Local Development Finance Authority

CITY OF STERLING HEIGHTS Regular Meeting of the LOCAL DEVELOPMENT FINANCE AUTHORITY 40555 UTICA ROAD 586-884-9322 CITY COUNCIL CHAMBERS March 19, 2014 5:30 PM MEETING CALLED TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL APPROVAL OF AGENDA APPROVAL OF MINUTES OF November 20, 2013 Regular Meeting NEW BUSINESS 1. To approve the Lease Agreement between The Automation of Things, and the Local Development Finance Authority (LDFA). 2. Motion to approve the 2014/2015 Fiscal Year Budget 3. Election of Officers OLD BUSINESS BOARD MEMBERS REPORT PUBLIC COMMENT ADJOURNMENT  CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY Draft MINUTES OF THE REGULAR MEETING November 20, 2013 – 5:30 p.m. 40555 Utica Road, Sterling Heights, MI 48313 586-446-2489 City Council Chambers Victor Martin called the meeting to order at 5:30 p.m. Pledge of Allegiance Members present at roll call: Stephen Cassin, David Corba, Phillip Hunsberger, Richard Kincaid, John Lettang, Victor Martin, Casey Sobczak, Jill Tomyn, Orest Zachary Members absent: Lori Doughty, Stephanie Eagen, John Lamerato, Paula Sorrell Also in attendance: Barry Hicks, Economic Development Manager, Julie Gustafson, Director Macomb-OU INCubator Motion to Approve the Agenda Moved by Sobczak, supported by Zachary, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of August 21, 2013 Regular Meeting Moved by Martin, supported by Cassin, to approve the minutes as presented. Ayes: All Nays: None Motion carried. New Business To approve the lease agreement between Coliant Corporation and the Local Development Finance Authority (LDFA). Mr. Corba inquired as to the pricing on the suites. Ms. Gustafson stated that she could provide a breakdown of the pricing. Moved by Lettang, supported by Sobczak to approve lease agreement Ayes: All Nays: None Motion carried. To approve the lease agreement between CFO Leasing and the Local Development Finance Authority (LDFA). Moved by Sobczak, supported by Hunsberger to approve lease agreement Ayes: All Nays: None Motion carried. Motion to table the election of LDFA officers to the next meeting. Moved by Martin, supported by Lettang Ayes: All Nays: None Motion carried. Motion to set the 2014 LDFA Meeting schedule. Moved by Lettang, supported by Hunsberger Old Business None Board Members Report None Public Comment None Adjournment Moved by Sobczak to adjourn. Ayes: All Nays: None Motion carried. The meeting adjourned at 6:01 pm KQ  LDFA Business Sterling Heights, Michigan 3/19/14 AGENDA STATEMENT OMB AS03 Rev. 11/04 Item Title: To approve the Lease Agreement between The Automation of Things, LLC and the Local Development Finance Authority (LDFA) Submitted By: Barry Hicks, Economic Development Manager 586-884-9327 Executive Summary Attached for LDFA review is an April 1, 2014 to March 31, 2015 lease agreement between The Automation of Things and the LDFA. The Automation of Things has signed the standard lease agreement for space #3-E in section 3 of the building containing approximately 814 square feet of space. Monthly rent will be $678.00. The Automation of Things LLC is a start up registered in the state of Michigan in February 2014. Its primary goal is to develop a suite of software applicable to the industrial automation industry. The software will tie together all aspects of hardware components in an industrial automation application as would be found in most machine tools, automated transfer lines, woodworking and plastic injection molding machines as well as building automation (security, fire, AC, heat, etc.). In the initial phase, the company will develop this software and then begin marketing it to a variety of clients. The first customers will be ready to utilize the software in approximately 1 to 1.5 years. The investors, a successful group of entrepreneurs from Germany, have made a very conscious decision to place the software development effort into a new start up in the United States, specifically targeting the great lakes region. The region offers many potential customers as well as highly trained and educated engineers as future employees. The Automation of Things has hired a general manager, a high tech product developer and entrepreneur, who has experience in small company environments and technology development. In the first stage, they plan on hiring 2 to 3 additional software engineers and expect that the company will grow to between 20 and 30 employees within the first 3 to 5 years, serving the global market with software products. . Suggested Action: MOVED BY: SECONDED BY: RESOLVED: to approve the Lease Agreement between The Automation of Things, and the Local Development Finance Authority (LDFA)  LDFA Business Sterling Heights, Michigan 3/19/14 AGENDA STATEMENT OMB AS03 Rev. 11/04 Item Title: Motion to approve the 2014/2015 Fiscal Year Budget for the operation of the Local Development Financing Authority (LDFA) Submitted By: Barry Hicks, Economic Development Manager 586-884-9327 Executive Summary Pursuant to Public Act 281 of 1986, also known as the Local Development Financing Act, a budget has been prepared for the operation of the authority for the ensuing fiscal year. Attached is the budget for your review and approval Suggested Action: MOVED BY: SECONDED BY: RESOLVED: to approve the 2014/2015 Fiscal Year Budget for the operation of the Local Development Financing Authority (LDFA)  LDFA Board Officers Chairman – Victor Martin Vice-Chairman – John Lamerato Treasurer – David Wilson Secretary – John Lettang Deputy Treasurer – Jennifer Varney Deputy Secretary – Kathryn Quell