Lansing Tax Increment Finance Authority

Lansing Tax Increment Finance Authority (TIFA) Board of Directors Meeting Friday, June 6, 2025 – 8:30 AM REO Town Clubhouse - 1314 S. Washington Ave., Lansing, MI 48910 AGENDA 1) Call to Order 2) Approval of TIFA Board Meeting Minutes – Friday, April 4, 2025 3) Approval of TIFA Board Meeting Minutes – Friday, May 9, 2025 4) Budget Update Approval of FY2024/2025 TIFA Budget Amendment (ACTION) Attached Amended FY2024/2025 TIFA Budget- Highlighted in Orange 5) Approval of FY2025/2026 TIFA Budget (ACTION) Attached Proposed FY2025/2026 TIFA Budget- Highlighted in Blue 6) Open Forum for TIFA Board Members 7) Other Business 8) Public Comment 9) Adjournment  Lansing Tax Increment Finance Authority (TIFA) Board of Directors Meeting - Friday, April 04, 2025 – 8:30 AM Lansing EDC Office - 401 S. Washington Sq. Suite 101, Lansing, MI 48933 MINUTES Members Present: Chair - Shelley Davis Boyd, Vice-Chair - Calvin Jones, Treasurer - Catherine Rathbun, Jonathan Smith, Rawley Van Fossen Members Absent: Secretary - Dr. Alane Laws-Barker, Chaz Carrillo Staff Present: Karl Dorshimer, Kris Klein, Brandy Standler, Aurelius Christian, Alex Watkins, Chelsea Dowler, Kahleea Washington, Shay Manawar Guests: Fred McClosin Call to Order Chair Davis Boyd called the Lansing Tax Increment Finance Authority meeting to order at 9:49 A.M. Approval of TIFA Board Meeting Minutes - Friday, March 07, 2025 (ACTION) MOTION: Member Van Fossen moved to approve the TIFA meeting minutes from the Friday, March 07, 2025, Board of Directors meeting, as presented. Member Smith supported the motion. YEAS: Unanimous, motion carried. Approval of TIFA Informational Meeting #1 Minutes - Friday, March 07, 2025 (ACTION) MOTION: Member Rathbun moved to approve the TIFA Informational meeting minutes from the Friday, March 07, 2025, Board of Directors meeting, as presented. Member Jones supported the motion. YEAS: Unanimous, motion carried. Update TIFA Act Amendments Dorshimer noted that the amendments to the State TIFA Act have been reintroduced by Senator Singh in the Michigan Senate. The new Bill is number 199. Open Forum for TIFA Board Members None. Other Business None. Public Comment None. Adjournment Chair Davis Boyd called the Lansing Tax Increment Finance Authority meeting to adjournment at 9:52 A.M. ________________________________________________________ Karl Dorshimer, President & CEO Lansing Economic Development Corporation (LEDC)  Lansing Tax Increment Finance Authority (TIFA) Board of Directors Meeting - Friday, May 9, 2025 – 8:30 AM Lansing EDC Office - 401 S. Washington Sq. Suite 101, Lansing, MI 48933 MINUTES Members Present: Shelley Davis Boyd, Calvin Jones, Rawley Van Fossen, Bryan Britten Members Absent: Catharine Rathbun, Dr. Alane Laws-Barker, Chaz Carrillo, Jonathan Smith Staff Present: Karl Dorshimer, Kris Klein, Alex Watkins, Chelsea Dowler, Kahleea Washington, Shay Manawar, Kimberly Lavon Guests: Call to Order Chair Davis Boyd called the Lansing Tax Increment Finance Authority meeting to order at 10:19 A.M. Approval of TIFA Board Meeting Minutes - Friday, April 4, 2025 (ACTION) MOTION: Member Jones moved to approve the TIFA meeting minutes from Friday, April 4, 2025, Board of Directors meeting, as presented. Member Van Fossen supported the motion. YEAS: Unanimous. *Action invalid due to lack of quorum Budget Update Kris Klein discussed efforts to work with a financial advisor to pay TIFA debt sooner. Update TIFA Act Amendments Karl Dorshimer discussed efforts to work with city assessor to accurately determine TIFA base. Open Forum for TIFA Board Members None. Other Business Vice-Chair Jones asked a question about the board seat vacancy. Kris Klein provided an update. Public Comment None. Adjournment Chair Davis Boyd called the Lansing Tax Increment Finance Authority meeting to adjournment at 10:23 A.M. ________________________________________________________ Karl Dorshimer, President & CEO Lansing Economic Development Corporation (LEDC)  TAX INCREMENT FINANCING AUTHORITY FY2024/2025 Amended Budget FY2025/2026 Proposed Budget FY 2024 FY 2025 FY 2025 FY 2025 FY 2026 Notes Budget Adopted Projected Amended Proposed Actuals Budget Budget Budget Budget (e) Beginning Fund Balance (a) $ 10,492,155 $ 9,752,222 $ 14,471,561 14,471,561 $ 14,760,992 Revenues Property Tax Levy 6,881,202 $ 5,800,200 $ 6,992,887 6,992,887 $ 7,132,745 Property Tax Levy - School - - - - - Property Tax Levy Penalty & Interest - - - - - Other Income 154 - - - - Interest Income 3,798 17,000 17,000 17,000 17,340 Total Revenues (b) $ 6,885,154 $ 5,817,200 $ 7,009,887 $ 7,009,887 $ 7,150,085 Expenditures Miscellaneous Operating 347,560 293,000 348,274 348,274 $ 355,240 Bond Issuance Costs - - - - - Leases - - - - - Debt Service - TIFA Courts - - - - - Debt Service - TIFA Conv. Center 2,558,188 3,365,230 3,365,230 3,365,230 $ 3,432,535 Interest - - - - - Total Expenditures (c) $ 2,905,748 $ 3,658,230 $ 3,713,504 $ 3,713,504 $ 3,787,774 Fund Balance Increase/(Decrease) d = (b - c) 3,979,406 2,158,970 3,296,383 3,296,383 $ 3,362,311 Ending Fund Balance (a + d) $ 14,471,561 $ 11,911,192 $ 17,767,944 $ 17,767,944 $ 18,123,303 Notes: (a) Beginning fund balance is based on the TIFA capture reports (b) Total revenues include summer tax capture, winter tax capture, and other incomes estimated by LEDC (c) Expenditures include TIFA admin fee included in the miscellaneous operating costs and debt service payments on the convention center (d) Fund balance is the difference between revenues and expenditures (e) LEDC used a 2% growth rate to project the proposed budget for FY 2026 Source: Lansing Economic Development Corporation; City of Lansing Finance Department