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HomeMy WebLinkAbout2020 TIFA MinutesTax Increment Finance Authority Board of Directors Meeting Minutes Friday, January 10, 2020 - 8:30 AM LEAP Office 1000 S. Washington Ave. Ste. 201 Lansing, MI 48910 Members Present: Calvin Jones, Thomas Donaldson, Shelley Davis -Boyd Brian McGrain, Fred Schaible, Blake Johnson, Kimberly Coleman, James Butler III Members Absent: Andrea Binoniemi (E) Temp Members Present: None Staff Present: Karl Dorshimer, Hannah Bryant, Kris Klein, Rachel Mcllvaine, Jennifer Abood-Morris Guests: Jeff Scharnowske Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors Meeting to order at 9:41 a.m. Approval of TIFA Board of Directors Meeting Minutes - Friday, December 6, 2019 MOTION: McGrain moved to approve the TIFA Board Meeting Minutes from December 6, 2019, as presented. Motion seconded by Coleman. YEAS: Unanimous. Motion Carried. Update on Financials Klein shared that Fiscal Year 2018-2019 Year End Financials will be presented at the February 2020 Meeting by Rehmann. Open Forum for TIFA Board Members None was provided. Other Business No other business was presented. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Board of Directors meeting adjourned at 9:44 a.m. Karl orshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Members Present: Members Absent: Temp Members Present: Staff Present: Guests: Call to Order Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, February 7, 2020 - 3:OOPM Sleepwalker Spirits & Ale 1101 S Washington Ave. Lansing, MI 48910 Calvin Jones, Thomas Donaldson, Brian McGrain, Fred Schaible, Blake Johnson, Andrea Binoniemi, Kimberly Coleman Shelley Davis -Boyd (E), James Butler III None Karl Dorshimer, Hannah Bryant, Kris Klein, Rachel Mcllvaine, Jennifer Abood-Morris Paul Matz, Brian Lefler, Connor Sullivan, Jarrod Smith, Shelbi Frayer Chair Jones welcomed everyone and called the TIFA Board of Directors Meeting to order at 3:38p.m. Approval of TIFA Board of Directors Meeting Minutes - Friday, January 10, 2020 MOTION: Binoniemi moved to approve the TIFA Board Meeting Minutes from the Friday, January 10, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Coleman. YEAS: Unanimous. Motion Carried. TIFA Audited Financial Statements - YE June 30, 2019 (Action) Chair Jones recognized guests from Rehmann Robson to present the TIFA Audited Financial Statements for year end June 30,2019. Matz provided an overview of Rehmann's Independent Auditors Report, statement of account, balance sheet, debt obligations, Internal Controls Report, and other highlights of the Audited Financial Statements. Chair Jones asked for any questions from the Board Members, none were provided. MOTION: Coleman moved to approve the TIFA Audited Financial Statements - YE June 30, 2019. Motion seconded by Binoniemi. YEAS: Unanimous. Motion Carried. Resolution Authorizing Issuance of Refunding Bonds (Action) Chair Jones recognized Dorshimer to provide an overview of the TIFA and the implementation of the TIFA Development and Finance Plan over the past several decades. Dorshimer introduced Lefler, Sullivan, and Smith to provide an explanation of the request. Lefler provided an explanation of the past revenues and expenditures and the estimated impact of the issuance of 1_ refunding bonds. Smith introduced the resolution and the process for approval. Discussion ensued. Schaible requested the TIFA Board explore the possibility of expanding the TIFA District and/or Project Area. MOTION: Johnson moved to approve the resolution Authorizing Issuance of TIFA Refunding Bonds. Motion seconded by Donaldson. YEAS: Unanimous. Motion Carried. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Board of Directors meeting adjourned at 3:57p.m. Karl46orshirner, Director of Economic Development Lansing Economic Area Partnership (LEAP) 3 Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, March 6, 2020 - 8:30AM LEAP Office 1000 S. Washington Ave. Ste. 201 Lansing, MI 48910 Members Present: Calvin Jones, Thomas Donaldson, Blake Johnson, Andrea Binoniemi, Kimberly Coleman Members Absent: Brian McGrain (E), Fred Schaible (E), Shelley Davis -Boyd (E), James Butler III Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Rachel Mcllvaine, Dillon Rush Guests: 2 guests Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors Meeting to order at 9:44a.m. Approval of TIFA Board of Directors Meeting Minutes - Friday, February 7, 2020 MOTION: Coleman moved to approve the TIFA Board Meeting Minutes from the Friday, February 7, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Binoniemi. YEAS: Unanimous. Motion Carried. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Board of Directors meeting adjourned at 9:45a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Tax Increment Finance Authority Board of Director's Meeting Minutes Thursday, April 9, 2020 - 8:30AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-15 (COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Blake Johnson, Andrea Binoniemi, Kimberly Coleman, Fred Schaible, Shelley Davis - Boyd Members Absent: James Butler III, Brian McGrain Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Rachel Mcllvaine, Hannah Bryant Guests: Jarrod Smith Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors Meeting to order at 9:42a.m. Approval of TIFA Board Meeting Minutes - Friday, March 6, 2020 MOTION: Coleman moved to approve the TIFA Board Meeting Minutes from the Friday, March 6, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Binoniemi. YEAS: Unanimous. Motion Carried. Approval of TIFA Informational Meeting #1-2020 Minutes - Friday, March 6, 2020 MOTION: Coleman moved to approve the TIFA Board Meeting Minutes from the Friday, February 7, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Binoniemi. YEAS: Unanimous. Motion Carried. Update on Refunding Bonds (Discussion) Jarrod was able to provide a brief status update on the refunding of bonds, that was approved by the TIFA on February 7t" and by City Council recently. Jarrod shared that the bond still needs a buyer but this allows for a lower interest and will reduce debt service. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment 1 None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Board of Directors meeting adjourned at 9:47a.m. Karl 17 orshirrier, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2 Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, May 15, 2020 - 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-75 (COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Blake Johnson, Andrea Binoniemi, Kimberly Coleman, Fred Schaible, Brian McGrain Members Absent: James Butler III, Thomas Donaldson, Shelley Davis -Boyd Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Rachel Mcllvaine, Hannah Bryant Guests: - Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors Meeting to order at 9:44a.m. Approval of TIFA Board Meeting Minutes -Thursday, April 9, 2020 MOTION: Coleman moved to approve the TIFA Board Meeting Minutes from the Thursday, April 9, 2020, TIFA Board of Director's meeting, as presented. Motion seconded by Schaible. YEAS: Unanimous. Motion Carried. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Board of Directors meeting adjourned at 9:45 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Lansing Tax Increment Finance Authority Board of Director's Meeting Minutes Wednesday, June 17, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-75(COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Blake Johnson, Brian McGrain, Shelley Davis -Boyd, Andrea Binoniemi Members Absent: Kimberly Coleman, James Butler III, Frederick Schiable Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Rachel Mcllvaine, Hannah Bryant Guests: Jennifer Abood Morris, Dillon Rush Call to Order Chair Jones welcomed everyone and called the LEDC Board of Directors meetingto order at 9:59 am. Approval of TIFA Board Meeting Minutes — Friday, May 15, 2020 MOTION: Boyd moved to approve the LBRA meeting minutes from the Friday, May 15 LBRA Board of Director's meeting, as presented. Motion seconded by Johnson. YEAS: Unanimous. Motion carried. Approval of FY 2019/2020 TIFA Budget Amendment (Action) Dorshimer provided an update on the TIFA budget amendments needed to even out the fluctuations in balance due to differences in capture. McGrain asked why the amended 2019/2020 budget transfers more of the fund balance than is needed to balance the budget. Dorshimer will reach out to the City regarding this and other questions. The Board is in support of a presentation by the City. MOTION: Binoniemi moved to approve the budget amendment as presented. Motion seconded by Boyd. YEAS: Unanimous. Motion carried. Approval of FY202012021 TIFA Budget (Action) Dorshimer presented the FY2020/2021 budget and explained that revenue is less because of summer/winter taxes. The effects of the economic closures caused by COVID-19 will not be seen in the budget until next fiscal year. McGrain asked for clarification on the leases and the refinancing of different items. Karl explained that when one item is paid off, then the next one will come online to be paid off. This has been the mechanism for a while, several members would like this to be explained and explore other ways to pay off debt. Karl agreed that this is complicated process, and everyone should understand how it works. MOTION: Binoniemi motioned to approve the budget as presented. Motion seconded by Boyd. YEAS: Unanimous. Motion carried. Open Forum for TIFA Board Members Jones echoed McGrain's and Boyd's sentiments that there is a need to better understand the process in the long term. Binoniemi adds that it would be most helpful to understand what tools the board has and how they can be used to address the unique issues that are being faced today because economic conditions may change rapidly in the next 18 months. Staff will look at planning an educational session for the board. Other Business None was provided. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the LEDC meeting adjourned at 10:17 a.m. Karl Dorshim'er, Director of Economic Development Lansing Economic Area Partnership (LEAP) Lansing Tax Increment Finance Authority Informational Meeting #2 of 2020 Meeting Minutes Wednesday, July 15, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-129 (COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Brian McGrain, Shelley Davis -Boyd, Andrea Binoniemi, Frederick Schaible Members Absent: Kimberly Coleman, Blake Johnson, James Butler III, Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant Guests: Jennifer Abood Morris Call to Order Chair Jones welcomed everyone and called the TIFA Informational meetingto order at 10:06 a.m. Informational of TIFA Goals and Projects Dorshimer provided a background on the informational meeting and asked if any members of the public were in attendance to learn more about the TIFA. Dorshimer explained since we do not have any members of the public, that he will present more information at the next TIFA meeting, which are always open to the public. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment None was provided. Adjournment There being no further business, Chair Jones declared the TIFA Informational meeting adjourned at 10:07 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) 1 Lansing Tax Increment Finance Authority Board of Director's Meeting Minutes Wednesday, July 15, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-129(COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Brian McGrain, Shelley Davis -Boyd, Andrea Binoniemi, Frederick Schaible Members Absent: Kimberly Coleman, Blake Johnson, James Butler III, Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant Guests: Jennifer Abood Morris (LEAP), Jake Brower (City of Lansing) Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors meetingto order at 10:02 am. Approval of TIFA Board Meeting Minutes — Wednesday, June 17, 2020 MOTION: McGrain moved to approve the TIFA meeting minutes from Wednesday, June 17, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by David -Boyd. YEAS: Unanimous. Motion carried. Update on Refunding Dorshimer provided an update on the bond refunding. Dorshimer and the TIFA Bond team have been meeting to prepare for the issuance of the TIFA bonds for refunding (refinancing) a portion of the TIFA's debt. Dorshimer shared he will work on a TIFA 101 presentation for the next meeting. Open Forum for TIFA Board Members None was provided. Other Business Brower from the city of Lansing shared that he would provide an update on the finances next meeting due to waiting on final numbers. Public Comment None was provided. 1 Adjournment There being no further business, Chair Jones declared the TIFA Board of Director's meeting adjourned at 10:05 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) OR Lansing Tax Increment Finance Authority Board of Director's Meeting Minutes Friday, August 7, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* * Michigan Executive Order 2020-154(COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Brian McGrain, Shelley Davis -Boyd, Andrea Binoniemi, Kimberly Coleman, Blake Johnson Members Absent: James Butler III, Frederick Schaible Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant, Rachel Mcllvaine Guests: Jeff Scharnowske (city of Lansing), Jake Brower (city of Lansing), Brian Lefler (Baird), Greg Venker (city of Lansing) Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors meetingto order at 9:38 a.m. Approval of TIFA Board Meeting Minutes — Wednesday, July 15, 2020 MOTION: Coleman moved to approve the TIFA meeting minutes from Wednesday, July 15, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Binoniemi. YEAS: Unanimous. Motion carried. Approval of TIFA Informational Meeting #2 Minutes — Wednesday, July 15, 2020 MOTION: Davis -Boyd moved to approve the TIFA meeting minutes from Wednesday, July 15, 2020 TIFA Informational meeting #2, as presented. Motion seconded by Binoniemi. YEAS: Unanimous. Motion carried. 1 Update on Financials Jake Brower provided an updated on the TIFA financials from June 30, 2020. He walked through the balance sheet and the revenue and expenditure budgets. TIFA 101 (Presentation and Discussion) Dorshimer asked the board if they want to delay this presentation or do a special meeting later. The board decided to hear part of the presentation now, and also schedule a separate dedicated meeting to learn and discuss the TIFA and other programs such as Brownfield Plans, Corridor Improvement Authorities. Dorshimer gave the first half of his TIFA 101 program which was about the purpose and history of the TIFA in Lansing. After some discussion Dorshimer's presentation was halted to be continued later. Brian Lefler added that in the meeting packet were graphs and a summary of the most recent refunding effort and the savings from lower interested rates to the TIFA. Greg Venker added that there was a 6th amendment to the TIFA Development and Finance Plans that was need for the city to sell the Townsend Parking Ramp to the State of Michigan. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment There was none. Adjournment There being no further business, Chair Jones declared the TIFA Board of Director's meeting adjourned at 10:07 a.m. G� Karl Do shimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) Lansing Tax Increment Finance Authority Board of Directors Meeting Friday, September 11, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY" Michigan Executive Order 2020-154(COVID-19) provides temporary authorization of remote participation in public meetings and hearings. Members Present: Calvin Jones, Thomas Donaldson, Brian McGrain, Kimberly Coleman, Blake Johnson, Frederick Schaible (8:57) Members Absent: Shelley Davis -Boyd, Andrea Binoniemi Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant, Rachel Mcllvaine Guests: Jake Brower (city of Lansing) Call to Order Chair Jones welcomed everyone and called the TIFA Board of Directors meetingto order at 10:12 Approval of TIFA Board Meeting Minutes — Friday, August 7, 2020 MOTION: Donaldson moved to approve the TIFA meeting minutes from Friday, August 7, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Mcgrain Klein took a roll call vote, record as: Jones —yea Donaldson — yea Coleman — yea McGrain — yea Schaible — yea YEAS: Unanimous. Motion carried. Update on Financials Jake Brower provided an updated on the TIFA financials and not many changes from the previous meeting. Presented on June 30th numbers from September 3rd meeting. Dorshimer provided an update on the refinancing of the TIFA. Open Forum for TIFA Board Members None was provided. Other Business 1 None was provided. Public Comment There was none. Adjournment There being no further business, Chair Jones declared the TIFA Board of Director's meeting adjourned at 10:18 a.m. _:- Karl Dorshim6r, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2 Lansing Tax Increment Finance Authority Board of Directors Meeting Friday, November 6, 2020 — 8:30 AM THIS MEETING WAS BE HELD ELECTRONICALLY* Access the meeting via: https://us02web.zoom.us/j/82782259016 ID 827 8225 9016; Dial In (301) 715-8592 *See attached Public Participation Notes. Members Present: Calvin Jones (Lansing, MI), Thomas Donaldson (Lansing, MI), Brian McGrain (Lansing , MI), Blake Johnson (East Lansing, MI), Frederick Schaible (Lansing, MI'), Andrea Binoniemi (East Lansing, MI) Members Absent: Kimberly Coleman, Shelley Davis -Boyd (excused) Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant, Rachel Mcllvaine, Jennifer Abood Morris Guests: Robert Widigan (City of Lansing) Call to Order Chair Jones called the TIFA Board of Directors meetingto order at 9:58 a.m. Approval of TIFA Board Meeting Minutes — Friday, September 11, 2020 MOTION: Schaible moved to approve the TIFA meeting minutes from Friday, September 11, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by Donaldson Klein took a roll call vote, record as: Chair Jones — yea Donaldson — yea McGrain — yea Schaible — yea Johnson —yea Binoniemi - yea YEAS: Unanimous. Motion carried. Update on Financials Robert Widigan provided an update on the current fund balance and financials for the TIFA. Open Forum for TIFA Board Members None was provided. Other Business None was provided. Public Comment There was none. Adjournment There being no further business, Chair Jones declared the TIFA Board of Director's meeting adjourned at 10:00 a.m. Karl Dorshimer, Director of Economic Development Lansing Economic Area Partnership (LEAP) I Lansing Tax Increment Finance Authority Board of Directors Meeting Friday, December 18, 2020 — 8:30 AM THIS MEETING WAS HELD ELECTRONICALLY* Access the meeting via: https://us02web.zoom.us/j/88511609359 *See attached Public Participation Notes. Members Present: Calvin Jones (Lansing, MI), Brian McGrain (Lansing, MI), Blake Johnson (East Lansing, MI), Frederick Schaible (Lansing, MI), Andrea Binoniemi (East Lansing, MI) Members Absent: Kimberly Coleman, Shelley Davis -Boyd (excused), Tom Donaldson (excused), Temp Members Present: None Staff Present: Karl Dorshimer, Kris Klein, Hannah Bryant, Rachel Mcllvaine, Jennifer Abood Morris Guests: - Call to Order Chair Jones called the TIFA Board of Directors meetingto order at 10:07 a.m. Approval of TIFA Board Meeting Minutes — Friday, November 6, 2020 MOTION: Binoniemi moved to approve the TIFA meeting minutes from Friday, November 6, 2020 TIFA Board of Director's meeting, as presented. Motion seconded by McGrain Klein took a roll call vote, record as: Chair Jones — yea McGrain — yea Schaible — yea Johnson —yea Binoniemi - yea YEAS: Unanimous. Motion carried. Open Forum for TIFA Board Members None was provided. Other Business Klein shared that there is currently a preliminary meeting schedule for 2021, but it needs to have approval at the annual meeting. Klein will share the tentative schedule with the board members. Public Comment There was none. Adjournment Chair Jones wishes everyone a happy holiday and with no further business, Chair Jones declared the TIFA Board of Director's meeting adjourned at 10:10 a.m. Karl Dorshim' r, Director of Economic Development Lansing Economic Area Partnership (LEAP) 2