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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
February 5, 2015
Chairperson F. Redmond called the meeting to order at 3:00 p.m. and roll was taken.
MEMBERS PRESENT: Faye Redmond, Trynette Lottie-Harps, Kim Bidwell, Melissa Wikman,
Jeff Burr, Rosie Buchanan, Arn Boezaart
MEMBERS ABSENT: K. Burr, excused; P. Walstra, excused
STAFF PRESENT: Cathy Brubaker-Clarke, Derrick Smith, Diane Renkenberger
OTHERS PRESENT: J. Schrier, City Attorney, R. Walker for Muskegon Public Schools;
C. Maxim-Sparrow for the County of Muskegon, K. Ricco, MAREC
Center
City Clerk A. Cummings swore in the board members.
ELECTION OF OFFICERS
A motion to retain F. Redmond as Chairperson, J. Burr as Vice-Chairperson, and K. Bidwell as
secretary was made by J. Burr, supported by M. Wikman and unanimously approved.
APPROVAL OF MINUTES
A motion to approve the Regular Meeting Minutes of January 19, 2012 was made by A. Boezaart,
supported by F. Redmond and unanimously approved.
NEW BUSINESS
Lakeshore SmartZone District 3 – Extension of the Development & Tax Increment Financing
Plan. C. Brubaker-Clarke discussed the background of the LDFA SmartZone. She stated that the
state of Michigan was currently offering an incentive which would allow the term of the TIF capture
to be extended for five years. D. Smith explained the City’s financial obligations regarding the
bonds. Board members and staff discussed ownership of the site. C. Brubaker-Clarke stated that the
group that currently owned the vacant parcels on the site were given a deadline to either start
development or relinquish the property. F. Redmond asked if the site was buildable. C. Brubaker-
Clarke stated that it was. A. Boezaart asked when the five-year extension period started. D. Smith
stated that it would start in 2020 and continue through 2025. The bonds were due to be paid off in
2026. J. Burr asked about the bond refunding that was approved at the 2012 meeting. D. Smith
stated that paying the bonds early saved the City a substantial amount of money on interest payments,
but it did not affect the principal. In addition, the site had not generated income as planned since
additional development had not occurred. F. Redmond asked if this was the first extension. C.
Brubaker-Clarke stated that it was, and it was all the state allowed.
LDFA minutes 2/05/15 1
A motion to approve the resolution to amend to the Lakeshore SmartZone Development and Tax
Increment Financing Plan to extend the TIF capture for five years, was made by A. Boezaart and
supported by J. Burr. A roll-call vote was taken and the motion was unanimously approved.
ADJOURN
There being no further business, the meeting was adjourned at 3:35 p.m.
LDFA minutes 2/05/15 2
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