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HomeMy WebLinkAbout1994 LEDC minutes-05-94P12:12 RCV0 ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING NINTH FLOOR CONFERENCE ROOM, CITY HALL WEDNESDAY, FEBRUARY 2, 1994 4:00 P.M. MEMBERS PRESENT: Lucile Belen; Kathryn Haar; John Petroff; William Porter, Jr.; George Mills; Joseph Pandy, Jr.; Joseph Reid MEMBERS ABSENT: David Hollister; Gerald Lett STAFF PRESENT: Emerson Ohl; Patricia Cook GUESTS PRESENT: Cora Huguely; Ken Lawless; Harold Leeman Chairman Lucile Belen brought the meeting to order at 4:02 p.m. 1) APPROVAL OF THE DECEMBER 1, 1993 BOARD OF DIRECTOR'S MEETING MINUTES Motion - William Porter, Jr. motioned the Board to approve the Board of Director's Meeting Minutes from December 1, 1993 as presented and place them on file. George Mills seconded the motion. Hearing no objections, Chairman Belen so ordered the meeting minutes approved and placed on file. ABSTAIN: Reid It was so ordered. 2) OCTOBER, NOVEMBER, 1993 FINANCIALS Motion - George Mills motioned the Board to accept the October and November, 1993 Financials as presented and place them on file. William Porter, Jr. seconded the motion. Hearing no further discussion or objections to this motion, the Chairman so ordered them placed on file. 3) EXECUTIVE DIRECTOR'S REPORT A) Ashland Oil Company (EDC Bond Project) The Board was presented with a certificate stating Ashland Oil, Inc. decision to self insure. After a review by Kester So, he has determined their is no action to be taken by the Board on this matter, only for their information. B) Transportation Center Emerson has been working with CATA, J & G Development, Granger and others on the development of a Transportation Center at the corner of Grand/Kalamazoo/ Lenawee/Washington. The Board will be kept apprised of all new developments as they occur. C) Other Developments Emerson has been working with Bob Johnson (City Ombudsman) and a group of investors from California looking at building multi -unit housing on Edgewood Blvd/Washington Ave. This proposed development has been preliminary discussion only. D) MUCC The Mayor asked Emerson to be involved with the development of the MUCO building. Emerson and other staff have had some meetings about this development with future meetings planned. 4) OTHER BUSINESS Emerson and representatives from the Mayor's office have had recent discussions with HUD representatives regarding any existing or future Urban Development Action Grant (UDAG) funds available to use for project development. 5) PUBLIC COMMENT None. 6 ) ADJOURNMENT Chairman Belen declared the meeting adjourned at 4:20 p.m. Minutes by P. Cook C ' Emerson B. Ohl EDC Executive Director 04A10:36 RCVI) ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING NINTH FLOOR CONFERENCE ROOM, CITY HALL WEDNESDAY, APRIL 6, 1994 4:00 P.M. MEMBERS PRESENT: Lucile Belen; Kathryn Haar; John Petroff; William Porter, Jr.; George Mills MEMBERS ABSENT: David Hollister; Gerald Lett; Joseph Pandy; Joseph Reid STAFF PRESENT: Emerson Ohl; Patricia Cook GUESTS PRESENT: Bob Johnson; Dennis Sykes Chairman Lucile Belen brought the meeting to order at 4:35 p.m. 1) 2) 3) APPROVAL OF THE FEBRUARY 2, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion - William Porter, Jr. motioned the Board to approve the Board of Director's Meeting Minutes from February 2, 1994 as presented and place them on file. John Petroff seconded the motion. YEAS: Belen; Haar; Petroff; Porter; Mills Motion carried. DECEMBER, 1993; JANUARY & FEBRUARY, 1994 FINANCIALS Motion - William Porter, Jr. motioned the Board to receive the December, 1993; January and February, 1994 Financials as presented and place them on file. Kathryn Haar seconded the motion. YEAS: Belen; Haar; Petroff; Porter; Mills Motion carried. EXECUTIVE DIRECTOR'S REPORT A) Office Facsimile Machine Motion - Kathryn Haar motioned the Board to approve the purchase of an office facsimile machine from Capitol Communications, Inc. for a not -to -exceed $1,500.00 John Petroff seconded the motion. YEAS: Belen; Haar; Petroff; Porter; Mills Motion carried. 4) B) EDC FY 194/95 Budget Emerson reviewed the FY 194/95 EDC Budget presented to the Board. The board members asked about the proposed office building and its costs as it relates to the next year's budget. Motion - William Porter, Jr. motioned the Board to approve the EDC FY '94/95 Budget as presented., Kathryn Haar seconded the motion. YEAS: Belen; Haar; Petroff; Porter; Mills C) Transportation Center Emerson & Dennis have been working with LATA, J & G Development, Granger and others on the development of the Transportation Center at the corners of Grand, Kalamazoo, Lenawee, Washington. The appraisal of the Washington Square Annex is complete, allowing continued negotiations on the Transportation Center property and relocation of those businesses. With this, further discussion regarding movement of city offices to other downtown facilities can commence. Lucile Belen indicated her hope that any relocation of the Building Department should be to a 1st floor office for ease of public access. D) Airport Industrial Park Emerson, Dennis Sykes and many others have been involved in discussions relating to a major research installation for the development of a large Lansing facility (possibly at the Airport site or the Corporate Research Park). The board will be updated as more information is available. OTHER BUSINESS An application to develop sections of Lansing as an Enterprise Community with HUD grant monies for rehabilitation is currently being worked on through the Planning/Neighborhood Development Department. 5) PUBLIC COMMENT None. 6) ADJOURNMENT Chairman Belen declared the meeting adjourned at 5:00 p.m. Minutes by P. Cook Emerson B. Ohl EDC Executive Director 06-15-94A03:A5 RCVD ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING SPECIAL BOARD OF DIRECTOR'S MEETING NINTH FLOOR CONFERENCE ROOM, CITY HALL WEDNESDAY, MAY 11, 1994 5:00 P.M. MEMBERS PRESENT: Lucile Belen; C. Patrick Babcock; David Hollister; Steven Morris; Joseph Pandy, Jr.; John Petroff; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: Gerald Lett STAFF PRESENT: Emerson Ohl; Patricia Cook; Barbara Foreman GUESTS PRESENT: Heidi Brown; Chuck Clark; Sue Eby; Gerald Boerner; Jim Smiertka; Ken Lawless; Dennis Sykes; Bob Smith; Chuck Miller; Bob Johnson Chairman Lucile Belen brought the meeting to order at 5:00 p.m. 1) ELECTION OF OFFICERS A) Nominations for Chairman - MOTION - John Petroff nominated David Hollister as Chairman of the Economic Development Corporation Board. Chairman Belen asked for other nominations - hearing none, she declared the nominations be closed. William Porter called for a unanimous ballot to be cast. YEAS: Unanimous. Motion carried. B) Nominations for Vice -Chairman - MOTION - William Porter nominated Steven Morris as Vice -Chairman of the Economic Development Corporation Board. Hearing no further nominations, Joseph Reid moved that the nominations for Vice -Chairman be closed. Lucile Belen called for a unanimous ballot to be cast. YEAS: Unanimous. Motion carried. C) Nominations for Treasurer - MOTION - William Porter nominated John Petroff as Treasurer of the Economic Development Corporation Board. Seeing no further nominations, Lucile Belen moved the nominations be closed. David Hollister called for a unanimous ballot to be cast. YEAS: Unanimous. Motion carried. D) Nominations for Secretary - MOTION - Joseph Pandy nominated Joseph Reid as Secretary of the Economic Development Corporation Board. Seeing no further nominations, Lucile Belen moved the nominations be closed. David Hollister called for a unanimous ballot to be cast. YEAS: Unanimous. Motion carried. 