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Home My WebLink AboutAdopted - LDFA Meeting Minutes 6-18-24 JOINT LOCAL DEVELOPMENT FINANCE AUTHORITY (LDFA) City of Lansing, City of East Lansing&Ingham County Meeting Minutes June 18, 2024 Technology Innovation Center (TIC) Attendees: Charles Hasemann,Abigail Tykocki, Matt Apostle, Glenn Mitcham, Christian Palasty, Jon Laing, Mark Meadows, Kris Klein and Dave Washburn (virtually) Staff: Harrison Leffel-Jones,Angel Miller, Meghan McCormick Recorded by: Meghan McCormick of LEAP Call to Order&Roll Call Chair Charles Hasemann called the meeting to order at 8:32 AM. Miller conducted roll call. Members Present: Members Absent: Charley Hasemann Traci Riehl Abigail Tykocki Nicole Millsap Matt Apostle Ben Bakken Glenn Mitcham Irene Cahill Christian Palasty Jon Laing Mark Meadows Kris Klein Dave Washburn (virtually) Approval of LDFA Minutes Approval of LDFA Minutes of April 24, 2024. MOTION: Mark Meadows moved, supported by Matt Apostle, to approve the April 24, 2024, minutes as presented. All in favor. Motion passed unanimously. Approval of Financials The LDFA/Regional SmartZone financial documents were presented to the board for review. 1 SmartZone Update Next 12 Month Calendars Angel Miller shared that the requested 12-month calendar is in the packet with all the important dates listed. TIC/Alliance Updates Gabriella Strom shared that in your packet you'll see that there are three new tenants. 15 virtual tenants, 20 physical tenants between the two spaces. They are continuing to do tours for the last 4 available offices. Please note rental income line 32 shows tenants for the fiscal year. There was a tenant that couldn't pay their rent when they moved out. Angel Miller noted that she was the one who recruited the 3 new tenants. Gateway Program • Ryan Nelson shared that they finished cohort 4. Charley Hasemann asked "How do we stack up state wide?" To which Ryan responded, first or second at the moment. We are one of the top 3 most active. Small Business Support Network • Harrison Leffel-Jones shared that 178 companies completed the TREK Hub form. 22 are high tech/high growth. Most requested program is the Fund Your Acceleration where clients can access BAF, LAF, TAF and DTAF. We are working with our marketing right now for a roadshow. We are far outpacing ourselves.We want slow but steady growth. FYE 2025 Metrics Update • Angel Miller says that included in your packets are metrics provided by MEDC from SmartZones throughout Michigan. The Metrics are as of FYE2023. These SmartZones in particular are relatively comparable to the Lansing Regional SmartZone. Charley asked at the last board meeting how we benchmark our metrics. Metrics for FYE2025 can be set based on these historical metrics. Based on this data,we are on track for FYE2025. Charley suggested an alternative interesting way to look at it would be to look at new client companies coming into the TIF. Harrison Leffel-Jones responded that they try to do a bit of that but with TIF data being"all over the place"the metrics Charley is referring to get somewhat buried. Harrison shared that they try to normalize the data from what the State gives them versus what is actually wanted and relevant to our SmartZone specifically. Partner Programs Update • mConnexions YouTube Shows for Startup: Julie Holton excitedly shares that they grew 3,573% on number of views on YouTube channel due to the SmartZone funding. They featured 4 different SmartZone clients that got more than 3,000 targeted views. In the online packet everyone has access to,there are testimonials from clients about the benefits of this work. The biggest thing was the numbers and the growth. • Startup Grind Lansing: Julie Holton shares more than 50% increase and more than doubled the individuals served. Their global headquarters was noticed as well with the recent headlining of a global event. Really excited with the buzz around people interested in their programs. Monthly Al meetups for a year now, 30-50 people. 2 • LEAP Inclusive Tech Ambassador Program: Tony Willis shares that they wanted to create opportunities for people of different demographics. Jazmin Anderson started BIPOC meet ups, 12-15 participants would come to monthly meet ups where they focused on different technology. Charley asked if there were any stats on who has gotten involved with the TIC and Tony responded that they have had 9 folks fill out the form. But not as much traction as they would like to have. • Spartan Innovations MSU Research Foundation Conquer and Cade Program: Tom Stewart gave update about 2023 Cohort: Deepview, Loopy Products, Stocked, TRS, Stunio, Protein Pints. In 2024, it will be the 9th cohort in Lansing and 15th cohort overall. BRCE, Earthly Life, Lifeknight, MotMot, Odin and Attire. 