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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
June 21, 1993
The meeting was called to order at 8:10 a.m. by Chair Harris, and roll
was taken.
MEMBERS PRESENT: K. Harris, D. Seifert, M. Sepeshy, E. Perraut,
L. Eklund, G. Martin, H. Ginman
MEMBERS ABSENT: G. Sarut,* P. Roy,* F. Farmer,* G. Milkins,
R. Hovey, S. Johnson (*Notified Staff of absence in
advance of meeting)
STAFF PRESENT: C. Brubaker-Clarke, K. DePoy, T. Paul, OD. Haas,
L. Gannon
Minutes of the regular meeting of September 21, 1992 were approved by
voice vote.
RESOLUTION AUTHORIZING ISSUANCE OF BONDS
Staff review was provided by D. Haas and T. Paul, noting the need to
issue bonds for the purchase of the Kakaty property at Sherman and
Roberts and for infrastructure costs, and indicating that a definitive
list of the use of funds will be provided at a later. Motion was made
by M. Sepeshy to approve a resolution authorizing the issuance and
sale of tax increment bonds in an amount not to exceed $3 million;
supported by E. Perraut and unanimously approved.
FINANCIAL REPORT
Financial reports for LDFA I and LDFA II were distributed and reviewed
by Staff, including projected revenues 1993-2000 and balance sheets as
of December 31, 1992. Motion was made by E. Perraut to accept the
financial reports as presented; supported by K. Harris and approved
unanimously.
AUTHORIZE PAYMENT FOR ENGINEERING SERVICES (LDFA-1)
An invoice from Moore & Bruggink in the amount of $14,800 for
engineering services related to Port City Industrial Center No. 7 was
prsented. Motion was made by D. Seifert to approve payment of the
invoice; supported by K. Harris and unanimously approved.
STAFF REPORTS
Update reports were presented by Staff on the Roberts Street
extension, the potential development of industrial property south of
Sherman Boulevard in Fruitport Township, and relocation of the Post
Office facility from the downtown area.
Local Development Finance Authority Meeting Minutes
June 21, 1993
Page 2
OTHER BUSINESS
Election of Officers - Motion was made by L. Eklund to elect the
following officers for 1993:
K. Harris, Chair
D. Seifert, Vice Chair
G. Sarut, Secretary
R. Hovey, Treasurer
Motion was supported by H. Ginman and unanimously approved.
Motion was made by D. Seifert to recommend to the City Commission that
member Steven Johnson be replaced; supported by K. Harris and
unanimously approved.
Ellis Perraut announced that he will be resigning from the LDFA
effective July 1, 1993.
Meeting adjourned at 9:55 a.m.
\g
6/29/93
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