2) APPROVAL OF THE APRIL 6, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion - Lucile Belen motioned the Board to approve the Board of Director's Meeting Minutes from April 6, 1994 as presented and place them on file. John Petroff seconded the motion. YEAS: Unanimous. Motion carried. 3) MARCH, 1994 FINANCIALS Motion - Joseph Reid motioned the Board to table the approval of the March, 1994 Financials in order that the newer board members have more time to review the statement. He amended his motion to request that a special meeting be arranged with the EDC Board and the EDC auditors for the purpose of providing information to the Board relative to the specific financial condition of the EDC. David Hollister seconded the motion. 4) EXECUTIVE DIRECTOR'S REPORT A) Transportation Center Emerson Ohl is continuing to work with CATA, J & G Development, Granger and others on the development of the Transportation Center at the corners of Grand, Kalamazoo, Lenawee, Washington Sq. A preliminary architectural design has been completed for the Transportation Center, however a preliminary review of the design indicates some modifications to the design will be necessary. B) MUCC Building Emerson has continued discussing the construction of a 7+ story building with the MUCC administration and counsel. Financing for the construction (conventional vs. tax exempt bonds) are also being reviewed with local bank representatives. C) Michigan/Cedar Office Building Although the EDC staff is still negotiating with one property owner and one tenant of the Mi Ave/Cedar St. properties, the EDC already owns the land. A brief discussion about the possibility of developing this property privately ensued - a further review by EDC counsel is in order re: private development with public purpose condemnation. This discussion will be tabled until the next board meeting when additional information will be presented. 5) OTHER BUSINESS MOTION - Joseph Pandy motioned the Board to request EDC's legal counsel be present at the next Board meeting to provide an overview of EDC projects, including current State and Federal legislation that might impact these projects. Joseph Reid seconded the motion. YEAS: Unanimous. Motion carried. David Hollister informed the Board that Emerson Ohl was being appointed as a Special Mayoral Assistant for some specific economic development projects currently underway. MOTION - Joseph Reid motioned the Board to appoint Dennis Sykes as the Interim EDC Director and urged a transition as expeditiously as possible. Joseph Pandy seconded the motion. YEAS: Unanimous. Motion carried. MOTION - Joseph Pandy motioned the Board to authorize signature changes to all EDC bank accounts to reflect the new Officer and Director appointments. Joseph Reid seconded the motion. YEAS: Unanimous. Motion carried. MOTION - Joseph Pandy motioned to the Board for a change in Article I, Rule 1.3 of the EDC Rules of Procedure that would set future EDC Board meetings to be held on the 1st Wednesday of each month at 6:00 p.m. Steven Morris seconded the motion. YEAS: Unanimous. Motion carried. Since Section 7.0 of the Rules of Procedure indicate a proposed change can take place upon a majority vote and 2 weeks prior notice, it was requested that this matter be taken up at the next EDC Board Meeting with proper public notice being first given. 6 ) PUBLIC COMMENT None. 7) ADJOURNMENT Chairman Hollister declared the meeting adjourned at 5:26 p.m. Minutes by P. Cook/B. Foreman ennis J. Sykes EDC Interim Director -o-Q4.,A,:��„: ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING SPECIAL BOARD OF DIRECTOR'S MEETING Mayor's Conference Room, Ninth Floor, Lansing City Hall WEDNESDAY, June 8, 1994 6:00 p.m. MEMBERS PRESENT: C. Patrick Babcock; David Hollister; Steven Morris; Joseph Pandy, Jr.; John Petroff; Joseph Reid MEMBERS ABSENT: Lucile Belen; Gerald Lett; William Porter, Jr. STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Gerald Boerner; Robert Brockwell; Cora Huguely; Ken Lawless; Jim Matthew; Greg McClelland; Emerson Ohl; Christine Ryal; Jim Smiertka; Bob Smith; Kester So Chair Hollister called the meeting to order at 6:05 p.m. 1) APPROVAL OF THE MAY 11, 1994 SPECIAL BOARD OF DIRECTOR'S MEETING MINUTES Motion - Joseph Reid motioned the Board to approve the Board of Director's Meeting Minutes from May 11, 1994 as presented and place them on file. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 2) ADOPTION OF CHANGES TO EDC RULES OF PROCEDURE Motion - Joseph Reid motioned the Board to approve the change in the EDC Rules of Procedure to set all future EDC Board meetings on the 1st Wednesday of each month at 6:00 p.m. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. C. Patrick Babcock entered the meeting at 6:10 p.m. 3) LEGAL OVERVIEW A) Greg McClelland, of Dickinson Wright, provided the Board with -an update on the properties located at 425 and 427 E. Michigan Avenue. He also discussed various possibilities regarding the sale of the Mich/Cedar property. B) Kester So, of Dickinson Wright, provided the Board a handout with information regarding EDC Powers & Projects as well as EDC sources of revenue and what these monies can be used for. 4) FINANCIAL OVERVIEW A) Jim Matthew, of KPMG Peat Marwick, briefly reviewed and answered questions asked by the Board regarding the 1993 Audit Report. There was further discussion concerning the Radisson Hotel repayment. 5) MARCH & APRIL, 1994 FINANCIALS Motion - John Petroff motioned the Board to approve the March & April, 1994 Financials as presented and place them of file. Joseph Reid seconded the motion. Yeas: Unanimous. Motion carried. 6) CENTRAL BUSINESS DISTRICT - UPDATE Tabled - to be discussed at the July EDC Board Meeting. 