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HomeMy WebLinkAbout2007 TIFA minutesnelle Smith - TIFA Meeting I tes 02-07-07.doc.doc Page 1 Tax Increment Finance Authority Regular Board of Director's Meeting Minu s�;'�(' � j:;';''i 2 Lansing Economic Development Corporation Confe ence Room Wednesday, February 7, 2007W 1 5:10 p.m. UPJ 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, Tom Korkoske, City of Lansing Finance Department Call to Order Chair Jeff Williams called the meeting to order at 6:15 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. Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Approval of Meeting Minutes from December 6, 2006 Regular Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the December 6, 2006 Board of Director's regular meeting as presented and place them on file. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. Annual Audit for the Year Ending June 30, 2006 Nate Balderman, Rehmann Robson, presented the annual audit. Mr. Balderman noted the TIFA deficit in the June 30, 2006 audit for the upcoming 2007 fiscal year. Motion: Bill Cook motioned the Board to approve the Annual Audit for the year ending June 30, 2006 as presented and place them on file. Kim Coleman seconded the motion. Yeas: Unanimous. Motion carried. . chelle Smith - TIFA Meeting i rtes 02-07-07.doc.doc Page 2 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: Kim Coleman motioned the Board to table the December 31, 2006 financial statements for the next board meeting. Bo Garcia seconded the motion. Yeas: Unanimous. Motion carried. TIFA Loan Update Due to time constraints, no update was given. Other Business None Public Comment None Adjournment Chair Jeff Williams declared the meetinj Minutes by M. Smith Tax Increment Finance Authority Regular Board of Director's Meeting Minutes j Lansing Economic Development Corporation Conference Roor�i (, ,:i L 0 Wednesday, March 7, 2007 A.1 6:00 p.m. Z f'i�;_. ] u 1, `°i c: jJ Members Present: Kim Coleman, William Cook, Bo Garcia, Brian Jeffries; U6& Willi 7r. - L,11 Members Absent: Mayor Virg Bernero, James Butler, Kelly Rossman Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Kara Wood Guests Present: Tom Korkoske, City of Lansing Finance Department Call to Order Chair Kim Coleman called the meeting to order at 6:00 p.m. Approval of Meeting Minutes from February 7, 2007 Regular Board of Director's Meeting Jeff Williams asked that the February 7, 2007 minutes be corrected to reflect By -Law changes were tabled for the next board meeting. Motion: Jeff Williams motioned the Board to approve the meeting minutes from the February 7, 2007 regular Board of Director's meeting as amended to reflect that By -Law changes were tabled for the next board meeting and place them on file. Brian Jeffries seconded the motion. Yeas: Unanimous. Motion carried. 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 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 January 31, 2007 was presented to the board. TIFA Loan Update Tom Korkoske reported that the City has obligation to pay on bonds. The Finance Department will set up a payables account due the City in the amount of $350,000. The accounts payable will be made whole with increased TIFA revenues in the next fiscal year. Proposed By -Law Changes The proposed by-law changes have been tabled for the next board meeting. Other Business Due to the limited agenda items and for better time management, Bob Trezise suggested that the TIFA Board of Directors meet on a quarterly basis. The Board will take this up for consideration. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjoume at 6:10 p.m. Minutes by M. Smith / / Robert L. 'rezise, Jr. - A Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Wednesday, April 4, 2007 5:15 p.m. Members Present: Mayor Virg Bernero, Kim Coleman, William Cook, Brian Jeffries, Jeff Williams Members Absent: James Butler, Bo Garcia, Kelly Rossman Temporary EDC Members Present: None Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Kara Wood Staff Absent: Bob Trezise Guests Present: None Chair Kim Coleman called the meeting to order at 4:45 p.m. Approval of Meeting Minutes from March 7, 2007 Regular Board of Director's Meeting Motion: Bill Cook 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. - 4= :. f-.... Financial Statements as of February 28, 2007 Motion: Brian Jeffries motioned the Board to receive the February 28, 2007 fmaricjal statements and place them on file. Bill Cook seconded the motion_ a Yeas: Unanimous. Motion carried. Approval of By -Law Changes 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. 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 Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 4.55 p.m. Minutes by M. Smith Karl Dorshimer, Vice President Tax Increment Finance Authority r 7 �.� ... V l; �', 7 1 r r' j Z .. Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference -Room Tuesday, June 5, 2007 tri 12: 04 9:00 a.m. i �• :. 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 9:00 a.m. Approval of Meeting Minutes from April 4, 2007 Regular Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the April 4, 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 May 2, 2007 Regular Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the May 2, 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 May 11, 2007 Special Board of Director's Meeting Motion: James Butler motioned the Board to approve the meeting minutes from the May 11, 2007 special Board of Director's meeting and place them on file. Greg Ward 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. 