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HomeMy WebLinkAbout2016 TIFA minutesTax Increment Finance Authority Board of Director's Meeting Minutes Friday, January 8, 2016 8:00 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Members Absent: Temp Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Pierre LaVoie, Calvin Jones, Blake Johnson, Andrea Ragan, Baldomero Garcia, Mayor Bernero James Butler, Kimberly Coleman, Kevin O'Malley None Karl Dorshimer, Marchelle Smith, Gabriela Allum None None Quin Stinchfield, LEAP Chair LaVoie welcomed everyone and called the meeting to order at 9:03 a.m. Approval of TIFA Meeting Minutes - Friday, December 11, 2015 Motion: Jones moved to approve the meeting minutes from the Friday, December 11, 2015 TIFA Board of Director's meeting as presented. Motion seconded by Johnson. Yeas: Unanimous. Motion carried. t :' Other Business None. Public Comment ' .7 None. Adjournment Chair Jones declared the meeting adjourned at 9:04 a.m. arl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, February 5, 2016 - 8:00 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Members Absent: Temp Members Present: Guests: Public Present: Recorded by: Call to Order Pierre LaVoie, James Butler Calvin Jones, Kimberly Coleman, Blake Johnson, Andrea Ragan, Baldomero Garcia Mayor Bernero, Kevin O'Malley None None None Tedi R. Parsons, LEAP Chair LaVoie welcomed everyone and called the meeting to order at 9:33 a.m. Approval of TIFA Meeting Minutes - Friday, January 3, 2016 Motion: Johnson moved to approve the meeting minutes from the Friday, January 8, 2016 TIFA Board of Director's meeting as presented. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. Financial Statements - Period Ending December 31, 2015 Smith provided an overview of the TIFA Financial Statements, period ending December 31, 2015. She noted that the TIFA financials are in good standing and currently waiting for the 2015 winter tax captures to be provided. Discussion ensued. Motion: Jones moved to accept the TIFA Financial Statements, period ending December 31, 2015 as presented and place on file. Motion seconded by Ragan. Yeas: Unanimous. Motion carried. Other Business / Public Comment None. Adjournment Chair LaVoie declared the meeting adjourned at 9:35 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, April 1, 2016 - 8:00 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Andrea Ragan, Blake Johnson, Calvin Jones, Kimberly Coleman, Mayor Virg Bernero Members Absent: Pierre LaVoie, James Butler, Kevin O'Malley, Baldomero Garcia � Temp Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order None v' Karl Dorshimer, Marchelle Smith, Gabriela Allure Tony Willis C-) Angela Bennett, City of Lansing Harold Leeman Tedi R. Parsons, LEAP (�1 :o Vice -Chair Butler welcomed everyone and called the meeting to order at 8:50 a.m. aa C i v� C:) cn Approval of TIFA Meeting Minutes - Friday, February 5, 2016 Motion: Jones moved to approve the meeting minutes from the Friday, February 5, 2016 TIFA Board of Director's meeting as presented. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. Amendment of 2015 - 2016 TIFA Budget Dorshimer presented a Resolution (Amendment of 2015-2016 TIFA Budge) noting this was necessary as the TIFA has twice in the recent past refunded (refinanced) portions of its debt to lower annual expenditures to match projected future revenues, and the TIFA refunding's have resulted in a complicated payment schedule splitting the debt into multiple payments that change from year to year, and even though the TIFA revenue projections and matching payment schedules have anticipated these changes, there is still the need make occasional amendments to the TIFA Budget as is necessary. Angela Bennett, City of Lansing, Finance Manager, provided an overview of the Resolution presented and the necessity of having the TIFA Board approve this. Discussion ensued. Motion: Jones moved to accept and approve the Resolution to amend the 2015-2016 TIFA Budget as presented and place on file. Motion seconded by Johnson. Yeas: Unanimous. Motion carried. Approval of 2016 - 2017 TIFA Budget Dorshimer introduced the 2016-2017 TIFA Budget for approval. He provided the following points of discussion: • Overview of Revenues and Expenditures • Overview of Fund Balance ($1,843,808) • Ending Unrestricted Fund Balance: $2,295,196 © Overview of Restricted and Unrestricted Revenues • Bennett noted: used very conservative estimates in the refinancing of the TIFA • Ragan: perhaps we could have a map of the TIFA district available at our next discussion Motion: Johnson moved to approve and accept the TIFA 2016 - 2017 Budget as presented. Motion seconded by Jones. Peas: Unanimous. Motion carried. Other Business None. Public Comment None. Adjournment Vice -Chair Butler declared the meeting adjourned at 9:06 a.m. Gam'/ / X� 1,2�� Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2