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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
September 22, 1998
The meeting was called to order at 8:04 a.m. by Vice Chairman D. Siefert and roll was taken.
MEMBERS PRESENT: D. Seifert, P. Roy, J. Hayner, R. Kersman, F. Redmon, J. Essex,
P. Belisle
MEMBERS ABSENT: D. Harris, R. Long, J. Derbin, K. Stehouwer
STAFF PRESENT: T. Paul, D. Smith, C. Brubaker-Clarke, L. Anguilm
OTHER PRESENT: None
APPROVAL OF MINUTES
The minutes of the regular meeting of June 11, 1996, were accepted as written.
NEW BUSINESS
Election of Officers
R. Kersman nominated D. Seifert for Chairman. D. Seifert nominated R. Kersman for Vice-
Chairman. R. Kersman nominated P. Roy for Secretary. A motion to close the nomination and
cast a unanimous ballot for the above officers was made by P. Belisle. The motion was approved
by unanimous voice vote.
1999 Budget — T. Paul gave a brief history of LDFA I and LDFA II. He also explained the pass-
through of money to the taxing districts. He stated that the LDFA was in excellent shape. A
discussion took place regarding projects that could be possible in the future. A motion to
approve the adoption of the 1999 budget and amendment to the 1998 budget was made by J.
Essex, supported by R. Kersman, and unanimously approved.
LDFA Investment Policy — T. Paul explained that the LDFA needs to adopt its own investment
policy. He recommended that LDFA continue to invest under the City’s investment policy. A
motion to adopt the City’s investment policy, with the opportunity to review any proposed
changes in the policy before it is approved by the City Commission, was made by R. Kersman,
supported by F. Redmon, and unanimously approved.
OTHER
¢ D. Seifert wished to register a complaint about the signs at Port City Industrial Park. J.
Essex, however spoke in favor of the signs, pointing out that they offered good direction to
those not familiar with the industrial park.
¢ C. Brubaker stated that Port City Industrial Park is pretty much full. She stated that
sometimes the City does help facilitate purchase of a small piece of property from a private
owner for one of the adjacent businesses. She also stated that Medendorp Industrial Park still
has some available property. The City has been purchasing about $75,000 worth of property
per year, as it becomes available for sale. She pointed out that if the Enterprise Zone grant,
currently being worked on for submission in October, is received by the City that there will
be money available for purchase of additional land.
R. Kersman asked what can be done by this committee to help facilitate the needs of the
future in our industrial areas. The possibility exists to use the additional funds being
generated in Medendorp Industrial Center for projects, rather than passing through the funds
to the other taxing jurisdictions. T. Paul suggested that LDFA meet again before the end of
the year to discuss potential projects and their costs to facilitate future expansion. The
meeting date of December 8, 1998 at 8 a.m. was set.
There being no further business, the meeting was adjourned at 8:55 a.m.
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9/22/98
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