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HomeMy WebLinkAbout2000 LEDC minutesEconomic Development Corporation of the City of Lansing Board of Director's Meeting City Council Conference Room Tenth Floor, Lansing City Hall Wednesday, February 2, 2000 4:00 P.M. Members Present: Ann Brazeau; James Butler; Kim Coleman; David Hollister; William Long; Larry Meyer; Joseph Pandy Members Absent: Paula Cunningham; William Porter, Jr. Temporary EDC Members Present: None Temporary EDC Members Absent: Ed Carpenter; Jan Hayhow Staff Present: Tracy Carney; Patricia Cook; Karl Dorshimer; Barbara Foreman Guests Present: Chuck Clark; Gregg Hanner; Chris Holman 1) Call to Order Chair Long called the meeting to order at 4:16 p.m. 2) Approval of the Board of Director's Meeting Minutes from Dec. 1, 1999 Motion - James Butler motioned the Board to approve the Board of Director's Meeting Minutes from Dec. 1, 1999 as presented and place them on file. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 3) Financial Statements (thru December, 1999) The Board unanimously agreed to receive and place on file the Financial Statements (thru December, 1999) as presented. 4) 1999 Annual Report on EDC, TIFA & LBRA Initiatives 5) 2000 Annual Goals & Program Initiatives Motion - Larry Meyer motioned the Board to approve Agenda Items 4 & 5 above as presented. James Butler seconded the motion. Yeas: Unanimous. Motion carried. 6) BWL Ottawa Power Plant Project Update - Joe Pandy Joe Pandy, Manager of the Board of Water, introduced to the Board Gregg Hanner of Steiner & Associates which is located in Columbus, OH. Steiner & Associates has been retained by the Board of Water & Light to do a feasibility analysis to determine if the Lansing area can support an Urban Entertainment Destination Center. The Ottawa Power Plant Building is being looked at as the most probable site for the project, but other sites in the Lansing area are being looked at as well. The feasibility analysis should be completed within 60 to 90 days. 7) EDC B.F.A.P. Projects a) Analysis of Program Loan Funds (thru 12/31/99) The Board received a copy of the Analysis of Program Loan Funds dated 12/31/99, which was prepared by Barbara Foreman. b) Update on BFAP Projects: * Status of Elbinger Loan - Negotiate with 1 st Mortgagee Staff continues to negotiate a payoff amount with first mortgagee's legal council. 8) Other Business a) Capital Consultants Contract Extension thru 6/30/2000 for the "Retain GM Effort" Motion - Larry Meyer motioned the Board to approve the extension of Capital Consultants Contract thru 6/30/2000 for the "Retain GM Effort" as presented. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. b) EDC Current Projects Update (December/January) The Board received a copy of the EDC Activities Update dated December '99/ January 2000, which was prepared by Tracy Carney. c) EDC/Ingham County Retention Contract Pat Cook reminded the Board that when the current EDC budget was proposed last year, the expectation was that a retention contractor would be on board by September 1, 1999 and that the Contract would run through one year. Pat stated that due to a variety of challenges, it is now anticipated that the retention contractor will start on March 1, 2000. This means that six months of the proposed costs for the position in the current FY will not occur. Pat further stated that Ingham County, by Resolution, has reserved funding for the position through December 31, 2001. Pat asked the Board to authorize conceptually that the program be considered through December 31, 2001. Motion - Kim Coleman motioned the Board to endorse conceptually the retention program through December 31, 2001, provided that funds are available. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 9) Public Comment None. 10) Adjournment Chair Long declared the meeting adjourned at 5:22 p.m. Minutes by B. Foreman Patricia A. Cook EDC Manager Economic Development Corporation of the City of Lansing Board of Director's Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall Wednesday, April 5, 2000 4:30 P.M. J. 10 I o iii 4: 05 .. ii,v Ci i 1' CLERK, Members Present: Ann Brazeau; Kim Coleman; Paula Cunningham; William Long; Joseph Pandy Members Absent: James Butler; David Hollister; Larry Meyer; William Porter, Jr. EDC Temporary Members Present: Ed Carpenter; Jan Hayhow Staff Present: Tracy Carney; Patricia Cook; Karl Dorshimer; Barbara Foreman Guests Present: Dru Mitchell; John Pearson 1) Call to Order Chair Long called the meeting to order at 4:36 p.m. 2) Introduction of Business Retention Contractor Patricia Cook introduced to the Board Dru Mitchell, EDC & Ingham County EDC's new Business Retention Contractor. 3) Approval of the Board of Director's Meeting Minutes from February 2, 2000 Motion - Joe Pandy motioned the Board to approve the Board of Director's Meeting Minutes from February 2, 2000 as presented and place them on file. