Tax Increment Finance Authority

APPROVED 7/27/22 TAX INCREMENT FINANCE AUTHORITY MINUTES June 22, 2022 THE MEETING OF THE TAX INCREMENT FINANCE AUTHORITY WAS CALLED TO ORDER AT 7:00 P.M., ON MONDAY, MARCH 23, 2022, BY CHAIRMAN RUFF Present: Ball, Reindel, Ruff, Weinert, Yelencich Absent: Garant, LaFore Others: Director Moore, City Clerk McCallister Visitors: None Motion by Reindel, supported by Weinert, to excuse Authority Members Garant and LaFore from tonight’s meeting. All yeas Motion passes APPROVAL OF MINUTES Motion by Weinert, supported by Yelencich, to approve the minutes from May 25, 2022, as presented. All yeas Motion passes APPROVAL OF BILLS Motion by Reindel, supported by Yelencich, to approve the Payroll Expenses for May 30th through June 16, 2022, in the amount of $6,504.15. All yeas Motion passes Motion by Weinert, supported by Ball, to approve the Schedule of Bills for May 20th through June 20th, 2022, in the amount of $179,560.73. All yeas Motion passes CORRESPONDENCE Revenue and Expense Report for May 2022 City Council Meeting Minutes- Budget Workshop of May 2, 2022 City Council Meeting Minutes – Regular Meeting of May 2, 2022 City Council Meeting Minutes – Budget Workshop of May 16, 2022 City Council Meeting Minutes – Regular Meeting of May 16, 2022 Received and filed the correspondence as presented. TIFA Mtg: 06/22/22 Page 1 of 3  APPROVED 7/27/22 PUBLIC COMMENTS None. ADOPTION OF AGENDA The Agenda was adopted as presented. Motion by Reindel, seconded by Yelencich, to adopt the agenda as presented. All yeas Motion passes ITEMS FOR CONSIDERATION 1. Approval of the FY2022-23 TIFA Budget Director Moore discussed with the TIFA the current financial status explaining the proposed FY2022-23 TIFA budget. FIFA revenues have been adjusted in recent years with a tax base sharing agreement between the City and TIFA to reduce the TIFA capture. The remaining fund balance will be dedicated toward future streetscape improvements and parking improvements. Reindel inquired regarding the allocation of expenses toward the potential barn construction. More detail will be provided at the next TIFA meeting. Motion by Reindel, seconded by Ball, to approve the FY2022/2023 TIFA Budget. All yeas Motion passes 2. Approval of TIFA Resolution 2022-1: Dedication of Funds Director Moore informed the Authority that TIFA needs to pass a resolution dedicating surplus funds for use on future projects. Under Public Act 450 of 1980 Sec. 14(2) the authority shall expend the tax increments received for the development program only in accordance with the tax increment financing plan. TIFA no longer has bond debt to dedicate future funds. Director Moore indicated the future projects will encompass the completion of the re-development of the parking lots that are covered under this resolution. Motion by Ball, seconded by Reindel, to adopt TIFA Resolution 2022-1 which dedicates the $239,761 in surplus funds against future projects. All yeas Motion passes TIFA Mtg: 06/22/22 Page 2 of 3  APPROVED 7/27/22 3. Approval of TIFA / City of Richmond Tax Base Sharing Agreement Motion by Yelenich, seconded by Weinert, to approve the Captured Assessed Value Sharing Agreement between the City of Richmond TIFA and the City of Richmond for Fiscal Year 2022/23 and authorize the TIFA Director to sign the agreement All yeas Motion passes 4. Consideration of Approving Quote Nationwide Fence Motion by Reindel, seconded by Yelenich, to approve the quote from Nationwide Construction Group authorizing the installation of 462’ of fencing along the east Beebe Park property line with a cost of $16,187 and the inclusion of two (2) service gates as needed. All yeas Motion passes MISCELLANEOUS MATTER FROM THE DIRECTOR  Pouring of the concrete is scheduled after July 4, 2022 for the tent area at Good Old Days  Major projects at the AUD near completion CHAIRMAN AND AUTHORITY MEMBERS Weinert – Commended the work being done at the AUD, and reminded members about the Heritage Festival this weekend. ADJOURNMENT Motion by Ball, supported by Reindel, to adjourn the Tax Increment Finance Authority meeting at 7:45 p.m. All yeas Motion passes Respectfully Submitted: Heather McCallister City Clerk TIFA Mtg: 06/22/22 Page 3 of 3