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MICHIGAN STRATEGIC FUND BOARD FINAL MEETING AGENDA May 22, 2018 10:00 Am

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MICHIGAN STRATEGIC FUND BOARD FINAL MEETING AGENDA May 22, 2018 10:00 Am MICHIGAN STRATEGIC FUND BOARD FINAL MEETING AGENDA May 22, 2018 10:00 am Public comment – Please limit public comment to three (3) minutes Communications A. Consent Agenda Proposed Meeting Minutes – April 24, 2018 Port of Monroe – MSF Activity Amendment – Shane Schamper Bagley Forest Property LLC – MCRP Re-approval and Modification – Emanuel Odom 618 South Main, LLC – MCRP Amendment – Lynda Franke 609 E. Kirby Lofts – MCRP Amendment – Lynda Franke Kroger Company of Michigan – MBDP Amendment – Trevor Friedeberg Ferrous CAL Co. – MBDP Amendment – Julia Veale CDBG Action Plan – 2018 Authorization – Christine Whitz B. Business Investment a. Business Growth Wolverine Packing Co. Redevelopment – Brownfield Act 381 Work Plan – Mike Gietzen Amazon.com Services, LLC – MBDP Grant – Julia Veale Gerdau Macsteel, Inc. – SESA Award – Trevor Friedeberg b. Capital Access Greenville Venture Partners, LLC – Bond Authorization – Chris Cook Authorization of Amendments or Revisions to Bond Documents – Chris Cook C. Community Vitality Michigan Community Capital (MCC) – Attainable Housing Amendment – Julius Edwards Michigan Community Capital (MCC) – Small Developer Fund Amendment – Julius Edwards 351 West Western LLC and Great Lakes Development Investments, Inc. – MCRP Loan Participation Request – Lindsay Viviano 1140 Broadway Street Redevelopment – Brownfield Act 381 Work Plan – Paula Holtz Hudson’s Block, Monroe Blocks, One Campus Martius Expansion, and Book Building/Book Tower Redevelopment Projects – Transformational Brownfield Plan – Brittney Hoszkiw D. Administrative MSF Background Review Policy – Mark Morante E. Image/State Branding Aviareps – Contract Extension – Michelle Grinnell MICHIGAN STRATEGIC FUND RESOLUTION 2018- APPROVAL OF MAY 2018 CONSENT AGENDA FOR THE MICHIGAN STRATEGIC FUND BOARD WHEREAS, the Michigan Strategic Fund (“MSF”), at its February 2014 board meeting, approved the use of consent agendas at future board meetings pursuant to defined guidelines. WHEREAS, the MSF, at its February, 2014 board meeting, approved Guidelines for Preparation and Approval of Consent Agendas for the MSF (“Guidelines”). WHEREAS, pursuant to the recommendation of MSF and MEDC staff, the MSF Board desires to approve the below Consent Agenda items; NOW, THEREFORE, BE IT RESOLVED, the MSF approves the Consent Agenda items listed below and identified in the final Consent Agenda for this board meeting. Consent Agenda Items: Proposed Meeting Minutes – April 24, 2018 Port of Monroe – MSF Activity Amendment Bagley Forest Property LLC – MCRP Re-approval and Modification 618 South Main, LLC – MCRP Amendment 609 E. Kirby Lofts – MCRP Amendment Kroger Company of Michigan – MBDP Amendment Ferrous CAL Co. – MBDP Amendment CDBG Action Plan – 2018 Authorization Ayes: Nays: Recused: Lansing, Michigan May 22, 2018 MICHIGAN STRATEGIC FUND PROPOSED MEETING MINUTES April 24, 2018 Members Present Paul Gentilozzi Larry Koops Andrew Lockwood (on behalf of Treasurer Khouri) Terrence J.L. Reeves Greg Tedder (on behalf of Chairman Mason) Shaun Wilson Members joined by phone Stephen Hicks Terri Jo Umlor Members Absent Carl Camden Roger Curtis Wayne Wood Mr. Tedder called the meeting to order at 10:00 am. Public Comment: Mr. Tedder asked that any attendees wishing to address the Board come forward at this time. No public comment. Communications: Jennifer Tebedo, MSF Administrator, advised the Board that the Quarterly Report of the Chief Compliance Officer was provided to them in the briefing packet, along with several program quarterly reports. She also advised the Board that revised material for the HB BM East Lansing LLC project under the Consent Agenda was provided to them at the table. A. CONSENT AGENDA Resolution 2018-049 Approval of Consent Agenda Items Mr. Tedder asked if there were any questions from the Board regarding the items under the Consent Agenda. There being none, Larry Koops motioned for the approval of the following: Proposed Meeting Minutes – March 27, 2018 NEAPCO Drivelines, Inc. – MBDP Grant Amendment – 2018-50 LG Electronics Vehicle Components U.S.A. LLC – MBDP Grant Amendment – 2018-051 Iron Ridge Development – Act 381 Work Plan Amendment – 2018-052 George F. Eyde Family, LLC (Oliver Towers Redevelopment) – MCRP Loan Participation Re-approval – 2018-053 HB BM East Lansing LLC (Center City District) – MCRP Loan Participation Amendment (Conversion to Direct Loan) and Re-approval – 2018-054 Andrew Lockwood seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. 