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HomeMy WebLinkAbout2007 LEDC minutesLansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room--r, Wednesday, February 7, 2007 4:00 p.m. nnn� r tt ��i, t.l^�{.,'; til P•`f' is � ,. Itl: r' 1rill7`. '0: Members Present: James Butler, Kim Coleman, William Cook, Bo Garcia, Brian Jeffries, Bob Johnson, Kelly Rossman, Jeff Williams Members Absent: Mayor Virg Bernero Temporary EDC Members Present: Jan Hayhow Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Kara Wood Guests Present: Nate Balderman, Rehman Robson, Craig Heath, Lansing Restaurant Ventures, Inc., Tom Korkoske, City of Lansing Finance Department Call to Order Chair Jeff Williams called the meeting to order at 4:05 p.m. Election of Officers for 2007 Kim Coleman was nominated for Chair, Bo Garcia was nominated for Vice Chair, James Butler was nominated for Treasurer and Kelly Rossman was nominated for Secretary. Motion: James Butler motioned the Board to approve the election of officers and place them on file. Bill Cook seconded the motion. Yeas: Unanimous. Motion carried. Approval of Amended Meeting Minutes from December 6, 2006 regular Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from December 6, 2006 regular Board of Director's meeting and place them on file. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. Forbearance Agreement for Lansing Restaurant Ventures, Inc. (Majority Restaurant) Bob Trezise briefed the Board on the history of the existing UDAG loan with Lansing Restaurant Ventures, Inc. (Majority Restaurant). Marchelle Smith outlined the terms and conditions of the Forbearance Agreement. Craig Heath presented Lansing Restaurant Venture's new restaurant project to be located in the Hollister building. There was brief discussion on Jan Hayhow and Ed Carpenter's temporary board member's role as it pertains to the EDC Public Act 328 and the UDAG loan program. The Board suggested that this be placed on the board agenda in the next two months for further discussion. Motion: Kim Coleman motioned the Board to approve the resolution on the Forbearance Agreement as presented and place them on file. James Butler seconded the motion. Yeas: Unanimous. Motion carried. Annual Audit for the Year Ending June 30, 2006 Nate Balderman, Rehmann Robson, reported on the annual audit. Motion: Kelly Rossman motioned the Board to approve the Annual Audit for the year ending June 30, 2006 as presented and place them on file. James Butler seconded the motion. Yeas: Unanimous. Motion carried. Financial Statements as of December 31, 2006 Due to the inability to download financial statements from the City's IFAS system, the financial statements were not included in the electronic board packets and were handed out at the board meeting. To allow time for review, the Board requested that this item be tabled for the next board meeting. Tom Korkoske reported that he would research to see if the statements could be downloaded. The Board also requested that budget projections be provided with the financial statements. Motion: James Butler motioned the Board to table the financial statements for the next board meeting. Kelly Rossman seconded the motion. Yeas: Unanimous. Motion carried. Program Application Fees Bob Trezise presented the new project fees schedule. Due to the significant increase on the Neighborhood Enterprise Zone (NEZ) application fees, the board recommended that the new project fees schedule be approved with the exception of the NEZ application fees. The board requested that further research be conducted to include benchmarks from other Michigan cities, demonstrate NEZ benefits and provide a sliding scale. Motion: Brian Jeffries motioned the Board to approve the new project fees schedule with the exception of the NEZ application fees. Staff will provide benchmarks from other Michigan cities, demonstrate NEZ benefits and provide a sliding scale at the next board meeting. Kelly Rossman seconded the motion. Yeas: Unanimous. Motion Director's Report Due to time constraints, Bob Trezise was unable to present the Director's Year -End Report for the year ending December 31, 2006. A copy of the report was given to the Board for their later review. By -Law Changes Jeff Williams provided a draft copy of the Lansing EDC's Rules and Procedures with recommended changes and suggested that they be changed from Rules and Procedures to By -Laws to be consistent with LBRA and TIFA. Motion: Bill Cook motioned the Board to approve the By -Laws as amended and place them on file. Bo Garcia seconded the motion. Yeas: Unanimous. Motion Business Finance Assistance Program (BFAP) Loan Report as of December 31, 2006 Due to time constraints, no report was presented. Discussion of Use of UDAG Loan Funds Due to time constraints, this item was tabled for the next board meeting. Other Business None Public Comment None Adjournment Chair Jeff Williams declared the meeti journed at 6:10 p.m. Minutes by M. Smith I '// -1 /^ / R Bert L. Trezise. resident 8s CEO Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Corrfe Fe�:�oom Wednesday, March 7, 2007 i' �_i--" 4:00 p. m.P i • , r . '� 21103 l;�;,, p++1teaa S� nt--ir; ``-, r Members Present: Kim Coleman, William Cook, Bo Garcia, Brian Jeffries, Kelly Rossman, Jeff Williams Members Absent: Mayor Virg Bernero, James Butler Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Kara Wood Guests Present: Paul Schutt, Rapid Growth Media, Tom Korkoske, City of Lansing Finance Department Call to Order Chair Kim Coleman called the meeting to order at 4:05 p.m. Approval of Meeting Minutes from February 7, 2007 Regular Board of Director's Meeting Motion: Jeff Williams motioned the Board to approve the meeting minutes from February 7, 2007 regular Board of Director's meeting and place them on file. Kelly Rossman seconded the motion. Yeas: Unanimous. Motion carried. Presentation by Paul Schutt, Rapid Growth Media Paul Schutt, Rapid Growth Media gave a power point presentation using Detroit's Model D and Grand Rapid's Rapid Growth as examples of their website. The website "Capitol Gains" for Lansing in conjunction with East Lansing and Jackson is planned to be launched in April. Possibly in May, Bob will make a recommendation to the Board. There is a question as to whether there are any marketing funds left for this project. Financial Statements as of December 31, 2006 As requested by the board at the February 7, 2007 regular board meeting, the FY 2006/2007 budget along with the financial statements as of December 31, 2006 was presented to the board. Financial Statements as of January 31, 2007 As requested by the board at the February 7, 2007 regular board meeting, the FY 2006/2007 budget along with the financial statements as of January 31, 2007 was presented to the board. Approval of NEZ Designation and Program Application Fees for fees, estimated staff Brian Anderson conducted a power point presentation on the history of the NE program fees, an analysis of what other Michigan municipalities charge EZ hours spent on the designation of an NEZ District ands tbut egaff hour spent on pestedsthatNthe hou P roved the fee increase a presented applications. The board app within six months to discuss further potential increases• board review program fees o be Motion: Bill Cook motioned the Board to approve the new