Local Development Finance Authority

CITY OF STERLING HEIGHTS LOCAL DEVELOPMENT FINANCE AUTHORITY Approved MINUTES OF THE REGULAR MEETING November 19, 2019 – 8:00 a.m. 6633 18 Mile Road, Sterling Heights, MI 48314 586-884-9322 Velocity Building Phil Hunsberger called the meeting to order at 8:05 a.m. Pledge of Allegiance Members present at roll call: David Corba, Stephanie Eagen, Ellanore Evans, Phil Hunsberger, John Lettang, Steve Pomaville, Jim Ruma, Camille Silda, Jill Tomyn Members absent: Laurel Johnson, Robert Ljucovic, Fred Molnar, Corey Venetis, Orest Zachary Also in attendance: Luke Bonner, CEO Bonner Advisory Group, Senior Economic Development Advisor – City of Sterling Heights; Jason Castor, City Development Director – City of Sterling Heights; Kathryn Quell, Management Services Specialist – City of Sterling Heights; Larry Herriman, Executive Director – Macomb OU Incubator, Dr. David Stone, Associate Vice President-Research – Oakland University Motion to Approve the Agenda Moved by Pomaville, supported by Evans, to approve the agenda as presented. Ayes: All Nays: None Motion carried. Motion to Approve the Minutes of September 18, 2019 Special Meeting Moved by Silda, supported by Tomyn, to approve the minutes as presented. Ayes: All Nays: None Motion carried. New Business To consider the Reimbursement Agreement between the Local Development Finance Authority (LDFA) and Steve M. Mancini Electing Small Business Trust Agreement (Developer). Mr. Bonner presented the Ric-Man/Damman Plumbrook Park Project Development and the proposal of the Reimbursement Agreement whereby the LDFA would reimburse the Developer up to $250,000 for eligible infrstructure and improvement costs. Moved by Lettang, supported by Evans to approve the Reimbursement Agreement with Steve M. Mancini Electing Small Business Trust Agreement. Ayes: All Nays: None Motion carried. To consider a contract for services with LivePicture for an Augmented and Virtual Reality STEM Education Center at Velocity. Stephen Couchman, President/CEO of LivePicture, presented to the LDFA Board an overview of the AR/VR Center of Excellence. Mr. Bonner stated that LivePicture has developed a revenue-sharing agreement for the City of Sterling Heights LDFA, granting them 10% of the net revenue generated by the AR/VR Center. In exchange for running and managing the program, the LDFA would exchange rent fee for services provided by LivePicture. It is anticipated that the 10% will be equal or greater to the rent LivePicture is responsible for. The up front cost from the program will be covered in full via a $29,000 grant from Macomb County Planning and Economic Development to the LDFA. Moved by Tomyn, supported by Pomaville to approve the contract with City of Sterling Heights Local Development Finance Authority (LDFA) and LivePicture for an AR/VR Training Center. To consider a Budget Adjustment for fiscal year 2019/2020 to allocate funding for the Ric- Man Reimbursement Agreement in the amount of $250,000. Moved by Lettang, supported by Evans to approve a Budget Adjustment for fiscal year 2019/2020 to allocate funding for the Ric-Man Reimbursement Agreement in the amount of $250,000. Old Business Minutes Approved 02/11/2020 Board Members Report Public Comment John Lettang None Secretary Adjournment Moved by Evans, supported by Silda to adjourn. Ayes: All Nays: None Motion carried. The meeting adjourned at 8:42 am. Kq