Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY MINUTES OF THE SPECIAL MEETING December 4, 2008– 5:30 P.M. CITY CENTER – Council Chambers Approved Luke Bonner called the meeting to order at 5:33 p.m. Members present at roll call: Stephen Cassin, Lori Doughty, Joseph Dueweke, John Lettang, Victor Martin, David Wilson, Zac Zachary. John Lamerato arrived at 5:35 p.m. Members absent: Richard Kincaid excused, David Walsh excused Also in attendance: Luke Bonner, Economic Development Manager; Jim Buhlinger, City Treasurer, Teresa Jarzab, Recording Secretary Motion to Approve the Agenda Moved by Cassin, supported by Dueweke, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Introductions Mr. Bonner asked everyone to introduce him or herself. Introductions where made. New Business LDFA power point presentation by Luke Bonner. Mr. Martin questioned what the difference was between this authority and the one on old Van Dyke. Mr. Bonner responded that the concepts are the same but that the tax incentives are different from i.e. a DDA and CIA or Brownfield’s, the incentives can only be used for Agriculture Processing, manufacturing, high tech active, alternative energy. Does not relate to commercial or residential properties or mixed- use developments. SmartZone introduction was given by Luke Bonner. Mr. Martin questioned what financing are we using until the tax increments are available. Mr. Cassin responded that the state has some start up funding that has been available and we have been using those monies until we can collect the taxes. Mr. Martin questioned if the SmartZone could be located anywhere, Sterling Heights or Macomb County? Mr. Bonner responded that yes it could be located anywhere in Sterling Heights. Motion to Approve By-Laws Moved by Dueweke, supported by Martin, to Approve By-Laws. Ayes: All Nays: None Motion carried. Motion to open Election of Officers Moved by Wilson, supported by Martin, to open election of officers. Ayes: All Nays: None Motion carried. Motion to Approve Victor Martin as Chairperson By show of hands Ayes: All Nays: None Motion carried. Motion to Approve John Lamerato as Vice Chairperson By show of hands Ayes: All Nays: None Motion carried. Motion to Approve John Lettang as Secretary By show of hands Ayes: All Nays: None Motion carried. Motion to Approve David Wilson as Treasurer By show of hands Ayes: All Nays: None Motion carried. Approval of Jim Buhlinger as Deputy Treasurer and Teresa Jarzab as Deputy Secretary By show of hands Ayes: All Nays: None Motion carried. Motion to Close Election of Officers Moved by Wilson, supported by Dueweke, to close election of officers. Ayes: All Nays: None Motion carried Motion to Approve SmartZone Agreement Between the Local Development Finance Authority and the Michigan Economic Development Corporation Moved by Cassin, supported by Dueweke, to approve the SmartZone Agreement Between the Local Development Finance Authority and the Michigan Economic Development Corporation. Ayes: All Nays: None Motion carried Public Comments Mr. Lamerato asked when the regular meeting dates would be? Mr. Bonner replied the Third Wednesday of each month. Mr. Lettang asked how would the information be sent to the members? Mr. Bonner replied that the packets for the meetings would be by email. Mr. Cassin would like to speak on behalf of the County, that this is a very prestigious thing to happen for the City of Sterling Heights. The SmartZone is a coveted prize across the state. All of the people of Sterling Heights did a great job in obtaining this designation. Mr. Martin stated great job for everyone involved. Adjournment Moved by Martin, supported by Dueweke to adjourn. Ayes: All Nays: None Motion carried. Minutes Approved 12/22/08 The meeting adjourned at 6:10 p.m. TJ John Lettang Secretary