59 of 73 of these businesses are still operating today. CADE Program.All 5 interns are MSU students. • MIR Program Updates: Tom Stewart shares that currently they have served 34 clients,with 15 community partners engaged. 78 referrals. 51 jobs created and retained. $331k non-dilutive funds secured, $250k dilutive funds secured. Overall, this program is doing really great work. Conquer Finance and insurance accelerator. $2.8m seed round in large part because of SmartZone's support. All 5 companies received a pilot with MSUFCU. Opted to grant each company an additional $30,000. Each team was accepted to pitch at a Filene investor event. • The Fledge Teen in Entrepreneurship Program: Jerry Norris presented that the youth program did not go as planned this last time. It was an 8-10 week program for 5-18 year olds. He shared that since the school year is a busy time for this age group, they are going to try a one week summer bootcamp. There are conversations about this program making its way into the business class at the Harry Hill building which is part of the Lansing School District. Their goal is to have 20 participants in the next 3 programs. Jerry spoke on success stories.Andrez- Sora Farms. Miles Johnson - county commissioner and youth programs.Alex- selling dresses. Rain -your mom skateboards. • 99 Problems but a Pitch Ain't One Program: Jerry Norris explained this is a weekly pitch competition where the participant gets 99 seconds to convince the crowd to vote for them. 5-10 participants per week. $23,000 has been given away. Hoping to expand into Eaton and Clinton County within the next year. • MSU Extension Apple Community Education Initiative Youth Code Academy: Rachel Ochylski is online and shares that the goal is to offer special interest 4-H clubs to kids aged 5-19 in Ingham County. She shares pictures about one program run by new hire Amanda,where they introduced tech and coding: Garage Band, they made a song. Flip a clip they learned about animation. MAPS, they got to take a virtual vacation and they were tasked with finding hotels and restaurants and an attraction. Rachel runs about 20 of these programs every year and plans on to continue doing these in the fall with the Lansing School District. Upcoming summer events are exploration days sessions everyone can code, 1000 kids from all around the state come to MSU's campus and they get to pick what program they want to do.Apple Coding Camp 2024 August 12- 15 at MacDonald Middle School already has 25 kids signed up. Glenn Mitcham commented that he works with them at East Lansing public schools, and this has been so great, and the partnership has been great. Update on the City Councils East Lansing and Lansing Approval for the FYE2025 Budget 3 You all had the opportunity to review the FYE2025 budget which was sent to the City Councils of East Lansing and Lansing for approval after the April board meeting. The budget was approved by both City Councils. FYE 2024 Program Metrics Update Charley Hasemann comments that there was a long conversation about reviewing the methodology of how they gather metrics. They want to take a different approach, more hybrid that gets the data they want and the data they must have.Angel agreed and stated that everyone has had the opportunity to review the Partner Program's metrics for FYE 2024. It is included in everyone's packet. It was reviewed by the Program Committee Meeting on 6/17/24 and the committee agreed to fund at the levels recommended. MOTION: Glenn Mitcham moved, and Abbie Tykocki seconded to move the approval of the LDFA Program Committee Recommendations for Spending Plan.All in favor. Motion passed unanimously. TIF Extension Update Harrison Leffel-Jones shared that they met with the city of East Lansing to discuss the future of the SmartZone.After 2027,they can't capture TIF dollars. LEAP is moving forward with a lobbying effort.Actively out there. July 1St they should be hearing responses. Public Comment No public comment. Adjournment: There being no further business before the board, Chair Hasemann adjourned the meeting at 9:49 AM. Respectfully Submitted, C674 9P6,-� Angel Miller Lansing Regional SmartZone Executive Director 4