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HomeMy WebLinkAbout2014 LEDC minutesLansing Economic Development Corporation Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom r Friday, February 7, 2014 N 8:00 a.m. Fri Members Present: Calvin Jones, James Butler, Baldomero Garcia, r Kimberly Coleman (dial in) Members Absent: Mayor Bernero, Pierre LaVoie, Kevin O'Malley i-Tj Temporary Members Present: None ('71 o.. `r Staff Present: Karl Dorshimer, Marchelle Smith f' f Guests: Jeff Henry, The Runway Incubator Randy Watah, President, 7 -Mile Foods Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order Chair Jones welcomed everyone and called the meeting to order at 8:10 a.m. Approval of LEDC Meeting Minutes - Wednesday, December 18, 2013 Motion: Garcia moved to approve the meeting minutes from the Wednesday, December 18, 2013 LEDC Board of Director's meeting. Motion seconded by Butler. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending December 31, 2013 Smith introduced Dondra Kirk, CPA with Warmels & Comstock who provided an overview of the EDC financials. Kirk advised that there was a smooth transition from the City of Lansing's Finance Department to Warmels & Comstock. She noted that the reporting format is a bit different, but all the financial information will remain the same. Kirk provided overview of the EDC Balance Sheet, Notice of Depreciation, and Profit and Loss (Statement of Functional Expenses). Motion: Butler moved to accept the LEDC Financial Statements, period ending December 31, 2013 as presented and place on file. Motion seconded by Garcia. Yeas: Unanimous. Motion carried., UDAG Report - Period Ending December 31, 2013 Smith provided an overview of the UDAG report, period ending December 31, 2013. Butler inquired about the monies captured from the Radisson Hotel, Lansing. Smith advised a check was received in late January and there are two more years of payments left. Discussion ensued. 1 The Runway (Update) Henry provided an update on the Runway Incubator project, advising that a recent meeting with Peckham took place and they [Peckham] may showcase their products in the retail space at the new space. Smith advised that the construction documents were finalized and bid for proposals will be going out the following week. He advised that the bids will be reviewed by the EDC Runway Subcommittee and then presented to the full EDC Board for final approval. There will be a 60 -day turnaround once the proposals have been approved and the contractor has been selected. Discussion ensued. Loan Application Dorshimer introduced Randy Watha, President, 7 -Mile Foods. He provided a history of the EDC loan processes and advised that the board has approved 15-20 loans already. Dorshimer advised that the loan project plan will go before the City Council and then back to the EDC for final approval. Darden provided an overview of the Market Fresh C Store application, noting the monies would be used on an existing structure to create a full service convenience store and gas station. Watha is requesting a $220,000 loan for construction and equipment. Watha provided a brief history of his business and an overview of the proposed project. He said that he would like to remove the 10x10 kiosk that is currently onsite and expand the convenience store and gas station. Watha advised that his existing stores have done over $1 million dollars in sales and with a new/updated store/station, they anticipate tripling sales. Dorshimer noted that a post -production appraisal plan will be done. Garcia inquired what the terms of the loan are. Smith advised this has not been determined yet. Butler inquired what type of construction would take place. Watha advised that the monies would be used for new signage, interior and exterior improvements and new equipment. Motion: Garcia moved to approve the Market Fresh C Store Project as presented and for staff to continue with due diligence. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. In Pore Loan (Update) Dorshimer provided and update on In Pore advising that $50,500 is still owed on the loan. He said the equipment is still onsite and there is an option to sell this to Michigan Bio Institute (MBI) or an outside source. Dorshimer said they are still trying to recover as much (monies) as possible, but may have to look at auctioning the equipment. Smith noted that they currently have an agreement with MBI to store the equipment for the EDC at their location. Darden inquired whether there was a patent that the EDC could use to recoup some of their losses. Dorshimer noted that MSU recently purchase MBI and he will try to get some additional information on this. Discussion ensued. Public Comment None 2 Adjournment There being no further business, Chair Jones declared the meeting adjourned at 8:55 a.m. Karl Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) 3 Lansing Economic Development Corporation Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom Friday, March 14, 2014 8:00 a.m. Members Present: Members Absent: 'temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Calvin Jones, Baldomero Garcia, Pierre LaVoie Kimberly Coleman (dial in) Mayor Bernero, James Butler, Kevin O'Malley None Karl Dorshimer, Marchelle Smith None None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:09 a.m. Approval of LEDC Meeting Minutes - Friday, February 7, 2014 Motion: Garcia moved to approve the meeting minutes from the Friday, LEDC Board of Director's meeting. