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HomeMy WebLinkAbout2014 TIFA minutesTax Increment Finance Authority Board of Director's Meeting Minutes Lansing Economic Area Partnership (LEAP) - Boardroom Friday, February 7, 2014 8:00 a.m. Members Present: Calvin Jones, James Butler, Baldomero Garcia, Kimberly Coleman (dial in) Members Absent: Mayor Bernero, Pierre LaVoie, Kevin O'Malley Temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order None Karl Dorshimer, Marchelle Smith None None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 9:13a.m. 71. ra as co C-1 -- cW Approval of TIFA Meeting Minutes - Wednesday, December 18, 2013 Motion: Coleman moved to approve the meeting minutes from the Wednesday, December 18, 2013 TIFA Board of Director's meeting and place them on file. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending December 31, 2013 Smith provided an overview of the TIFA Financials, period ending December 31, 2013, noting that these Financials will continued to be done by the City of Lansing. Smith advised there were no issues or discrepancies to report. 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. TIFA Refinancing (update) Dorshimer provided an update on The TIFA Refinancing update. He advised that the two TIFA bill amendments made it through the Senate and are now in the House pending approval. These bills will allow the TIFA to capture state taxes for a longer period of time. Dorshimer noted that he recently testified in front of the House committee. He said that the Governor's office and Tax Policy Board are both in agreement with these two amendments. Dorshimer advised that the next payment is due in May 2014 and the city will have to cover this and future payments until this bill passes. . He will provide updates as they become available. 1 Other Business None reported. Public Comment None. Adjournment Chair Jones declared the meeting adjourned at 9:17 a.m. 2�/z a2z,—, Karf Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's Meeting Minutes Lansing Economic Area Partnership -Boardroom Friday, March 14, 2014 8:00 a.m. Members Present: Calvin Jones, Baldomero Garcia, Pierre LaVoie Kimberly Coleman (dial in) Members Absent: Mayor Bernero, James Butler, Kevin O'Malley Temporary Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith Guests: Brian Lefler, Robert W. Baird 8s Company Alyson Schafer, Robert W. Baird & Company Angela Bennett City of Lansing Chris Dembrowski, Miller -Canfield, � Public Present: None Recorded by: Tedi R. Parsons, LEAP �` 1 j CO �J Call to Order Chair Jones welcomed everyone and called the meeting to order at 8:20 a.m. Approval of TIFA Meeting Minutes - Friday, February 7, 2014 Motion: Garcia moved to approve the meeting minutes from the Friday, February 7, 2014 TIFA Board of Director's meeting. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending January 31, 2014 Smith provided an overview of the TIFA Financial Statements, period ending January 31, 2014, noting that there was nothing new to report. Motion: Coleman moved to accept the TIFA Financial Statements, period ending January 31, 2014 as presented and place on file. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. TIFA Refinancing (update) Dorshimer provided an update on the TIFA Refinancing update. Dorshimer noted that the bills were passed by the House and Senate. Angie Bennett, City of Lansing, clarified that legislation is pending Governor's approval. Bennett provided further detail on the restructuring of the TIFA debt and the steps needed to extend this further into the future. She said the TIFA revenue projections were quite conservative and realistic. 1 Bennett and Lefler provided an overview of the Resolution presented (Exhibit #1). Lefler noted the following: • He and Bennett recently meet with Bill Fowler, City of Lansing Assessor to ensure that all the TIFA numbers were correct. • The City of Lansing General Fund will not need to cover the TIFA debt. • Discussion on the process for structuring the debt and what they will tackle first. • Made today's interest rates higher (figured this in). • Asked legislators for a five-year window to manage the TIFA debt. • Elected to use current, simpler bonds until 2117. Other Business None reported. Public Comment None. Adjournment Chair Jones declared the meeting adjourned at 9:03 a.m. Karl Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) 4 Tax Increment Finance Authority 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 Brian Lefler, Robert W. Baird 8, Co. None Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:33 a.m. Approval of TIFA Meeting Minutes - Friday, March 14, 2014 Motion: Butler moved to approve the meeting minutes from the Friday, March 14, 2014 TIFA Board of Director's meeting. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending.March 31, 2014 Dorshimer provided an overview of the TIFA Financial Statements, period ending January 31, 2014. Discussion ensued. Motion: Coleman moved to accept the TIFA Financial Statements, period ending March 31, 2014 as presented and place on file. Motion seconded by Butler. Yeas: Unanimous. Motion carried. 2014 - 2015 TIFA Proposed Budget Dorshimer provided an overview of the proposed 2014 - 2015 TIFA Budget. Dorshimer noted the differences/ variances in the expenditures. Smith proposed holding off on approving the 2014 - 2015 TIFA budget, as some of the numbers have not been finalized because of the ongoing refinancing of the TIFA debt and will present the amended budget for approval at the June 2014 meeting. TIFA Refinancing (update) Dorshimer provided an update/overview on the TIFA Refinancing. He reintroduced Brian Lefler, Robert W. Baird & Co., who provided an update on the TIFA refinancing, noting the following: 1 - City of Lansing will use a measured approach to the refinancing of the TIFA. - There will be a meeting with Bill Fowler, City of Lansing, today to snake sure that Phase I (2014) of the plan is going as planned and to ensure the refinancing plan is solid and on target. - The TIFA refinancing plan will take place over the next 5 -years. - If the refinancing plan can be put in place by June 1St, the City of Lansing will not need to cover the $1.4 million dollar TIFA revenue shortfall (for payment due June 1, 2014) Other Business None reported. Public Comment None Adjournment Chair Jones declared the meeting adjourned at 9:02 a.m. Kar Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) M Tax Increment Finance Authority 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, C Kimberly Coleman, Kevin O'Malley, James Butlaf� c Mayor Bernero Fri None r� co Karl Dorshimer, Marchelle Smith Brian Lefler, Robert W. Baird & Co. E!: It Alyson Schafer, Robert W. Baird & Co. - =' None ;.w co Tedi R. Parsons, LEAP Chair Jones welcomed everyone and called the meeting to order at 8:33 a.m. Approval of TIFA Meeting Minutes - Friday, May 2, 2014 Motion: Pierre LaVoie moved to approve the meeting minutes from the Friday, May 2, 2014 TIFA Board of Director's meeting with corrected wording on Resolution (Action) presented. Motion seconded by O'Malley. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending April 30, 2014 Dorshimer provided an overview of the TIFA Financial Statements, period ending April 30, 2014. O'Malley inquired about the ending unrestricted fund balance. Discussion ensued. Motion: O'Malley moved to accept the TIFA Financial Statements, period ending April 30, 2014 as presented and place on file. Motion seconded by LaVoie. Yeas: Unanimous. Motion carried. TIFA Refinancing (update) Dorshimer provided an update/overview on the TIFA Refinancing. He reintroduced Brian Lefler and Alyson Schafer, Robert W. Baird & Co., who provided an update on the TIFA refinancing, noting the TIFA projected obligations for payments on the current debt (handout provided). Additionally, Lefler advised that the proposed refinancing schedule is projected to provide a positive ending balances for this year and future years. Discussion ensued. 1 TIFA 2014 - 2015 Budget Resolution (Action) Dorshimer provided an overview of the updated TIFA 2013 - 2014 Budget. He asked Lefler to provide input on the proposed changes to the budget due to the refinancing, Lefler provided an overview of the changes made to the 2013 - 2014 TIFA budget due to the refinancing. Dorshimer provided an overview of the proposed 2014 - 201.5 TIFA budget. A Resolution was presented to the board to amend the 2014 - 2015 TIFA budget. Approval of Amended TIFA 2013 - 2014 Amended Budget Motion: LaVoie moved to accept the amended 2014 - 2015 TIFA Budget as presented. Seconded by Garcia. Nays: One (O'Malley) Yeas: Five. Motion carried. Approval of Resolution: 2014 - 2015 TIFA Budget Motion: Butler moved. to accept the amended 2014 - 2015 TIFA Budget Resolution as presented. Seconded by Coleman. Yeas: Unanimous. Motion carried. Other Business None reported. Public Comment Adjournment Chair Jones declared the meeting adjourned at 9:02 a.m. Karl Dorshimer, Director, Economic Development Lansing Economic Area Partnership (LEAP) I Tax Increment Finance Authority 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 a'Voie.