Title
Resolution to Approve Amendment of the Tax Increment Financing and Development Plan for the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority
Memorandum
The attached resolution request approval of Amendment to the Tax Increment Financing and Development Plan for the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority.
The Board of the LDFA working with the Michigan Economic Development Corporation has prepared the necessary amendments to the Plan document to meet all statutory requirements for requested 15-year extension of the LDFA's term.
Before submission to the MEDC and State Treasurer, the amended Plan document the Ann Arbor and Ypsilanti City Councils must approve it.
Staff
Prepared by: Mary Joan Fales, Senior Assistant City Attorney
Reviewed by: Tom Crawford, CFO/Finance and Administrative Services Area Administrator
Approved by: Howard S. Lazarus, City Administrator
Body
Whereas, An Ann Arbor/Ypsilanti SmartZone was created to provide business support services to small, start up companies, primarily in the life sciences and information technology areas, many of which are currently located or may be located in the future in the Ann Arbor and Ypsilanti downtown areas
Whereas, On May 20, 2002, the Ann Arbor City Council and on May 21, 2002, the Ypsilanti City Council voted to establish a multi-jurisdictional Local Development Finance Authority (LDFA) to support the SmartZone;
Whereas, In 2014, the City Councils of Ann Arbor and Ypsilanti, each respectively, affirmed the continuing public purpose of the LDFA and authorized application to MEDC for extension of the LDFA's term for a maximum of 15yrs before its current term;
Whereas, In 2014, in furtherance of its application for an extension, the Ann Arbor and Ypsilanti City Councils authorized an agreement with Adrian/Tecumseh SmartZone as a Satellite SmartZone;
Whereas, The Board of the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority...
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