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending January 31, 2014 I— c� C) N CD t-' co CD Febru.ry 7;'f2014 Smith provided an overview of the LEDC Financial Statements, period ending January 31, 2014 advising there were no changes to report. Motion: Garcia moved to accept the LEDC Financial Statements, period ending January 31, 2014 as presented and place on file. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending January 31, 2014 Smith provided an overview of the UDAG report, period ending January 31, 2014, advising there was nothing new to report. 3D Printer Agreement Renewal (Action Item) Jeff Smith presented the changes to the 3D Printer Agreement between the LEDC and LEAP, noting the following proposed amendments: • Date/Term of contract to be amended to reflect February 22, 2014 - February 21, 2015. • Item No. 5 - Pricing fee change. 1 • Item No. 6 — Sharing of revenue, as there is no profit being made due to the increased costs for the materials and maintenance of the 3D printer. o Updates to the website will assist clients with breaking down the cost of their project, eliminating the time it would take to wait for a quote, allowing monies to be received more quickly. Motion: LaVoie moved to accept the amended 3D Printer Agreement as presented. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. Pp blic Comment None Adjournment There being no further business, Chair Jones declared the meeting adjourned at 8:36 a.m. Karl Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) 2 Lansing Economic Development Corporation Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom Friday, May 2, 2014 8:00 a.m. Members Present: Members Absent: Temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Calvin Jones, Baldomero Garcia, Pierre LaVoie Kimberly Coleman, James Butler, Kevin O'Malley Mayor Bernero None Karl Dorshimer, Marchelle Smith None None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:03 a.m. Approval of LEDC Meeting Minutes - Friday, March 14, 2014 r :7 Motion: Butler moved to approve the meeting minutes from the Friday, March 14, 2014 LEDC Board of Director's meeting. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending March 31, 2014 Dorshimer provided an overview of the LEDC Financial Statements, period ending March 31, 2014. Motion: Garcia moved to accept the LEDC Financial Statements, period ending March 31, 2014 as presented and place on file. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending March 31, 2014 Dorshimer provided an overview of the UDAG report, period ending March 31, 2014, advising there was nothing unusual to report. Smith noted that this report is an overview of the UDAG funds. Resolution to Approve the 2013 - 2014 LEDC Budget Amendment (Action Item) Dorshimer presented a Resolution (Approval of the 2013 - 2014 LEDC Budget Amendment) to the board, providing an overview of the proposed changes to the 2013 - 2014 EDC budget. 1 Motion: LaVoie moved to accept and approve the Resolution to amend the 2013 -2014 LEDC budget as presented. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. 2014 - 2015 LEDC Proposed Budget & Runway Incubator Bidding/Build-Out Dorshimer provide an overview of the 2014 - 2015 LEDC budget. Jeff Smith, LEAP, provided an overview of the Runway Incubator budget and project update, including construction costs, leases, and necessary equipment needed to get the space up and running. Motion: Butler moved to accept and approve the 2014 - 2015 LEDC budget as presented. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. 2014 - 2015 LEDC & LEAP Contract / LEDC & City of Lansing Contract Dorshimer reminded the EDC board of the 2014 - 2015 LEDC & LEAP and LEDC & City of Lansing contracts, which need to renewed prior to July 1, 2014. The two updated (draft) contracts will be sent to the EDC board for review prior to the June 2014 LEDC Board Meeting, requesting approval at this time. Update on Projects Dorshimer provided an update on the following projects: - Ballpark North: This project continues on -course and there is an agreement between the City of Lansing and the developer. The agreement/ project will be presented to the Lansing City Council on Monday, May 5, 2014. - Brownfield Plan #59, 4000 N. Grand River Redevelopment Project continues to move along and was recently approved by the Lansing City Council. - High Grade Materials Processing Plant (Brownfield Plan #58) is progressing along well. - Dr. Subori Building (Brownfield Plan #57): This project is still trying to structure financing package. - YMCA/Reutter Park project may be on track. Dorshimer recently met with the developer and discussed this project and the possibility of it finally coming to fruition. Dorshimer