7) INTERIM DIRECTOR'S REPORT A) Downtown (Dimitri's) Dennis Sykes informed the Board that he and Pat Cook hai/; been working with Dimitri to put together a business plan for his expansion. Much discussion followed regarding the installation of an elevator to access the second and third floors of the buildings in the W. 100 block of Washington Square. Motion - Robert Brockwell motioned the Board to authorize contracting with an architect regarding various possibilities for improvements to Washington Square. Joseph Reid seconded the motion. Joseph Reid amended the motion to include contracting with a local architect if possible. Yeas: Unanimous. Motion carried. Chair Hollister suggested to the Board, and the Board agreed, That he appoint a finance sub -committee and an architectural �:ub- committee to review project applications. He will make h:i.s recommendations for the committees at the July Board Meeting. B) North Lansing Pat Cook informed the Board of her meeting with Doug Elbinger from Elbinger's (Photographic) Studio in East Lansing. Mr. Elbinger is interested in relocating his business to the North Lansing area and is also planning Co expand. He is asking the EDC for help in financing a portion of the project. 8) OTHER BUSINESS Motion - John Petroff motioned the Board to contract KPMG Peat Marwick as auditors for the 1994 EDC Audit. Steven Morris seconded the motion. Yeas: Unanimous. Motion carried. Motion - Joseph Reid motioned the Board to have legal council review the legal relationship between the City of Lansing and the 100 Block. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. Resolution (Superior Distributing) Kester So presented the Board with a Resolution authorizing the discharge of Superior Distributing's EDC Bond Project. Motion - Joseph Reid motioned the Board to execute the associated documents necessary to complete the discharge of Superior Distributing's 1983 EDC Bond. Robert Brockwell seconded the motion. Yeas: 9) PUBLIC COMMENT None. 10) ADJOURNMENT Unanimous. Motion carried. Chair Hollister declared the meeting Minutes by B. Foreman adjourned at 7:13 p.m. e'nnis J. Sykes EDC Interim Director RCVD ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING 9TH FLOOR CONFERENCE ROOM, LANSING CITY HALL WEDNESDAY, JULY 6, 1994 6:00 P.M. MEMBERS PRESENT: C. Patrick Babcock; David Hollister; Steven Morris; John Petroff; William Porter, Jr. MEMBERS ABSENT: Robert Brockwell; Gerald Lett; Joseph Pandy; Joseph Reid STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Ronn Blodgett; Gerald Boerner; Will Coultas; Ken Lawless; Harold Leeman; Kevin McKinney; Emerson Ohl; Bob Smith 1) INTERIM DIRECTOR'S REPORT A) Formation of Project Policy & Finance Committee Pat Cook informed the Board that C. Patrick Babcock has agreed to Chair the Committee. Steven Morris, Robert Brockwell and Joseph Pandy have all agreed to serve on the committee. They will meet within the next few weeks to start reviewing initial information on the Dimitri project and application. B) Development Information --Downtown Dennis Sykes and Pat Cook are continuing to work with Dimitri and also address the elevator issue. They have met with an elevator company from the Flint area who was recommended by one of the local unions. The elevator company has reviewed the Dimitri building, as well as the Holden Reid building and Kewpies, and will offer some recommendations in the near future. Dennis Sykes reminded the Board that at the last Board meeting they approved hiring an engineer/architect to start looking at the 100 Block of Washington Square. He further stated that the staff needs to define exactly what they want to accomplish before hiring an architect. C. Patrick Babcock entered the meeting at 6:12 p.m. --North Lansing Doug Elbinger, of Elbinger Studios in East Lansing, was provided with a site tour in the North Lansing area as well as the downtown area. He will be reviewing all of the property and financing information. Pat Cook stated that she will be reviewing with Mr. Elbinger his application and should have it back to the Board for the August Board meeting. --Michigan/Cedar Property Dennis Sykes and Pat Cook met with Judge Giddings and a settlement has been reached on the property. An appraisor has been hired to give a price on the property and they also have asked the City to do an Act 285 review to vacate the alley on the North end of the property as well as a designated street Depot on the West end of the property. This should be completed before the August Board meeting. With the arrival of C. Patrick Babcock a quorum was now present and Chair Hollister called the meeting to order at 6:15 p.m. 2) APPROVAL OF THE JUNE 8, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion - John Petroff motioned the Board to approve the Board of Director's Meeting Minutes from June 8, 1994 as presented and place them on file. Steven Morris seconded the motion. Yeas: Unanimous. Motion carried. 3) RADIFICATION OF PREVIOUS BOARD RESOLUTIONS Robert Brockwell and David Hollister have been formally appointed to the EDC Board of Directors by the Lansing City Council and the resolution ratifies and confirms certain actions taken at the May 11, 1994 and June 8, 1994 Board meetings. Both meetings occured before council confirmed the appointments. Motion - Steven Morris motioned the Board to approve the resolution as presented. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 4) MAY, 1994 FINANCIALS Motion - John Petroff motioned the Board to approve the May, 1994 Financials as presented and place them on file. William Porter, Jr. seconded the motion. Yeas: Unanimous. Motion carried. 5) CENTRAL BUSINESS DISTRICT - UPDATE Will Coultas and Kevin McKinney from the Lansing 2000 Committee provided the Board with a Memorandum from the Downtown Lansing Coalition describing the status of current downtown projects and promotional activities. Will Coultas stated that he hopes the Economic Development Corporation will continue its financial support of the Coalition in its ongoing efforts to revitalize the downtown area. 6) OTHER BUSINESS Pat Cook informed the Board that Kester So, of Dickinson Wright, has reviewed the recent amendments to the 100 Block agreement and it has become apparent that the financial relationship with the 100 Block should be reviewed by the auditor. The entire Board agreed and authorized Pat to engage such a review. 7) PUBLIC COMMENT None 8) ADJOURNMENT Chair Hollister declared the meeting adjourned at 6:29 p.m. Minutes by B. Foreman ennis J. Sykes Interim Director ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING l- u I < < L' (_ 'j LANSING CENTER 333 E. MICHIGAN AVENUE "�� r, h' -ll CLERK GOVERNOR'S ROOM, 2nd FLOOR LAj,il_11 mill WEDNESDAY, AUGUST 3, 1994 6:00 P.M. MEMBERS PRESENT: C. Patrick Babcock; Robert Brockwell; David Hollister; Steven Morris; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: Gerald Lett; Joseph Pandy; John Petroff STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Gerald Boerner; Colleen Boland; Doug Elbinger; Peter Fortin; Cora Huguely; Lenora Jadun; Bob Johnson; Judy Kehler; Jessie Lathamor; Ken Lawless; Jim Mooney; Emerson Ohl; Christine Ryal; Paul Smith; Kester So; Tom Washington Chair Hollister called the meeting to order at 6:10 p.m. 1) APPROVAL OF THE JULY 6, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion — Joseph Reid motioned the Board to approve the Board of Director's Meeting Minutes from July 6, 1994 as presented and place them on file. Steven Morris seconded the motion. Yeas: Unanimous. Motion carried. 