1 | Proposed Meeting Minutes – April 24, 2018 B. BUSINESS INVESTMENT B1. Business Growth Resolution 2018-055 Plastic Trim International, Inc. – MBDP Grant David Kurtycz, Business Development Project Manager, provided the Board with information regarding this action item. Following brief discussion, Larry Koops motioned for the approval of Resolution 2018-055. Paul Gentilozzi seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. Resolution 2018-056 International Trade Office – Request to Issue RFP Natalie Chmiko, Director International Trade, provided the Board with information regarding this action item. Following brief discussion, Larry Koops motioned for the approval of Resolution 2018-056. Shaun Wilson seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. B2. Access to Capital Resolution 2018-057 Hillcorp Properties, LLC – Bond Authorizing / Request for Extension Chris Cook, Director Capital Access, provided the Board with information regarding this action item. Following brief discussion, Paul Gentilozzi motioned for the approval of Resolution 2018- 057. Andrew Lockwood seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. ROLL CALL VOTE: Ayes: Paul Gentilozzi, Stephen Hicks, Larry Koops, Andrew Lockwood (on behalf of Treasurer Khouri), Terrence J.L. Reeves, Greg Tedder (on behalf of Chairman Mason), Terri Jo Umlor, Shaun Wilson; Nays: None; Recused: None Resolution 2018-058 Evangelical Homes of Michigan – Bond Authorization Chris Cook, Director Capital Access, provided the Board with information regarding this action item. Following brief discussion, Larry Koops motioned for the approval of Resolution 2018-058. Paul Gentilozzi seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. ROLL CALL VOTE: Ayes: Paul Gentilozzi, Stephen Hicks, Larry Koops, Andrew Lockwood (on behalf of Treasurer Khouri), Terrence J.L. Reeves, Greg Tedder (on behalf of Chairman Mason), Terri Jo Umlor, Shaun Wilson; Nays: None; Recused: None C. COMMUNITY VITALITY Resolutions 2018-059 & 2018-060 Jackson Entertainment, LLC – MCRP Loan and Act 381 Work Plan Lindsay Viviano, Community Assistance Team Specialist, provided the Board with information regarding these action items. Following brief discussion, Larry Koops motioned for the approval of Resolutions 2018-059 & 2018-060. Paul Gentilozzi seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. Resolution 2018-061 – Façade Restoration Initiative Lori Mullins, Director Community Development Incentives, and Stacy Esbrook, Regional Director Community Assistance Team, provided the Board with information regarding this action item. Following brief discussion, Larry Koops motioned for the approval of Resolution 2018-061. Terrence J.L. Reeves seconded the motion. The motion carried: 8 ayes; 0 nays; 0 recused. Mr. Tedder adjourned the meeting at 11:02 am. 2 | Proposed Meeting Minutes – April 24, 2018 March 28, 2018 Michigan Strategic Fund 300 N. Washington Square Lansing, MI 48913 RE: Designation of Greg Tedder To Whom It May Concern: Pursuant to MCLA 16.51, I hereby confirm my designation of Greg Tedder as the person authorized and empowered to act in my stead as a member of the Michigan Strategic Fund board for scheduled meetings I am not unable to attend. Sincerely, Jeff Mason President & Chairman, MSF Chief Executive Officer, MEDC MEMORANDUM Date: May 22, 2018 To: Michigan Strategic Fund Board From: Shane Schamper, Compliance Manager Subject: Port of Monroe (“Applicant” or “Port”) Request for Amendment to Investment Agreement Request The Applicant is requesting an extension to Key Milestone Number Two’s due date under the Investment Agreement (“Agreement”) from April 30, 2018 to August 31, 2018 (the “Request”). Background On September 22, 2015, the MSF awarded a MSF Investment to the Port in the amount of up to Three Million Dollars ($3,000,000). The Port is to use the funds to revitalize its commercial harbor area located on Lake Erie in the City of Monroe for MSF Eligible Activities, including site preparation activities and public infrastructure improvements. On August 22, 2017, the MSF Board approved an amendment request to extend the due date of Key Milestone Number Two to April 30, 2018. Current Status The final milestone, Key Milestone Number Two, was due on April 30, 2018 and the Port has submitted all the necessary requirements of the milestone with the exception of expending $3,000,000 for MSF Eligible Activities. Through March 31, 2018, $2,831,158 of the $3,000,000 MSF Investment has been spent on MSF Eligible Activities. It is anticipated that the difference, $168,842, will be used over the next three months. Due to abnormally cold weather in 2018, the project has been unable to complete the final paving of asphalt, which requires two weeks of warm and dry weather in order to cure properly. Therefore, the Port is requesting an extension to Key Milestone Number Two, project completion, until August 31, 2018. Before and after photos of the project site can be seen on Appendix A. Recommendation
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