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HomeMy WebLinkAbout2002 LEDC minutesEconomic Development Corporation 1) Call To Order Chair Long called the meeting to order at 4:03 p.m. 2) Approval of the Board of Director's Meeting Minutes from December 5, 2001 Motion - Ann Brazeau motioned the Board to approve the Board of Director's Meeting Minutes from December 5, 2001 as presented and place them on file. William Cook seconded the motion. Yeas: Unanimous. Motion carried. 3) Election of EDC Officers Motion - Larry Meyer motioned the Board to approve the following slate of officers thru December 31, 2002: Jeff Williams - Chair Kim Coleman - Vice -Chair Paula Cunningham - Secretary Ann Brazeau - Treasurer of the City of Lansing Board of Director's Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall Wednesday, February 6, 2002 4:00 P.M. Members Present: Ann Brazeau; William Cook; David Hollister; William Long; Larry Meyer; Jeff Williams Members Absent: James Butler; Kim Coleman; Paula Cunningham Temporary EDC Members Present: Ed Carpenter; Jan Hayhow Staff Present: Patricia Cook; Barbara Foreman; Tracy Carney -Miller; Marchelle Smith Guests Present: None 1) Call To Order Chair Long called the meeting to order at 4:03 p.m. 2) Approval of the Board of Director's Meeting Minutes from December 5, 2001 Motion - Ann Brazeau motioned the Board to approve the Board of Director's Meeting Minutes from December 5, 2001 as presented and place them on file. William Cook seconded the motion. Yeas: Unanimous. Motion carried. 3) Election of EDC Officers Motion - Larry Meyer motioned the Board to approve the following slate of officers thru December 31, 2002: Jeff Williams - Chair Kim Coleman - Vice -Chair Paula Cunningham - Secretary Ann Brazeau - Treasurer Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 4) EDC Financial Statements a) Final June, 2001 b) Through December, 2001 The Board unanimously agreed to receive and place on file the Financial Statements (Final June, 2001 and through December, 2001) as presented. 5) EDC Projects a) Analysis of BFAP (Thru 12/31/01) The Board received a copy of the Analysis of Program Loan Funds, which was prepared by Barbara Foreman. 6) Other Business a) 2001 EDC, TIFA, LBRA Annual Report b) 2002 EDC, TIFA, LBRA Goals & Objectives Motion - David Hollister motioned the Board to approve the 2001 EDC, TIFA, LBRA Annual Report and the 2002 EDC, TIFA, LBRA Goals and Objectives as presented. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. c) New City Report The Board received a copy of the new Power of Partnerships brochure, which outlines many of the programs and initiatives throughout the City of Lansing. The brochure was a collaborative effort between EDC staff, Kolt and Serkaian, Abbi Creative and photographer Dave Trumpie. Each group mentioned in the brochure will receive a personal letter and a copy of the brochure. 7) Public Comment None. 8) Adjournment Chair Long declared the meeting adjourned at 4:25 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, June 5, 2002 4 P.M. Members Present: Ann Brazeau; James Butler; William Cook; David Hollister; William Long; Larry Meyer; Jeff Williams Members Absent: Kim Coleman; Paula Cunningham Temporary EDC Members Present: Ed Carpenter; Jan Hayhow Staff Present: Patricia Cook; Karl Dorshimer; Barbara Foreman; Tracy Carney -Miller; Marchelle Smith Guests Present: Craig Heath; Mike Peplowski; Leanne Stites 1) Call to Order Chair Williams called the meeting to order at 4:05 p.m. 2) Approval of the Board of Director's Meeting Minutes from April 3, 2002 Motion - David Hollister motioned the Board to approve the Board of Director's Meeting Minutes from April 3, 2002 as presented and place them on file. Larry Meyer seconded the motion. Yeas: Unanimous. Motion carried. 3) EDC Financial Statements A) Through April, 2002 Motion - Larry Meyer motioned the Board to approve the Financial Statements through April, 2002 as presented and place them on file. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 4) EDC Projects A) Application for BFAP Loan - "Square One" Project Plan Patricia Cook discussed with the Board the BFAP Application submitted by Craig Heath, owner of a proposed new upscale restaurant and bar venture known as "Square One". Square One's location will be on the first floor of the new Boji Complex. Leanne Stites, Executive Director of the Principal Shopping District, mentioned that as part of the Mayor's Blue Ribbon Committee on Downtown Revitalization, a fine dining restaurant with evening hours and entertainment was one of the targeted business establishments recommended by HyettPalma, Inc. James Butler entered the meeting at 4:20 p.m. Patricia Cook stated that the total amount of EDC loan funds being requested for the Square One Project is $350,000. Patricia further stated that it is EDC staff's recommendation to the Board to approve the Resolution Designating the Project Area and Recommending the Project Plan. Motion - David Hollister motioned the Board to approve the Resolution Designating the Project Area and Recommending the Project Plan as presented. Larry Meyer seconded the motion. Yeas: Unanimous. Motion carried. B) Analysis of BFAP Loans (as of 4/30/02) The Board received a copy of the Analysis of Program Loan Funds, which was prepared by Barbara Foreman. 5) EDC FY 02/03 "Draft" Budget Motion - David Hollister motioned the Board to approve the FY 02/03 "Draft" Budget as presented and place it on file. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 6) Other Business A) Calendar, 2001 - Audit from 100 Block (Radisson) The Board received for their review a copy of the Calendar Year 2001 Audit for the Block 100 Limited Partnership (Radisson Hotel). The Board also received a copy of a time line for the SmartZone, which was prepared by Karl Dorshimer. Chair Williams informed the Board that, per his request, EDC staff provided him with information regarding insurance levels of bank accounts owned by the EDC and also FDIC insurance information. Chair Williams asked that EDC staff investigate further to find out (1) how much of EDC's cash is in an FDIC account and (2) how much of EDC's money market funds are in a non -insurable investment? Chair Williams stated that once this information has been compiled, the Board may want to discuss what the options may be to put more monies under an umbrella, possibly centralize funds into a couple of different banks, and /or get lower fees. 7) Public Comments None. 8) Adjournment Chair Williams declared the meeting adjourned at 5:00 p.m. Minutes by B. Foreman ( t , . #� . &A, 9401<3 - 24 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, September 4, 2002 4 P.M. Members Present: Ann Brazeau; James Butler; William Cook; Larry Meyer; Jeff Williams Members Absent: Kim Coleman; Paula Cunningham; David Hollister; William Long Temporary EDC Members Present: Jan Hayhow Temporary EDC Members Absent: Ed Carpenter Staff Present: Patricia Cook; Karl Dorshimer; Barbara Foreman; Tracy Carney -Miller Guests Present: Ryan Thelen Due to a quorum not being present at 4 p.m., Chair Williams suggested that they proceed with discussion of items on the EDC, TIFA & LBRA Agendas. 3) EDC Projects A) Analysis of BFAP Loans (as of 7/31/02) Patricia Cook stated that Chair Williams called to her attention that on page 2 of the Analysis Report the Old Town Facade Guarantee expired on 6/1/02. Pat mentioned that at a previous board meeting the Board had approved extending the Guarantee and the new expiration date will be reflected on the August Analysis Report. Pat also mentioned that Clara's may be paying off their loan within the next 30 days. 4) Other Business A) Discharge of 2"d Mortgage - Hannah Tech Project The Board received a copy of a letter addressed to Kester So, EDC's legal council, from Brad Rutledge of Howard & Howard Attorneys, requesting a full release and discharge of a 2"d mortgage by the EDC for the Hannah Technology & Research Center Project. Patricia Cook informed the Board that the HTRC building is located in Meridian Township. The nature of the relationship was that the EDC had a Urban Development Action Grant that was given to the City of Lansing and then to the EDC back in the mid 80's. Part of the security for the UDAG Grant was EDC being listed as a mortgagor. The