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 4) Financial Statements - January & February, 2000 Motion - Joe Pandy motioned the Board to approve the Financial Statements (January & February, 2000) as presented. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 5) Proposal to Engage Auditors Motion - Ann Brazeau motioned the Board to approve engaging the accounting firm of Kutas & Hawes, PC to perform the EDC Audit for the next three FY's, as outlined in their proposal. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. 6) Resolution Approving EDC FY O1 Budget Request to City Motion - Paula Cunningham motioned the Board to approve the Resolution Approving EDC's FY Ol Budget Request to the City as presented. Joe Pandy seconded the motion. Yeas: Unanimous. Motion carried. 7) EDC B.F.A.P. Projects a) Analysis of Program Loan Funds (thru 2/29/2000) The Board received a copy of the Analysis of Program Loan Funds dated 2/29/2000, which was prepared by Barbara Foreman. b) Update on BFAP Projects - Elbinger Laboratories Patricia Cook informed the Board that the foreclosure was entered by the EDC on the Elbinger property on N. Washington Ave. A sheriffs sale will take place on April 28th, 2000. 8) Other Business a) EDC Current Projects Update (February & March) The Board received a copy of the EDC Activities Update dated February & March, 2000, which was prepared by Tracy Carney. b) Ingham County EDC Strategic Plan The Board received a copy of the Ingham County EDC's Strategic Plan which outlines their long term goals. Joe Pandy informed the Board that GM has expressed interest in having the Board of Water & Light finance the Central Utilities Complex for their Platinum Project in Delta Township. The possibility exists that the Economic Development Corporation may be considered as a means for the issuance of bonds to finance the CUC. Joe supplied the Board with a chart outlining the structure of the possible financing for the project. 9) Public Comment None. 10) Adjournment Chair Long declared the meeting adjourned at 5:05 p.m. Minutes by B. Foreman Patricia A. Cook EDC Manager Economic Development Corporation of the City of Lansing 2 Board of Directors Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall Wednesday, June 7, 2000 4:00 P.M. Members Present: Ann Brazeau; James Butler; David Hollister; William Long; Larry Meyer Members Absent: Kim Coleman; Paula Cunningham; Joseph Pandy; William Porter, Jr. Temporary EDC Members Present: Ed Carpenter; Jan Hayhow Staff Present: Tracy Carney; Patricia Cook; Karl Dorshimer; Barbara Foreman Guests Present: Brian Eggers; Kate Johnson; David VanHaaren 1) Call to Order Chair Long called the meeting to order at 4:05 p.m. At this time a quorum was not present and it was suggested by Chair Long to move ahead with the EDC Agenda and vote on action items (excluding the EDC FY O1 Budget) with the assumption that a quorum would soon be present. 2) Approval of the Board of Director's Meeting Minutes from April 5, 2000 Motion - Ann Brazeau motioned the Board to approve the Board of Director's Meeting Minutes from April 5, 2000 as presented and place them on file. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 3) Financial Statements - March & April, 2000 The Board unanimously agreed to accept and place on file the March & April, 2000 Financial Statements as presented. 5) EDC B.F.A.P. Projects a) Analysis of Program Loan Funds (thru 4/30/00) The Board received a copy of the Analysis of Program Loan Funds dated 4/30/00, which was prepared by Barbara Foreman. The Board also received a copy of an Overview of the BFAP Funding (May, 1995 thru May, 2000), which was prepared by Patricia Cook. The overview outlines the funds that have been disbursed over the course of the five years, the loan guarantees and also the balance available to finance future projects, should the Board decide to activate the BFAP. James Butler entered the meeting at 4:30 p.m. Chair Long informed Mr. Butler that Items 2 & 3 on the Agenda had been approved by the Board contingent upon the arrival of another Board member in order to complete a quorum. Mr. Butler concurred with the Board's vote on Items 2 & 3 on the EDC Agenda. Bare Bone Art Studio Motion - Jan Hayhow motioned the Board to approve the renewal of the Bare Bone Art Studio loan as presented (with a 6 % interest rate for 60 months). Ed Carpenter seconded the motion. Yeas: Unanimous. Motion carried. Goldenrod Distribution Motion - Ed Carpenter motioned the Board to approve the renewal of the Goldenrod Distribution loan as presented (with a 6% interest rate for 60 months). Jan Hayhow seconded the motion. Yeas: Unanimous. Motion carried. 