Minutes - Local Development Finance Authority (LDFA)

301 E. Huron St.

Ann Arbor, MI 48104

http://a2gov.legistar.com/

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City of Ann Arbor

Meeting Minutes - Draft

Local Development Finance Authority

(LDFA)

Thursday, April 23, 2026

8:15 AM

Larcom City Hall, 301 E Huron St,

Basement Conference Room, Ann Arbor,

CALL TO ORDER

Chair Rapundalo called the meeting to order at 8:20 a.m.

II.

ROLL CALL

5 -

3 -

Present:

Absent:

Stephen Rapundalo, Michele Merusi, Carrie Leahy, Elize

Jekabson, and Michael Cole

Michael Psarouthakis, Jennifer Cornell, and Annie

Somerville

III.

PUBLIC COMMENT

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.

None

IV.

APPROVAL OF AGENDA

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

Member Merusi, that the Agenda be Approved. On a voice vote,

Chair Rapundalo declared the motion carried.

APPROVAL OF MINUTES

26-0575

Local Development Finance Authority Meeting Minutes March 26, 2026

Approved by the Board and forwarded to the City Council

VI.

LDFA CHAIR'S REPORT

None

VII.

LDFA TREASURER'S REPORT

26-0691

SmartZone Financial Report

Entering the fourth and final quarter, the $19,200 budgeted for strategic

planning remains unspent. The Board discussed a plan to utilize the

funds in the upcoming fiscal year for enhanced strategic planning. Due

to various circumstances, funding allocated in the strategic

initiatives/other grants line will not be spent. Bill Mayer requested a

budget/contract amendment to reallocate the funding to other line items

within the budget. A reduction of $130,000 comprised of $30,000 from

the Green Business Challenge Program Budget and $100,000 from the

DEI Program Budget, which is a partnership with Washtenaw Community

College, will be reallocated by increasing the SPARK Central Incubator

Operating Exp line item by $50,000 and increasing the Direct Company

Support - Phase III Intensive Service line-item by $80,000. In addition, a

request for a contract amendment to allow a 30% overage in the Central

Incubator line-item.

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

Member Cole, that the budget/contract amendment be Approved. On

a voice vote, Chair Rapundalo declared the motion carried.

VIII.

REPORTS FROM SERVICE PROVIDERS

26-0692

SPARK - LDFA 3rd Quarter Report - March 31, 2026

Bill Mayer made the third quarter report. Companies served still is a

strong number. The Job's number is still weak and is reporting as the

same number as a year ago. In recent history, available internships have

never been this low, creating "nervousness" in the system.

Companies created continues to be strong. Labor market is diverting to

individuals to create companies. Funds raised reflects "capital is

flowing". Intake numbers reflect a record 97 leads.

Gary, from Lenawee, reported most training is occurring around the

trades. LEO funding is being utilized for Health Care, Child Care, and

Advanced Manufacturing training.

Received and Filed

26-0693

LDFA Administrative Report - 3rd Quarter March 31, 2026

Received and Filed

IX.

OTHER BUSINESS

None

ADJOURNMENT

The meeting was Adjourned at 9:20 a.m.

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.