VBT LDFA approves 2018 budget, including $100,000 for lawyers

At a 17-minute meeting on Nov. 15, the Van Buren Township Local Development Finance Authority approved its 2018 proposed budget and reviewed the new 129-page orientation packet prepared by planning intern Chris Madigan.
Ron Akers, director of the planning and economic development department, explained the proposed budget has to be approved by the township board first before the LDFA can approve it. He said the township board approved it at its Oct. 17 meeting and this is the same budget the LDFA had seen before.
Akers said there is $100,000 in attorney fees in the 2018 budget and the dramatic increase in the bond payments is coming in the following year, 2019. The LDFA paid $108,061 in attorney fees in 2016 and had budgeted $100,000 in 2017.
This use of attorneys has to do with the dispute with Visteon over the bonds sold by VBT to help with the construction of Visteon Village in 2003. The legal dispute continues.
Total LDFA revenue expected in 2018 is $751,217, up from $576,676 in 2017, reflecting an increase in property tax capture, Local Community Stabilization Appropriation from the state, and better interest income.
The lengthy orientation packet was put into a large white binder for each LDFA member and Chuck Covington asked that tabs be put on the different sections to help with the navigation.
“That may have been a budgetary issue,” Madigan replied.
Akers said tabs will be added and members were asked to put their names on the binders and return them for that and other updates.
Chairman Michael Dotson asked that a section be added at the end so things that are interesting or the LDFA should know about can be included.
Akers reported that the Grace Lake construction project is currently under township engineering approval.
LDFA member Danylo Dobriansky was asked if there are any tenants yet for the new building and he said there weren’t.
Dobriansky reported that the new sign to promote Grace Lake along I-275 is under construction and is expected to be completed by Nov. 20.
Sovereign Partners, owner of Grace Lake, has agreed that VBT can put township messages on the lighted message board at the bottom of the huge sign.
The LDFA voted to hold its next meeting at 2 p.m. Jan. 9, at which time the group will approve the calendar of meetings for the year. In the past meetings have been scheduled for the second Tuesday of every other month starting in January, with November and July meetings being on Wednesdays.