will report back at a future meeting. Public Comment None Adjournment There being no further business, Chair Jones declared the meeting adjourned at 8:31 a.m. Karl 6orshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) 2 Lansing Economic Development Corporation Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom Friday, June 6, 2014 8:00 a.m. Members Present: Members Absent: Temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Calvin Jones, Baldomero Garcia, Pierre LaVoie, Kevin O'Malley, Kimberly Coleman Mayor Bernero None Karl Dorshimer, Marchelle Smith, -c None ' c t -n None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:34 a.m. Approval of LEDC Meeting Minutes - Friday, May 2, 2014 C� co M. rn � � C co m Motion: Butler moved to approve the meeting minutes from the Friday, May 2, 2014 LEDC Board of Director's meeting. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending April 30, 2014 Smith provided an overview of the LEDC Financial Statements, period ending April 30, 2014, noting that the only outstanding expenses for the fund year are from the arts and culture, which will be settled in late June 2014. Motion: Garcia moved to accept the LEDC Financial Statements, period ending April 30, 2014 as presented and place on file. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending April 30, 2014 Smith provided an update on the UDAG funds for the period ending April 30, 2014. Dorshimer provided an update on The Runway incubator space advising that inspections have taken place and the project is moving forward. 2014 - 2015 LEDC & City of Lansing Contract (Action Item) Dorshimer presented the 2014 - 2015 LEDC and City of Lansing Contract for the EDC board review and approval. Smith reminded the board that all LBRA and TIFA financial activities will remain with the City of Lansing. 1 Motion: Butler moved to accept and approve the 2014-2015 LEDC and City of Lansing Contract as presented. Motion seconded by Coleman. Nays: One (O'Malley) Yeas: Five. Motion carried. 2014 - 2015 LEDC & LEAP Contract (Action Item) Dorshimer provide an overview of the 2014 - 2015 LEDC and LEAP contract for the LEDC board's review and approval. Motion: LaVoie moved to accept and approve the 2014 - 2015 LEDC and LEAP contract as presented. Motion seconded by Butler. Yeas: Unanimous. Motion carried. Update on Projects Dorshimer provided an update on the following projects: - Expect approval at the Lansing City Council Meeting on Monday, June 9, 2014 for the Outfield project: After approval by council the project will begin at the end of the 2014 Lugnuts season. - There are several residential developments on the drawing -board for downtown Lansing and the goal of having 1,000 people living downtown is getting closer. - The casino project is moving closer to a reality with a recent legal victory over the State of Michigan. Discussion ensued. Public Comment None. Adjournment There being no further business, Chair .Jones declared the meeting adjourned at 9:03 a.m. Karl Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) E Lansing Economic Development Corporation Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom Friday, August 1, 2014 8:00 a.m. Members Present: Calvin Jones, Baldomero Garcia, James Butler, Kevin O'Malley Members Absent: Mayor Bernero, Kimberly Coleman, Pierre LaVoie Temporary Members Present: None Staff Present: Karl Dorshimer, Quin Stinchfield Guests: Public Present: Recorded by: Call to Order Jeff Henry, The Runway None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:13 a.m. Approval of LEDC Meeting Minutes - Friday, June 6, 2014 �a er M cn w (7) M Fri tD Motion: Butler moved to approve the meeting minutes from the Friday, June 6, 2014 LEDC Board of Director's meeting. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending June 30, 2014 Dorshimer provided an overview of the LEDC Financial Statements, period ending June 30, 2014. Motion: Butler moved to accept the LEDC Financial Statements, period ending June 30, 2014 as presented and place on file. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending June 30, 2014 Dorshimer provided an update on the UDAG funds for the period ending June 30, 2014. He advised that the EDC has a five-year loan with Troppo Restaurant who, after discussions with the owner, decided to pay-off the loan (approximately $320,000) and go with another lender. Dorshimer noted this money would go back into the UDAG Funds. There is a new company (American 5th Spirits) who may be requesting a loan for $25,000 from the EDC. Dorshimer to provide an update at a future meeting. Market Fresh may be requesting approximately $220,000, from the EDC for this loan. 1 2014 --- 2015 Budget Amendment Resolution (Action Item) Dorshimer presented the 2014 - 2015 LEDC Budget Amendment Resolution for the EDC board review and approval. He noted that the Resolution is for the $506,000, which was budgeted for the Runway incubator build -out, but due to a. change in the construction schedule, will need to be rolled into the 2015 fund year. Discussion ensued. Motion: Garcia moved to accept and