Title
Resolution to Approve Amendment No. 1 to the Ann Arbor/Ypsilanti SmartZone Agreement between Michigan Economic Development Corporation, City of Ann Arbor, City of Ypsilanti, and the Local Development Finance Authority of the Cities of Ann Arbor and Ypsilanti
Memorandum
The attached resolution is requests approval of Amendment No. 1 to the Ann Arbor/Ypsilanti SmartZone Agreement between Michigan Economic Development Corporation, City of Ann Arbor, City of Ypsilanti, and the Local Development Finance Authority of the Cities of Ann Arbor and Ypsilanti.
Under the terms of the Agreement between the Parties, the Cities of Ann Arbor and Ypsilanti must receive prior approval from MEDC to amend the Ann Arbor/Ypsilanti SmartZone LDFA Development Plan and Tax Increment Financing Plan.
Amendment No. 1 recognizes MEDC's approval to amend the LDFA Development Plan and Tax Increment Financing Plan and incorporates the rights and obligations of the parties in regard to the designation of the Satellite LDFA District as a Satellite SmartZone. Both of which are pre-requisites in extending the tax capture period of the LDFA.
Approval of the Amendment is recommended.
Staff
Prepared by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Steven D. Powers, City Administrator
Body
Whereas, On November 25, 2002, the Michigan Economic Development Corporation ("MEDC"), the City of Ann Arbor and the City of Ypsilanti (collectively the "Cities") and the Local Development Finance Authority of the Cities ("LDFA") entered into an agreement to establish the terms and conditions governing the Ann Arbor/Ypsilanti SmartZone ('Agreement");
Whereas, Under the terms of the Agreement, the Cities and the LDFA are required to obtain prior approval of the MEDC to amend the Ann Arbor/Ypsilanti SmartZone LDFA Development and Tax Increment Financing Plan;
Whereas, The Cities and the LDFA have previously approved application to the MEDC to extend the tax capt...
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