2) JUNE, 1994 FINANCIALS (with year end accruals) Motion — C. Patrick Babcock motioned the Board to approve the June, 1994 Financials as presented and place them on file. Steven Morris seconded the motion. Yeas: Unanimous. Motion carried. 3) PROJECT POLICY AND FINANCE COMMITTEE A) Michigan United Conservation Clubs 1) Resolution of Inducement Kester So gave the Board a brief explanation of the resolution which is the first stage of the process. The resolution basically defines the public purpose for the project and also designates the project site area. In addition it requires that the Mayor recommend two additional Directors to sit on the EDC Board for the project. These additional Directors must then be confirmed by City Council. Motion - C. Patrick Babcock motioned the Board to approve the resolution as presented. Joseph Reid seconded the motion. Yeas: Unanimous. Motion carried. B) Michigan/Cedar Office Building 1) Appraisal Report The Board received a copy of an appraisal that was completed by Oetzel, Hanton & Williams. In their opinion, the market value of the property is $140,000 and the market rental rate, as of July 14, 1994, is $15,400 per year. 2) Designation of Project Area Motion - Joseph Reid motioned the Board to approve the resolution as presented, designating the project area and requesting the Mayor to recommend two additional Directors to be appointed to the EDC Board for the project. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. Chair Hollister asked Kester So if it would be prudent to have the same two Directors that will be appointed for the MUCC Project also serve as Directors for the Michigan/Cedar Project. Kester said that it would be appropriate to have the same two Directors for both projects. 3) Recommending Approval of Project Plan Kester So explained to the Board that the Project Plan for the Lansing Center Office Building is a draft and no action can be taken at this time. More information to complete the plan should be forthcoming within the next week. 4) INTERIM DIRECTOR'S REPORT A) Development Information re: 1) Dimitri's (downtown) Dennis Sykes informed the Board that an elevator company from Flint is in the process of putting together design ideas for the elevator to access the second and third floors of Dimitri's. The bidding process has begun to select a contractor for the project and should be completed within the next week. At that time a concrete estimate on the project cost will be established. Dennis and Pat Cook will report to the Project Policy and Finance Committee within the next two weeks as to the parameters of the cost of the project. A report to the full Board will be presented at the September Board Meeting. 2) Elbinger Studio (north Lansing) Pat Cook introduced Doug Elbinger to the Board. Doug is interested in moving his business from East Lansing to the north Lansing area. He gave the Board a brief overview of his business and also a slide presentation showing the technology used in his laboratory for copying and restoring photographs. He is asking for financial assistance from the EDC to rehabilitate th-e building in north Lansing and also to purchase high—tech equipment for his laboratory. His application has been completed and will be presented to the Project Policy and Finance Committee this month. Pat Cook introduced Jessie Lathamor, owner of Lathamor Associates, CPA's, located at 533 S. Grand Avenue. Jessie is asking the Board to consider $250,000 in financing for the expansion of his business. This would include finishing the restoration of the building, purchasing equipment and adding personnel. His application should be complete before the next Project Policy and Finance Committee meeting. 5) PRESENTATION BY CROWE CHISEK Jim Mooney, Senior Manager of Economic Development Services, and Colleen Boland, Manager of Government Services for Crowe Chisek, presented to the Board a proposal to provide economic development services for the City of Lansing. The proposal included ideas to financially strengthen the Economic Development Corporation and the EDC's ability to invest in projects throughout the City and also incourage new businesses to locate in the Lansing area. 6) RECOMMENDATIONS FOR TRANSFER OF EDC FUNDS Dennis Sykes informed the Board that PaineWebber, Inc. has moved out of the Lansing area and is now located in East Lansing. Dennis further stated that it seems to be appropriate at this time to transfer EDC funds from PaineWebber to local banks that do business with our neigh— borhoods and our City. The Board was provided with a breakdown of how the monies will be distributed to several local banks. Motion — Robert Brockwell motioned the Board to approve the Transfer of EDC Funds as presented. C. Patrick Babcock seconded the motion. Yeas: Babcock; Brockwell; Hollister; Morris; Porter Abstain: Reid Motion carried. 7) CHANGES IN EDC RULES OF PROCEDURE Pat Cook informed the Board that no action could be taken on the changes at this time due to the fact that a two week notice must be given to the Board before a vote can be taken. Pat explained the suggested changes and Chair Hollister requested that. they be received and placed on file until the September Board Meeting. 8) OTHER BUSINESS Pat Cook mentioned that the EDC Audit is continuing. Because the TIFA Audit has to be placed with the City, it is being completed first. The letters of confirmation that were sent out are returning quickly. Pat also informed the Board that KPMG Peat Marwick has begun an initial review of the 100 Block. They will be making a presentation to the Board at the September Board Meeting. 9) PUBLIC COMMENT Cora Huguely asked that during the planning of the Michigan/Cedar Office Building, it should be noted that a driveway for trucks will need to be located at the East end of the property. 10) ADJOURNMENT Chair Hollister declared the meeting adjourned at 7:18 p.m. Minutes by B. Foreman ennis J. Sykes Interim EDC Director ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING SPECIAL BOARD OF DIRECTOR'S MEETJNCn,r _ , MAYOR'S CONFERENCE ROOM ' j , �" ' 0' 24 NINTH FLOOR, LANSING CITY HALLL�J�f'J CITY �L�� THURSDAY, SEPTEMBER 15, 1994 6:00 P.M. MEMBERS PRESENT: C. Patrick Babcock; Robert Brockwell; David Hollister; Steven Morris; Joseph Pandy, John Petroff; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: Gerald Lett TEMPORARY MEMBERS PRESENT: Ed Carpenter; Jan Hayhow STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Gerald Boerner; Paul Emery; Lenora Jadun; Jim Kaczmarczyk; Ken Lawless; Harold Leeman; Tim Lewis; Jim Matthew; Chuck Miller; Emerson Ohl; Christine Ryal; Paul Scott; Bob Smith; Kester So; Dimitrios Stathopoulos; Lloyd Teets; Tom Washington Chair Hollister called the meeting to order at 6:03 p.m. 1) APPROVAL OF THE AUGUST 3, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion — Robert Brockwell motioned the Board to approve the Board of Director's Meeting Minutes from August 3, 1994 as presented and place them on file. Joseph Reid seconded the motion. Yeas: Brockwell; Hollister; Morris; Pandy; Porter; Reid Abstain: Petroff Motion carried. 