NEZ program fees t reviewed again within six months. Bo Garcia seconded the motion. Yeas: Unanimous, Motion Director's Report Due to time constraints, Bob Trezise was unable to present the Director's Report. t as of December 31, 2006 Business Finance Assistance Program (BFAP) Loan Repor Due to time constraints, no report was presented. Discussion of Use of UDAG Loan Funds Due to time constraints, this item was tabled for the next board meeting. Other Business rezise reported that he will be on vacation and will absebnce. Ke able im m attend he Bob T P April board meeting. Karl Dorshimer will act in suggested that this would be a good opportunity to discuss strategic planning. gg Public Comment None Adjournment Chair Kim Coleman declared the Minutes by M. Smith neetirig Mourned at 5:35 p.m• } Robert L. Trezise, r., President &CEO Lansing Economic Development CorporaL.on Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Wednesday, April 4, 2007 4:00 p.m. Members Present: Members Absent: Temporary EDC Members Present: Staff Present: Staff Absent: Guests Present: Call to Order Mayor Virg Bernero, Kim Coleman, William Cook, Brian Jeffries, Bob Johnson, Jeff Williams James Butler, Bo Garcia, Kelly Rossman None Brian Anderson, Kara Wood Bob Trezise None Karl Dorshimer, Marchelle Smith, Chair Kim Coleman called the meeting to order at 4:15 p.m. Approval of Meeting Minutes from March, 2007 Regular Board of Director's Meeting Motion: Brian Jeffries motioned the Board to approve the meeting minutes from the March 7, 2007 regular Board of Director's meeting and place them on file. Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Financial Statements as of February 28, 2007 Motion: Brian Jeffries motioned the Board to receive the February 28, 2007 financial statements and place them on file. Bill Cook seconded the motion. Yeas: Unanimous. Motion carried Approval of By -Law Changes Jeff Williams reported that the Lansing EDC's Rules and Procedures have been converted to By -Laws to be consistent with the LBRA and TIFA By -Law's template. The proposed By - Laws have been reviewed and updated with Dickinson-Wright's comments as outlined in the draft By -Laws presented to the Board. Dickinson -Wright further noted that the City Council will need to approve the amended By -Laws upon the Board's recommendation to the Council. Jeff Williams will provide Marchelle Smith with an electronic file. The Board asked if the City's Ethnic Ordinance applies. Mayor Bernero recommended that a copy of the amended By -Laws be given to the City Attorney for his determination. Motion: Bill Cook motioned the Board to make a recommendation to City Council for approval to adopt the amended By -Laws. Jeff Williams seconded the motion. Yeas: Unanimous. Motion Ken s, siak, r r- ca r T; crt Approval of Meeting Minutes from March, 2007 Regular Board of Director's Meeting Motion: Brian Jeffries motioned the Board to approve the meeting minutes from the March 7, 2007 regular Board of Director's meeting and place them on file. Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Financial Statements as of February 28, 2007 Motion: Brian Jeffries motioned the Board to receive the February 28, 2007 financial statements and place them on file. Bill Cook seconded the motion. Yeas: Unanimous. Motion carried Approval of By -Law Changes Jeff Williams reported that the Lansing EDC's Rules and Procedures have been converted to By -Laws to be consistent with the LBRA and TIFA By -Law's template. The proposed By - Laws have been reviewed and updated with Dickinson-Wright's comments as outlined in the draft By -Laws presented to the Board. Dickinson -Wright further noted that the City Council will need to approve the amended By -Laws upon the Board's recommendation to the Council. Jeff Williams will provide Marchelle Smith with an electronic file. The Board asked if the City's Ethnic Ordinance applies. Mayor Bernero recommended that a copy of the amended By -Laws be given to the City Attorney for his determination. Motion: Bill Cook motioned the Board to make a recommendation to City Council for approval to adopt the amended By -Laws. Jeff Williams seconded the motion. Yeas: Unanimous. Motion Recess The Lansing EDC Board meeting was recessed at 4:35 p.m. to discuss LBRA and TIFA agenda items requiring approval before losing a full quorum. The Lansing EDC Board meeting reconvened at 4:55 p.m. Employment Contract for President and CEO The Board agreed that an employment contract be drawn for Bob Trezise. The first step will be for Kim to meet with Bob to review a draft employment contract with him. Strategic Planning Chair Kim Coleman addressed the Board for feedback on strategic planning issues; how to move forward and further the mission and direction of the organization; and the role of the Board of Directors. The Board recommended that staff give a presentation on all projects and programs to help give them a bigger picture of what is currently going on to help move forward with a vision. Historically, the Lansing EDC had hired a facilitator at a cost of around $16,000 which had been very valuable. It was agreed that a facilitator be considered to assist the Board with a strategic planning process. As a starting point, the Board asked staff to find out what other EDC organizations do. Kim Coleman and Bill Cook volunteered to assist Bob with a strategic planning process. Meeting Management Discussion Chair Kim Coleman asked how we could better manage meetings in a timely manner. A recommendation was made to start the meetings earlier from 3:00 p.m. to 5:00 p.m. Jeff William's indicated Dickinson -Wright confirmed the TIFA Act states that the TIFA Board does not have to meet more than quarterly. They are researching to see if projects could be combined into one meeting under the Lansing EDC and then have LBRA and TIFA meet annually without violating the Open Meetings Act. Time management issues will be discussed with other Board members at the next board meeting. Director's Report • Karl Dorshimer reported that the Lansing Community Microenterprise Fund has requested payment on a loan default in the amount of $4,316. This will reduce their current loan guarantee balance of $8,657.56 to $4,341.56. • Board members will be receiving invitations to the EDC/PSD open house scheduled for May 1, 2007. • Business Finance Assistance Program Loan Report as of February 28, 2007. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 5:30 p.m. 2g&(Minutes by M. Smith arl Dorshimer, Vice President Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Wednesday, May 2, 2007 5:20 p.m. Members Present: Kim Coleman, William Cook, Bo Garcia, Kelly Rossman Members Absent: Mayor Virg Bernero, James Butler, Brian Jeffries, Bo Garcia, Bob Johnson, Greg Ward, Jeff Williams Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken ''Szyrn`usiak, Bob Trezise� Staff Absent: Kara Wood 77, c ; 1 Guests Present: None ! ; c_, Call to Order ='a Chair Kim Coleman called the meeting to order at 5:35 p.m. Approval of Meeting Minutes from April 4, 2007 Regular Board of Director's keet"Jg There was not a quorum to approve the meeting minutes. Financial Statements as of March 31, 2007 There was not a quorum to receive the financial statements. EDC FY 2008 Budget There was not a quorum to approve the Fiscal year 2008 budget. A special board meeting will be arranged to meet on approval of the budgets prior to City Council Budget Hearings scheduled for May 21. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 5:55 p.m. Minutes by M. Smith W ' V- / // Robe't L. Trezise, Jr., esident & CEO Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Wednesday, May 2, 2007 5:45 p.m. Members Present: Kim Coleman, William Cook, Bo Garcia, Kelly Rossman Members Absent: Mayor Virg Bernero, James Butler, Brian Jeffries, Bo Garcia, Bob Johnson, Greg Ward, Jeff Williams Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise Staff Absent: Kara Wood Guests Present: None Call to Order Chair Kim Coleman called the meeting to order at 5:25 p.m. Approval of Meeting Minutes from April 4, 2007 Regular Board of Director's Meeting There was not a quorum to approve the meeting minutes. Financial Statements as of March 31, 2007 There was not a quorum to receive the financial statements. TIFA FY 2008 Budget There was not a quorum to approve the Fiscal year 2008 budget. A special board meeting will be arranged to meet on approval of the budgets prior to City Council Budget Hearings scheduled for May 21. f.. Other Business None Public Comment 1-77 None Adjournment Chair Kim Coleman declared the meeting adjourned at 5:35 p.m. Minutes by M. Smith / Robert L. Trezise,/,/President & CEO Lansing Brownfield Redevelopment Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Wednesday, May 2, 2007 4.00 p.m. Members Present: Mayor Virg Bernero, Kim Coleman, William Cook, Bo Garcia Members Absent: James Butler, Brian Jeffries, Bo Garcia, Bob Johnson, Kelly Rossman, Greg Ward, Jeff Williams Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise f -- Staff Absent: Kara Wood Guests Present: Jim Linton, AKT Peerless Consultant to Land Bank Auto rites; Sue Pigg, Ingham County Economic Development Coordiiiator Eric Schertzing, Ingham County Treasurer and Chair of `the Land(-) Bank Authority — �ti Fri Call to Order ` `? Chair Kim Coleman called the meeting to order at 4:05 p.m. Approval of Meeting Minutes from April 4, 2007 Regular Board of Director's Meeting There was not a quorum to approve the meeting minutes. Financial Statements as of March 31, 2007 There was not a quorum to receive the financial statements. Ingham County Land Bank Authority and Ingham County Brownfield Redevelopment Authority Presentation Bob Trezise gave a brief overview on the Land Bank Authority as a new tool to develop blighted properties within the City of Lansing. Eric Schertzing presented the LBA in building capacity of vacant parcels and structures throughout Ingham County. Last year, LBA renovated at least one residential property per month and sold them before they were finished. The Brownfield will help to increase capacity of doing more residential homes in the City that are red -tagged. Sue Pigg commented that the LBA will allow communities within Ingham County to obtain tax reverted delinquent properties and act as a financing mechanism linking Brownfield as a tool. City taxes will go to the Ingham County Land Bank Authority. Ninety percent of tax reverted properties are within the City of Lansing. One of the LBA benefits is that it automatically clears title of property. LBA has a line of credit with Citizens Bank. Bob further explained that commercial Land Bank eligible properties will not be obtained by LBA that the Lansing Brownfield Authority would normally assist with and that LBA must get approval from the City prior to taking any property. Partnership with the LBA is an incredible opportunity for the City. LBRA will need to adopt and approve by resolution the LBA plan at the June board meeting. The County Commissioners are open to the City of Lansing holding a seat on the LBA Board. LBRA FY 2008 Budget Kelly Rossman arrived at 5:00 p.m. making a quorum. However, Mayor Bernero needed to be excused at 5:15 p.m. which did not allow time to vote on EDC/LBRA/TIFA budgets. A special board meeting will be arranged to meet on approval of the budgets prior to City Council Budget Hearings scheduled for May 21. Boys Training School Bond Update Bob reported that taxes were delinquent on several parcels of property in the former Boys Training School site. The Brownfield tax capture pays the bond issue which is currently interest -only payments. Both principal and interest payments will become due May 2008. The Brownfield Bond Issue has personal guarantees by Burton Katzman in case of any default. However, Burton Katzman has ensured staff that they intend to bring the taxes current. Staff will closely monitor and work with Burton Katzman to resolve this issue. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 5:25 p.m. Minutes by M. Smith Lansing t;conomic Development Corporation Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, May 11, 2007 7:45 a.m. Members Present: Kim Coleman, William Cook, Bo Garcia, Brian Jeffries, Bob Johnson, Greg Ward Members Absent: Mayor Virg Bernero, James Butler, Kelly Rossman, Jeff Williams Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Bob Trezise Staff Absent: Brian Anderson, Ken Szymusiak, Kara Wood Guests Present: Tom Korkoske, City Controller: c Call to Order Chair Kim Coleman called the meeting to order at 7:45 a.m. co Approval of Fiscal Year 2008 Budget May 11, 2007 Special Board ofDirebtor's Meeting Motion: Bill Cook motioned the Board to approve the Fiscal Year 2008 budget and place them on file. Bo Garcia seconded the motion. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the me Minutes by M. Smith adjourned at 8:00 a.m. f Robert L. Trezise, t & CEO Tax Increment Finance Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, May 11, 2007 8:05 a.m. Members Present: Kim Coleman, William Cook, Bo Garcia, Brian Jeffries, Bob Johnson, Greg Ward Members Absent: Mayor Virg Bernero, James Butler, Kelly Rossman, Jeff Williams Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Bob Trezise Staff Absent: Brian Anderson, Ken Szymusiak, Kara Wood Guests Present: Tom Korkoske, City Controller Call to Order Chair Kim Coleman called the meeting to order at 8:05 a.m. Approval of Fiscal Year 2008 Budget May 11, 2007 Special Board of Director's Meeting Motion: Bill Cook motioned the Board to approve the Fiscal Year 2008 budget and place them on file. Bo Garcia seconded the motion. Yeas: Unanimous. Motion carried. Other Business Kim Coleman asked the Board if morning meetings from 7:45 to 9:45 a.m. would work better than afternoon meetings from 4:00 — 6:00 p.m. It was agreed that the next Board meeting on June 6, 2007 would be held from 7:45 — 9:45 a.m. Future meeting times will be discussed at that time. Kim Coleman announced that Bo Garcia and Kelly Rossman have been appointed to a Personnel Committee to work with Bob Trezise on an employment contract. Bill Cook and Kim Coleman will work with Bob on strategic planning. Bob will schedule an orientation meeting with new board member, Greg Ward. Bob Trezise proudly commented on Demmer's announcement on the front page of the Lansing State Journal today in their creation of 750 new jobs due to two new military contracts. Upon approving Demmer's Brownfield Plan last year, it was estimated that 380 jobs would be created over the next five years. This is truly a major reflection of the Board, staff and City Council's