Michigan St. Corridor Improvement Authority - Regular Meeting

Michigan Street Corridor Improvement Authority 809 Michigan Street NE Minutes Packet Grand Rapids, MI 49503 April 13, 2022 @ 3:30 PM Grand Coney PRESENT: Alexander Lamkin, Kevin Brant, Thomas Dann, Max Benedict ABSENT: Christopher Swank, Wayne Lobdell, Commissioner Joe Jones OTHERS: Verah Narh-Kamara, Kelsey Liebenow, Megan Gordon, Ken Miguel- Cipriano I. Call to Order The meeting was called to order at 3:33 PM by Chair, Alexander Lamkin II. Public Comment on Agenda Items None. III. Minutes Approval Approval of Minutes from March 9, 2022 No corrections or comments were noted. Motion to approve minutes from March 9, 2022 RESULT: ACCEPTED [UNANIMOUS] MOVER: Kevin Brant, Vice-chair SECONDER: Max Benedict, Member YEAS: Alexander Lamkin, Kevin Brant, Thomas Dann, Max Benedict ABSENT: Christopher Swank, Wayne Lobdell, Joseph D. Jones IV. Financial Statements 1. Interim Financial Statements as of March 31, 2021 Tricia Chapman presented the financial statement and reminded the board they have a significant fund balance, and they need to make a conscious effort to invest in projects for the corridor. Max Benedict inquired about the negative interest in their revenue. Ms. Chapman explained that it is because most of their revenue is being invested and the negative interest will be resolved when the necessary adjustments are applied by end of the year. Generated 4/22/2022 12:13 PM Michigan Street Corridor Improvement Authority Meeting Full Page 2 April 13, 2022 Motion to approve statement C, list of expenditures from July 1, 2021 to March 31, 2022. RESULT: APPROVED [UNANIMOUS] MOVER: Kevin Brant, Vice-chair SECONDER: Max Benedict, Member YEAS: Alexander Lamkin, Kevin Brant, Thomas Dann, Max Benedict ABSENT: Christopher Swank, Wayne Lobdell, Joseph D. Jones V. Action Items 1. Michigan Street Corridor Improvement Authority Fiscal Year 2023 Budget Recommendation Verah Narh-Kamara and Kelsey Liebenow presented the fiscal year 2023 budget to the board. Ms. Kamara notified the board that the budget they presented to the Economic Development Office has been revised to reflect more expenditures for FY 2023. She explained to the board that they need to start investing their funds in the project instead of accumulating a massive fund balance. She suggested possible projects such as a green space for the corridor. The board members were interested in the idea and had further discussions about possible locations for green space. Ms. Liebenow explained the $50,000 budget line toward events was to help explore the possibility of throwing larger events. They have started consulting some event organizers to discuss further. Motion to recommend to the fiscal year 2023 budget presented to City Commission RESULT: APPROVED [UNANIMOUS] MOVER: Max Benedict, Member SECONDER: Thomas Dann, Secretary YEAS: Alexander Lamkin, Kevin Brant, Thomas Dann, Max Benedict ABSENT: Christopher Swank, Wayne Lobdell, Joseph D. Jones VI. Discussion Items i. Events Discussion Update Mr. Lamkin presented this item to the board. He provided updates from the design committee meeting. The committee had conversations with an event organizer about ways to shift Poutine week into a bigger event. He added that the main goal of bringing this discussion to the board is to gauge the board’s interest in holding larger events for the corridor. The board was very open to the conversation and took turns sharing their ideas about possible events. Generated 4/22/2022 12:13 PM Michigan Street Corridor Improvement Authority Meeting Full Page 3 April 13, 2022 Kelsey was tasked with finding out the restrictions around shutting down roads within the corridor for big events. VII. Reports Ms. Liebenow presented the reports that were not covered during the previous discussions. She provided updates on the banner project and answered some questions from the board members. VIII. Other Business None. IX. Public Comment None. X. Adjournment The meeting was adjourned at 4:19 pm by Chair, Alexander Lamkin. Generated 4/22/2022 12:13 PM