Title
Resolution Authorizing an Agreement with Adrian/Tecumseh SmartZone as a Satellite SmartZone to Support the 15 Year Extension of the Ann Arbor/Ypsilanti SmartZone LDFA
Memorandum
On June 2, 2014, Council adopted a resolution (R-14-175) which affirmed the continuing public purpose of the Ann Arbor/Ypsilanti SmartZone LDFA ('LDFA") to facilitate the development and support of new and existing technology-led businesses. Council also expressed support for an application to the MEDC for an extension of 5 and/or 15 years. In doing so, Council indicated it would:
1. Work with the LDFA and City of Ypsilanti to identify and negotiate an agreement with a Satellite SmartZone LDFA, which will allow the satellite Smartzone to capture local taxes in its own distinct geographic area, and which is required by law for the Ann Arbor/Ypsilanti SmartZone LDFA to qualify for a 15 year extension;
2. Assist the LDFA, to the extent necessary, to meet additional reporting requirements required by State Treasury and/or MEDC in connection with approval of the extension; and
3. Work cooperatively with the City of Ypsilanti to amend the existing LDFA TIF and Development Plans to include among other things regional collaboration as determined by the MEDC.
On June 3, 2014, the City Council for the City of Ypsilanti adopted a resolution affirming the continuing public purpose of the LDFA and similarly expressing its support for application to the MEDC for an extension of 5 and/or 15 years and its intent to work with the City of Ann Arbor and the LDFA to accomplish the necessary actions for approval of an extension.
Since adoption of this resolution, the LDFA has worked with a variety of parties to find, assess, and recommend a satellite smartzone for Council consideration. On August 21, 2014, the LFDA met and selected Adrian/Tecumseh SmartZone as the recommended satellite smartzone (see attached draft minutes and LDFA resolution). The recommendation was unanimously ...
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