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Home My WebLink About2018 TIFA minutesTax Increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, March 2, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Andrea Ragan, Calvin Jones, Blake Johnson, Mayor Andy Schor, Kimberly Coleman, Pierre LaVoie Members Absent: James Butler III, Thomas Donaldson, Shelley Davis Temp Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Kris Klein Guests: Brian McGrain, City of Lansing Brian Lefler, Robert E. Baird Co. Janet Micholuk, State of Michigan Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 8:48 a.m. Approval of TIFA Meeting Minutes - Friday, December 8, 2018 Motion: Coleman moved to approve the TIFA meeting minutes from the Friday, December 8, 2018, TIFA Board of Director's meeting. Motion seconded by Johnson. Yeas: Unanimous. Motion carried. TIFA Refinancing Update: Brian Lefler, Robert E Baird & Co. (Action) Chair Ragan reintroduced Brian Lefler, Robert E. Baird & Co., who provided a TIFA update presentation, The following points of interest were noted during Lefler's presentation: Refinanced the outstanding TIFA debt, which resulted in a $2 million -dollar savings The 2017 capitalized interest and debt service reserve funds were invested to generate approximately $410,000 in investment earnings • 2009 - 2039 total capture tax revenue is estimated at $131.6 million to pay eligible expenditures, with the City's approximate portion is 28% or $36,848,000 Overview of the TIFA Revenue Versus Expenditure Analysis (handout provided) • Standard & Poor's rated the City of Lansing Double A -Minus TIFA has brought in an extra $100 million dollars over the past 20 -years to help payoff City of Lansing debt Open Forum for TIFA Board Members & Other Business None. Public Comment None. Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 9:59 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, April 13, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Andrea Ragan, Calvin Jones, Blake Johnson, Mayor Andy Schor, Kimberly Coleman, Pierre LaVoie Members Absent: James Butler III, Thomas Donaldson, Shelley Davis Temp Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Kris Klein Guests: Brian McGrain, City of Lansing Angela Bennett, City of Lansing Eric Helzer, Advance Development Solutions John Peckham, Advance Development Solutions Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 8:33 a.m, She asked Parsons to complete rollcall. Rollcall was completed and recorded. Chair Ragan provided an update on Pierre LaVoie's resignation from the LEDC Board of Directors and advised we will present him with an award for his years of service to the City of Lansing and LEDCE. This will take place at the next meeting on Friday, May 4, 2018. Dorshimer noted a change to the TIFA Board agenda, advising under the Approval of FY 2018-2019 TIFA Budget, it should have noted: "Highlighted in Blue". Parsons to make this change to the April 13, 2018 TIFA agenda and place on file. Approval of TIFA Meeting Minutes - Friday, March 2, 2018 Motion: Coleman moved to approve the TIFA meeting minutes from the Friday, March 2, 2018, TIFA Board of Director's meeting. Motion seconded by Johnson. Yeas: Unanimous. Motion carried. TIFA Financial Statements - Period Ending February 28, 2018 Smith provided an overview of the TIFA Financial Statements, period ending February 28, 2018, noting that Angela Bennett, City of Lansing, will be providing additional information on any changes to the TIFA financials. Bennett provided an overview of the TIFA budget amendment advising the refinancing will see a revenue increase. She noted that this was a very successful refinancing, as it resulted in a $2 -million dollar savings in interest. Discussion ensued. Motion: Coleman moved to receive the TIFA Financials, period ending February 28, 2018, as presented and place on file. Motion seconded by Donaldson. Yeas: Unanimous. Motion carried. Resolution to Amend the FY 2017-2018 TIFA Budget (Action) Dorshimer presented a Resolution to the TIFA Board of Directors to amend the FY 2017-2018 TIFA budget, noting this is amendment is necessary for refinancing of the TIFA. Motion: Johnson moved to approve the Resolution to amend the FY 2017-2018 TIFA Budget, as presented and place on file. Motion seconded by Coleman. Yeas: Unanimous. Motion carried. TIFA FY 2018-2019 Budget (Action) Dorshimer presented the TIFA Budget FY-2017-2018 for the TIFA board's approval. He provided an overview of FY 2018-2019. Chair Ragan called for a Motion to accept the FY 2018-2019 TIFA Budget as presented. Motion: Coleman moved to approve the FY 2018-2019 TIFA Budget, as presented. Motion seconded by Davis. Yeas: Unanimous. Motion carried. Open Forum for TIFA Board Members & Other Business Mayor Schor: Announced he has appointed Fred Schaible, to replace LaVoie's vacant position on the LEDC-LBRA-TIFA Board of Directors, advising Schaible will be vetted by City Council soon. Mayor Schor requested Dorshimer and Ragan to meet with Schaible and provide him with an overview of the LEDC-LBRA-TIFA Board of Directors. Public Comment None. Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 8:47 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2 TAX INCREMENT FINANCE AUTHORITY Certificate of Resolution by Board of Directors At the regular meeting of the Board of Directors of the Tax Increment Finance Authority (TIFA), Lansing, Michigan, held on the 131h day of April 2018, at 8:30 a.m., pursuant to notice duly given: Members Present: Andrea Ragan, Blake 'Christopher' Johnson, Calvin Jones, Mayor Andy Schor, Kimberly Coleman, Shelley Davis, Thomas Donaldson Members Absent: James Butler III The following preamble and resolution was offered by; Member: Johnson and seconded by, Member: Coleman WHEREAS, the Lansing Tax Increment Finance Authority (TIFA) adopted its FY 2017/2018 budget on Friday, June 2, 2017, and WHEREAS, the TIFA successfully completed the refinancing (Refunding) of a portion of its long- term debt on December 21, 2017, and WHEREAS, because of the Refunding there are changes to the adopted 2017/2018 budget that must be made by amending the current budget. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE TAX INCREMENT FINANCE AUTHORITY AS FOLLOWS: The Tax Increment Finance Authority Board of Directors approves amending the 2017/2018 TIFA budget to reflect the amounts listed below and highlighted in the attached budget amendment spreadsheet: Amended Revenues FY 2017/2018 Proceeds from Sale of Bonds: Premium/Discount on Bonds: Bond Proceed Payments to Escrow: From Fund Balance: Amended Expenditures FY 2017/2018 Bond Issuance Costs Leases Dept Service-TIFA Convention Center YEAS: Seven (7) NAYS: Zero (0) ABSTENTIONS: Zero (0) ABSENT: One (1) $16,150,000 ($129,200) ($12,332,946) $1,254,903 $247,489 $0 $4,158,018 RESOLUTION DECLARED ADOPTED STATE OF MICHIGAN ) )SS. COUNTY OF INGHAM ) I hereby certify that the foregoing is a true and complete copy of a resolution adopted at a regular meeting of the Tax Increment Finance Authority (TIFA) held on the 1311 day of April 2018, and said resolution is on file in the office of Lansing Economic Area Partnership and is available to the public. Public notice of the said meeting was given pursuant to and in compliance with Act No. 267, Public Acts of Michigan 1976, including in the case of a special or re -scheduled meeting, notice by publication or posting of at least eighteen (18) hours priorto the time set for the meeting. In addition, said meeting was held in full compliance with the Board's Bylaws. IN WITNESS WHEREOF, I have hereunto affixed my official signature. Calvin Jones, Secretary Members Present: Members Absent: Temp Members Present Staff Present: Guests: Public Present: Recorded by: Call to Order Tax Increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, May 4, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Andrea Ragan, Calvin Jones, Blake Johnson, Mayor Andy Schor, Kimberly Coleman, Shelley Davis, Thomas Donaldson, Fred Schaible James Butler III None Karl Dorshimer, Marchelle Smith, Kris Klein, Joe Carr Brian McGrain, City of Lansing Janet Michaluk, State of Michigan DEQ None Tedi R. Parsons, LEAP Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 10:15 a.m. Approval of TIFA Meeting Minutes - Friday, March 2, 2018 Motion: Coleman moved to approve the TIFA meeting minutes from the Friday, April 13, 2018, TIFA Board of Director's meeting. Motion seconded by Schaible. Yeas: Unanimous. Motion carried. Open Forum for TIFA Board Members & Other Business None. Public Comment None. Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 10:16 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Members Present: Members Absent: Temp Members Present: Staff Present: Guests: Public Present: Recorded by: Call to Order Tax increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, September 7, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Andrea Ragan, Calvin Jones, Blake Johnson, James Butler III, Shelley Boyd, Fred Schaible Mayor Andy Schor, Kimberly Coleman, Thomas Donaldson None Karl Dorshimer, Marchelle Smith, Kris Klein, Anum Mughal Janet Michaluk, State of Michigan DEQ None Tedi R. Parsons, LEAP Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 9:23 a.m. Approval of TIFA Meeting Minutes - Friday, May 4, 2018 Motion: Jones moved to approve the TIFA meeting minutes from the Friday, May 4, 2018, TIFA Board of Director's meeting. Motion seconded by Butler. Yeas: Unanimous. Motion carried. TIFA Financial Statements - Period