Title
Resolution to Approve Amendment No. 1 to the Agreement between the City of Ann Arbor and City of Ypsilanti Creating the Ann Arbor/Ypsilanti Local Development Finance Authority
Memorandum
Attached for your review and action is a resolution to approve an amendment to the Ann Arbor/Ypsilanti Local Development Finance Authority (LDFA) Agreement.
In 2002, the Cities of Ann Arbor and Ypsilanti entered into an Agreement to establish a multi-jurisdictional local development finance authority pursuant to Public Act 281 of 1986. (the “Agreement”). The Local Development Finance Authority of the City of Ann Arbor and the City of Ypsilanti was established for the purpose of enabling the implementation of SmartZone designation awarded by the Michigan Economic Development Corporation to each community jointly.
The Agreement included the designation of a governing board for the Authority, their terms and appointment. The City of Ann Arbor was given the power to appoint six member to the governing board; one of which was required to be a Councilmember. All board members were given four year terms consistent with the requirements of the enabling statute. In addition excluding the initial appointees, individuals appointed to the governing board were prohibited from serving more than one complete four year term.
The proposed amendments to the Agreement would remove the prohibition from serving more than one complete four year term and clarify the conditions of appointment of the City of Ann Arbor Councilmember. New language would be added to the Section 1(d) of the Agreement to stipulate that the term of each member, except the City of Ann Arbor Council member appointee’s term, shall be four years. The Council member would be appointed to a four year term, as required by State law, with annual confirmation of that appointment by Council consistent with the City’s appointment process of Council members to authorities, boards and commissions. The City of Ann Arbo...
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