EDC was repaid in full the UDAG Grant more than 5 years ago, but the discharge of EDC's security in the property did not take place at that time. The Board received in their Board packet a memo outlining the activities the EDC has been involved in over the last few months. Chair Williams reminded the Board that at a previous board meeting he had asked EDC staff to inquire as to what the FDIC insurance levels are in the various EDC, TIFA & LBRA bank accounts. In all cases cash accounts are only insured up to $100,000. The Board was provided with a list of EDC, TIFA & LBRA Bank Accounts with approximate balances as of July 31, 2001, which show most of the accounts having balances exceeding the insured level. No decisions were made at this time with regard to how to alleviate this problem, but Chair Williams did ask EDC staff to look into several possible options: (1) consolidate accounts and (2) pick a number and if an account is consistently above that threshold, look at creating a secondary account. Ryan Thelen, of Kutas Hawes PC, gave the Board a brief overview of both the TIFA "Draft" Audit FY `01-02 and the Brownfield "Draft" Audit FY `01-02. William Cook entered the meeting at 4:52 p.m. and now a quorum was present. 1) Call to Order Chair Williams called the meeting to order at 4:56 p.m. 2) Approval of the Board of Director's Meeting Minutes from June 5, 2002 Motion - James Butler motioned the Board to approve the Board of Director's Meeting Minutes from June 5, 2002 as presented and place them on file. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 3) EDC Projects A) Analysis of BFAP Loans (as of 7/31/02) The Board received a copy of the Analysis of Program Loan Funds (as of 7/31/02), which was prepared by Barbara Foreman. 4) Other Business A) Discharge of 2"d Mortgage - Hannah Tech Project Motion - Larry Meyer motioned the Board to approve the Resolution approving the Discharge of 2"d Mortgage for the Hannah Tech Project as presented. William Cook seconded the motion. Yeas: Unanimous. Motion carried. 5) Public Comments None. 6) Adjournment Chair Williams declared the meeting adjourned at 5:00 p.m. Minutes by B. Foreman 9,4/� .. 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 Board of Director's Meeting Mayor's Conference Room Ninth Floor, Lansing City Hall Wednesday, November 6, 2002 4:00 P.M. Ann Brazeau; Kim Coleman; William Cook; David Hollister; William Long; Larry Meyer; Jeff Williams James Butler; Paula Cunningham Jan Hayhow Ed Carpenter Patricia Cook; Karl Dorshimer; Barbara Foreman; Tracy Carney -Miller; Marchelle Smith Denise Peeks Chair Williams called the meeting to order at 4:05 p.m. 2) Approval of the Board of Director's Meeting Minutes from September 4, 2002 Motion - Bill Cook motioned the Board to approve the Board of Director's Meeting Minutes from September 4, 2002 as presented and place them on file. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. 3) EDC Projects A) Analysis of BFAP Loans (as of 9/30/02) The Board received a copy of the Analysis of Program Loan Funds dated 9/30/02, which was prepared by Barbara Foreman. Patricia Cook pointed out to the Board that the Sept. Analysis reflects Clara's loan pay-off on 9/19/02. 4) Other Business A) Lansing Community Micro -Enterprise Fund - Loan Guarantee Extension Denise Peeks, Executive Director of the Lansing Community Mirco-Enterprise Fund, requested that the EDC Board consider support of the Project for another year. Patricia Cook informed the Board that in the past year there have been several defaults on loans and the loan guarantee amount for the year beginning November 6, 2002 thru November 6, 2003 would be $11,652.75. Motion - Larry Meyer motioned the Board to approve continued support of the Micro -Enterprise Fund for another year beginning November 6, 2002 thru November 6, 2003 in the amount of $11,652.75. Kim Coleman seconded the motion. Yeas: Coleman; Cook; Hollister; Long; Meyer; Williams Abstain: Ann Brazeau Ann Brazeau abstained from the vote due to the fact that she is a member of the Micro - Enterprise Loan Fund Board of Directors. B) Proposed Modifications to EDC Personnel Policy The Board received