approve the 2014-2015 LEDC Budget Amendment Resolution. as presented. Motion seconded by Butler. Yeas: Unanimous. Motion carried. The Runway Inculcator (Update) Dorshimer provided introductions of Stinchfield and Henry who provided an update on The Runway Incubator noting that the proposed finish date is now projected for August 15, 2014, due to construction delays. As of today's date, 10 tenants have signed lease agreements. Stinchfield and Henry provided a slideshow and detail on the progress made at The Runway incubator in the Knapp's building. O'Malley voiced concern over the late start date. He asked to be notified of this type of issues in the future. Henry noted there will be a grand opening event on Tuesday, September 23, 2014 with a VIP reception following the day's activities where the LEDC Board will be invited. A press conference will take place at 10:00 a.m. on September 23rd with a luncheon to follow and public open house later in the afternoon. Update on Projects Dorshimer provided an update on the following projects: ® YMCA (Dan Essa): This is moving along and Mr. Essa is working with HUD, who will be providing a loan guarantee for this exciting project. This is an estimated $21 million dollar project:. The old YMCA building will take a lot of money to demolish due to environmental issues. The LBRA may be loaning $500,000 on this project and with tax captures gained, will be reimbursed upwards of $300,000 in the first year. Open Forum Butler requested. information from Dorshimer on the possibility of a new loan guarantee to be provided by the LEDC to the Entrepreneurship Institute. Dorshimer advised that he will put information together and report back at a future .meeting. R ablie Comment None Adjournment There being no further business, Chair Jones d X meetin o�u/rn' ed at 8:57 a.m. arl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2 Lansing Economic Development Corporation Board of Director's Meeting Minutes Friday, October 3, 2014 8:00 a.m. The Runway, Knapp's Building Lansing, MI 48933 Members Present: Calvin Jones, Baldomero Garcia, Blake Johnson, Kevin OMalley, Kimberly Coleman, Pierre LaVoie, Bo Garcia, Andrea Ragan Members Absent: Mayor Bernero, James Butler Temporary Members Present: Julian Darden Staff Present: Karl Dorshimer, Quin Stinchfield Guests: Jeff Henry, The Runway Steve Owen, Foster Swift ca �; ) rr', Public Present: None � W r Recorded by: Tedi R. Parsons LEAP -< to cE C Call to Order rn x:- :� N Chair Jones welcomed everyone and called the meeting to order at 8:09 a.m. Introduction of New Board Members Chair Jones welcomed newly appointed board members: Andrea Ragan and Christopher `Blake' Johnson to the board of directors. Ragan and Johnson introduced themselves and provided a brief bio. Approval of LEDC Meeting Minutes - Friday, August 1, 2014 Motion: Coleman moved to approve the meeting minutes from the Friday, August 1, 2014 LEDC Board of Director's meeting. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending August 31, 2014 Dorshimer provided an overview of the LEDC Financial Statements, period ending August 31, 2014. Dorshimer noted that some previous posted revenues from the previous over the past fiscal year as part of the build -out costs for The Runway. Motion: Coleman moved to accept the LEDC Financial Statements, period ending August 31, 2014 as presented and place on file. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. 1 UDAG Report - Period Ending August 31, 2014 Dorshimer provided an update on the UDAG funds for the period ending August 31, 2014. He noted that they are working on a few projects on the South Side of Lansing and will bring these to the board's attention in the near future. Extension of Loan to Mobeius Technologies (Action Item) Dorshimer presented a Resolution to extend the loan to Mobieus Technologies. He provided history of the loan and noted this is an ongoing five-year loan. LaVoie provided information on the recent meeting the Loan Committee had on Thursday, October 2, 2014. He advise the Loan Committee agreed to extend the loan on a year-to-year basis, as Mobieus has done a great job in keeping -up in their payments. LaVoie noted that a change needs to be made to the Resolution presented (page 2- noting Bob Trezise as President 8s CEO of the LEDC). O'Malley inquired about the make-up of the Loan Committee and validity of the Temporary Members service to the EDC. He asked that all the documents be forwarded to the full board before presenting loan extensions in the future. Steve Owen, Foster & Swift, presented information on the statue of the Public Act 338 of 1974, nothing that two members of the EDC and two -temporary members are to serve on the EDC Loan Committee. Owen provided an overview of Article VI - Committees of the LEDC Bylaws. Coleman inquired whether this Resolution can be tabled, giving the EDC Executive Committee time to review this further. After discussion, Chair Jones appointed member Coleman to serve as a member of the EDC Loan Committee. Motion: Coleman moved to accept and approve the extension of the EDC loan to Mobieus Technologies on a year-to-year basis as presented. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Loan Guarantee for the Entrepreneur Institute Dorshimer provided background of the loan guarantee program for the Entrepreneur Institute, which the EDC provides loans for (limited to $25,000). He noted this program is run by Denise Peek, who has approached the EDC about renewing this loan guarantee. Dorshimer advised that Denise will attend a future EDC meeting to present her ask allowing the board to decide whether to approve a new loan guarantee. The Runway Incubator (Update) Dorshimer provided reintroductions of Stinchfield and Henry who provided an update of The Runway fashion incubator, noting the following: • There are currently 10 tenants • There are approximately 30 lines being offered in the retail space • There is a Sneak -Peek of The Runway on October 9, 2014 • Planning to open and be fully operational on November 1, 2014 • New signage has been added to the front of the building E Update on Projects Dorshimer provided an update on the following projects: • _Outfield Project: This project continues with productive meetings and talks with the MEDC. Hoping to see a closing on this project in late November 2014. Construction could begin as soon. as October 2014. • Emergent BioSolution.s: This project has been put on the backburner with Emergent presenting again in the spring of 201.5. 4 Red Cedar: This project continues to move forward, there are several challenges to overcome before the real work can begin. There will be a Brownfield plan for this project that will come before the LBRA Board. Open Forum None. Public Comment None. Adjournment There being no further business, Chair Jones declared the meeting adjourned at 8:49 a.m. Z�2 Kar Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 3 Lansing Economic Development Corporation Board of Director's Meeting Minutes Friday, November 7, 2014 8:00 a.m. LEAP Office 1000 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Members Absent: Temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order ." .r X - Cl) 7's Calvin Jones, Baldomero Garcia, Blake Johnson, Keviiz Oc;V1al16. Kimberly Coleman, Pierre LaVoie, Bo Garcia, Andrea `Ragalr_ Mayor Bernero, James Butler, Andrea Ragan w'C, None Karl Dorshimer, Steve Willobee, Marchelle Smith Denise Peek, Entrepreneur Institute None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:06 a.m. Approval of LEDC Meeting Minutes - Friday, October 3, 2014 Motion: Coleman moved to approve the meeting minutes from the Friday, October 3, 2014 LEDC Board of Director's meeting. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending September 30, 2014 Smith provided an overview of the LEDC Financial Statements, period ending September 30, 2014. She noted that 90% of the construction costs have been paid on The Runway project. Dorshimer noted that the Troppo loan has been paid in full. He noted that Troppo has elected to seek alternative financing with another source. Motion: Coleman moved to accept the LEDC Financial Statements, period ending September 30, 2014 as presented and place on file. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Amendment to 2014 -2015 LEDC Budget Dorshimer provided an amendment to the 2014-2015 LEDC budget, noting that this is necessary to approve so it will reflect the reimbursement of Parking Lot #55 revenues with funds used from fund balance in the amount of $7.323.63. Motion: Coleman moved to approve the amended 2014-2015 LEDC Budget, as presented. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending September 30, 2014 Smith provided an update on the UDAG funds for the period ending September 30, 2014. Discussion ensued over the InPore Technologies loan and how this originated and what the process is in trying to recapture any loss monies. Denise Peek - Entrepreneur Institute (Presentation & Action Item) Dorshimer introduced Denise Peek, Entrepreneur Institute. Denise provided a brief bio and background of the Entrepreneur Institute. Peek said she is asking the LEDC Board to consider reengaging the Entrepreneur Institute Loan Guaranty ($25,000). She noted that they are a Small Business Association (SBA) microloan lender with $100,000 invested by the SBA. Peek advised that the maximum loan amount they can provide is $50,000 (72 -months max loan timeline) and there are currently 4 SBA loans in the City of Lansing, but will be seeking loan assistance from other municipalities in the near future. Peek suggested that someone from the EDC Board sits on her loan committee. Discussion ensued. Motion: Garcia moved to accept and approve the Entrepreneur Institute Loan Guaranty Agreement (1 -Year) as presented. Motion seconded by O'Malley. Yeas: Unanimous. Motion carried. EB -5 Program (Update) Dorshimer introduced Steve Willobee, LEAP, who oversees the City of Lansing's EB -5 program. Willobee provided what an EB -5 program is and noted that the program here in Lansing was created by Mayor Bernero in 2010. He advised that there is a Regional Center in Lansing, which is overseen by a 5 member board. Willobee