DOWNTOWN DEVELOPMENT AUTHORITY March 17, 2008

Dear Downtown Development Authority Trustees:

A special meeting of the Downtown Development Authority has been scheduled for Thursday, March 20, 2008, a 7:30 a.m. at Escanaba City Hall, Council Chambers, 410 Ludington Street, Escanaba, MI 49829. The following items will be on the agenda.

1. Call to Order
2. Roll Call
3. Approval and /or correction of meeting minutes: NONE
4. Approval/Adjustments to the Agenda
5. Conflict of Interest Inquiry
6. Treasurer's Report: NONE
7. Unfinished/Old Business:

A. Amended 2008/2009 DDA Budget Approval– Discussion/Action
B. 2008-2013 Capital Plan- Discussion

8. New Business:

A. Lofts on Ludington-2008 MSHDA Façade Initiative NOI– Discussion/Action

9. Project Updates: NONE
10. Various Other Issues: NONE
11. Board of Trustees/Staff Comments
12. Public Comment
13. Announcements
14. Adjournment

The Downtown Development Authority will provide all necessary, reasonable aids and services, such as signers for the hearing impaired and audiotapes of printed materials being considered at the meeting to individuals with disabilities at the meeting/hearing upon five days notice to the Downtown Development Authority. Individuals with disabilities requiring auxiliary aids or services should contact the Downtown Development Authority at (906) 786-8696.

Sincerely,


Brian Moravec, D.C., Chairperson
Downtown Development Authority
DDA Meeting Agenda Explanation
March 17, 2008

Conflict of Interest Inquiry. Members will be asked to declare any conflict of interest with any agenda item.

Treasurer's Report.

7. Unfinished/Old Business:

A. Amended 2008/2009 DDA Budget Approval– Discussion/Action

The Board approved a budget at the March 05, 2008, meeting, however since that time, negotiations were completed regarding the purchase of a parking lot at 1321 1st Ave. North. In addition, costs associated with the 2006-2007 Façade Program, as well as this year’s estimates were updated to reflect how these figures effect the end of year estimates. In addition, funds allocated to this year’s budget for Angle Parking and the Delta County Historical Society were included in the estimates. Because of the above and further review of the estimates, it is recommended that the Board approve the amended budget to pass on to the City of Escanaba for approval. The Finance Committee has met and reviewed this information and is also recommending the approval.

B. 2008-2013 Capital Plan- Discussion

We have revised the Capital Plan for the next five years based upon projects we have discussed at past meetings. If there are further projects to be added, we need to add them at this meeting and pass it on to the City of Escanaba by March 27, 2008, to be included in the City’s overall Capital Plan.

The Finance Committee also reviewed this information and is recommending its approval.

8. New Business

A. Lofts on Ludington-2008 MSHDA Façade Initiative NOI– Discussion/Action

Please see the attached back-up information describing this project. The developer is seeking support from the DDA in asking the City of Escanaba to submit a Notice of Intent to MSHDA for grant funds in the amount of $200,000 from the 2008 Façade Initiative Program. MSHDA has given us permission to submit a NOI for just this one building rather than two or more that is usually required for this program.



DDA Façade Program

Matt Sviland is also seeking $20,000 from the DDA’s Façade Program. This will assist in the overall financing that is required for this project. These funds will be used for Façade Improvements as well as costs associated with developing bids and specifications for this project.

Downtown Revolving Loan Fund

Because of the magnitude of this project, Matt Sviland is seeking additional funds from the City of Escanaba’s Downtown Revolving Loan Fund. The loan limit is $35,000, however the request is that this be raised to $300,000. This loan limit amendment request must go to the Loan Administrative Board and also to the City Council for approval. The developer is seeking support for the DDA Board for this loan limit amendment request.