a black line copy of the proposed modifications to the EDC Personnel Policy, which are as follows: 1) Vacation Time: In years one (1) through five (5), a maximum of 80 hours (or 10 days) vacation time may be carried forward on the employee's anniversary date of hire. In years six (6) and beyond, each additional vacation day may be carried forward up to a maximum of five (5) additional days. Any vacation hours/days in excess of the 120 hours/15 days carried forward is forfeited on the employees' anniversary date of hire. Upon termination of employment following one (1) full year of service or more, each employee shall receive a payment, up to a maximum of 120 hours, for any vacation time not previously used. 2) Sick Time: An employee may use sick time due to his/her own illness, injury, doctor visits and pregnancy. An employee may also use sick time due to an immediate family member's illness, injury or doctor visits. Sick time may be carried over from each calendar year up to a maximum of 400 hrs. Motion - Bill Long motioned the Board to approve the changes to EDC's Personnel Policy as presented. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. C) Review of EDC Bank Accounts - Investment Policy This item was tabled until the December Board Meeting. D) Seed Funding - Summer 2003 "Downtown Art Exhibit" Motion - William Long motioned the Board to re -authorize use of last years seed funding in the amount of $5,000 for the Summer 2003 Downtown Art Exhibit. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 5) Public Comment None. 6) Adjournment Chair Williams declared the meeting adjourned at 4:40 p.m. Minutes by B. Foreman 11E urs. Patricia A. Cook EDC Manager Members Present: Members Absent: Temporary EDC Members Present: Temporary EDC Members Absent: Staff Present: Staff Absent: 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 Tuesday, December 17, 2002 4:00 P.M. Ann Brazeau; Kim Coleman; William Cook; David Hollister; William Long; Jeff Williams James Butler; Paula Cunningham; Larry Meyer None Ed Carpenter; Jan Hayhow Patricia Cook; Barbara Foreman Karl Dorshimer; Tracy Carney -Miller; Marchelle Smith Ryan Thelen c� 4 Chair Williams called the meeting to order at 4:10 p.m. A) Calendar 2003 EDC Board Meeting Dates The Board received a copy of the 2003 EDC Board Meeting Dates. 2) Approval of the Board of Director's Meeting Minutes from November 6, 2002 Motion - William Long motioned the Board to approve the Board of Director's Meeting Minutes from November 6, 2002 as presented and place them on file. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. J 3) FY 01/02 EDC "Draft" Audit Motion - Kim Coleman motioned the Board to accept and place on file the FY 01 /-2 EDC "Draft" Audit as presented by Ryan Thelen of Kutas & Hawes P.C. (with addition of information to pages 9 & 13). Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. A) Financial Statements - Final June, 2002 Motion - William Long motioned the Board to receive and place on file the Financial Statements (Final June, 2002) as presented. David Hollister seconded the motion. Yeas: Unanimous. Motion carried. 4) EDC Projects A) Analysis of BFAP Loans (as of 10/31/02) The Board received a copy of the Analysis of Program Loan Funds dated 10/31/02, which was prepared by Barbara Foreman. 5) Other Business A) EDC Bank Accounts - Investment Policy After some discussion the Board agreed to the following: — Keep no more than $300,000 in cash in any one bank and the remaining money should be invested in other instruments; — On a quarterly basis track bank account cash levels and indicate money market; checking; savings; mutual fund; government securities etc. — If staff goes over the threshold for cash, need to be able to explain why (i.e., debt service payment soon; money goes in and comes out quickly)...... Motion - David Hollister motioned the Board to approve the afore mentioned investment policy as presented. Ann Brazeau seconded the motion. Yeas: Unanimous. Motion carried. 6) Public Comment None. 7) Adjournment Chair Williams declared the meeting adjourned at 4:35 p.m. Minutes by B. Foreman OA C4-I'L4. &L,� Patricia A. Cook EDC Manager