2) CHANGES IN EDC RULES OF PROCEDURE Motion — Joseph Reid motioned the Board to approve the changes in the EDC Rules of Procedure as presented at the August 3, 1994 Board Meeting. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 3) EDC "DRAFT" AUDIT — FISCAL YEAR 193/94 Jim Matthew, from KPMG Peat Marwick, gave the Board a brief explanation of the "Draft" Audit. Motion - Robert Brockwell motioned the Board to receive the EDC "Draft" Audit for the Fiscal Year 193/94 as presented and place it on file. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. C. Patrick Babcock entered the meeting at 6:15 p.m. 4) DISCUSSION RE: 100 BLOCK EDC & UDAG LOANS (Radisson) Pat Cook reminded the Board that, over the last couple of months, Kester So (Dickinson Wright) and Jim Matthew (KPMG Peat Marwick) have been reviewing EDC's financial relationship with the 100 Block (Radisson Hotel). It has become apparent, after reviewing the financial documents already received from the Churchill Companies regarding the Radisson Hotel, that more detailed information is needed. Motion - Joseph Reid motioned the Board to approve sending a letter to the Churchill Companies requesting additional information regarding the Radisson Hotel. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. Pat Cook mentioned that the letter would be reviewed by the auditor as well as legal council. 5) PROJECT POLICY & FINANCE COMMITTEE A) Recommended Program Guidelines C. Patrick Babcock, Chairman of the Project Policy & Finance Committee, summarized for the Board the Recommended Program Guidelines formulated by the committee for the EDC Business Financing Assistance Program. Joseph Reid requested that one addition be made to the program guidelines as follows: F) Leverage Funds Whenever Possible Motion - C. Patrick Babcock motioned the Board to accept the recommendations of the Project Policy & Finance Committee as presented, including the amendment to leverage funds whenever possible. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. B) Current Projects: 1) Elbinger Studios Pat Cook informed the Board that the Project Policy & Finance Committee has been reviewing Mr. Elbinger's Loan Application. Mr. Elbinger has modified some of his figures and the Board received a copy of the Revised Summary Use of Proceeds. Several points in the Summary were briefly discussed, including the issue of refinancing Mr. Elbinger's current debt and also looking into the possibility of grant funds for marketing and training. Motion - C. Patrick Babcock motioned the Board to accept the recommendations of the Project Policy & Finance Committee for a minimum loan of $220,000 and a maximum loan of $275,000. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. Joseph Reid requested that the minutes reflect that this motion is a non-binding expression of intention with no legal implications. 2) Dimitri's Due to the prohibitive costs involved in renovating the building for residential space, Dimitri has decided to renovate the building for commercial use. C. Patrick Babcock suggested that, due to the many changes in the Project Plan, a meeting of the Project Policy & Finance Committee and Dimitri should take place within the next two weeks to finalize costs and then the committee would give their recommendations to the full Board at the October Board Meeting. Motion - C. Patrick Babcock motioned the Board to refer the Dimitri project to the Project Policy & Finance Committee with recommendations to the full Board at the October Board Meeting. Joseph Pandy seconded the motion. Yeas: Unanimous. Motion carried. Chair Hollister mentioned that the Dimitri Project would be the first item on the Agenda at the October Board Meeting. 6) INTERIM DIRECTOR'S REPORT A) Update on Projects 1) Michigan United Conservation Clubs Motion - Joseph Reid motioned the Board to approve the resolution recommending the Project Plan for the Michigan United Conservation Clubs Project. Yeas: Unanimous. Motion carried. 2) Lansing Center Office Building Pat Cook informed the Board that the Development Plan for the Lansing Center Office Building is not yet complete and will be presented to the Board at the October Board Meeting. 7) OTHER BUSINESS Chair Hollister informed the Board that Gerald Lett has submitted a letter of resignation from the EDC/TIFA Board. Recommendations to fill this position on the Board can be made to Chair Hollister. 8) PUBLIC COMMENT None. 9 ) ADJOURNMENT Chair Hollister declared the meeting adjourned at 7:01 p.m. Minutes by B. Foreman Dennis J. Sykes EDC Interim Director ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING MAYOR'S CONFERENCE ROOM NINTH FLOOR, LANSING CITY HALL WEDNESDAY, OCTOBER 5, 1994 6:00 P.M. F i 1 a': 07 Lr, Sii G CITY CLLER MEMBERS PRESENT: C. Patrick Babcock; Robert Brockwell; John Petroff; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: David Hollister; Gerald Lett; Steven Morris; Joseph Pandy TEMPORARY MEMBERS PRESENT: Ed Carpenter; Jan Hayhow STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Gerald Boerner; Lenora Jadun; Judy Kehler; Paul Smith; Kester So; Dimitrios Stathopoulos Pat Cook mentioned to the Board that EDC now has an intern (2 days a week through Dec. 194) from the University of Michigan by the name of Mark Ewing. Mark will also spend some of his time working with the City Planning & Development Departments. C. Patrick Babcock entered the meeting at 6:10 p.m. Joseph Reid called the meeting to order at 6:11 p.m. 1) APPROVAL OF THE SEPTEMBER 15, 1994 SPECIAL BOARD OF DIRECTOR"S MEETING MINUTES Motion — Robert Brockwell motioned the Board to receive the Special Board of Director's Meeting Minutes from September 15, 1994 as presented and place them on file. William Porter, Jr. seconded the motion. Yeas: Unanimous. Motion carried. 2) ADJUSTED FINANCIAL STATEMENTS (JUNE, 1994) Motion — John Petroff motioned the Board to approve the Adjusted Financial Statements (June, 1994) as presented and place them on file. Robert Brockwell seconded the motion. ' Yeas: Unanimous. Motion carried. 3) UPDATE: 100 BLOCK EDC & UDAG LOANS (Radisson) Pat Cook informed the Board that a second letter has been sent to the Churchill Companies requesting additional information regarding any current management agreements with the Radisson Hotel. 