301 E. Huron St.

Ann Arbor, MI 48104

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City of Ann Arbor

Meeting Minutes - Draft

Local Development Finance Authority

(LDFA)

Thursday, March 26, 2026

8:15 AM

Larcom City Hall, 301 E Huron St,

Basement Conference Room, Ann Arbor,

CALL TO ORDER

The meeting was called to order at 8:20 AM

II.

ROLL CALL

6 -

Present:

Absent:

Stephen Rapundalo, Carrie Leahy, Jennifer Cornell, Annie

Somerville, Elize Jekabson, and Michael Cole

2 - Michele Merusi, and Michael Psarouthakis

III.

PUBLIC COMMENT

Jim on behalf of Michigan Works SE and Shamar, offered their

appreciation for the continued support of the LDFA Board and the funding

provided for the summer works program.

Please comment shall be allowed at all meetings. An individual may speak for up to

three (3) minutes on any item listed on the Agenda. The Chair may extend an

individual's speaking time in his/her/their direction. Public comment on non-agenda

items may be limited in the Chair's direction.

IV.

APPROVAL OF AGENDA

A motion was made by Vice Chair Leahy, seconded by Board

Member Cole, that the Agenda be Approved as presented. On a

voice vote, Chair Rapundalo declared the motion carried.

APPROVAL OF MINUTES

25-1845

10-23-2025 Meeting Minutes

A motion was made by Vice Chair Leahy, seconded by Council

member Cornell, that the Minutes be Approved by the Board and

forwarded to the City Council. On a voice vote, Chair Rapundalo

declared the motion carried.

VI.

LDFA CHAIR'S REPORT

Chair Rapundalo reported to the Board that the MEDC has agreed to

participate in our Board Meetings as we feel necessary.

Approved as presented

VII.

LDFA TREASURER'S REPORT

Presented

26-0123

LDFA FY 26, 2nd Quarter Report

Chair Rapundalo, who is acting Treasurer, reported that invoices have

been received and processed without issue. B. Mayer indicated contract

expenses are trending as anticipated; with the exception of the Green

Business Challenge Program, which has been paused. An ask to

reallocate the funding to another program could be forthcoming in the

April - June time-frame.

Received and Filed.

VIII.

REPORTS FROM SERVICE PROVIDERS

SPARK FY 26, 2nd Quarter Report

26-0124

B.Mayer reported that the Q2 report reflected consistency.

Foreshadowing the Q3 report, activity will go up. Job creation continues

to reflect a flat labor market. There are a lack of internship positions this

seasons and recent college graduates are entering a market without an

abundance of opportunities, which is driving starts.

A2 Tech360, once again was a very successful event. Attendees

represented 29 states and 9 countries. 44% of the attendees were Ann

Arbor residents.

Intake/leads continue to have high volumes. The Ann Arbor area saw a

45% increase in start-ups in 2024-2025. In Quarter 1 of this year, the

Nation saw a 36% increase in start-ups. Ann Arbor saw the spike ahead

of the national spike.

SPARK East, is doing quite well and is really busy.

Received and Filed

LDFA FY 26, 2nd Quarter Admin. Report

26-0125

Received and Filed

IX.

OTHER BUSINESS

Ypsilanti Board Vacancy Update

K. Jones reported that the application has been received and is awaiting

the Ypsilanti Council to undertake the application for the non City of

Ypsilanti resident.

Approved as presented

Received and Filed

FY 2027 Revenue Estimates

Received and Filed

Budget Memo FY 2027

Received and Filed

Budget Committee Discussion

B. Mayer walked through the SPARK budget request with accompanying

memorandum, which explains the variances between fiscal years.

26-0341

FY 2027 LDFA Draft Budget

The Board discussed the need to conduct additional audit functions and

potentially updating the strategic plans and decided to budget an

additional $30,000 in the professional services line-item (2100). This

increased the professional services line-item to $30,000 and the total

budget to $6,744,394; leaving $0 in projected fund balance.

A motion was made by Vice Chair Leahy, seconded by Board

Member Sommerville, that the FY 27 Budget be Approved as

amended. On a voice vote, Chair Rapundalo declared the motion

carried.

AMENDED FY2027 LDFA BOARD APPROVED BUDGET

26-0573

26-0342

Approved as Amended

LDFA Non-Profit D&O Renewal Policy

A motion was made by Council Member Cornell , seconded by

Board Member Sommerville, that the LDFA Non-Profit D&O Policy

be Renewed as presented. On a voice vote, Chair Rapundalo

declared the motion carried.

ADJOURNMENT

A motion was made by Council Member Cornell, seconded by Vice

Chair Leahy, that the Meeting be Adjourned. On a voice vote, Chair

Rapundalo declared the motion carried and the meeting adjourned.

All persons are encouraged to participate in public meetings. Citizens requiring

translation or sign language services or other reasonable accommendations may

contact the City Clerk's office at 734.794.6140; via email to cityclerk@a2gov.org; or

written request addressed and mailed or delivered to:

City Clerk's Office

301 E. Huron St.

Ann Arbor, MI 48104

Requests made with less than two business days' notice may not be able to be

accommodated.