efforts. Bob briefed the Board on other major projects in the pipeline. Public Comment None Adjournment Chair Kim Coleman declared the meeting Minutes by M. Smith at 8.20 a.m. Robert L. Trezise, t & CEO Lansing Brownfield Redevelopment Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, May 11, 2007 8:00 a.m. Members Present: Kim Coleman, William Cook, Bo Garcia, Brian Jeffries, Bob Johnson, Greg Ward Members Absent: Mayor Virg Bernero, James Butler, Kelly Rossman, Jeff Williams Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Bob Trezise Staff Absent: Brian Anderson, Ken Szymusiak, Kara Wood Guests Present: Tom Korkoske, City Controller Call to Order Chair Kim Coleman called the meeting to order at 8:00 a.m. Approval of Fiscal Year 2008 Budget May 11, 2007 Special Board of Director's Meeting Motion: Bo Garcia motioned the Board to approve the Fiscal Year 2008 budget and place them on file. Bill Cook seconded the motion. Yeas: Unanimous. Motion carried. Other Business �= None Public Comment None Adjournment �- cn Chair Kim Coleman declared the meeting adjourned at 8:05 a.m. Minutes by M. Smith Lansing Economic Development Corporation ;;. r- ; Regular Board of Director's Meeting Minutes ` l!' C. V tz Lansing Economic Development Corporation Confefe -ce. Roop Tuesday, June 5, 2007 03 8:45 a.m. LLi.,} Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Kelly Rossman, Jeff Williams, Greg Ward Members Absent: Mayor Virg Bernero, Bill Cook Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Bob Trezise Call to Order Chair Kim Coleman called the meeting to order at 8:45 a.m. Approval of Meeting Minutes from April 4, 2007 Regular Board of Director's Meeting Jeff Williams noted that the word "Ethnic" on the first page be replaced with "Ethic". Motion: Jeff Williams motioned the Board to approve the meeting minutes from the April 4, 2007 regular Board of Director's meeting as corrected and place them on file. Kelly Rossman and James Butler seconded the motion. Yeas: Unanimous. Motion carried. Approval of Meeting Minutes from May 2, 2007 Regular Board of Director's Meeting Motion: Jeff Williams motioned the Board to approve the meeting minutes from the May 2, 2007 regular Board of Director's meeting and place them on file. Kelly Rossman and James Butler seconded the motion. Yeas: Unanimous. Motion carried. Approval of Meeting Minutes from May 11, 2007 Special Board of Director's Meeting Motion: Jeff Williams motioned the Board to approve the meeting minutes from the May 11, 2007 special Board of Director's meeting and place them on file. Kelly Rossman seconded the motion. Financial Statements as of March 31, 2007 Motion: James Butler motioned the Board to receive the March 31, 2007 financial statements and place them on file. Kelly Rossman and Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Financial Statements as of April 30, 2007 Motion: James Butler motioned the Board to receive the April 30, 2007 financial statements and place them on file. Kelly Rossman and Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Business Finance Assistance Program (BFAP) Loan Report It was requested that the agenda item listed as "Business Finance Assistance Program (BFAP) Loan Report" be changed to be consistent with the corresponding report titled "Outline of UDAG Bank Funds". Other Business The Board inquired about the status of the Majority Restaurant and asked if they were moving forward with the restaurant in the Hollister building. Bob Trezise has a meeting with Ron Boji this week and will get an update. The regular scheduled Board meetings have been changed from the first Wednesday of every month at 4:00 p.m. to the first Tuesday of every month at 7:45 a.m. Marchelle will change the yearly Board schedule and send everyone a copy. There will not be a regular scheduled meeting in July due to the 4th of July Holiday. Since Kim Coleman and Bob Trezise will be on vacation the week of August 6th, the regular scheduled meeting for August 7 will be changed to another date to be determined. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 9:00 a.m. Minutes by M. Smith Robert L. Trezise, Jr., President & CEO Lansing Economic Development Corporation Special Board of Director's Meeting Minutes .,y --CE Lansing Economic Development Corporation Conference Roo i : J Monday, June 25, 2007 %Jf_� 1:30 p.m. G Pi,i 12: 04 .:'93Y4'i:tili '�7�•:. i.r Members Present: William Cook, Bo Garcia, Brian Jeffries, Bob Johnson, Kelly Rossman, Greg Ward Members Absent: Mayor Virg Bernero, James Butler, Kim Coleman, Jeff Williams Staff Present: Marchelle Smith, Bob Trezise, Kara Wood Guests Present: None Call to Order Vice Chair Bo Garcia called the meeting to order at 1:30 p.m. Approval of Certified Local Government Grant Program Awarded by the State Historic Preservation Office Bob Trezise informed the Board that the Lansing EDC has been awarded a 50/50 matching grant for the purpose of hiring a consultant to identify historic properties in the downtown area. The resolution authorizes Robert L. Trezise to act on behalf of the Lansing EDC to sign the grant agreement, any amendments and any contract related documents to take necessary action to complete the approved National Historic District Nomination project. The Lansing EDC has incorporated the match in the Fiscal Year 2007/2008 budget. Motion: Kelly Rossman motioned the Board to approve the resolution of the Certified Local Government Grant Program awarded by the State Historic Preservation Office and place it on file. Greg Ward seconded the motion. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair Bo Garcia declared the meeting adjourned at 1:35 p.m. Minutes by M. Smith Robert L. Trezise, Jr., President & CEO Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, August 7, 2007 ==-' 7:45 a.m. _ (Y-3 Members Present: Members Absent: Temporary EDC Members Present: Staff Present: Special Guests: Public Present: Call to Order c_ Mayor Bernero, James Butler, Bo Garcia, Brian Jeffries, BoliJoh!�sonF; ; j Kelly Rossman, Greg Ward 1 c, Kim Coleman, Jeff Williams 1-:2 _. ry None Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Kara Wood Jerry Ambrose, Toivo Hinamanu, Bishop Maxwell, Kester So Greg Foote, of Malcolm Pirnie, Mike Posniak, of Malcolm Pirme Vice Chair Bo Garcia called the meeting to order at 7:45 a.m. Approval of Meeting Minutes from June 5, Regular Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the June 5, 2007 regular Board of Director's meeting and place them on file. Greg Ward seconded the motion. Yeas: Unanimous. Motion carried. Approval of Meeting Minutes from June 25, 2007 Special Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the June 25, 2007 special Board of Director's meeting and place them on file. Greg Ward seconded the motion. Yeas: Unanimous. Motion carried. Lansing Community Micro -enterprise Fund (LCMF) EDC Board Representation Bob Trezise reported that the Lansing EDC has provided a $25,000 loan guarantee to help support LCMF's loan program and that Karl Dorshimer has been on the LCMF Board of Directors for the last 10 years. As a non-profit organization, LCMF has experienced budget cuts and has been operating from the City's Planning & Neighborhood Development Department. LCMF's Executive Director has made it mandatory that each Board member give $1,000 to