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 October 21, 2015 8:00 AM MEETING CALLED TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL APPROVAL OF AGENDA APPROVAL OF MINUTES OF August 25, 2015 Special Meeting NEW BUSINESS 1. To approve the Lease Agreement Renewal between Macomb County Department of Planning and Economic Development (MCPED) and the Local Development Finance Authority (LDFA). 2. To approve the Lease Agreement Renewal between NFC Group North America, Inc. and the Local Development Finance Authority (LDFA). 3. To approve the renewal insurance premium between the Michigan Municipal Risk Management Authority and the Local Development Finance Authority (LDFA). OLD BUSINESS BOARD MEMBERS REPORT PUBLIC COMMENT ADJOURNMENT  CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY Draft MINUTES OF THE SPECIAL MEETING August 25, 2015 – 8:00 a.m. 40555 Utica Road, Sterling Heights, MI 48313 586-884-9322 City Council Chambers Phil Hunsberger called the meeting to order at 8:03 a.m. Pledge of Allegiance Members present at roll call: Stephanie Eagen, Phillip Hunsberger, Richard Kincaid, John Lamerato, John Lettang, Jill Tomyn, Kerry Weishaupt Members absent: David Corba, Lori Doughty, Laurel Johnson, Victor Martin, Camille Silda, Paula Sorrell, Orest Zachary Also in attendance: Kathryn Quell, Building Services Specialist – City of Sterling Heights Motion to Approve the Agenda Moved by Lettang, supported by Kincaid, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of July 8, 2015 Special Meeting Moved by Eagan, supported by Lamerato, to approve the minutes as presented. Ayes: All Nays: None Motion carried. New Business To approve the Lease Agreement Renewal between Coliant Corporation and the Local Development Finance Authority (LDFA). Moved by Lettang, supported by Kincaid to approve the Lease Agreement Renewal between Coliant Corporation and the Local Development Finance Authority (LDFA). Ayes: All Nays: None Motion carried. To approve the Lease Agreement Renewal between Kosch Catering and the Local Development Finance Authority (LDFA). Moved by Weishaupt, supported by Kincaid to approve the Lease Ageement Renewal between Kosch Catering and the Local Development Finance Authority (LDFA). Ayes: All Nays: None Motion carried. To approve the Lease Agreement Renewal between the Michigan Economic Development Corporation and the Local Development Finance Authority (LDFA). Moved by Weishaupt, supported by Lamerato to approve the Lease Agreement Renewal between the Michigan Economic Development Corporation and the Local Development Finance Authority (LDFA). Ayes: All Nays: None Motion carried. To approve the Lease Agreement Renewal between Golden Products and Services, LLC and the Local Development Finance Authority (LDFA). Moved by Lettang, supported by Eagan to approve the Lease Agreement Renewal between Golden Products and Services, LLC and the Local Development Finance Authority (LDFA). Ayes: All Nays: None Motion carried. To approve that the LDFA board grants authority to the Chairman of the Local Development Finance Authortiy (LDFA) to sign Lease Agreement Renewals. Mr. Lamerato proposed that authority be granted to the Chairman of the Local Development Finance Authority (LDFA) to sign Lease Agreement Renewals unless there are any substantial changes to the lease or if the vacancy rate becomes an issue. Lease renewals will be sent to all LDFA board members for review and if deemed necessary, a meeting would ensue. In the event of standard renewals, the LDFA board chair has the authority to sign and execute the renewal. Ms. Eagan requested the annual reporting of all tenants at the Macomb-OU INCubator to provide current business information for each tenant. Moved by Lettang, supported by Weishaupt to grant authority to the Chairman of the Local Development Finance Authority (LDFA) to sign Lease Agreement Renewals. Ayes: All Nays: None Motion carried. To initiate evaluating the existing Local Development Finance Authority (LDFA) Board in regards to attendance due to lack of quorum. Mr. Weishaupt suggested that LDFA board members who have missed three or more consecutive meetings be queried as to their ability to attend future meetings. Ms. Eagen suggested polling the current LDFA board members as to whether their schedule allows them to attend meetings. Ms. Quell will contact those members with high absenteeism and report back to the board. Moved by Lettang, supported by Kincaid to initiate evaluating the existing Local Development Finance Authority (LDFA) Board in regards to attendance due to lack of quorum. Old Business Board Members Report None Public Comment None Adjournment Moved by Lettang, supported by Lamerato to adjourn. Ayes: All Nays: None Motion carried. The meeting adjourned at 8:30 am KQ  LDFA Business Sterling Heights, Michigan 10/21/15 AGENDA STATEMENT OMB AS03 Rev. 11/04 Item Title: To approve the Lease Agreement Renewal between Macomb County Department of Planning and Economic Development and the Local Development Finance Authority (LDFA) Submitted By: Kathryn Quell, Building Services Specialist, Velocity Executive Summary Attached for LDFA review is an October 1, 2015 thru September 30, 2016 lease agreement renewal between Macomb County Department of Planning and Economic Development and the LDFA. This tenant will occupy the International Landing Zone. Suggested Action: MOVED BY: SECONDED BY: RESOLVED: to approve the Lease Agreement Renewal between Macomb County Department of Planning and Economic Development and the Local Development Finance Authority (LDFA).  LDFA Business Sterling Heights, Michigan 10/21/15 AGENDA STATEMENT OMB AS03 Rev. 11/04 Item Title: To approve the Lease Agreement between NFC Group North America and the Local Development Finance Authority (LDFA). Submitted By: Kathryn Quell, Building Services Specialist, Velocity Executive Summary Attached for LDFA review is an October 1, 2015 thru December 31, 2015 lease agreement between NFC Group North America and the LDFA. This tenant previously occuppied the International Landing Zone. Suggested Action: MOVED BY: SECONDED BY: RESOLVED: to approve the Lease Agreement between NFC North America and the Local Development Finance Authority (LDFA).  LDFA Business Sterling Heights, Michigan 10/21/15 AGENDA STATEMENT OMB AS03 Rev. 11/04 Item Title: To approve the renewal insurance premium between the Michigan Municipal Risk Management Authority and the Local Development Finance Authority (LDFA). Submitted By: Kathryn Quell, Building Services Specialist, Velocity Executive Summary Attached for LDFA review is a December 15, 2015 thru December 15, 2016 renewal insurance premium. Note the cost is $13,942, however the LDFA is recovering $3412 back in Net Asset Distributions and Loss Fund Distributions, for a net cost of $10,530. Suggested Action: MOVED BY: SECONDED BY: RESOLVED: to approve the renewal insurance premium between the Michigan Municipal Risk Management Authority and the Local Development Finance Authority (LDFA).