4) PROJECT POLICY AND FINANCE COMMITTEE REPORT A) Additional Recommended Program Guidelines 1) Multiple Bids on New Construction/Renovation 2) Letter of Intent from Prospective Tenants Motion - C. Patrick Babcock motioned the Board to approve the additions to the Program Guidelines (with Letter of Intent applying to retail only - not residential) as presented. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. B) Recommend Purchase of Development/Financial Software Motion - C. Patrick Babcock motioned the Board to approve the purchase of a software package (Approximate cost $500.) to aid in credit analysis of EDC Loan applicants. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. C) Update Current Projects: 1) Dimitri's C. Patrick Babcock informed the Board that at the last Project Policy and Finance Commitee Meeting, the Committee discussed the possibility of phasing the reconstruction of the Holden -Reid Building. This would mean that of the $300,000 requested by Dimitri, only $100,000 would be authorized at the present time. The committee agrees that this amount would be sufficient to renovate the 1st floor of the building, install an elevator and also remodel the exterior of the building. Dimitri requested that the Committee continue to consider approving the full amount that he has requested. He further stated that by phasing the project the costs will be considerably higher than if he were to be able to complete the reconstruction all at one time. C. Patrick Babcock told the Board that a formal recommendation of the Committee regarding the Dimitri Project would be presented at the November Board Meeting. 2) Elbinger's Studios Pat Cook informed the Board that Doug Elbinger has been negotiating on the D & C Building as well as considering several other locations. When a specific location has been chosen and a lease has been negotiated, a full package will be presented to the Project Policy and Finance Committee as well as to the full Board. 3) Scheduled Public Hearing for MUCC Pat Cook informed the Board that the Public Hearing for the MUCC Building Project Plan has been set for Monday, October 17, 1994. D) Status of New Project Applications: 1) Impression Five Museum Pat Cook informed the Board that the Project Policy and Finance Committee has received the Impression Five Museum's Loan Application and the Committee has been reviewing the application. Ken Gruber, Director of the Impression Five Museum, will be invited to the next Project Policy and Finance Committee Meeting to discuss the museum's revenues and expenditures. 2) Lothamer & Associates Pat Cook reminded the Board that Jessie Lothamer had attended a previous EDC Board Meeting requesting financial assistance to renovate portions of the building that he occupies at 533 Cesar Chavez Avenue. This property falls outside of the current project area. Pat explained to Mr. Lothamer that as new dollars are attracted and the geographic area expands, he could possibly resubmit his application at that time. 5) INTERIM DIRECTOR'S REPORT A) Other Development Projects (Status) 1) Purchase of Additional Computer for EDC Dennis Sykes asked for the Board's approval to purchase an additional computer for EDC for the purpose of enhancing the current computer system and eventually computerizing EDC & TIFA's accounting package. Dennis mentioned that a computer is available for purchase from the City's Planning Department at a cost of $3,200. William Porter, Jr. suggested that the EDC staff should investigate further into the various prices of computers and possibly have the computer that is available from the City appraised before any purchase is made. Dennis Sykes agreed to follow through with Mr. Porter's requests. Motion — Robert Brockwell motioned the Board to approve Dennis Sykes discretionary authority to purchase the City Planning Department's computer that is available or any other computer that would be comparable. Yeas: Unanimous. Motion carried. 2) Lansing Center Office Building Pat Cook mentioned to the Board that the Development Plan for the Lansing Center Office Building is still not completed. Pat stated that hopefully it will be completed before the November Board Meeting. Ed Carpenter suggested to the Board that if the Office Building Project is not underway by the Spring of 195, the Board should consider approving the cleanup of the property. Ed mentioned that one possibility would be to plant grass seed in that area. The Board agreed to discuss this issue again in the Spring. Gerald Boerner mentioned that the cost to clean up the property and plant grass seed would be approximately $5,000. 6) OTHER BUSINESS John Petroff asked for the amount of funds that are currently available to finance the loans for the various projects, such as Dimitri's etc. and what the interest rate would be. Pat Cook informed him that the three accounts to be targeted for the loans are the EDC Government Income Trust Account ($389,000) and the Hannah & Meijers Accounts ($1,600,000 — combined). C. Patrick Babcock said that the interest rate on the loans would be between 5 & 7 1/2%. 7) PUBLIC COMMENT None. 8 ) ADJOURNMENT Joseph Reid declared the meeting adjourned at 6:37 p.m. Minutes by B. Foreman is . Sykes )ED4CIntjerim Director TAX INCREMENT FINANCE AUTHORITY OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING MAYOR'S CONFERENCE ROOM NINTH FLOOR, LANSING CITY HALL WEDNESDAY, OCTOBER 5, 1994 6:30 P.M. CLEr I! MEMBERS PRESENT: C. Patrick Babcock; Robert Brockwell; Steven Morris; John Petroff; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: David Hollister; Gerald Lett; Joseph Pandy TEMPORARY MEMBERS PRESENT: Ed Carpenter; Jan Hayhow STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Gerald Boerner; Lenora Jadun; Judy Kehler; Kester So; Dimitrios Stathopoulos Joseph Reid called the meeting to order at 6:38 p.m. 1) APPROVAL OF THE SEPTEMBER 15, 1994 SPECIAL BOARD OF DIRECTOR'S MEETING MINUTES Motion — John Petroff motioned the Board to approve the September 15, 1994 Special Board of Director's Meeting Minutes as presented and place them on file. C. Patrick Babcock seconded the motion. Yeas: Unanimous. Motion carried. 2) ADJUSTED FINANCIAL STATEMENTS (June, 194) Motion — John Petroff motioned the Board to accept the Adjusted Financial Statements (June, 194) as presented and place them on file. C. Patrick Babcock seconded the motion. Yeas: Unanimous. Motion carried. 3) FINANCIAL STATEMENTS (July & August '94) Pat Cook informed the Board that all of the TIFA accounts have been transfered from PaineWebber, Inc. to Old Kent Bank, except for the Construction Fund Account, which remains at PaineWebber. Motion — Robert Brockwell motioned the Board to accept the Financial Statements (July & August 194) as presented and place them on file. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 4) SECRETARY'S REPORT A) Change Order #27 ($6,290.00) The Board received and approved Change Order #27 unanimously. No motion was made due to the fact that this change order is a credit. Steven Morris entered the meeting at 7:00 p.m. 5) OTHER BUSINESS A) Update on 3rd Amended TIF Development & Financing Plan Lenora Jadun, Director of Public Service, briefly reviewed with the Board the Mayor's Parking Advisory Committee's Report, specifically the Customer Satisfaction Report. She also gave the Board a handout which included a chart showing the amount of the parking system debt and the shortfall on an annual basis. Judy Kehler, City Treasurer, informed the Board that Paul Stauder of Stauder, Barch and Associates and Walker Parking Consultants have been selected to serve as the Parking System Financial Advisors. They should have a management and financial report prepared within the next several weeks. Kester So explained briefly to the Board several of the options available through the TIFA Development & Finance Plan for refunding the Parking System Building Authority Debt. Pat Cook mentioned that if TIFA Bonds were going to be used, the deadline would be December 31, 1994. 6) PUBLIC COMMENT None. 7 ) ADJOURNMENT Joseph Reid declared the meeting adjourned at 7:17 p.m. Minutes by B. Foreman ennis J. Sykes TIFA Interim Director ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING MAYOR'S CONFERENCE ROOM NINTH FLOOR, LANSING CITY HALL WEDNESDAY, NOVEMBER 2, 1994 6:00 P.M. MEMBERS PRESENT: C. Patrick Babcock; Robert Brockwell; David Hollister; Steven Morris; Joseph Pandy; John Petroff; William Porter, Jr. MEMBERS ABSENT: Gerald Lett; Joseph Reid TEMPORARY MEMBERS PRESENT: Jan Hayhow TEMPORARY MEMBERS ABSENT: Ed Carpenter STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Bob Johnson; Judy Kehler; Harold Leeman; Tim Lewis; Christine Ryal; Jim Smiertka; Kester So; Dimitri Stathopoulas Chair Hollister called the meeting to order at 6:05 p.m. 1) APPROVAL OF THE OCTOBER 5, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion - Robert Brockwell motioned the Board to approve the Board of Director's Meeting Minutes from October 5, 1994 as presented and place them on file. C. Patrick Babcock seconded the motion. Yeas: Unanimous. Motion carried. 2) FINANCIAL STATEMENTS (July, 1994) Motion - John Petroff motioned the Board to accept the Financial Statements (July, 1994) as presented and place them on file. Steven Morris seconded the motion. Yeas: Unanimous. Motion carried. Joseph Pandy entered the meeting at 6:10 p.m. Chair Hollister mentioned that Joseph Reid had been excused from attending this meeting due to a trip out of state on business. 3) PROJECT POLICY AND FINANCE COMMITTEE REPORT A) Update Current Projects 1) Dimitri's C. Patrick Babcock gave the Board a brief update on the status of the Dimitri project. The total cost of the project is now $358,000 - this amount includes renovation of the 2nd & 3rd floors of both buildings, installation of an elevator, repairs to the roof and repairs to the front of the building so that the exterior of both buildings will be the same. C. Patrick Babcock stated that the final recommendation of the Project Policy and Finance Committee, to Dimitri and to the EDC Board, is to loan Dimitri $200,000 for the project at 5% interest per year for 20 years and the remainder of the amount needed could be obtained by Dimitri with a loan from a commercial bank. Dimitri asked the Board, once again, to consider changing the amount of the loan from $200,000 to the maximun loan amount of $300,000. William Porter, Jr. stated that he believed that Dimitri should receive the maximum amount of $300,000. C. Patrick Babcock reminded everyone that, on the recommendation of the Project Policy and Finance Committee, the Board had previously approved an amendment to the Business Financing Assistance Program Guidelines which states that, whenever possible, funds are to be leveraged. Motion - C. Patrick Babcock motioned the Board to approve a $200,000 loan for Dimitri's project at 5% interest per year for 20 years with the Economic Development Corporation as the second claim and with the under- standing that the first $150,000 will be obtained from the commercial sector, who would have first claim. Steven Morris seconded that motion. Yeas: Babcock; Brockwell; Hollister; Morris; Pandy; Petroff Nays: Porter Kester So mentioned that the Board was not actually committing to the loan at this time. The loan is subject to acceptable loan and security documents being presented. 2) Elbinger's Studios Pat Cook informed the Board that no decision has been made as to a location for Elbinger's Studios. There are three sites being considered. In addition to the D & C Building, another possible site is the building located on the SW corner of Washington Avenue and Grand River. Pat further stated that the third location being considered falls on the outside perimeter of the geographic boundaries of the program. Pat Cook also mentioned that several area banks (First of America and Dart Community) have shown interest in funding a portion of the Elbinger project: C. Patrick Babcock mentioned that at the December Board Meeting the Project Policy and Finance Committee will have a recommendation for the Board to once again amend the Business Finance Assistance Program Guidelines. B) Status of New Project Applications: 1) Impression Five Museum Pat Cook informed the Board that Ken Gruber, Director of the Impression Five Museum, was in attendance at the last Project Policy and Finance Committee Meeting and at that time the Committee reviewed Impression Five's application. Currently Impression Five is trying to solicit dollars from foundations etc. for a Capitol Growth Campaign. It is the recommendation of the Project Policy and Finance Committee that they keep in contact with Ken Gruber and monitor the progress of the Capitol Campaign. 4) INTERIM DIRECTOR'S REPORT A) Other Development Projects (Status) 1) MUCC Building Dennis Sykes spoke with Emerson Ohl who mentioned that a letter of intent had been received from a local bank to work with the City on the bond for MUCC. There is a desire to wait until after the November election, at which point a clearer indication as to the amount of space the State may be interested in occupying in the MUCC building will be determined. Dennis Sykes mentioned that Emerson Ohl has already set up a meeting with State Representatives several days after the election. Chair Hollister thanked Jan Hayhow and Ed Carpenter for attending and speaking at the Public Hearing for the MUCC Building. He also mentioned that most of the comments made were very positive toward the project. 