help support the organization on an annual basis. The staff, nor the Lansing EDC, can absorb the cost. It was recommended that a Lansing EDC Board member set on the LCMF Board. Bob Johnson offered to pay the fee to keep Karl on the LCMF Board. Mayor Bernero was not supportive of the ultimatum. While understanding that many non-profit organizations require board members to provide financial support, the City should have representation on the LCMF Board because the City provides funds annually to LCMF to support their operations, provides office space as well as guaranteeing loan funds through the Lansing EDC. The Board tabled this item for further discussion at a later board meeting. Contract for Small Minority Business Development in south Lansing Bob Trezise introduced Toivo Hinamanu and Bishop Maxwell and then presented the South Lansing Small Business Assistance Plan. The Lansing EDC, in partnership with the Mayor's Office of Community and Faith Based Initiatives, is recommending a contract with a proposed budget of $10,000 at 500 hours per year funded through the Lansing EDC. James Butler commented that Toiva has an impeccable reputation and has a successful track record. Toivo will be working closely with Ken Szymusiak, EDC's Director of South Lansing to reach out to minority businesses in South Lansing and to carry out the business assistance program as outlined in the plan. Brian Jeffries inquired about reporting requirements. Monthly reports will be implemented measuring the outreach activities. Brian asked if the South Lansing Development Plan had been completed. Bob responded that Kenny has been working with the South Lansing Business Association and it is still in draft form. While the Development Plan does not require Board action, a final plan will be presented to the Board upon completion. Resignation of William Cook Bob Trezise announced that Bill Cook had submitted a letter of resignation and acknowledged his contribution on all three Boards. Motion: Kelly Rossman motioned the Board to accept William Cook's resignation and place it on file. Greg Ward seconded the motion. Yeas: Unanimous. Motion carried. Un -adjusted and Un -audited Financial Statements as of June 30, 2007 Motion: James Butler motioned the Board to receive the June 30, 2007 financial statements and place them on file. Greg Ward seconded the motion. Yeas: Unanimous. Motion carried. Outline of UDAG Bank Funds as of June 30, 2007 It was questioned as to whether to continue to provide the Board this outline. Marchelle pointed out that the same information is being provided in the monthly Balance Sheets. While there is no Board action required, the outline is a quick narrative of the funds and the Board agreed to continue receiving the outline. Other Business Kelly Rossman asked about the Majority Loan. Bob stated that staff has a meeting with Ron Boji and Craig Heath later this month. Staff will be making a recommendation at the September Board meeting. Bob Trezise reported that Tech Smith's post -construction appraisal came in at $17.5 Million while the construction costs are estimated to be $23 Million. This makes financing of the project more challenging. Staff will keep the Board informed. Public Comment Greg Foote and Mike Posniak from Malcolm Pirnie were present. Greg Foote announced that Malcolm Pirnie had been located in East Lansing for 17 years and recently moved to downtown Lansing at 101 S. Washington Square to be closer to their client base. The company has 26 employees. Adjournment Vice Chair Bo Garcia declared the meeting adjou-reed at 8:30 a.m. Minutes by M. Smith Robert L. Trezise, Jr., Ftr sident & CEO Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, September 4, 2007 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Calvin Jones, Kelly Rossman, Approval of Meeting Minutes from August 7, Regular Board of Director's Meeting Motion: Bo Garcia moved the Board to approve the meeting minutes from the August 7, 2007 regular Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Majority Loan Bob Trezise announced that Ron Boji has submitted a formal written request asking the Board to extend the Forbearance Agreement an additional 3 months for the Majority Restaurant (aka Lansing Restaurant Ventures, Inc.). The original Forbearance Agreement expires September 9, 2007 with principal and interest payments to resume October 9, 2007. The new extension would end on December 9, 2007 with principal and interest payments to resume January 9, 2008. Ron Boji has agreed to pay the legal fees for preparation of the documents not to exceed $1,500. Ron has suggested that the loan be assigned to another entity. Bob indicated that this would be a Board Policy decision and the Lansing EDC would have to obtain a legal determination as to whether an assignment of the loan would even be feasible. Ron indicated that he would need an additional 90 days to formulate other project options. The 5th/3rd Bank will be relocating to the Stadium District upon completion of the building. Chase Bank is considering locating into the 5t',/3,d building leaving the Chase Bank building, a prime corner location, available for a restaurant. Ron promised the Board that loan payments would resume on January 9, 2008 regardless of the status of his other project options. Staff recommends that the Board approve the 3 month extension. The Board requested that Ron Boji report to the Lansing EDC within 45 days to provide an update. Motion: Greg Ward moved the Board to approve the 3 month extension with principal and interest payments to resume on January 9, 2008 and that Ron Boji report to the Lansing EDC within the next 45 days to provide an update. Seconded by James Butler. Yeas: Unanimous. Motion carried. Greg Ward, Jeff Williams Members Absent: Mayor Bernero, Brian Jeffries, Bob Johnson r, Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezi6&, Special Guests: Ron Boji, President of The Boji Group` Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 7:46 a.m. Calvin Jones was intro&ced and welcomed as a new member to the Board of Directors. Approval of Meeting Minutes from August 7, Regular Board of Director's Meeting Motion: Bo Garcia moved the Board to approve the meeting minutes from the August 7, 2007 regular Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Majority Loan Bob Trezise announced that Ron Boji has submitted a formal written request asking the Board to extend the Forbearance Agreement an additional 3 months for the Majority Restaurant (aka Lansing Restaurant Ventures, Inc.). The original Forbearance Agreement expires September 9, 2007 with principal and interest payments to resume October 9, 2007. The new extension would end on December 9, 2007 with principal and interest payments to resume January 9, 2008. Ron Boji has agreed to pay the legal fees for preparation of the documents not to exceed $1,500. Ron has suggested that the loan be assigned to another entity. Bob indicated that this would be a Board Policy decision and the Lansing EDC would have to obtain a legal determination as to whether an assignment of the loan would even be feasible. Ron indicated that he would need an additional 90 days to formulate other project options. The 5th/3rd Bank will be relocating to the Stadium District upon completion of the building. Chase Bank is considering