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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
December 4, 2003
R. Kersman called the meeting to order at 12:15 p.m. and roll was taken.
MEMBERS PRESENT: C. Larson, R. Kersman, J. Peterson, R. Long, J. Derbin, F.
Redmond, S. Schnepp
MEMBERS ABSENT: P. Roy Jr., excused; K. Bidwell, excused; J. VanderWall, excused;
J. Hayner, excused; D. Witte; J. Kolkema-Shafer
STAFF PRESENT: C. Brubaker-Clarke, T. Paul, H. Griffith
OTHERS PRESENT: None.
APPROVAL OF MINUTES
A motion to approve the minutes of the regular meeting of September 18, 2003 was made by F.
Redmond, supported by C. Larson and unanimously approved.
NEW BUSINESS
SmartZone (LDFA III) Budget. T. Paul explained that they were out of business for the LDFA I
& II. LDFA IV won’t have anything at this time because it is in a Renaissance Zone. They only
have the LDFA III, and he went over the budget. F. Redmond asked what the interest rate the
bonds were financed at as well as how long they were financed for. T. Paul stated that they were
financed at a favorable rate between 3.25% and 3.85% until 2025. J. Peterson asked if the
$456,700 balance for the end of the year would be for the debt service. T. Paul stated that it was
and if the debt exceeds the balance, the Community Foundation is contributing $75,000. Should
the debt exceed both of them, then it would come out of the City’s General Fund.
A motion to approve the LDFA III budget, was made by S. Schnepp, supported by J. Derbin, and
unanimously approved.
ADJOURN
A motion to adjourn the meeting was made by C. Larson, supported by F. Redmond and
unanimously approved.
There being no further business, the meeting was adjourned at 12:24 p.m.
hmg
12/4/03
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