conducts Stakeholder (Beneficiary) Management, establishing a routine meeting cadence with project beneficiaries to obtain their feedback on the management of their facility, their relationship with the 3^rd party manager, and their relationship with MEDCO.

Insurance

• Responsible for the management of the organization’s corporate insurance policies and insurance policies related to projects, ensuring adequate coverage for potential risks.

Project Workflow

• Collaborate with Real Estate Development and Construction to successfully transition projects from construction to Asset Operations and Compliance Management.
• In the lead time prior to the transition of the project from Real Estate Development and Construction: Coordinate to gain understanding of construction components of the building (hvac, utilities, etc), Develop effective working relationship with the general contractor as well as with the owner, Review and procure the services of a Project Manager for the project.

Team Leadership

• Ensures alignment of team to MEDCO mission and organizational goals.
• Directs the planning, development, implementation, budgeting, maintenance and support of all department or unit functions.
• Performs Workflow prioritization and assessment of work level capacity
• Routinely meets with the team to discuss work, align priorities and expectations, troubleshoot problems, share information, and to build collaboration within the team.
• Liasons with the leadership team
• Proactively contributes to interdivisonal collaboration, especially within Project Workflow
• Recruits, hires, trains, supervises, mentors, evaluates and develops assigned employees according to MEDCO’s policies and procedures, ensuring the overall smooth functioning of the department.
• Develops and provides Board communication/presentations.

Qualifications

• Bachelor’s degree in Business or related field. Master’s degree preferred.
• 10+ years of experience in the following areas: progressively responsible experience in asset operations and management, compliance management, budgeting,
• Excellent verbal and written communication skills.
• Strong organizational and planning skills and attention to detail, with ability to anticipate, initiate, and advance multiple priorities and projects concurrently.
• Demonstrated software and network project management experience.
• Software proficiency including but not limited to: Advanced proficiency in Microsoft Word, Excel, SharePoint, PowerPoint and Outlook, Video Conferencing (to conduct meetings and events via Teams, Zoom, or other video conferencing technology)

Travel Requirements:

Travel within the state of Maryland may be necessary, by car, up to 20% of the time.