Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY MINUTES OF THE SPECIAL MEETING December 7, 2011– 8:30 a.m. 40555 Utica Road, Sterling Heights, MI 48313 586-446-2489 City Council Chambers Victor Martin called the meeting to order at 8:30 a.m. Pledge of Allegiance Members present at roll call: Richard Kincaid, John Lamerato, John Lettang, Victor Martin, Casey Sobczak, David Wilson, Orest Zachary, Members absent: David Corba (excused), Stephan Cassin (excused), Lori Doughty, (excused) Also in attendance: Denice A. Gerstenberg, Business Development Manager, Kasey Green, Economic Development Manager, Julie Gustafson, Executive Director Macomb OU Incubator, Larry Herriman, Macomb OU Incubator Motion to Approve the Agenda Moved by Lettang, supported by Wilson, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of Regular Meeting September 21, 2011 Moved by Lettang, supported by Sobczak, to approve the Minutes as presented. Ayes: All Nays: None Motion carried. New Business Ms. Green gave a presentation regarding the Second Amended and Restated Development Plan and Tax Increment Finance Plan. Mr. Martin questioned if the capture was the maximum amount. Ms. Green replied no that we are setting a limit on the capture of $500,000. Mr. Martin questioned what was the previous capture anticipated from the BAE project, versus what is the actual capture. Ms. Green replied the BAE project was projected to be 3.4 million, but the project scope has changed and that the new project has not meet that projection. General discussion ensued about the various projects related to the TIF captures. Mr. Martin questioned if any of these funds will be used for start up businesses. Ms Green stated that we are unsure what programs we would be able to start at this time, but we will be looking at all activity programs at the Incubator. Mr. Martin questioned who would approve the budgets using these funds. Ms. Green explained that these funds will not being coming on board for a couple of years, and when the funding does become available the economic development staff will be preparing the budgets and reporting the LDFA board. Mr. Zachary questioned who exactly would be the person doing the reporting of the budgets. Ms. Green stated the Economic Development Manager would be that person, and that would be her at this time. Mr. Lamerato questioned if the other taxing jurisdictions where notified. Ms Green stated yes, they have all been notified by certified mail and they will have a chance to respond at the public hearing on December 20, 2011 Motion to approve the Second Amended and Restated Development Plan and Tax Increment Finance Plan in accordance with Public Act 281 of 1986, as amended Moved by Lettang, supported by Wilson to approve the motion Ayes: All Nays: None Motion carried. Old Business None Board Members Report None Public Comment None Adjournment Moved by Wilson supported by Lamerato to adjourn. Ayes: All Nays: None Motion carried. The meeting adjourned at 8:40 a.m. Minutes Approved 2/15/12 TJ John Lettang Secretary