4) Presentation of EDC FY O1 Budget Motion - Larry Meyer motioned the Board to approve the EDC FY O1 Budget as presented. James Butler seconded the motion. Yeas: Unanimous. Motion carried. Patricia Cook requested of the Board a vote of support for EDC staff to move forward with the restructuring of the Business Financing Assistance Program and a recommendation to present new program guidelines for consideration at the next Board meeting. Motion - Ann Brazeau motioned the Board to support the above request as presented by Patricia Cook. James Butler seconded the motion. Yeas: Unanimous. Motion carried. 6) Other Business a) EDC Current Projects Update (April/May) The Board received a copy of the EDC Activities Update (April/May, 2000), which was prepared by Tracy Carney. A new category has been added to the Activities Update: Joint City/County EDC Retention Activities, with an attached list of those companies that have been contacted by Dru Mitchell (EDC/Ingham County Business Retention Contractor). b) Status of Central Utilities Complex (CUC) for GM Platinum Plant Patricia Cook stated that the EDC has an opportunity to issue bonds to construct a CUC that would serve the platinum plant of Delta Township. The cost could be as much as $120 million and could mean a possible half million dollars a year, for a period of years, for the EDC. The EDC is continuing to pursue this opportunity. 7) Public Comment None. 8) Adjournment Chair Long declared the meeting adjourned at 5:15 p.m. Minutes by B. Foreman Q e Q Patricia A. Cook EDC Manager At this time a quorum was not present and it was suggested by Chair Long to move ahead and review Item 3 on the EDC Agenda. 3) Financial Statements (thru June, 2000 - Unadjusted) Patricia Cook gave the Board a brief overview of the EDC Unadjusted Financial Statements through June, 2000. At 4:15 p.m. a quorum was still not present and it was decided by Chair Long to review Item 4 on the EDC Agenda. 4) Presentation of New BFAP Guidelines/Criteria Patricia Cook reviewed with the Board the Guidelines and Criteria for the New Business Financing Assistance Program. Kim Coleman entered the meeting at 4:25 p.m. Larry Meyer suggested that the interest rate for the BFAP loans be reviewed annually. After some discussion the Board unanimously agreed to accept Economic Development Corporation of the City of Lansing Board of Director's Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall �" t Wednesday, August 2, 2000 4:00 P.M. Members Present: Ann Brazeau; Kim Coleman; David Hollister; ,� .V - William Long; Larry Meyer Members Absent: James Butler; Paula Cunningham; Joseph Pandy; William Porter, Jr. Temporary EDC Members Present: Ed Carpenter; Jan Hayhow Staff Present: Tracy Carney; Patricia Cook; Karl Dorshimer; Barbara Foreman Guests Present: None At this time a quorum was not present and it was suggested by Chair Long to move ahead and review Item 3 on the EDC Agenda. 3) Financial Statements (thru June, 2000 - Unadjusted) Patricia Cook gave the Board a brief overview of the EDC Unadjusted Financial Statements through June, 2000. At 4:15 p.m. a quorum was still not present and it was decided by Chair Long to review Item 4 on the EDC Agenda. 4) Presentation of New BFAP Guidelines/Criteria Patricia Cook reviewed with the Board the Guidelines and Criteria for the New Business Financing Assistance Program. Kim Coleman entered the meeting at 4:25 p.m. Larry Meyer suggested that the interest rate for the BFAP loans be reviewed annually. After some discussion the Board unanimously agreed to accept the BFAP Guidelines and Criteria as presented by Patricia Cook with two changes: 1. modify language on description of commercial. 2. the interest rate for loans will be reviewed and or set annually by the EDC Board. A quorum was now present and Chair Long called the meeting to order at 4:40 p.m. 2) Approval of the Board of Director's Meeting Minutes from June 7, 2000 Motion - Larry Meyer motioned the Board to approve the Board of Director's Meeting Minutes from June 7, 2000 as presented and place them on file. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 3) Financial Statements (thru June, 2000 - Unadjusted) Motion - Ann Brazeau motioned the Board to accept and place on file the Unadjusted Financial Statements (thru June, 2000) as previously presented. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. 4) Presentation of New BFAP Guideline/Criteria Motion - Larry Meyer motioned the Board to accept the Program Guidelines/Criteria for the BFAP as previously presented (with modifications listed above). Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. 5) EDC Revenue Bond Project Closeout - Parkside Company Patricia Cook informed the Board that Parkside Company is expecting to pay off their EDC Bond. The Board received copies of the documents (prepared by Kester So) for the Parkside Project Closeout. Pat requested the Board's authority for the EDC Chair and other officers to execute the Parkside documents pending the EDC receiving final resolutions from National City Bank acknowledging that Parkside has paid their loan in full. Motion - Larry Meyer motioned the Board to approve Patricia Cook's request as presented. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 6) EDC BFAP Projects a) Analysis of Program Loan Funds (thru 6/30/00) The Board received a copy of the Analysis of Program Loan Funds dated 6/30/00, which was prepared by Barbara Foreman. 7) Other Business a) EDC Current Projects Update (June/July) The Board received a copy of the EDC Activities Update (June/July,2000), which was prepared by Tracy Carney. Patricia Cook informed the Board that over the last six months the EDC and the City have been approached by a number of businesses that are geared toward information technology. Pat mentioned that the EDC has been working with the Mayor's Office and the City Planning Department to understand some of the complexities of these projects. Pat further mentioned that the EDC has engaged James Butler and his staff to offer the EDC consulting services on a temporary basis to analyze some of these projects in terms of their economic impact on the City of Lansing. Chair Long reminded the Board that they had previously given EDC staff the authority to enter into Contracts and asked that the minutes reflect that the Board unanimously agreed with the EDC staff decision to engage James Butler and his staff as mentioned above. b) Status of the Central Utilities Complex (CUC) for GM Platinum Plant Patricia Cook informed the Board that the EDC has submitted a proposal expressing the EDC's interest in facilitating the financing of the CUC in the amount of up to 120 million dollars. Pat further informed the Board that the EDC will be issuing an RFQP next week asking for underwriters. 8) Public Comment None. 9) Adjournment Chair Long declared the meeting adjourned at 5:01 p.m. Minutes by B. Foreman , Patricia A. Cook EDC Manager Economic Development Corporation of the City of Lansing Special Board of Director's Meeting,- Mayor's eeting Mayor's Conference Room Ninth Floor, Lansing City Hall ' Wednesday, September 27, 2000 9:00 A.M. Members Present: Ann Brazeau; James Butler; David Hollister; William Long; Joseph Pandy Members Absent: Kim Coleman; Paula Cunningham; Larry Meyer; William Porter, Jr. Temporary EDC Members Present: Ed Carpenter; Jan Hayhow Staff Present: Patricia Cook; Karl Dorshimer; Barbara Foreman; Tracy Carney -Miller; Marchelle Smith Guests Present: Ryan Thelen 1) Call to Order Chair Long called the meeting to order at 9:05 a.m. Patricia Cook introduced to the Board Marchelle Smith, EDC's new Special Projects Administrator. Pat stated that Marchelle will be administering the EDC Loan Program, as well as, the Grants along Washington Square and the Neighborhood Enterprise Zone Program. 2) Approval of the Board of Director's Meeting Minutes from August 2, 2000 Motion - David Hollister motioned the Board to approve the Board of Director's Meeting Minutes from August 2, 2000 as presented and place them on file. James Butler seconded the motion. Yeas: Unanimous. Motion carried. Chair Long asked that it be noted that under Item 7 on the August 2, 2000 Meeting Minutes no fees were charged to the EDC for the consulting services provided by James Butler and his staff at IBM. 3) Central Utilities Complex - GM Platinum Plant a) Resolution of Project Inducement Motion - James Butler motioned the Board to approve the Resolution of Project Inducement as presented by Patricia Cook. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. b) Authorize Negotiation with Underwriter & Financial Advisor Motion - David Hollister motioned the Board to authorize EDC staff to move forward in negotiating with Underwriters & Financial Advisors as presented by Patricia Cook. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 4) EDC Revenue Bond Project - Plas Labs Development at UCRP Patricia Cook informed the Board that EDC staff has been working with Plas Labs over the past two years in consideration of their plans to expand. Pat mentioned that Plas Labs is located in North Lansing and has been in business for 20 years. They are a manufacturing company involved in research and the development of controlled environment devices. Plas Labs is interested in the development of a new building (20,000 sq. ft.) with a cost of approximately 1.5 million dollars. The location for the new facility will be the University Corporate Research Park, which is located in Lansing. Pat asked the Board for approval to move forward with the initial steps required for EDC's possible financing of the Plas Labs Project. Motion - Joseph Pandy motioned the Board to approve the Resolution of Project Inducement for the Plas Labs Project as presented by Patricia Cook. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 5) EDC B.F.A.P. Projects a) Consideration of Loan Extension (Angavine, Inc.) Patricia Cook stated that it is now public knowledge that the Blue Coyote Brewing Co. is no longer in business. Pat stated that the five-year balloon on the Blue Coyote loan came due on 9/18/00. Harry Hepler, past President of the Blue Coyote Brewing Co. has requested that the EDC extend the loan for a six month period - giving him an opportunity to refinance and pay off the EDC loan. The Board was informed that EDC staff recommends extension of the loan for six months only with timely payments of principal and interest at their current 6 % interest rate. Also, the Blue Coyote Brewing Co./Angavine Inc. shall pay all attorney fees associated with the renewal of the loan (est. at $750.00) and the EDC would have future security in an assignment of any new leases or rents. Motion - Ann Brazeau motioned the Board to approve the Resolution supporting the extension of the loan for the Blue Coyote Brewing Co./Angavine, Inc. as presented. Jan Hayhow seconded the motion. Yeas: Unanimous. Motion carried. Patricia Cook added that during this six month extension should loan payments not be received on a timely basis, the EDC would proceed with immediate foreclosure. James Butler asked that Mr. Hepler be invited to attend the next EDC Board Meeting to discuss with the Board future strategies for the Blue Coyote Brewing Company building. b) Analysis of Program Loan Funds (thru 8/31/00) The Board received a copy of the Analysis of Program Loan Funds dated 8/31/00, which was prepared by Barbara Foreman. Patricia Cook mentioned that the only loan in default is Elbinger Laboratories and the redemptive period is up at the end of October. At that time the EDC will move forward to market the property. 6) Other Business a) Consideration to Extend Loan Guarantee to Lansing Community Micro -Enterprise Fund The Board received a copy of a letter from Denise Peek, Executive Director of the Lansing Community Micro -Enterprise Fund, requesting that the EDC consider support of the Project for another year. Patricia Cook informed the Board that a second loan was in default in the amount of $2,234.65, which will reduce EDC's guarantee amount to $17,765.35 for the year beginning November 6, 2000 thru November 6, 2001. Motion - Joseph Pandy motioned the Board to approve authorization of a $17,765.35 Loan Guarantee for the Micro -Enterprise Loan Fund (November 6, 2000 thru November 6, 2001). James Butler seconded the motion. Yeas: Unanimous. Motion carried. b) EDC Current Projects Update (August/September) The Board received a copy of the EDC Activities Update (August/September, 2000), which was prepared by Tracy Carney -Miller. 7) Public Comment None S) Adjournment Chair Long declared the meeting adjourned at 10:20 a.m. Minutes by B. Foreman Patricia A. Cook EDC Manager Members Present: Members Absent: Temporary EDC Members Present: Temporary EDC Members Absent: Staff Present: Guests Present: 1) Call to Order Economic Development Corporation of the City of Lansing Special Board of Director's Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall Wednesday, December 6, 2000 3:00 P.M. Ann Brazeau; Paula Cunningham; David Hollister; William Long; Larry Meyer; Joseph Pandy James Butler; Kim Coleman; William Porter, Jr. Jan Hayhow Ed Carpenter Patricia Cook; Karl Dorshimer; Barbara Foreman; Tracy Carney -Miller; Marchelle Smith Steve Kutas, Jr.; Jeff Williams Chair Long called the meeting to order at 3:10 p.m. 2) Approval of the Special Board of Director's Meeting Minutes from September 27, 2000 Motion - Ann Brazeau motioned the Board to approve the Special Board of Director's Meeting Minutes from September 27, 2000 as presented and place them on file. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 3) Approval of FY 99/00 EDC Audit Motion - Ann Brazeau motioned the Board to receive and place on file the FY 99/00 "Draft" Audit as presented by Steve Kutas, Jr. of Kutas & Hawes, P.C. Joseph Pandy seconded the motion. Yeas: Unanimous. Motion carried. 4) Financial Statements a) Final June, 2000 Will be presented at the next Board Meeting. b) July thru September, 2000 The Board unanimously agreed to accept and place on file the July thru September, 2000 Financial Statements as presented. 5) EDC Revenue Bond Project Closeout Motion - Joseph Pandy motioned the Board to approve the Resolution for the Southwind Park II Project Closeout as presented by staff. Larry Meyer seconded the motion. Yeas: Unanimous. Motion carried. 6) EDC B.F.A.P. Projects a) Analysis of Program Loan Funds (thru 10/31/00) The Board received a copy of the Analysis of Program Loan Funds dated 10/31/00, which was prepared by Barbara Foreman. 7) Other Business a) Update on Central Utilities Complex Project No new information at this time. b) EDC Current Projects Update (October/November, 2000) The Board received a copy of the EDC Activities Update (October/November, 2000), which was prepared by Tracy Carney -Miller. 8) Public Comments None. 9) Adjournment Chair Long declared the meeting adjourned at 3:45 p.m. Minutes by B. Foreman J&,U4.— Patricia A. Cook EDC Manager