locating into the 5t',/3,d building leaving the Chase Bank building, a prime corner location, available for a restaurant. Ron promised the Board that loan payments would resume on January 9, 2008 regardless of the status of his other project options. Staff recommends that the Board approve the 3 month extension. The Board requested that Ron Boji report to the Lansing EDC within 45 days to provide an update. Motion: Greg Ward moved the Board to approve the 3 month extension with principal and interest payments to resume on January 9, 2008 and that Ron Boji report to the Lansing EDC within the next 45 days to provide an update. Seconded by James Butler. Yeas: Unanimous. Motion carried. Lansing Community Micro -enterprise Fund - EDC Board Representation The Board tabled this item at the regular scheduled board meeting held on August 7, 2007 for further discussion at the September 4, 2007 board meeting. Bob Trezise stated that LCMF has reorganized its office space into the Planning & Neighborhood Development Office and has restructured its Board members requiring them to pay $1,000 annually to support the operations. While the Lansing EDC continues to provide a Loan Guarantee, LCMF has not secured any new loans in quite some time. Bob recommend two options. Either ask one of the Lansing EDC Board members to philanthropically volunteer and retire Karl Dorshimer, or put another staff member on the LCMF Board. With financial contributions currently made by the City and the Lansing EDC, the consensus was that the financial obligation has been met. It was further discussed that since the Lansing EDC has a Loan Guarantee with LCMF, either an EDC staff person set on LCMF's Loan Committee or that an EDC Board member rotate every 6 months. It was decided that before any decisions are made, Denise Peek be invited to the next board meeting. Since LCMF's Loan Guarantee will be coming up for renewal in November, this would be a good time to invite Denise to make a full presentation to the Board at that time. South Lansing Economic Development Plan Draft Bob Trezise gave a brief overview on the economic challenges facing South Lansing. Unlike the Residential Code, the City of Lansing has no commercial code in place conforming to health, safety and aesthetic issues. South Lansing is like a township similar to Meridian and Delta Townships. There is a 20% vacancy rate and very difficult to manage from an economic development perspective. The South Lansing Economic Development Plan will help to address many key issues. Ken Szymusiak proceeded to give a power point presentation, but due to time constraints, the board tabled the presentation for the next regular scheduled board meeting. Recommended Change to the Lansing EDC By -Laws Earlier this year, the Board approved new By -Laws for the Lansing EDC mirroring the content and language similar to the LBRA and TIFA By -Laws. Prior to these new By -Laws, the Lansing EDC operated under Rules and Procedures. Language in the new By -Laws under Section 1 states that "the Corporation shall report to the City Council and obtain approval thereof before adopting the annual budget of the Corporation, all as required by the Act." It was recently recognized that the former Rules and Procedures had no such language nor does the EDC Act 328 require such. Bob Trezise has recommended that the language be changed to "The Corporation shall provide to the City an annual budget and audit upon request." Since the amended By -Laws have not yet been brought before City Council, the Lansing EDC is still operating under the old Rules and Procedures. This item has been tabled for further discussion at the next regular scheduled board meeting. Financial Statements as of July 31, 2007 Bob Trezise and Marchelle Smith reported that the City of Lansing's Finance Department has been slow to provide adjustments to the June 30 year-end and July 31, 2007 financials. It is typical for the City to be 2-3 months behind in making adjustments. The Board discussed the possibility of hiring an outside firm to reconcile the monthly financial statements. Since this is the first year-end closing with the City, we will monitor the financials for the next two months to determine whether an outside firm is necessary. The July 31, 2007 financial statements were tabled for the next regular scheduled board meeting. Kim Coleman will contact Jerry Ambrose. Motion: Kelly Rossman moved that the July 31, 2007 financials be received at the next regular scheduled board meeting and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Outline of UDAG Bank Funds as of July 31, 2007 An outline of the UDAG Bank Funds was provided to the Board. Other Business James Butler asked that a report on the South Lansing Contract for Small Minority Business Development be given at the next board meeting. Public Comment None Adjournment Chair ICin Coleman declared the meeting adjourned 9:15 a.m. Minutes by M. Smith I) `(1" I (.'I t--� // Robert L. Trezise, Jr.,,,V esident & CEO Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, October 2, 2007 7:45 a.m. Members Present: Kim Coleman, Brian Jeffries, Bob Johnson, Calvin Jones, Greg Ward, Jeff Williams Members Absent: Mayor Bernero, James Butler, Bo Garcia, Kelly Rossman Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: Bishop David Maxwell Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 7:50 a.m. Approval of Meeting Minutes from September 4, regular Board of Director's Meeting Motion: Calvin Jones moved the Board to approve the meeting minutes with corrections from the September 4, 2007 regular Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Contract for Small Minority Business Development in South Lansing Bishop Maxwell reported that Yvonne Phillips will act as liaison in place of Toivo Hinamanu for the South Lansing Business Program. A meeting will be scheduled with Bishop Maxwell, Yvonne Phillips and Bob Trezise to discuss the purpose and objectives of the program. South Lansing Economic Development Plan Draft Ken Szymusiak gave a power point presentation on the economic development plan for South Lansing. Recommended Change to the Lansing EDC By -Laws Due to an oversight in converting the EDC Rules and Procedures to By -Laws similar to the LBRA and TIFA By-laws, Bob Trezise recommended that the language under Article X, Reporting, Public Access to Records, Section 1 be changed as follows: Change language from The Corporation shall report to the City Council and obtain approval thereof before adopting the annual budget of the Corporation, all as required by the Act. Change language to The Corporation shall provide to the City an annual budget and audit Motion: Calvin Jones moved the Board to approve the change and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Retention Protocol Proposed by Leap Bob Trezise reported that LEAP has asked regional public officials to sign an agreement that states they will not recruit other businesses within the region and that there will be no duplication of visits within one year between LEAP and the EDC. The Board concurred that the agreement is not cooperative. It was suggested that we work with the other regional leaders who had similar concerns to discuss what we can do collectively to work together. It was the consensus that a letter be drafted to LEAP offered to be written by Jeff Williams. Un -audited Financial Statements as of June 30, 2007 Motion: Jeff Williams moved the Board to receive the un -audited June 30, 2007 financial statements and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Financial Statements as of July 31, 2007 Motion: Jeff Williams moved the Board to receive the July 31, 2007 financial statements and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Financial Statements as of August 31, 2007 Motion: Jeff Williams moved the Board to receive the August 31, 2007 financial statements and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Other Business The Board requested that Ron Boji and Craig Heath be invited to provide an update along with a status report on the Majority liquor license at the next board meeting. Staff will provide a report on the MEDC Community Core Fund. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned 9:10 a.m. Minutes by M. Smith Robert L. Trezise, Jr., President & CEO Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Confex'eA, cq �R-bin f ": ; Tuesday, November 6, 2007 7:45 a.m. Members Present: Mayor Bernero, James Butler Kim Coleman, Bo Garcia, Bob Johnson, Call to Order Chair Kim Coleman called the meeting to order at 8:45 a.m. Approval of Meeting Minutes from October 2, regular Board of Director's Meeting Motion: Greg Ward moved the Board to approve the meeting minutes from the October 2, 2007 regular Board of Director's meeting and place them on file. Seconded by Jeff Williams, Yeas: Unanimous. Motion carried. Approval of Annual Loan Guaranty Agreement with the Lansing Community Microenterprise Fund (LCMF) Denise Peek gave a brief overview on LCMF's internal restructuring and thanked the Board for their support, Motion: James Butler moved the Board to approve LCMF's Annual Loan Guaranty Agreement effective November 6, 2007 through November 5, 2008. Seconded by Kelly Rossman, Yeas: Unanimous. Motion carried. Interlocal Agreement with the Michigan Economic Development Corporation (MEDC) Agreement Bob Trezise explained that the Lansing EDC has been a participant in the MEDC's Interlocal Agreement along with 61 other Michigan municipalities, and in order to increase its Executive Committee members by one (1), MEDC requires approval by resolution from the Lansing EDC Board to amend the addition. Motion: Kelly Rossman moved the Board to approve the resolution to amend the Interlocal Agreement for an addition of one (1) Executive Committee Member. Seconded by Jeff Willie ns. Yeas: Unanimou.s. Motion carried, Calvin Jones, Kelly Rossman, Greg Ward, Jeff Williams Members Absent: Brian Jeffries Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: Denise Peek, Lansing Community Microenterprise Fund Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 8:45 a.m. Approval of Meeting Minutes from October 2, regular Board of Director's Meeting Motion: Greg Ward moved the Board to approve the meeting minutes from the October 2, 2007 regular Board of Director's meeting and place them on file. Seconded by Jeff Williams, Yeas: Unanimous. Motion carried. Approval of Annual Loan Guaranty Agreement with the Lansing Community Microenterprise Fund (LCMF) Denise Peek gave a brief overview on LCMF's internal restructuring and thanked the Board for their support, Motion: James Butler moved the Board to approve LCMF's Annual Loan Guaranty Agreement effective November 6, 2007 through November 5, 2008. Seconded by Kelly Rossman, Yeas: Unanimous. Motion carried. Interlocal Agreement with the Michigan Economic Development Corporation (MEDC) Agreement Bob Trezise explained that the Lansing EDC has been a participant in the MEDC's Interlocal Agreement along with 61 other Michigan municipalities, and in order to increase its Executive Committee members by one (1), MEDC requires approval by resolution from the Lansing EDC Board to amend the addition. Motion: Kelly Rossman moved the Board to approve the resolution to amend the Interlocal Agreement for an addition of one (1) Executive Committee Member. Seconded by Jeff Willie ns. Yeas: Unanimou.s. Motion carried, Financial Statements as of September 30, 2007 Motion: Bo Garcia moved the Board to receive the September 30, 2007 fin,uzcial statements and place thein on file. Seconded by Jeff Williams, Yeas: Unanimous. Motion carried. Order of Rehmann Robson's Audit Presentation at the December Board Meeting The Board agreed to allow Rehmann Robson to present all three audits for LEDC, LBRA and TIFA all at the same time so that no additional costs are incurred for their time to set through three board meetings. Personnel Matters The Personnel Committee asked to have a closed session to discuss personnel matters at 9:05 a.m. Motion: Bo Garcia moved the Board to have a closed session to discuss personnel matters. Seconded by Kelly Rossman Yeas: Unanimous. Motion carried. Kim Coleman reconvened the meeting to order at 9:35 a.m. Motion: Bo Garcia, Personal Chair, moved the Board to approve an Employment Contract with Bob Trezise. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Other Business Bob Trezise announced the following: 1. 100% of the Lansing EDC staff has contributed to the United Way Campaign. 2. Caitlin Malloy has been hired for the Linking Lansing & U Director position and will start work with the Lansing EDC on December 3rd. 3. The Mayor wishes to recognize Board members with Certificates of Appreciation at an upcoming City Council meeting. The Board agreed to attend a City Council meeting scheduled for November 26th. 4. Tech Smith has put their 198 application on hold due to the Prevailing Wage Ordinance. Public Comment None Adjournment Chair Kim Coleman declared the meeting /adj urned 9:40 a.m. Minutes by M. Smith Rober L. TreziseJGrPresident CEO Ite0"Rossman-kAAney, Secretary Lansing Economic Development Corporation Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, December 4, 2007 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Calvin Jones, Kelly ROSSman-McKinney, Greg Ward, Jeff Williams Members Absent: Mayor Bernero Staff Present: Brian Anderson, Karl Dorshimer, Caitlin Malloy, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: Allen Drouare, Shawn Elliott, Pat Gillespie, Anthony Pecchio Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 10:00 a.m. Approval of Meeting Minutes from November 6, regular Board of Director's Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the November 6, 2007 regular Board of Director's meeting and place them on file. Seconded by Calvin Jones, Yeas: Unanimous. Motion carried. Financial Statements as of October 31, 2007 Motion: Calvin Jones moved the Board to receive the October 31, 2007 financial statements and place them on file. Seconded by Jeff Williams. Yeas: Unanimous. Motion carried. Discussion of Economic Development Goals, History of the Lansing EDC's Tax Incentives, Organization, Strategic Planning, TIFA and LBRA Bob Trezise introduced Caitlin Malloy as Lansing EDC's new Linking Lansing & U Director and gave a brief overview of her position. Bob summarized 2006/2007 Downtown projects leveraging one-half billion dollars in investment and jobs. The following developers gave presentations on their development projects: a) Shawn Elliott and Allen Drouare, Capitol Club Towers High Rise Condominium Project b) Pat Gillespie, Market