Ending June 30, 2018 Smith provided an overview of the TIFA Financial Statements for the period ending June 30, 2018. She noted the miscellaneous revenue and expense accounts exceeded the budget, Smith advised this occurred because May and June 2018 entries were not posted until July 2018 and it was too late to bring an amendment to the TIFA board for year-end financials. She advised that the TIFA ended the year with a Fund Balance of $4,383,933.47. Discussion ensued. Motion: Boyd moved to receive the TIFA Financials, period ending July 30, 2018, as presented and place on file. Motion seconded by Schaible. Yeas: Unanimous. Motion carried. Open Forum for TIFA Board Members & Other Business Chair Ragan opened the floor to the TIFA Board Members, who provided the following announcements/updates: None. Public Comment None. 1 Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 9:31 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, November 2, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Andrea Ragan, Calvin Jones, Blake Johnson, James Butler III, Shelley Boyd, Fred Schaible Members Absent: Mayor Andy Schor, Kimberly Coleman, Thomas Donaldson Temp Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Kris Klein, Anum Mughal Guests: Steven Owen, Foster -Swift Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 10:07 a.m. Approval of TIFA Meeting Minutes - Friday, September 7, 2018 Motion: Jones moved to approve the TIFA meeting minutes from the Friday, September 7, 2018, TIFA Board of Director's meeting. Motion seconded by Schaible. Yeas: Unanimous. Motion carried. TIFA Financial Statements - Period Ending September 30, 2018 Smith provided an overview of the TIFA Financial Statements for the period ending September 30, 2018. Discussion ensued. Motion: Donaldson moved to receive the TIFA Financials, period ending September 30, 2018, as presented and place on file. Motion seconded by Jones. Yeas: Unanimous. Motion carried. Open Forum for TIFA Board Members & Other Business Chair Ragan opened the floor to the TIFA Board Members, who provided the following announcements/updates: None were provided. Public Comment None, Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 10:08 a.m. ;?Zee? Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Tax Increment Finance Authority Board of Director's & Annual Meeting Minutes Friday, December 7, 2018 - 8:30 a.m. LEAP Office- Executive Boardroom 100 S Washington Avenue, Suite #201 Lansing, MI 48910 Members Present: Andrea Ragan, Calvin Jones, Blake Johnson, James Butler III, Shelley Boyd, Fred Schaible Members Absent: Mayor Andy Schor, Kimberly Coleman, Thomas Donaldson Temp Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Kris Klein, Anum Mughal Guests: Paul Matz, Rehmann Robson Will Love, Rehmann Robson Angela Bennett, City of Lansing Public Present: None Recorded by: Tedi R. Parsons, LEAP Call to Order Chair Ragan welcomed everyone and called the TIFA Board of Directors meeting to order at 9:00 a. m. TIFA Audited Financial Statements -YE June 30, 2018 (ACTION) Chair Ragan introduced Paul Matz, Rehmann Robson who provided an overview of the TIFA Audited Financial Statements Year -End June 30, 2018. He noted the following during his presentation. The following was noted during the presentation: • Overview of the Independent Auditors' Report (Page 3 - 4) • Overview of the Management Discussions & Analysis (Page 5 - 8) • Overview of the Basic Financial Statements (Page 10 - 15) • Overview of the Balance Sheet (Page 12) • Overview of Statement of Revenues, Expenditures and Changes in Fund Balance (Page 14) • Overview of Long -Term Debt under Notes to Financial Statements (Page 24) • Overview of the Independent Auditors' Report on Internal Controls (Page 29 - 30) h Angela Bennett noted the City of Lansing's refinancing of the TIFA advising this has resulted in financial savings. She advised the City will continue to evaluate possible refinancing. MOTION: Donaldson moved to approve the TIFA Audited Financial Statements - YE June 30, 2018, as presented and placed on file. Motion seconded by Schaible. YEAS: Unanimous. Motion carried. Approval of TIFA Board Meeting Minutes - Friday, November 2, 2018 MOTION: Boyd moved to approve the TIFA meeting minutes from the Friday, November 2, 2018 LEDC Board of Director's meeting as presented. Motion seconded by Schaible. YEAS: Unanimous. Motion carried. 1 Open Forum for TIFA Board Members & Other Business Chair Ragan opened the floor to the TIFA Board Members, who provided the following announcements/updates: None were provided. Public Comment None. Adjournment There being no further business, Chair Ragan declared the TIFA Board of Directors meeting adjourned at 9:09 a.m. Kefrl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) I