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. Jeff Williams seconded the motion. Yeas: Unanimous. Motion carried. Other Business Bob reported that owners of the Victor building and the Capitol View building were filing tax tribunal cases. 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 9:10 a.m. Minutes by M. Smith Robert L. Trezise, TIFA Director l Tax Increment Finance Authority Regular Board of Director's Meeting Minutes U ' Lansing Economic Development Corporation Conference R6om'1'21 r� Tuesday, August 7, 2007 8:40 a.m. Members Present: Mayor Bernero, James Butler, Bo Garcia, Brian Jeffriez ;;A3ob-uohnson, Kelly Rossman, Greg Ward Members Absent: Kim Coleman, Jeff Williams Temporary EDC Members Present: None Staff Present: Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Kara Wood Public Present: Greg Foote, of Malcolm Pirnie, Mike Posniak, of Malcolm Pirnie Call to Order Vice Chair Bo Garcia called the meeting to order at 8:40 a.m. Approval of Meeting Minutes from June 5, 2007 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. Brian Jeffries seconded the motion. Yeas: Unanimous. Motion carried. Un -adjusted and Un -audited Financial Statements as of June 30, 2007 Marchelle pointed out that the unadjusted yearend statements reflect a $53,039.99 negative in fund balance. There still may be adjustments that need to be made. Marchelle will work with the Finance Department and the Treasurer's Office to identify the cause of the deficit. Motion: Kelly Rossman motioned the Board to receive the June 30, 2007 un -adjusted and un -audited financial statements and place them on file. James Butler seconded the motion. Yeas: Unanimous. Motion carried. Other Business Kara reported that we have been awarded the 21st Century Jobs Pre -Seed funds in the amount of $2 Million with a $2 Million match from the MSU Foundation. Public infrastructure improvements will begin this fall. Without the SmartZone, nine companies would not have considered moving here. Because the SmartZone involves both Lansing and East Lansing, someone will be hired full-time to handle the administration of the program. Public Comment None Adjournment Vice Chair Bo Garcia declared the meeting( adjourned at 9:00 a.m. i �Iz Minutes by M. Smith ,/ Robert L. Trezise,/TIFA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, September 4, 2007 8:40 a.m. Members Present: James Butler, 1,am Coleman, Bo Garcia, Calvin Jones, Kelly Rossmm-1, Greg Ward, Jeff Williams Members Absent: Mayor Bernero, Brian Jeffries, Bob Johnson Staff Present: Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: None Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 9:25 a.m. Approval of Meeting Minutes from August 7, 2007 regular Board of Director's Meeting Motion: Kelly Rossman 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 James Butler. Yeas: Unanimous. Motion carried. 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: James Butler 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. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned 9:30 , .m. Minutes by M. Smith Robert L, Trezise, TIF,f ctor 1-11:1 Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, October 2, 2007 9:15 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 Staff Present: Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: None Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 9:35 a.m. Approval of Meeting Minutes from September 4, 2007 regular Board of Director's Meeting Motion: Jeff Williams 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. 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 Bob gave a brief update on the Triangle project. He also informed the Board that there was rumor that the House of Representatives building, owned by Joel Ferguson, may be sold to the State which would cause an estimated 20% impact on the TIFA capture. The Board asked about an update on the Strategic Plan. Kim Coleman reported that she hopes to meet with the Mayor this week to discuss the strategic planning process. The Board asked about project plans coming from the Mayor's Office. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 9:50 a.m. Minutes by M. Smith Robert L. Trezise, TIFA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday,November 6 2007 7:45 a.m. Members Present: Mayor Bernero, James Butler Kim Coleman, Bo Garcia, Bob Johnson, Calvin Jones, Kelly Rossman, Greg Ward, Jeff Williams Members Absent: Brian Jeffries Staff Present: Brian Anderson, Karl Dorshimer, Marchelle Smith, Ken Szymusiak, Bob Trezise, Special Guests: None Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 8:30 a.m. Approval of Meeting Minutes from October 2, 2007 regular Board of Director's Meeting Motion: Jeff Williams 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 Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of September 30, 2007 Motion: Kelly Rossman moved the Board to receive the September 30, 2007 financial statements and place them on file. Seconded by James Butler, Yeas: Unanimous. Motion carried. Other Business It was recommended that a three or four hour meeting be held at the December regular Board of Director's meeting to outline all projects that are in the pipeline and to discuss ways that the board can be vocal and visible ambassadors. Public Comment None Adjournment Chair Ifim Coleman declared Minutes by M. Smith