View the PDF version Google Docs PDF Viewer
CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY BOARD
REGULAR MEETING
MINUTES
August 29, 1994
The meeting was called to order at 8:07 a.m. by Vice Chair D. Seifert, and roll was taken.
MEMBERS PRESENT: D. Seifert, G. Sarut, L. Edlund, R. Wabel, F. Farmer,
H. Ginman, R. Hovey, R. Long, R. Kersman
MEMBERS ABSENT: K. Harris, P. Roy, G. Martin, G. Milkins
STAFF PRESENT: J. Edmunson, D. Haas, T. Paul
OTHERS PRESENT: T. Johnson
APPROVAL OF MINUTES
Minutes of the meeting of April 11, 1994, were approved by voice vote.
BIDS FOR LDFA I PROJECTS
Staff reported on receipt of bids for LDFA I projects with low bids including Sundolphin -
$175,654; Port City Blvd. - $54,656; Industrial Blvd. - $233,764.
BIDS FOR LDFA IJ PROJECT
Staff reported on receipt of bids for Robert Street Extension with a low bid of $689,743.
LDFA IJ 1995 BUDGET
T. Paul presented the proposed 1995 budget for LDFA I with a beginning year fund balance
of $622,051, revenues of $149,551, expenditures of $495,694 leaving a end of year fund
balance of $275,908. Two projects to be undertaken include $300,000 for project site
improvements and $100,000 for Port City sign improvements.
LDFA II 1995 BUDGET
T. Paul presented the proposed 1995 budget for LDFA II with a beginning year fund balance
of $1,006,385, revenues of $158,644, expenditures of $1,094,147 leaving a end of year fund
balance of $70,882. Major capital projects include Keating Street (Austin to Harvey -
$750,000 and Roberts Street/Barney to Keating - $210,000.
Motion to recommend approval of the 1995 budget to the City Commission was made by
L. Eklund; supported by F. Farmer and unanimously approved.
AMENDMENT TO LDPA II PLAN
T. Johnson and T. Paul presented to the board the necessity to amend to LDFA II Plan in
order to sell bonds for the Keating and Roberts Street projects based on the school reform
acts. The revision addresses Section 8 on page 13 of the Medendorp Plan concerning
capture and pass through of funds to taxing entities. The proposed change is to provide for
no pass through to any taxing entity. Discussion ensued on the legal notification,
publication, and leasing procedure.
Motion by R. Hovey; supported by F. Farmer to adopt the resolution approving the plan
change and initiate the public learning process.
WEST MICHIGAN STEEL RELOCATION
No action reported by staff.
OTHER BUSINESS
None.
Meeting adjourned at 8:55 a.m.
lja
9/9/94
Sign up for City of Muskegon Emails