HomeMy WebLinkAbout2005 LEDC minutes02
GLERK
5l
Economic Development Corporation
of the City of Lansing
Board of Director's Meeting
Mayor's Conference Room
Ninth Floor, Lansing City Hall
Wednesday, February 2, 2005
4:00 P.M.
Members Present: Tony Benavides; Ann Brazeau; James Butler; Kim Coleman;
William Cook; Paula Cunningham; Bo Garcia; Brian Jeffries;
Jeff Williams
Members Absent: None
Temporary EDC
Members Present: Jan Hayhow
Temporary EDC
Members Absent: Ed Carpenter
Staff Present: Patricia Cook; Barbara Foreman
Staff Absent: Karl Dorhsimer; Tracy Carney -Miller; Marchelle Smith
Guests Present: Alisia Freeze; Sue Pigg
1) Call to Order
Vice -Chair Kim Coleman called the meeting to order at 4:05 p.m.
Chair Williams entered the meeting directly after the meeting was called to order.
2) Approval of the Board of Director's Meeting Minutes from December 1, 2005
Motion - Ann Brazeau motioned the Board to approve the Board
of Director's Meeting Minutes from December 1, 2005
as presented and place them on file. William Cook
seconded the motion.
Yeas: Unanimous. Motion carried.
3) Financial Statements
A) Draft Management Letter from Auditors
A draft management letter was presented to the Board by Patricia Cook. It addressed
some of the concerns expressed by Board members at the December meeting, when
the FY 04 EDC draft audit was presented to them. Patricia proposed that if there
were no objections, this letter will be attached to the final audit document.
Motion - Kim Coleman motioned the Board to approve the Draft
Management Letter as presented and place it on file.
Paula Cunningham seconded the motion.
Yeas: Unanimous. Motion carried.
B) Proposed Waived Journal Entries
An outline of the EDC's auditors three (3) proposed waived journal entries for 6/30/04
was presented to Board members. Patricia Cook provided an overview of each entry
and some recommendations that journal entries #1 and #2, continue to be waived. Board
Chair Williams discussed the merits for not waiving journal entry #3 as the accrued leave
time for EDC employees has increased significantly enough that it should be documented
in our annual audits to accurately reflect this financial liability.
Motion - Ann Brazeau motioned the Board to approve that journal entries
#1 & #2 continue to be waived and adjust the audit to include
journal entry #3 as presented. Kim Coleman seconded the
motion.
Yeas: Unanimous. Motion carried.
4) Other Business
A) Resolution of Support for Ingham County's Application for Lansing Bank Authority
Sue Pigg, Economic Development Coordinator for Ingham County, provided the
Board with some information on the Land Bank option and the Application that
Ingham County will submit to the Genesee County Institute requesting that Ingham
be granted a technical assistance grant.
Motion - Tony Benevides motioned the Board to approve the
Resolution in support of Ingham County's Application
for Land Bank Authority: Technical Assistance to
Genesee Institute as presented. Bo Garcia seconded
the motion.
Yeas: Unanimous. Motion carried.
B) Annual Board of Director's Report
Patricia Cook gave the Board a brief overview of the Annual Board of Director's
Report.
James Butler entered the meeting during the discussion of the Annual Board of Director's
Report.
Motion - Paula Cunningham motioned the Board to receive and
place on file the Annual Board of Director's Report as
presented. Ann Brazeau seconded the motion.
Yeas: Unanimous. Motion carried.
C) Update on 100 Block - Radisson Hotel Discussions
Patricia informed the Board that there would be another meeting with the Radisson later
this week. She highlighted for the Board that both parties identified issues and both lists
are strikingly similar. Board members encourage further discussion at our next Board
meeting, inviting other City negotiating team members to attend.
D) Analysis of BFAP Loans - 12/31/04
The Board received a copy of the Analysis of Program Loan Funds, which was prepared
by Barbara Foreman.
E) Retention Visits Annual Report, 2004
EDC's retention contractor, Dru Mitchell, provided the Board with an outline of her
retention calls to businesses for the entire year of 2004.
F) Loan Commitment Closing Scheduled - "The Majority"
Patricia Cook informed the Board that the Craig Heath Project closing will take
place on Wednesday, February 9th, `05.
5) Public Comment
None.
6) Adjournment
Chair Williams declared the meeting adjourned at 4:40 p.m.
Minutes by B. Foreman
Patricia A. Cook
EDC Manager