Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY MINUTES OF THE MEETING December 22, 2008– 5:30 P.M. CITY CENTER – Council Chambers Approved Victor Martin called the meeting to order at 6:30 p.m. Pledge of Allegiance Members present at roll call: Lori Doughty, Joseph Dueweke, Richard Kincaid, John Lamerato, John Lettang, Victor Martin, David Walsh, David Wilson, Zac Zachary, Irene Spanos Members absent: Stephen Cassin excused Also in attendance: Luke Bonner, Economic Development Manager; Teresa Jarzab, Recording Secretary Motion to Approve the Agenda Moved by Dueweke, supported by Wilson, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of Special Meeting December 4, 2008 Moved by Dueweke, supported by Wilson, to approve the Minutes as presented. Ayes: All Nays: None Motion carried. New Business Mr. Bonner gave a presentation regarding the Development Plan and Tax Increment Financing Plan for the Local Development Finance Authority for the property commonly know as 34201 Van Dyke Road. Mr. Martin questioned the impact if the County raised taxes. Mr. Bonner responded that is the County raised taxes then the increase would also impact our capture. We will get half of whatever the millage rate is. Mr. Martin questioned the incubator capture. Mr. Bonner replied that it is school capture and that will be with the SmartZone plan that they will see in a couple of months. General discussion about the repayments time line ensued. Ms. Doughty questioned what the contaminants are on the site. Mr. Bonner responded the it was combination of petroleum products and volatile organic compounds. Discussion ensued about the contaminants and the controls set in place for the site and the cleanup of the site. Motion to Resolve and approve the Development Plan and Tax Increment Financing Plan for the Local Development Finance Authority for property commonly know as 34201 Van Dyke Moved by Dueweke, supported by Wilson, to approve Motion Ayes: All Nays: None Motion carried Old Business None Board Members Report None Public Comment None Adjournment Moved by Martin, supported by Dueweke to adjourn. Ayes: All Nays: None Motion carried. The meeting adjourned at 6:10 p.m. TJ Minutes Approved 02/18/2009 John Lettang Secretary