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HomeMy WebLinkAbout2010 TIFA minutesTax Increment Finance Authority Special Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, January 8, 2010 7:45 a.m. Members Present: James Butler, Kim Colman, Bo Garcia, Calvin Jones, Kelly Rossman-McKinney, Jeff Williams Members Absent: Mayor Bernero, Brian Jeffries, Greg Ward Staff Present: Brian Anderson, Karl Dorshimer, Andrea Ragan, Marchelle Smith, Kenny Szymusiak, Bob Trezise Public Present: Ray Michaels, IBEW President Call to Order Chair Bo Garcia called the meeting to order at 8:55 a.m. Approval of Meeting Minutes from December 4, 2009 Regular Board Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the December 4, 2009 regular Board of Director's meeting and place them on file. Motion seconded by Greg Ward Yeas: Unanimous. Motion carried. Financial Statements as of November 30, 2009 Motion: Calvin Jones moved the Board to receive the November 30, 2009 financial statements and place them on file. Motion seconded by Kelly Rossman- McKinney. Yeas: Unanimous. Motion carried. Approval of Audited Financial Statements for the Year Ending June 30, 2009 The TIFA's audited financial statements were provided to the board for their approval. Motion: Kim Coleman moved the Board to approve the audited financial statements for the year ending June 30, 2009 and place them on file. Motion seconded by Calvin Jones Yeas: Unanimous. Motion carried. President's Report Bob Trezise gave a power point presentation on the year end report which included a four-year measurable analysis of LEDC taxable values. The board asked to have a hard copy provided. Other Business None Public Comment None Adjournment Chair, Bo Garcia declared the meeting adjourned at 9:45 a.m. Motion: Kim Coleman moved the Board to adjourn the meeting at 9:45 a.m. Seconded by James Butlerr\ Yeas: Unanimous. Motio Minutes by M. Smith Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room'-'-* Friday, February 5, 2010 7:45 a.m. A! Members Present: Bo Garcia, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward, Jeff Williams Members Absent: Mayor Bernero, James Butler, Kim Coleman, Brian Jeffries Staff Present: Brian Anderson, Karl Dorshimer, Andrea Ragan, Marchelle Smith, Kenny Szymusiak, Bob Trezise Special Guests: Sue Pigg, Ingham County Brownfield Redevelopment Authority Eric Schertzing, Ingham County Land Bank Authority Dawn Van Halst, Ingham County Land Bank Authority Public Present: Ray Michaels, IBEW President Call to Order Chair Bo Garcia called the meeting to order at 8:50 a.m. Approval of Meeting Minutes from January 8, 2010 Regular Board Meeting Motion: Calvin Jones moved the Board to approve the meeting minutes from the January 8, 2010 regular Board of Director's meeting and place them on file. Motion seconded by Kelly Rossman-McKinney. Yeas: Unanimous. Motion carried. Financial Statements as of December 31, 2009 Motion: Jeff Williams moved the Board to receive the December, 31, 2009 financial statements and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. MEDC 2010 Ice Grant Bob Trezise reported there are $100,000 grant funds available to entitlement communities for downtown infrastructure with a dollar match from the community. To help build a sense of place, an ice skating rink next to the City Market would be an eligible project. The Principal Shopping District is hiring an engineering firm to determine the cost as the Notice of Intent is due February 25 with the application due March 5. Bob recommended the TIFA be used as a dollar match and asked the board to allow for further exploration. The Board asked that cost determinations be brought back to the Board next month for their approval. Other Business Bob Trezise reminded everyone present to join in the walking tour of the Accident Fund World Headquarters immediately upon adjournment of the meeting. Public Comment None Adjournment Chair, Bo Garcia declared the meeting adjourned at 9:00 a.m. Motion: Kelly Rossman-McKinney moved the Board to adjourn the meeting at 9:00 a.m. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Minutes by M. Smith Robert L. Trezise, Jr.,,YWA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, March 5, 2010 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Bob Johnson, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Bernero, Brian Jeffries, Calvin Jones, Jeff Williams Staff Present: Karl Dorshimer, Andrea Ragan, Marchelle Smith, Kenny Szymusiak, Bob Trezise Special Guests: Mindy Biladeau, Principal Shopping District Bill Danhoff, Miller, Canfield, Paddock & Stone Kevin Fueka, C2AE - Rusty Owens, C2AE Public Present: Ray Michaels, IBEW President Call to Order Chair Bo Garcia called the meeting to order at 8:00 a.m. Approval of Meeting Minutes from February 5, 2010 Regular Board Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the February 5, 2010 regular Board of Director's meeting and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. Financial Statements as of January 31, 2010 Motion: Kim Coleman moved the Board to receive the January 31, 2010 financial statements and place them on file. Motion seconded by Greg Ward. Yeas: Unanimous. Motion carried. MEDC Grant Bob Trezise introduced Mindy Biladeau, Executive Director of the Principal Shopping District, Rusty Owens and Kevin Fueka, C2AE engineers. As point person, Mindy