said that Lansing is one only four EB -5 regional centers in the U.S. Willobee said he and Mayor Bernero are heading to China (November 9-14, 2014) on a fact finding mission for the EB -5 program. Dorshimer inquired what the LEDC's involvement in the EB - 5 program is. Willobee noted that the Chair of the LEDC Board is the connection to the EB -5 program. Update on Projects Dorshimer provided an update on the following projects: • Red Cedar Development: Noted there was an announcement yesterday (November 6, 2014) and the development agreement will be headed to City Council for approval. He will provide updates as they come available. This is an approximately $200 million dollar project, • Outfield Project: This project is moving forward and there is construction underway. • Downtown Casino Project: Waiting for a Federal decision, which is expected in the next two -weeks. This will give way to the next -steps for this project. 2 Open F ortuc . None. Public Comment None. .Adjournment There being no further business, Chair Jones declared the meeting adjourned at 9:15 a.m. /Al I — Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 3 Lansing Economic Development Corporation Board of Director's Meeting Minutes Friday, December 5, 2014 8:00 a.m. LEAP Office 1000 S Washington Avenue, Suite #201, Lansing, MI 48910 Lansing, MI 48933 Members Present: Calvin Jones, Baldomero Garcia, Blake Johnson, Kevin O'Malley, Bo Garcia, Andrea Ragan, James Butler Members Absent: Mayor Bernero, Kimberly Coleman, Pierre LaVoie Temporary Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith r- Guests: Stephen Blann, Rehmann :]> Will Love, Rehmann Public Present: None `-) Recorded by: Tedi R. Parsons, LEAP ., Call to Order" lD %, �- — Chair Jones welcomed everyone and called the meeting to order at 8:05 a.m. Approval of LEDC Meeting Minutes - Friday, October 31, 2014 Motion: Butler moved to approve the meeting minutes from the Friday, October 31, 2014 LEDC Board of Director's meeting. Motion seconded by O'Malley. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending October 31, 2014 Smith provided an overview of the LEDC Financial Statements, period ending October 31, 2014. She advised there were no issues to report at this time. Motion: Garcia moved to accept the LEDC Financial Statements, period ending October 31, 2014 as presented and place on file. Motion seconded by Butler. Yeas: Unanimous. Motion carried. LEDC Audited Financial Statements for June 30, 2014 (Action) Dorshimer reintroduced Stephen Blann & Will Love of Rehmann, who provided an overview of the LEDC Audited Financial Statements, period ending June 30, 2014. The following was noted: • Review of Independent Auditors Report of LEDC Audited Financials • Noted the only suggested change was the reporting of construction costs for The Runway. • This was a clean audit and no other suggested changes were made. • Non-operating Activity for uncollected loan with In -Pore Technologies ($44,000) Motion: Butler moved to approve the LEDC Audited Financial Statements ending June 30, 2014, as presented. Motion seconded by O'Malley. Yeas: Unanimous. Motion carried. UDAG Report - Period Ending October 31, 2014 Dorshimer provided an update on the UDAG funds for the period ending October 31, 2014. He noted the following: • Noted that the loan for Troppo has been paid in full • Two loans (Market Fresh, $250,000 loan with a first -mortgage and American 5th Spirits with an approximate $35,000 microloan) Entrepreneur Institute of Mid -Michigan (Update) Dorshimer provided an update of the Entrepreneur Institute of Mid -Michigan noting that this contract was approved at the October 2014 LEDC Board Meeting. Denise Peek (EIM) is currently having this reviewed by her board and will be providing a signed contract in the near future. Dorshimer will report back once the contracts have been signed. Overview of LEDC Programs and Incentives Dorshimer provided an overview of the LEDC programs and incentives advising that he will be providing updates and insights in the future. Dorshimer provided a handout which provides a summary of details for the three entities (LEDC, LBRA and TIFA). Dorshimer provided a brief overview of the EDC, LBRA and TIFA and their respective programs. Update on Projects Dorshimer provided an update on the following projects: • Michigan Strategic Fund Board Meeting: Meeting taking place on December 16, 2014. Anticipating that they will be approving the loans for the YMCA and Outfield project. Dorshimer will report back on this. • Outfield Project: This project is underway and construction is taking place. Open Forum Chair Jones: Annual Election of Officers, in accordance with LEDC bylaws. He is requesting members serve on a Nominating Committee. O'Malley requested that we solicit nominations at the January meeting. Chair Jones has requested Coleman, Garcia and Ragan to serve on the nominating committee. 2 Public Comment None. Adjournment There being no further business, Chair Jones declared the meeting adjourned at XX a,m. / r � Karf Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 3