Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY MINUTES OF THE SPECIAL MEETING October 21, 2009– 5:30 P.M. CITY CENTER – Council Chambers Approved Joseph Dueweke called the meeting to order at 5:30 p.m. Pledge of Allegiance Members present at roll call: Stephen Cassin, Joseph Dueweke, Lori Doughty, John Lettang, Irene Spanos, David Wilson, Zac Zachary Members absent: Richard Kincaid excused, John Lamerato excused, Victor Martin excused Also in attendance: Luke Bonner, Economic Development Manager; Jim Buhlinger, City Treasurer, Teresa Jarzab, Recording Secretary Motion to Approve the Agenda Moved by Lettang, supported by Cassin, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of Special Meeting September 30, 2009 Moved by Lettang, supported by Wilson, to approve the Minutes as presented. Ayes: All Nays: None Motion carried. New Business Mr. Bonner stated that the changes to the plan were highlighted in yellow. An agreement with the Economic Development Corporation was approved earlier this year, stating that the LDFA would approve a SmartZone plan by the end of 2009. The BAE portion of the agreement has not changed. This amendment only adds the INCubator to the plan. Mr. Bonner explained the operational costs over the next 15 years. The SmartZone agreement is only for 15 years. Mr. Bonner stated that BAE is project #1, and the INCubator is project #2, and explained how additional projects will be added to the plan as they are approved. Mr. Bonner explained the Revenue sheets in tables #5 and #6. General discussion amongst the committee members regarding the budget charts, revenue sharing, and grant revenues, ensued. Mr. Bonner stated that he did not see SmartZone funding being cut from the state. Motion to recommend approval of the First Amended and Restated Tax Increment Financing Plan and Development Plan for the Sterling Heights Local Development Finance Authority in accordance with the provisions of Public Act 281 of 1986 Moved by Wilson, supported by Spanos, to approve Motion Ayes: All Nays: None Motion carried Old Business None Board Members Report None Public Comment New board member Casey Sobczak introduced himself. Mr. Bonner stated that Mr. Sobczak has been appointed to the board, but still needs to be confirmed by the City Council. He thanked Mr. Sobczak for attending the meeting tonight. Adjournment Moved by Zachary, supported by Lettang. Ayes: All Nays: None Motion carried. The meeting adjourned at 5:44 p.m. TJ Minutes Approved 12-30-09 John Lettang, Secretary