Title
Resolution to Approve an Administrative Services Agreement with the Ann Arbor/Ypsilanti SmartZone LDFA for Administrative and Support Services ($231,000.00 over a two-year period)
Memorandum
Attached for your review and approval is a resolution authorizing the approval of a two-year Administrative Services Agreement with the Ann Arbor/Ypsilanti SmartZone LDFA (SmartZone).
The SmartZone is a separate legal Authority funded by the State of Michigan with a locally appointed board to oversee its management and operations. The SmartZone's purpose is defined by a multi-party agreement called the Tax Increment Financing and Development Plan. As a part of this Plan, the City is responsible for providing financial management, audit, reporting, and secretarial services. The City's Chief Financial Officer is the official Secretary for SmartZone and is responsible for providing these services.
The attached agreement between the City and the SmartZone enumerates the services to be supported and provides for payment by the SmartZone to the City for these services. The City would receive payment for service that does not exceed $114,100 in FY2024 and $116,900 in FY2025.
Budget/Fiscal Impact: Revenue for these services is included in the approved FY2024 Budget and in FY2025 Budget Plan.
Staff
Prepared by: Marti Praschan, Chief Financial Officer
Reviewed by: Michelle Landis, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The City is a party of the Tax Increment Financing and Development Plan for the Ann Arbor/Ypsilanti SmartZone Local Development Finance Authority ("SmartZone");
Whereas, Under the terms of the attached Administrative Services Agreement ("Agreement"), the City would continue to provide administrative and secretarial support to the SmartZone;
Whereas, The Agreement provides that the SmartZone will compensate the City in an amount not-to-exceed $114,100 in FY2024 and $116,900 i...
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