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HomeMy WebLinkAbout2008 TIFA minutesTax Increment Finance Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, January 8, 2008 7:45 a.m. Members Present: James Butler, Bo Garcia, Brian Jeffries, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward, Jeff Williams Members Absent: Mayor Bernero, Kim Coleman Staff Present: Brian Anderson, Karl Dorshimer, Caitlin Malloy, Marchelle-Smith, Ken Szyrnusiak, Bob Trezise, Special Guests: Tom Korkoske T) ``-n .- Public Present: None � c -D ` J -7i - Call to Order _ Vice Chair Bo Garcia called the meeting to order at 9:10 a.m. CID � t- Election of 2008 Board Officers After obtaining consensus from board members, Nominating Chair, Greg Ward, proposed the following 2008 Board Officers: Chair - Kim Coleman Vice Chair - Bo Garcia Secretary - Kelly Rossman-McKinney Treasurer - James Butler Approval of Meeting Minutes from December 4, 2007 regular Board of Director's Meeting Motion: James Butler moved the Board to approve the meeting minutes from the December 4, 2007 regular Board of Director's meeting and place them on file. Seconded by Jeff Williams. Yeas: Unanimous. Motion carried. Completed Financial Statements for the Year Ended June 30, 2007 Tom Korkoske, City Controller, presented the TIFA financial statements and reported that the footnote was added to reflect $40,064,027 deficit indicating that it is long-term debt on the Courts, Lansing Convention Center and Parking Ramp Lease. Due to the Generally Accepted Accounting Principals (GAAP), the placement of order of the Balance Sheet page and Net Assets page could not be changed. Per the Board's request, Bob Trezise added a simple Management's Discussion and Analysis Transmittal letter. Motion: Kelly Rossman-McKinney moved the Board to receive the completed Financial Statements for the year ending June 30, 2007 and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Financial Statements as of November 30, 2007 Motion: Kelly Rossman-McKinney moved the Board to receive the November 30, 2007 financial statements and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair Bo Garcia declared the meeting adjourned at 9:15 a.m. Motion: Calvin Jones moved the Board to adjourn the meeting at 9:15 a.m. Seconded by Kelly Rossman-McKinney. Yeas: Unanimous. Motion carried. Minutes by M. Smith Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, February 5, 2008 7:45 a.m. co Members Present: Kim Coleman, Bo Garcia, Calvin Jones, Greg Ward, Jeff Williams, Members Absent: Mayor Bernero, James Butler, Brian Jeffries, Bob Johnson; _ Kelly Rossman-McKinney Staff Present: Brian Anderson, Karl Dorshimer, Caitlin Malloy, Marchelle`Smitlx, Bob Trezise Special Guests: None Cs1 Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 8:05 a.m. ;1 Approval of Meeting Minutes from January 8, 2008 special Board of Director's Meeting Motion: Calvin Jones moved the Board to approve the meeting minutes from the January 8, 2008 special Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of December 31, 2007 Motion: Jeff Williams moved the Board to receive the December 31, 2007 financial statements and place them on file. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Quarterly TIFA Meetings It was the consensus of the board to hold quarterly board meetings rather than monthly after final budgets have been approved. A draft budget will be presented to the Board at the March board meeting and a final draft will be presented at the April board meeting. Other Business Bob Trezise reported that at the end of this fiscal year, the House of Representatives Building will no longer be capturing taxes in the TIFA. Gary Granger and Joel Ferguson have sold the building to the State of Michigan which will impact the TIFA by a 20% reduction in tax revenues for the next fiscal year. There has been an agreement that $400,000 payment in lieu of taxes will be paid annually for four years to the City, not the TIFA. The Lansing EDC is working with City Officials on calculating future tax captures reflecting new development projects to offset the reduction. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 8:15 a.m. Motion: Calvin Jones moved the Board to adjourn the meeting at 8:15 a.m. Seconded by Jeff Williams. Yeas: Unanimous. Motion carried. Minutes by M. Smith Tax Increment Finance Authority n�' C E i 1V f E D Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference -Ro. ria r; , Tuesday, April 1, 2008 7:45 a.m. +� Members Present: Kim Coleman, Bo Garcia, Bob Johnson, Calvin Jones, Kelly Rossman- McKinney, Greg Ward Members Absent: Mayor Bernero, James Butler, Brian Jeffries, Jeff Williams Staff Present: Brian Anderson, Karl Dorshimer, Ken Szymusiak, Bob Trezise Special Guests: None Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 8:05 a.m. Approval of Meeting Minutes from February 5, 2008 special Board of Director's Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the February 5, 2008 special Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of February 29, 2008 Motion: Calvin. Jones moved the Board to receive the February 29, 2008 financial statements and place them on file. Seconded by Kelly Rossman-McKinney. Yeas: Unanimous. Motion carried. Other Business Bob Trezise updated the long and short term status of the TIFA. He is working with Bond Attorneys to proactively stay ahead of any TIFA issues so the TIFA can take on projects in the future. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 8:15 a.m. Motion: Kelly Rossman-McKinney moved the Board to adjourn the meeting at 8:15 a.m. Seconded by Bo Garcia. Yeas: Unanimous. Motior. Minutes by B. Anderson Tax Increment Finance Authority Regular Board of Director's Meeting Minutes y Lansing Economic Development Corporation Conference Room C- 77, - Tuesday, June 3, 2008 C'= J 7:45 a.m. Members Present: Mayor Bernero, Kim Coleman, Bo Garcia, Bob Johnson, Calvin Jones;--` Greg Ward Members Absent: James Butler, Brian Jeffries, Kelly Rossman-McKinney, Jeff William's Staff Present: Brian Anderson, Karl Dorshimer, Caitlin Malloy, Ken Szymusiak, Bob Trezise Special Guests: Sandra Clark, Michigan Department of History, Arts & Libraries Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 7:50 a.m. Approval of Meeting Minutes from May 15 special Board of Director's Meeting Motion: Calvin Jones moved the Board to approve the meeting minutes from the May 15, 2008 special Board of Director's meeting and place them on file. Seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of April 30, 2008 Motion: Calvin Jones moved the Board to receive the April 30, 2008 financial statements and place them on file. Seconded by Bo Garcia. Yeas: Unanimous. Motion carried. Cultural Economic Development Pilot Program Bob Trezise gave an overview on a Cultural Economic Development partnership with the City of Lansing and the City of East Lansing along with technical support coming from the Michigan Department of History, Arts & Libraries. Both cities will be the first in the State of Michigan to launch this pilot program. The Board was asked to approve amending the TIFA budget by $32,500 to match funds with East Lansing to cover the cost to hire a cultural economic consultant for a total of $65,000. Motion: Bo Garcia moved the Board to approve amending the TIFA budget in the amount of $32,500 to match funds with the City of East Lansing. Seconded by Calvin Jones. Other Business Bob Trezise reported that Karl Dorshimer, Jerry Ambrose and himself continues discussion with Bill Danhoff on strategies to restructure and refinance the TIFA debt for the 2009/2010 fiscal year due to the House Office building coming off the tax roll. They will be looking at strategies that will increase revenue many years from now to help pay for public projects. Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 8:15 a.m. Motion: Bo Garcia moved the Board to adjourn the meeting at 8:15 a.m. Seconded by Greg Ward. Yeas: Unanimous. Motior Minutes by M. Smith Tax Increment Finance Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, June 24, 2008 1 c 12:00 Noon - e - C 3 C": 7 r _� Members Present: Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Greg Ward, Jeff Williams Members Absent: Mayor Bernero, James Butler, Calvin Jones, Kelly Rossma� ;,McK=ey' Staff Present: Karl Dorshimer, Marchelle Smith, Bob Trezise; Special Guests: None Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 12:00 Noon, Resolution Authorizing the Release and Substitution of Property in Accordance with the Contract of Lease with the City of Lansing Bob Trezise expressed the urgency of this meeting due to City Council approving the same at Monday night's Council meeting on June 23 and due to the closing of sale on the property to the developer, Shawn Elliott,on W�dday,—e=� Karl Dorshimer introduced the Resolution authorizing the release and substitution of property in accordance with the Contract of Lease with the City of Lansing along with Exhibit A, Schedule B and Exhibit C as presented to the Board. Motion: Brian Jeffries moved the Board to approve the Resolution authorizing the release and substitution of property in accordance with the Contract of Lease with the City of Lansing and place them on file. Seconded by Bo Garcia. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the Minutes by M. Smith Tax Increment Finance Authority . - Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room j. Friday, September 12, 2008 C-) 7:45 a.m. T C C.� Cj- Members Present: Bo Garcia, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward, Jeff Williams Members Absent: Mayor Virg Bernero, James Butler, Kim Coleman, Brian Jeffries Staff Present: Brian Anderson, Karl Dorshimer, Andrea Ragan, Marchelle Smith, Ken Szymusiak, Bob Trezise Special Guests: None Public Present: None Call to Order Vice Chair Bo Garcia called the meeting to order at 9:00 a.m. Approval of Meeting Minutes from June 3, 2008 Regular Board of Director's Meeting Motion: Jeff Williams moved the Board to approve the meeting minutes from the June 3, 2008 regular Board of Director's meeting and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Approval of Meeting Minutes from June 24, 2008 Special Board of Director's Meeting Motion: Calvin Jones moved the Board to approve the meeting minutes from the June 24, 2008 special Board of Director's meeting and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of July 31, 2008 Motion: Greg Ward moved the Board to receive the July 31, 2008 financial statements and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. RFP for Performing Arts Center Study Update Bob Trezise reported that the RFP's were due today, September 12th at 2:00 p.m. TIFA Bond Refinancing Bob Trezise stated that progress is being made on the refinancing of the TIFA Bond. Other Business None Public Comment None Adjournment Vice Chair Bo Garcia declared the meeting adjourned at 9:10 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 8:15 a.m. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Minutes by M. Smith Tax Increment Finance Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Tuesday, October 14, 2008 c C:, 7:45 a.m. Members Present: Kim Coleman, Bo Garcia, Brian Jeffries, Calvin Jones, c3 Kelly Rossman-McKinney, Greg Ward, Jeff Williams Members Absent: Mayor Virg Bernero, James Butler u. Staff present: Karl Dorshimer, Marchelle Smith, Bob Trezise Special Guests: Sue Warren, Board of Water & Light Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 8:47 a.m. Approval of Meeting Minutes from September 12, 2008 Special Board of Director's Meeting Motion: Jeff Williams moved the Board to approve the meeting minutes from the September 12, 2008 special Board of Director's meeting and place them on file. Motion seconded by Bo Garcia. Yeas: Unanimous. Motion carried. Financial Statements as of August 31, 2008 Motion: Calvin Jones moved the Board to receive the August 31, 2008 financial statements and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. TIFA Bond Refinancing Update Bob Trezise reported that the TIFA has been challenged by a number of buildings that had been reassessed in fiscal year 2006/2007 by $350,000. This shortfall had been caught up in fiscal year 2007/2008. The House of Representative's building will be coming off the tax rolls in the next fiscal year leaving a $1.2 million shortfall which the City has to cover with full faith and credit. Numerous meetings have been held with Jerry Ambrose, the Bond attorneys and LEDC staff. If the State makes two legislative changes to the TIFA law, it would result in an estimated $31 million back to the TIFA stretched over an additional 20 years. This could be used to pay off debt and provide additional funds for other public improvements. Bill Danhoff will be invited to the next board meeting to discuss the complexities. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 8:55 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 8:55 a.m. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Minutes by M. Smith Tax Increment Finance Authority Special Board of Director's Meeting Minutes' Lansing Economic Development Corporation Conference Room Friday, November 7, 2008 - 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Greg Ward Members Absent: Mayor Virg Bernero, Calvin Jones, Kelly Rossman-McKinney Staff Present: Karl Dorshimer, Andrea Ragan, Kenny Szymusiak, Marchelle Smith, Bob Trezise Special Guests: Bill Danhoff, Miller Canfield Public Present: None Call to Order Chair Kim Coleman called the meeting to order at 7:45 a.m. Approval of Meeting Minutes from October 14, 2008 Special Board of Director's Meeting Motion: James Butler moved the Board to approve the meeting minutes from the October 14, 2008 special Board of Director's meeting and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of September 30, 2008 Motion: Greg Ward moved the Board to receive the September 30, 2008 financial statements and place them on file. Motion seconded by James Butler. Yeas: Unanimous. Motion carried. TIFA Bond Refinancing Update Bob Trezise reaffirmed that the House of Representative's building will be coming off the tax rolls in the next fiscal year leaving a $1.2 million shortfall which the City has to cover with full faith and credit. Bill Danhoff, Miller Canfield, gave an update on a plan to help restructure the TIFA debt. If the State makes two legislative changes to the TIFA law, it would free up revenues to do other projects, reduce the debt and stretch it out over a longer period of time. Performing Arts Center The Mayor has put this on hold. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 8:05 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 8:05 a.m. Motion seconded by Bo Garcia. Yeas: Unanimous. Motion carried. Minutes by M. Smith t ((�' Irl Robert L. Trezise, Jr., Lansing Brownfield Redevelopment Authority - Special Board of Director's Meeting Minutes - Lansing Economic Development Corporation Conference ,Room Friday, November 7, 2008 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Brian Jeffries, Greg Ward Members Absent: Mayor Virg Bernero, Calvin Jones, Kelly Rossman-McKinney Staff Present: Karl Dorshimer, Andrea Ragan, Kenny Szymusiak, Marchelle Smith, 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 Corrected Meeting Minutes from October 14, 2008 special Board of Director's Meeting Motion: James Butler moved the Board to approve the meeting minutes from the October 14, 2008 special Board of Director's meeting and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of September 30, 2008 Motion: James Butler moved the Board to receive the September 30, 2008 financial statements and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair Kim Coleman declared the meeting adjourned at 9:37 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 9:37 a.m. Motion seconded by James Butler. vpn--- TTnnnimrnic 1VTntinn rnrriPrt Minutes by M. Smith