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HomeMy WebLinkAboutMinutes - 144th - February 12, 2001 signedTHE 144th SPECIAL MEETING OF THE ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA The 144th Special Meeting of the Economic Development Corporation of Livonia was called to order by Mr. Joe Taylor, Chairman, at 5:30 PM on February 12, 2001 in the auditorium of City Hall, 33000 Civic Center Drive, Livonia. Directors present: Mr. Gerald Taylor Mr. Kenneth Hale Mr. Richard Hayward Mr. Richard Gallagher Ms. Charlotte Mahoney Mr. Angelo Plakas Directors absent: None Others present: Tom Coifs & Alfred Diebel, Miller, Canfield, Paddock & Stone Charles Tangora, representing Madonna University Leonard A. Wilhelm, Vice President Finance & Operations, Madonna University Mr. Mark Taormina, Executive Director Mrs. Robby Williams, Recording Secretary 1. Roll call of members. 2. The next item on the agenda was the approval of the Minutes of the 143`d Special Meeting held by the Economic Development Corporation on January 12, 2000. On a motion duly made by Mr. Hale, seconded by Mrs. Mahoney and approved, it was #2001-29 RESOLVED, that the Minutes of the 143"d Special Meeting held by the Economic Development Corporation on January 12, 2000 are approved. A roll call vote on the foregoing resolution resulted in the following: AYES: Hayward, Hale, Gallagher, Mahoney, Taylor NAYS: None ABSTAIN: Plakas Mr. Taylor, Chairman, declared the resolution adopted. 3. The next item on the agenda was the Resolution of Inducement, Determination of Proposed Project Area, Project District Area and Retention of Bond Counsel for Madonna University Project. Mr. Taormina: Madonna University is seeking EDC financing for improvement proposed for the Facility Academic/Administrative, DiPonio and University Center buildings located at 36600 Schoolcraft Road, 36200 Schoolcraft Road and 14221 Levan Road. Construction is to begin immediately and be completed by August, 2002. 1 The total project costs are estimated to be $8,700,000 of which $4,000,000 is to be financed through the EDC. Mr. Tangora: Madonna University is seeking to upgrade their facilities. They want to bring the university up to current standards. The total amount of the cost of the project is $8,700,000. The amount of bond money that Madonna University is seeking is $4,000,000. It is important to get them started for their fund raising efforts. The amount of $2,400,000 will be used to payoff the old bond. Mr. Taylor: What about the athletic field? Mr. Wilhelm: Right now we will utilize the Bentley field for their baseball program. We will be required to vacate that field at the end of this season. We are looking to relocate our baseball field. Mr. Taylor: Concerning question #9 on the application, "Does the applicant currently have P.A. 338, P.A. 198 or P.A. 301 privileges in any other community, or are such applications pending," is the answer "No" correct? Mr. Diebel: They do have outstanding bonds. What this bond issue is asking for is for purposes of the new renovations. Mrs. Mahoney suggested that possibly staff could take a look at that particular question and revise the language. Mr. Plakas questioned the establishment of an escrow account for the bondholders so that they will be paid from those funds and also that if the baseball field is outside of the project area, that they will not use these funds for other areas. Mr. Wilhelm assured the board that the relocated baseball field will be the only field that the funds will be spent on. Mr. Plakas questioned the dual representation of Miller Canfield on behalf of the EDC and Comerica Bank. Mr. Coils advised that each Board member would be asked to sign a conflict waiver and that there would be no liability on the EDC or the City. Mr. Plakas asked Mr. Colis what would occur if there were a dispute between the EDC and Comerica? Mr. Colis responded that Miller Canfield would not be able to represent the Madonna University or the City in this instance. On a motion by Mrs. Mahoney, seconded by Mr. Plakas and unanimously approved it was #2001-30 RESOLVED that, the Economic Development Corporation of Livonia does hereby determine to approve the Inducement Resolution in the amount of $6,400,000 to be financed through the Economic Development Corporation. 2 Mr. Taylor, Chairman, declared the resolution adopted. 4. The next item on the agenda was a request for financial support from the EDC to pay for the City of Livonia's participation in the upcoming Business Expo being planned by the Livonia Chamber of Commerce for February 27 and 28, 2001. Mr. Taormina reported that the sharing of costs would be the same as last year, one-third of the expense to be provided by the Economic Development Corporation and two-thirds of the expense to be provided by the Plymouth Road Development Authority. On a motion duly made by Mrs. Mahoney, supported by Mr. Hale and unanimously approved, it was #2001-31 RESOLVED, that the Economic Development Corporation of Livonia does hereby determine to provide funds in the amount of $467.00 to the City of Livonia to cover one-third the cost of $1400.00 for the rental of two booths at the Expo to be conducted by the Livonia Chamber of Commerce on February 27 and 28, 2001, and does hereby authorize the Accounting Department of the City of Livonia to issue a check in the amount of $467.00 made payable to the Livonia Chamber of Commerce for this purpose. Mr. Taylor, Chairman, declared the resolution adopted. 5. The next item on the agenda was the Treasurer's Report for the Period Ending November, 2000. Treasurer Mahoney reported that the current fund balance was $14,808.86 and that there was a decrease in the amount of $2,229.74 due to total expenses for the year 2000. Interest income received was $195.31. On a motion duly made by Mr. Hayward supported by Mr. Hale and approved it was #2001-32 RESOLVED, that the EDC Treasurer's Report for the period ending November 2000 is approved. Mr. Taylor, Chairman, declared the resolution unanimously adopted. 6. The next item on the agenda was the Election of Officers. Mr. Hale offered a resolution to have the officers remain in their present positions. On a motion duly made by Mr. Hale, supported by Mr. Plakas and unanimously approved, it was #2001-33 RESOLVED, that the officers currently serving on the EDC Board remain in their current positions for the year 2001. Mr. Taylor, Chairman, declared the resolution adopted. 7. The next item on the agenda relates to the monthly charges to the EDC by the City of Livonia for handling of this account. It is requested that a resolution be approved to amend the monthly Accounting Department cost transactions to bi-annually instead of monthly. 3 On a motion by Charlotte Mahoney, seconded by Mr. Gallagher and unanimously approved, it was #2001-34 RESOLVED that, the Economic Development Corporation hereby amends the procedures currently in place with the City of Livonia Accounting Department for the handling of the E.D.C. cost transaction from monthly to bi-annually. Mr. Taylor, Chairman, declared the resolution adopted. 8. Mr. Taylor, Chairman, presented Mr. Angelo Plakas with a 20 year pin for his years of service to the City of Livonia serving on the Economic Development Corporation board. On a motion duly made and seconded, the 144th Special Meeting held by the Economic Development Corporation of Livonia was adjourned at 6:00 P.M. Respectfully submitted, 1-ef-Adi Richard Hayward, Secret /rw 4