SmartZone Local Development Finance Authority Regular Meeting

SmartZone Local Dev Finance Authority City Hall Minutes Packet 300 Monroe Ave NW, 9th Floor Grand Rapids, MI 49503 September 13, 2023 @ 10:30 AM City Commission Chambers PRESENT: Hal Ostrow, Al Vanderberg, Jerry Callahan, Lisa Freiburger, Randy Thelen, Mark Washington, Greg Sanial ABSENT: Jerry Kooiman, Keith Brophy OTHERS: Jeremiah Gracia, Jordan Turner, Tricia Chapman, Chad Buczkowski, Jessica Wood, John Weiss, Paul Moore, Kyle McGregor, Janet Wyllie, Lee Constantine (Bookscore) I. Call to Order The meeting was called to order at 10:32 AM by Chair Hal Ostrow. II. Public Comment on Agenda Items None. III. Minutes Approval 1. Approval of Minutes from June 14, 2023 No comment or corrections noted. Motion to approve the minutes from June 14, 2023. RESULT: ACCEPTED [UNANIMOUS] MOVER: Jerry Callahan, Member SECONDER: Greg Sanial, Member YEAS: Ostrow, Vanderberg, Callahan, Freiburger, Sanial ABSENT: Jerry Kooiman, Keith Brophy, Randy Thelen, Mark Washington (Randy Thelen and Mark Washington arrived at 10:33 AM) IV. Financials 1. Preliminary Interim Financial Statements as of June 30, 2023 Tricia Chapman presented the financial statements and answered questions. Motion to accept the Interim Financial Statements. Generated 9/14/2023 11:18 AM SmartZone Local Dev Finance Authority Meeting Full Page 2 September 13, 2023 RESULT: APPROVED [UNANIMOUS] MOVER: Mark Washington, Member SECONDER: Greg Sanial, Member YEAS: Ostrow, Vanderberg, Callahan, Freiburger, Thelen, Washington, Sanial ABSENT: Jerry Kooiman, Keith Brophy 2. Interim Financial Statements as of August 31, 2023 Ms. Chapman presented the financial statements and answered questions. Motion to accept Financial Statement C. RESULT: APPROVED [UNANIMOUS] MOVER: Lisa Freiburger, Member SECONDER: Mark Washington, Member YEAS: Ostrow, Vanderberg, Callahan, Freiburger, Thelen, Washington, Sanial ABSENT: Jerry Kooiman, Keith Brophy V. Action Items 1. Resolution approving and authorizing execution of a Third Amendment to Restated Grant Agreement with Michigan Strategic Fund Jordan Turner introduced the Resolution and answered questions. Motion to approve and authorize execution of a Third Amendment to Restated Grant Agreement with Michigan Strategic Fund. RESULT: APPROVED [6 TO 0] MOVER: Mark Washington, Member SECONDER: Greg Sanial, Member YEAS: Ostrow, Vanderberg, Callahan, Freiburger, Washington, Sanial ABSTAIN: Randy Thelen ABSENT: Jerry Kooiman, Keith Brophy VI. Reports 1. SmartZone Operators Quarterly Report Paul Moore (Start Garden) and Kyle McGregor (Spartan Innovations) gave their Q3 quarterly report and invited Lee Constantine to present about the evolution of Bookscore. 2. Gateway Grand Rapids Update Janet Wyllie informed the board of all BAF activity during the final period of FY 2023 from October 1, 2022 - March 31, 2023. Generated 9/14/2023 11:18 AM SmartZone Local Dev Finance Authority Meeting Full Page 3 September 13, 2023 VII. Other Business Hal Ostrow thanked Jeremiah Gracia for his work as Executive Director, as this is his last meeting in that position. VIII. Public Comment Jeremiah Gracia thanked all those in attendance for all their work and progress for the SmartZone LDFA. IX. Adjournment The meeting adjourned at 11:30 AM. Generated 9/14/2023 11:18 AM