-Temporary Members Present: None Staff Present: Karl Dorshimer Guests: None Public Present: None Recorded by: Tedi R. Parsons, LEAP, ! �, Call to Order �o Chair Jones welcomed everyone and called the meeting to order at 9:05 a.m. Approval of TIFA Meeting Minutes - Friday, June 6, 2014 Motion: Butler moved to approve the meeting minutes from the Friday, June 6, 2014 TIFA Board of Director's meeting as presented. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending June 30, 2014 Dorshimer provided an overview of the TIFA Financial Statements, period ending June 30, 2014. Motion: Garcia moved to accept the TIFA Financial Statements, period ending June 30, 2014 as presented and place on file. Motion seconded by Butler. Yeas: Unanimous. Motion carried. TIFA Refinancing (update) Dorshimer provided an update/overview on the TIFA Refinancing. He noted that this has been completed and Lefler has provided a couple of different funding proposals for new investments on the TIFA revenue. Dorshimer is working closely with Bennett from the City of Lansing on getting the funds invested appropriately. He noted that the City of Lansing did not have to cover any of the TIFA debt. Other Business None. 1 Public Comment None. Adjournment Chair Jones declared the meeting adjourned at 9:07 a.m. /1� x /:; �,-,, �, - K _ Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, October 3, 2014 8:00 a.m. The Runway, Knapp's Building Lansing, MI 48933 Members Present: Members Absent: Temporary Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Calvin Jones, Baldomero Garcia, Blake Johnson, Andrea Raga, Kevin O'Malley, Pierre LaVoie, Kimberly Coleman Mayor Bernero, James Butler r None co C� -0 Karl Dorshimer I None L- ca " ' �a C') !rt None _! Chair ,.Jones declared the meeting adjourned at 9:19 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, October 3, 2014 8:00 a.m. LEAP Office 1000 S Washington Avenue, Suite #201, Lansing, MI 48910 Members Present: Calvin Jones, Baldomero Garcia, Blake Johnson, Andrea Raga, Kevin OWalley, Pierre LaVoie, Kimberly Coleman Members Absent: Mayor Bernero, James Butler Temporary Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith„a; X- Guests: Stephen Blann, Rebmann _ �} Will Love, Rehmann C-) Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order` Chair Jones welcomed everyone and called the meeting to order at 8:39 a.m. Approval of TIFA Meeting Minutes - Friday, October 3, 2014 Motion: Johnson moved to approve the meeting minutes from the Friday, October 3, 2014 TIFA Board of Director's meeting as presented. Motion seconded by Garcia. Yeas: Unanimous. Motion carried. Financial Statements No financials were presented to the TIFA board, as the City of Lansing is working on closing out the previous fiscal year-end. TIFA Audited Financial Statements (Action) Dorshimer reintroduced Stephen Blann & Will Love of Rehmann, who provided an overview of the TIFA Audited Financial Statements, period ending June 30, 2014. The following was noted: • Review of Independent Auditors Report of TIFA Audited Financials • Clean and unmodified opinion found on the Independent Auditors Report • Debt reported with offsetting asset on the books, which is common for TIFA's • Noted the addition of Accreted Interest on Lease Contract (Page 20) for long-term debt for the TIFA • New accounting pronouncement noted (Page 22) due to bond issuance costs from previous years 1 Motion: O'Malley moved to approve the TIFA Audited Financial Statements ending June 30, 2014, as presented. Motion seconded by Butler. Yeas: Unanimous. Motion carried. Potential Amendment of'Y YFA Development and Financial Plan Dorshimer noted that there is a chance of state legislative action that could potentially affect future TIFA captures. He will report back as information is made available. Dorshimer advise that future TIFA revenues are looking better. Other Business None, Public Comment None. Adjournment Chair Jones declared the meeting adjourned at 8:48 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2