Title
Resolution to Approve Amendment No. 2 to the By-laws of the Ann Arbor-Ypsilanti SmartZone LDFA
Memorandum
In 2002, the Ann Arbor and Ypsilanti City Councils created an Ann Arbor-Ypsilanti SmartZone Local Development Finance Authority (LDFA). Michigan law (MCL 125.2151 et. seq.) requires that the LDFA Board adopt and the City Councils of Ann Arbor and Ypsilanti approve the rules governing its procedures and meetings. The current LDFA By-laws were adopted December 18, 2002, and approved by the governing bodies on January 21, 2003.
The Ann Arbor/Ypsilanti Smart Zone LDFA board members approved at their February 12, 2008 special board meeting the "Amendment No. 2 to the By-laws of the Ann Arbor-Ypsilanti SmartZone LDFA" in the form presented in the attached resolution. The attached documents, No. 1 and No. 2, reflect the original By-Laws provision and the proposed edits as amended.
Passage of this Resolution is requested.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mickey Katz-Pek, Chair - Ann Arbor-Ypsilanti SmartZone LDFA
Body
LOCAL DEVELOPMENT FINANCING AUTHORITY (LDFA).
Whereas, The Ann Arbor-Ypsilanti SmartZone LDFA was established in accordance with the authority granted under Public Act 248 of 2000 respectively by the cities of Ann Arbor and Ypsilanti in June 2002 to encourage high tech business investment within the boundaries of the SmartZone, comprising portions of City of Ann Arbor and the City of Ypsilanti, and the funding of the SmartZone through a Local Development Financing Authority;
Whereas, Michigan law (MCL 125.2151 et. seq.) requires that the LDFA Board adopt and the City Councils of Ann Arbor and Ypsilanti approve the rules governing its procedures and meetings;
Whereas, The current LDFA By-laws were adopted December 18, 2002, and approved by the governing bodies on January 21, 2003 and
Whereas, The Ann Arbor -Ypsilanti SmartZone LDFA board members approved at their February 12, 2008 special board meeting:
AMENDMENT NO. 2
TO THE BY-LAWS OF THE
ANN ARBOR-YPSILANTI SMART ZONE LOCAL DEVELOPMENT FINANCE AUTHORITY
The By-Laws of the Ann Arbor-Ypsilanti SmartZone Local Development Finance Authority effective January 21, 2003 (the "By-Laws") are hereby amended as follows:
1. Section 3 of Article IV - Members and Terms is amended to read as follows:
Section 3. Reappointment of Members: Except for initial appointments to the Board, no member shall serve more than one complete (4 year) term. Members shall serve until the appointment of their successor. The Board shall notify the appropriate unit of government at least 60 days prior to the expiration of the member's term.
Except as amended hereby, the By-Laws remain in full force and effect.
Approved LDFA Board: February 12, 2008
Filed with City of Ann Arbor: _____________
Date
Filed with City of Ypsilanti: _____________
Date
RESOLVED, That City Council approve the "Amendment No. 2 to the By-laws of the Ann Arbor-Ypsilanti SmartZone LDFA"; and
RESOLVED, That a copy of this Resolution be provided to the City Council of the City of Ypsilanti and the Board of the Ann Arbor-Ypsilanti Smartzone LDFA.