hired C2AE to establish costs associated with building an ice skating rink next to the City Market and has completed the MEDC grant application which is due by 5:00 p.m. today. Bob recommended the Board approve $400,000 from TIFA fund balance as a community match. The $1.1 million fund balance is healthy due to our proactive bond refinancing efforts. Our five-year TIFA revenue projections are positive despite very conservative estimates. It will enhance economic development. C2AE provided project details and expressed this project is very unique as there is only one other ice rink in the State like it. The rink will be synthetic so that it can be utilized year round. It will have a fountain feature, raised fire pit, seating surrounding the rink and is a green project reducing energy costs. Motion: James Butler moved the Board to approve the Resolution utilizing TIFA fund balance in the amount of $400,000 to assist as a community match. Seconded by Kim Coleman. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair, Bo Garcia declared the meeting adjourned at 8:25 a.m. Motion: Kelly Rossman-McKinney moved- Board to adjourn the meeting at 8:25 a.m. Seconded by Greg W�d.� Yeas: Unanimous. Motion carried. Minutes by M. Smith 11 �(J l / / ` tlz / Robert L. Trezise, Jr., ,WA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes I Lansing Economic Development Corporation Conference Room ' Friday, March 5, 2010 7:45 a.m. Members Present: James Butler, Kim Coleman, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Bernero, Bo Garcia, Brian Jeffries, Jeff Williams Staff Present: Brian Anderson, Karl Dorshimer, Andrea Ragan, Marchelle Smith, Bob Trezise Guests: None Public Present: None Call to Order Vice Chair Greg Ward called the meeting to order at 8:30 a.m. Approval of Meeting Minutes from March 5, 2010 Regular Board Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the March 5, 2010 regular Board of Director's meeting and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Budget for Fiscal Year Ending 2010/2011 Bob Trezise stated that property values are down 15% and that we have estimated conservative revenues for the 2010/2011 fiscal year. By refinancing the TIFA bond debt, we are able to meet the debt service payments even while revenues have declined. Motion: Calvin Jones moved the Board to approve the budget for the 'fiscal year 2010/2011 and place it on file. Motion seconded by Kim Coleman. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair, Greg Ward declared the meeting adjourned at 8:35 a.m. Motion: Kelly Rossman-McKinney moved the Board to adjourn the meeting at 8:35 a.m. Seconded by James Butler. Yeas: Unanimous. Motion carried. Minutes by M. Smith Robert L. Trezise, ; TIFA Director the building. The building will preserved with historic tax credits maintaining most of the building's original character. The space will be leased to non -profits and association organizations With the intent of them sharing common areas such as reception area, conference rooms and lunch rooms. The project is planned to be completed by January 2011. Motion: Calvin Jones moved the Board to approve the Resolution for the Marshall Street Armory project and place it on file. Motion seconded by James Butler. Yeas: Unanimous. Motion carried. Budget for Fiscal Year 2010/2011 Marchelle stated that the budget reflects revenues and expenses as a pass through for each of the Brownfield projects. It is anticipated that the full $3.2 million Clean Michigan Initiative (CMI) grant be expended by the end of this fiscal year June 30,2010 and the other $1 million CMI grant will be expended in the upcoming fiscal year. Motion: James Butler moved the Board to approve the budget for the fiscal year 2010/2011 and place it on file. Motion seconded by Kelly Rossman- McKinney. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair, Greg Ward concluded the meeting in Bo Garcia's absence and 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 James Butler. Yeas: Unanimous. Motion carried. Minutes by M. Smith I / % Robert L. Trezise, J , LBRA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, April 16, 2010 7:45 a.m. Members Present: James Butler, Kim Coleman, Bob Johnson, Calvin Jones, Kelly Rossmatu-McKinney, Greg Ward Members Absent: Mayor Bernero, Bo Garcia, Brian Jeffries, Jeff Williams Staff Present: Brian Anderson, Karl Dorshimer, Andrea Ragan, Marchelle Smith, Bob Trezise Guests: None Public Present: None Call to Order Vice Chair Greg Ward called the meeting to order at 8:30 a.m. Approval of Meeting Minutes from March 5, 2010 Regular Board Meeting Motion: Kelly Rossman-McKinney moved the Board to approve the meeting minutes from the March 5, 2010 regular Board of Director's meeting and place ;-- them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. �- - Budget for Fiscal Year Ending 2010/2011 ' Bob Trezise stated that property values are down 15% and that we have estimated conservative revenues for the 2010/2011 fiscal year. By refinancing the TIFA bond debt, we are able to meet the debt service payments even while revenues have declined. Motion: Calvin Jones moved the Board to approve the budget for the fiscal year 2010/2011 and place it on file. Motion seconded by Kim Coleman. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair, Greg Ward declared the meeting adjourned at 8:35 a.m. Motion: Kelly Rossman-McKinney moved the Board to adjourn the meeting at 8:35 a.m. Seconded by James Butler. Yeas: Unanimous. Motion carried. MinuLes by M. Smith (ilT Robert L'. Trezise, Jt/%,TIFA Director Talc Increment Finance Authority Special Board of Director's Meeting Minutes i Lansing Economic Development Corporation Conference Room Friday, June 25, 2010 !' 7:45 a.m. Members Present: Kim Coleman, Bo Garcia, Brian Jeffries, Bob Johnson, Calvin Jones, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Bernero, James Butler, Jeff Williams Staff Present: Karl Dorshimer, Andrea Ragan, Marchelle Smith, Bob Trezise, David Wood Guests: None Public Present: None Call to Order Chair Bo Garcia called the meeting to order at 8:55 a.m. Approval of Meeting Minutes from April 16, 2010 Special Board Meeting Motion: Kim Coleman moved the Board to approve the meeting minutes from the April 16, 2010 special Board of Director's meeting and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Financial Statements as of April 30, 2010 Motion: Kelly Ro s sman- McKinney moved the Board to receive the April 30, 2010 financial statements and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Transfer of TIFA Local Account Funds to TIFA Investment Account Marchelle Smith reported that, due to minimal funds in the TIFA Local bank account in the amount of $35,377.69, it is being charged higher service fees than the interest earned. It is staff's recommendation to move funds from this account into the TIFA Investment bank account. Motion: Calvin Jones moved the Board to approve the transfer of funds from the TIFA Local account into the TIFA Investment account and place it on file. Motion seconded by Kim Coleman. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Vice Chair, Greg Ward declared the meeting adjourned at 9:00 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 9:00 a.m. Seconded by Calvin Jones. Yeas: Unanimous. Motion carr: Minutes by M. Smith Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Economic Development Corporation Conference Room Friday, September 3, 2010 7:45 a.m. Members Present: James Butler, Kim Coleman, Bo Garcia, Calvin Jones, Kelly Rossman-McKinney, Greg Ward Members Absent: Mayor Bernero, Brian Jeffries, Jeff Williams Staff Present: Karl Dorshimer, Andrea Ragan, Marchelle Smith, Bob Trezise Guests: None Public Present: None Call to Order Chair Bo Garcia called the meeting to order at 9:00 a.m. Approval of Meeting Minutes from June 25, 2010 Special Board Meeting Motion: James Butler moved the Board to approve the meeting minutes from the June 25, 2010 special Board of Director's meeting and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Un -audited Financial Statements as of June 30, 2010 Bob Trezise reported that revenues slightly exceeded expenditures due to the refinancing of the TIFA bond payments. - Motion: James Butler moved the Board to receive the June 30, 2010 un -audited financial statements and place them on file. Motion seconded by Kim Coleman. Yeas: Unanimous. Motion carried. Other Business Bob Trezise reminded everyone that we will be holding our next regular scheduled Board meeting on Friday, October 1, 2010. The Board expressed interest to tour the Accident Fund building. Arrangements will be made with the Christman Company. Public Comment None Adjournment Vice Chair, Greg Ward declared the meeting adjourned at 9:05 a.m. Motion: Greg Ward moved the Board to adjourn the meeting at 9:05a.m. Seconded by Calvin Jones. Yeas: Unanimous. Motion carried. r Minutes by M. Smith Robert L. Trezise, Jr. /'f FA Director Tax Increment Finance Authority Regular Board of Director's Meeting Minutes Lansing Ecoiornic Development Corporation Conference Room Friday, December 3, 2010 7:45 a.m. Members Present: Mayor Bernero, James Butler, Kim Coleman, Bo Garcia, Calvin Jones, Kelly Rossman-McKinney Members Absent: Brian Jeffries, Greg Ward, Jeff Williams Staff Present: Karl Dorshimer, Andrea Ragan, Marchelle Smith, Ken Szymusiak, Bob Trezise Guests: None Public Present: None Call to Order Chair Bo Garcia called the meeting to order at 9:15 a.m. Approval of Meeting Minutes from September 3, 2010 Regular Board Meeting Motion: Kim Coleman moved the Board to approve the meeting minutes from the September 3, 2010 regular Board of Director's meeting and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Draft Audited Financial Statements for the Fiscal Year Ending June 30, 2010 Stephen Blann from Rehmann Robson presented the TIFA draft audited financial statements for the fiscal year ending June 30, 2010. Teresa Choate from Rehmann Robson and Angie Bennett from the City's Finance Department were present to answer questions. Motion: Kim Coleman moved the Board to approve the draft audited financial statements for the fiscal year ending June 30, 2010 and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Financial Statements as of October 31, 2010 Motion: Kim Coleman moved the Board to receive the October 31, 201.0 financial statements and place them on file. Motion seconded by Calvin Jones. Yeas: Unanimous. Motion carried. Other Business None Public Comment None Adjournment Chair, Bo Garcia declared the meeting adjourned at 9:20 a.m. Motion: Calvin Jones moved the Board to adjourn the meeting at 9:20 a.m. Seconded by Kim Coleman. Yeas: Unanimous. Motion carr: Minutes by M. Smith