2) Lansing Center Office Building Dennis Sykes mentioned that Mark Ewen (intern in the Planning Department and EDC) is working on a development package for the office building. Pat Cook stated that it is the staffs' intent to issue an RFQ (Request for Qualifications) and also an RFP (Request for Proposal). The Board agreed that they would like to review the RFQ & RFP before they are sent out. 5) OTHER BUSINESS None. 6) PUBLIC COMMENT None. 7 ) ADJOURNMENT Chair Hollister declared the meeting adjourned at 6:40 p.m. Minutes by B. Foreman ;Enis J. Sykes EDC Interim Director ECONOMIC DEVELOPMENT CORPOROATION OF THE CITY OF LANSING BOARD OF DIRECTOR'S MEETING MAYOR'S CONFERENCE ROOM NINTH FLOOR, LANSING CITY HALL WEDNESDAY, DECEMBER 7, 1994 6:00 P.M. jAi� 1.. �� " "ii 7 CLER" MEMBERS PRESENT: Robert Brockwell; David Hollister; Steven Morris; Joseph Pandy; John Petroff; William Porter, Jr.; Joseph Reid MEMBERS ABSENT: C. Patrick Babcock; Gerald Lett TEMPORARY MEMBERS PRESENT: Ed Carpenter; Jan Hayhow STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Cora Huguely; Lenora Jadun; Judy Kehler; Doug Rubley; Kester So Chair Hollister called the meeting to order at 6:02 p.m. 1) APPROVAL OF THE NOVEMBER 2, 1994 BOARD OF DIRECTOR'S MEETING MINUTES Motion - William Porter, Jr. motioned the Board to approve the November 2, 1994 Board of Director's Meeting Minutes as presented and place them on file. Joseph Reid seconded the motion. Yeas: Unanimous. Motion carried. 2) UPDATE: 100 BLOCK EDC & UDAG LOANS (Radisson) Pat Cook informed the Board that the latest correspondence from the Northcrest Corporation (November 15, 1994) did not address all of EDC's questions and concerns regarding the EDC/UDAG Loans. Pat asked the Board for suggestions as to how to proceed at this time. Joseph Reid recommended that the EDC engage a CPA (specifically Dick Arnett of Ernst & Young) who specializes in hotel accounting. Motion - Joseph Reid motioned the Board to approve engaging Ernst & Young for the purpose of determining whether or not the Radisson has lived up to the terms of the management agreement. Yeas: Unanimous. Motion carried. 3) PROJECT POLICY AND FINANCE COMMITTEE REPORT A) Additional Recommended Program Guidelines: 1) Director Bank Disbursement of Funds to Applicant/Contractor Proposed Amendment reads: In order to best facilitate disbursement of EDC loan funds on each project, the EDC will ask the individual financial institutions (banks) who are also loaning funds on the projects to act as the fund dispersing agent when renovation and/or new construction of a facility is involved. Motion — Steven Morris motioned the Board to approve the amendment to the Program Guidelines as presented. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. Chair Hollister asked that an updated copy of the Program Guidelines be available for the January 195 Board Meeting. B) Update Current Projects: 1) Dimitri's (Designate Project Area; Project Plan) Motion — Joseph Reid motioned the Board to approve the Resolution designating the Project Area and the Project Plan for the Dimitri Project (for council) as presented. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 2) Elbinger's Studios Pat Cook informed the Board that she had met with Doug Elbinger's legal council and his accountant. A decision has been made as to the location for Elbinger's Studios (The Taco Factory located just West of the river on Grand River Avenue). Doug has modified his proposal, which will consist of two phases. A revised Business Plan and Project Plan should be available for the Board's review at the January Board Meeting. C) Lansing Center Office Building 1) Request for Qualifications/Proposals Motion — John Petroff motioned the Board to accept the Request for Qualifications/Proposals, which will be sent to perspective developers, as presented. Robert Brockwell seconded the motion. Yeas: Unanimous. Motion carried. 4) INTERIM DIRECTOR'S REPORT A) Other Development Projects (Status) No comments. Joseph Reid asked the Board to consider several proposals: 1) Due to the many quick decisions that must be made by the EDC he suggested an amendment to the EDC Bylaws which would read: Rule 8. Executive Committee There is hereby established an Executive Committee of the Corporation which shall be vested with the authority to act on behalf of the Board on all matters when the Board is not in session. The Executive Committee shall be comprised of the Chairman and the Director of the Economic Development Corporation. William Porter, Jr. suggested that, in addition to the Chairman and the Director of EDC, the amendment should include one other member of the Board to be part of the Executive Committee. 2) Joseph Reid further requested the Board to consider hiring three Executives ($60,000-$80,000 salary range) to work on major EDC projects. Chair Hollister suggested that there be further discussion on Joseph Reid's proposals at the January Board Meeting. Joseph Pandy entered the meeting at 6:35 p.m. 5) OTHER BUSINESS None. 6) PUBLIC COMMENT None. 7 ) ADJOURMENT Chair Hollister declared the meeting adjourned at 6:37 p.m. Minutes by B. Foreman ennis J. es EDC Interim Director ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF LANSING SPECIAL BOARD OF DIRECTOR'S MEETING MAYOR'S CONFERENCE ROOM NINTH FLOOR, LANSING CITY HALL THURSDAY, DECEMBER 15, 1994 4:00 P.M. MEMBERS PRESENT: Robert Brockwell; David Hollister; Steven Morris; Joseph Pandy; John Petroff; William Porter, Jr. MEMBERS ABSENT: C. Patrick Babcock; Gerald Lett; Joseph Reid STAFF PRESENT: Dennis Sykes; Patricia Cook; Barbara Foreman GUESTS PRESENT: Eleanor Love; Kester So Chair Hollister called the meeting to order at 4:10 p.m. 1) PROJECT POLICY & FINANCE COMMITTEE REPORT A) Request from City's Planning Department re: Historical Preservation Grant funding match Eleanor Love, Planning Manager for the City of Lansing Planning Department, informed the Board that the City has submitted an application for a grant from the Bureau of History — Michigan Department of State for the purpose of conducting an intensive historical, architectural & archeological survey. Areas included in the survey will be North Lansing/Old Town, Downtown, Depot & the Baseball Stadium Site. The application asks for $41,450 ($16,580 to be the obligation of the City of Lansing). The City Planning Department presented a request to the Project Policy & Finance Committee to fund $6,580 of their obligation and is now asking for approval of their request from the full EDC Board. Motion — Robert Brockwell motioned the Board to approve a fund match to the City of Lansing Planning Department in a not to exceed amount of $6,580, which is contingent on final approval of the grant by the Department of State. John Petroff seconded the motion. Yeas: Unanimous. Motion carried. 2) OTHER BUSINESS None. ') 9 CLEN 3) PUBLIC COMMENT None. 4) ADJOURNMENT Chair Hollister declared the meeting adjourned at 4:20 p.m. Minutes by B. Foreman ,finnis J. Sy es EDC Interim Director