Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY MINUTES OF THE SPECIAL MEETING September 30, 2009– 5:30 P.M. CITY CENTER – Council Chambers Approved Victor Martin called the meeting to order at 5:30 p.m. Pledge of Allegiance Members present at roll call: Stephen Cassin, Joseph Dueweke, John Lamerato, John Lettang, Victor Martin, Irene Spanos, David Wilson Members absent: Lori Doughty excused, Zac Zachary excused, Richard Kincaid non-excused Also in attendance: Luke Bonner, Economic Development Manager; Jim Buhlinger, City Treasurer, 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 Regular Meeting May 20, 2009 Moved by Lamerato, supported by Dueweke, to approve the Minutes as presented. Ayes: All Nays: None Motion carried. New Business Mr. Bonner gave a presentation about the $30,000 in funds that we received for the OU- INCubator. When the five-year business plan was established in 2008, Mr. Bonner looked at the Economic Development Budget to find monies to shift over to the INCubator because of its high priority for start up funding. Subsequently funds were re-appropriated from the Brownfield Redevelopment Authority to the general fund and then to the LDFA. Mr. Martin questioned the funds received from Oakland University. Mr. Bonner stated that the University forwarded the $30,000 to the incubator to get the project started. The LDFA board did not have to approve the receipt of those funds, but it does need to approve the use of funds. Mr. Martin questioned where funds are coming from for the continuation of the incubator. Mr. Cassin updated the committee on funds that are being received for the OU-INCubator. Motion to approve the payment of invoice from Oakland University in the amount of $30,000 for activities related to the start up of the Macomb OU-INCubator. Moved by Dueweke, supported by Wilson, to approve Motion Ayes: All Nays: None Motion carried Old Business Mr. Bonner presented the monthly report. Mr. Martin stated that he is impressed with the amount of activity that this project has generated so far. Board Members Report None Public Comment None Adjournment Moved by Lettang, supported by Dueweke. Ayes: All Nays: None Motion carried. The meeting adjourned at 5:45 p.m. TJ Minutes Approved 10-21-09 John Lettang, Secretary