Place and Ballpark North Project e) Anthony Pecchio, Ottawa Power Station Redevelopment Project Audited Financial Statements for the Year Ended June 30, 2007 Nathan Balderman, Rehmann Robson auditor, presented the Lansing EDC Audited Financial Statements for the year ended June 30, 2007. Motion: Greg Ward moved the Board to receive the Audited Financial Statements for the year ended June 30, 2007 and place them on file. Seconded by Bo Garcia. Yeas: Unanimous. Motion carried. Other Business A separate meel:ing will be scheduled in late January for a half day session to continue discussion on strategic planning, mini training and idea sharing. A 2008 Board meeting schedule was handed out. Since the first Tuesday in January 2008 :Calls on New Year's Day, the Board of Directors will hold a meeting on the following Tuesday, January 8, 2008, Greg Ward was selected as Nominating Committee Chair for election of Board officers in January. Public Comment None Adjournment Chair Kim Coleman declared the meetir a journed 12,05 p Minutes by M. Smith ImoY" I E `/ ) bert )� e'zise, df /Presi4ent & CV1O _ A�.,^ N ssman-acK hn,cy, Secretary Lansing Brownfield Redevelopment Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, December 4, 2007 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Benzero, Jeff Williams Staff Present: Brian Anderson, Karl Dorshimer, Caitlin. Malloy, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: Gene Townsend, Steve Willoughby, NTH, Heather Prentice, NTH, Nathan Balderman, Rehmann Robson Public Present: Bill Castanier, City Pulse Call to Order Chair Itim Coleman called the meeting to order at 7:50 a.m. Approval of Meeting Minutes from November 6, 2007 regular Board of Director's Meeting Motion: James Butler moved the Board to approve the meeting minutes from the November 6, 2007 regular Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Ottawa -Butler Project Purchase Agreement Bob Trezise gave an overview of the Ottawa -Butler project and announced Gene Townsend as the selected developer for the RFQ. Heather Prentice of NTH gave an overview on the environmental issues pertaining to the site. The Resolution allows Bob Trezise to negotiate, modify, execute and deliver the Purchase Agreement at a dual closing with the developer and the State of Michigan. Motion: James Butler moved the Board to approve the Resolution on the Ottawa -Butler Project Purchase Agreement and place it on file. Seconded by Kelly Rossman- McKinney. Yeas: Unanimous. Motion carried. Final Draft Form of LBRA Audited Financial Statements for the Year Ended June 30, 2007 Nathan Balderman, Rehmann Robson auditor, presented a final draft form of the LBRA Audited Financial Statements for the year ended June 30, 2007, Because LBRA is a component of the City of Lansing, Nathan noted the Board was receiving a final draft form as the City is finalizing their audit to be completed sometime in December. It was decided that Bob Trezise would write a Management's Discussion and Analysis per the last paragraph of the Independent Auditor's Report, The LBRA audit recognizes long term debt to the BTS Bond, but does not recognize long term revenue to offset the expense according to Government Accounting Standards thus reflecting a ;1,767,504 deficit. The Board of Directors recommended that the auditors check to see if the following changes could be made: • A footnote should be added to all pages reflecting the $1,767,504 deficit indicating that it is long-term debt on the BTS Bond debt service. • Place the Balance Sheet on page 8 before the Statement of Net Assets on page 6. Motion: Kelly Rossmain-McKinney moved the Board to receive the final draft form of the LBRA Audited Financial Statements for the year ending June 30, 2007 with the recommended changes and place them on file. Seconded by James Butler. Yeas: Unanimous. Motion carried. Final Draft Form of TIFA Audited Financial Statements for the Year Ended June 30, 2007 Nathan Balderman, Rehmariin Robson auditor, presented a final draft form of the TIFA Audited Financial Statements for the year ended June 30, 2007. Because TIFA is a component unit of the City of Lansing, Nathan noted the Board was receiving a final draft form as the City is finalizing their audit to be completed sometime in December. It was decided that Bob Trezise would write a Management's Discussion and Analysis per the last paragraph of the Independent Auditor's Report. Same as LBRA, the audit recognizes long term debt, but does not recognize long term revenue to offset the expense according to Government Accounting Standards thus reflecting a $40,064,027 deficit. The Board of Directors recommended that the auditors check to see if the following changes can be made: • A footnote should be added to all pages reflecting the $40,064,027 deficit indicating that it is long-term debt on the Courts, Lansing Convention Center and Parking Ramp lease. • Place the Balance Sheet on page 8 before the Statement of Net Assets on page 6. Chair Kim Coleman asked the Board to hold the motion until the TIFA meeting is called to order. LEDC Audited Financial Statements for the Year Ended June 30, 2007 Nathan Balderman, Rehmann Robson auditor, presented the Lansing EDC Audited Financial Statements for the year ended June 30, 2007. Chair Kim Coleman asked the Board to hold the motion until the LEDC meeting is called to order. Financial Statements as of October 31, 2007 Motion: Kelly Rossman-McKinney moved the Board to receive the October 31, 2007 financial statements and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meet' djourned at 9:50 a.m. Minutes by M. Smith Robert L, rezise, RA Dire4r Kelly Rdssman-N1cKunriey, Secretary Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, December 4, 2007 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Bernero, Jeff Williams Staff Present: Brian Anderson, Karl Dorshimer, Caitlin Malloy, Marchelle Smith, Ken Szyinusiak, Bob Trezise, Special Guests: None Public Present: None Call to Order Chau Kim Coleman called the meeting to order at 9:50 a.m. Approval of Meeting Minutes from November 6, 2007 regular Board of Director's Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the November 6, 2007 regular Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Final Draft Form of Audited Financial Statements for the Year Ended June 30, 2007 The Board of Directors recommended that the auditors check to see if the following changes can be made: • A footnote should be added to all pages reflecting the $40,064,027 deficit indicating that it is long-term debt on the Courts, Lansing Convention Center and Parking Ramp lease. • Place the Balance Sheet on page 8 before the Statement of Net Assets on page 6. Motion: James Butler moved the Board to receive the TIFA audited Financial Statements for the year ended June 30, with the recommended changes and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of October 31, 2007 Motion: James Butler moved the Board to receive the October 31, 2007 financial statements and place them on file. Seconded by Calvin Jones. Yeas: Unanimous, Motion carried. Other Business None Public Comment None Adjournment Chair Kiln Coleman declared the meetizia\ad:iournecl at 9,55 a.nz. Minutes by M. Smith�1 Robert L. 'D-ozis,e;f I A Director 11 , I ! � Kelly }Roslman-Mc n y, Secretary