Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris
MEMORANDUM
TO:
MDTA Board
FROM: SUBJECT:
Chief Financial Officer Deborah Sharpless Canton Development Corporation Board of Directors
DATE:
September 25, 2025
PURPOSE OF MEMORANDUM The purpose of this agenda item is to seek approval from the Maryland Transportation Authority (MDTA) Board of the proposed Canton Development Corporation, Inc. (Canton) Board of Directors and designation of the Chief Financial Officer or designee as proxy to attend the annual stockholders meeting on October 29, 2025, to vote to approve the election of the Canton Board of Directors and Chairman. SUMMARY MDTA is the sole stockholder of Canton. The day-to-day operations of Canton are managed by Mr. Tyler Horner, the President and CEO, with the oversight of a Board of Directors. Per the By-Laws of Canton, the stockholders are to gather annually and elect the members of the Board of Directors. Mr. Horner has provided MDTA with proper notice of the upcoming Annual Meeting of stockholders to be held on October 29, 2025. Per the By-Laws, the only matter in which the stockholders have authority to vote on is the election of the members to Canton's Board of Directors. Additionally, the By-Laws of Canton permit the stockholders to be represented by a proxy. ANALYSIS As the sole stockholder of Canton, the MDTA must vote on the election of members of the Canton’s Board of Directors at Canton’s Annual Meeting and the selection of the Chairman. The Canton Board, generally, comprises six Directors, including a MDTA Board Member who serves in an ex officio capacity. The Directors serve three-year terms, and the terms are staggered, resulting in the election of two Directors each year. At times, a seventh Director has been approved when an individual with outstanding qualifications and interest is identified.
2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online