Stories indexed with the term ‘financial statement’

The economic development nonprofit Ann Arbor SPARK will be posting its financial statements on its website, according to a letter written by SPARK executive director Paul Krutko on Dec. 4, 2013. Krutko’s letter was sent to Washtenaw County board of commissioners chair Yousef Rabhi and Ann Arbor city administrator Steve Powers – both of whom are members of SPARK’s board. The letter came after an Ann Arbor SPARK board of director’s meeting on Nov. 25, 2013.

The meeting and the letter came after SPARK had declined several previous requests for its financial statements – from rank-and-file residents, journalists as well as elected officials. SPARK’s previous decision not to release past statements became moot when Ann Arbor resident Kai Petainen … [Full Story]

In a post on the Forbes website, Kai Petainen writes about the difficulty in securing financial statements from Ann Arbor SPARK, an economic development agency that receives significant state and local funding. He writes: “Finally, I got the financial documents. But, how did I do it? SPARK didn’t give me the documents. My local government didn’t give me the documents – they told me that they didn’t have them. I had to go to the Attorney General in Michigan for the documents. The Attorney General’s office gave them to me immediately.” [Source]

Ann Arbor Greenbelt Advisory Commission meeting (Feb. 9, 2011): The main event of the commission’s Wednesday meeting was a review of the second-quarter financial picture. The review was presented  by Ginny Trocchio, who works for The Conservation Fund, a consultant the city employs to assist with administering the greenbelt millage. Highlights of the presentation included the calculation of administrative overhead costs – including The Conservation Fund’s work – which are well below the legal maximum of 6%.

Though not included explicitly in the millage language, the city approaches the administration of the millage as a one-third/two-thirds split between a portion for parks and a portion for the greenbelt program. So as part of the financial review, commissioners also looked at current fund balances as analyzed based on the one-third/two-third split between parks and greenbelt projects. Noting that the greenbelt fund balance might be on track to be drawn down before the parks portion is exhausted, commissioners seemed to agree that now is a good time to begin mulling what should happen if that scenario played out. The group discussed holding a joint meeting between the park and greenbelt advisory commissions – their last joint session was held in April 2010.

Also discussed on Wednesday was the scheduling of a first meeting of a commission subcommittee that will look at the question of changing greenbelt boundaries. The boundaries define the region where land or development rights on land might be acquired by the greenbelt program. Any change to those boundaries would ultimately require approval from the Ann Arbor city council. [Full Story]

Ann Arbor Downtown Development Authority board meeting (Feb. 2, 2011): On a day when other government bodies scrubbed their schedules due to a blizzard forecast, the DDA board held firm to its regular first-Wednesday-of-the-month meeting time. The diminished activity downtown due to the snow led Roger Hewitt to quip during the meeting: “This will not be a particularly profitable day in the parking system, I think we can safely say.” The meeting achieved attendance of 10 out of 12 board members.

In their one business item, the board approved an amendment to the contract with Village Green to develop a 244-space parking deck as the first two stories of a 9-story, 99-foot-tall building, City Apartments – a 156-unit residential planned unit development (PUD) at First and Washington.

Once the parking deck portion of the building is completed and issued a certificate of occupancy, the city of Ann Arbor has agreed to issue $9 million worth of bonds to purchase the deck, and the DDA has agreed to make the payments on those bonds. The amendment to the contract provides DDA consultants access to the site during construction activities to check that construction methods conform to standards that will ensure a 75-year life for the deck.

On the city council’s agenda for Monday, Feb. 7, 2011 is their own approval of the same amendment to the Village Green contract. The contract amendment is part of a timeline put in place on Aug. 5, 2010, when the city council approved an extension of Village Green’s option to purchase the First and Washington city-owned parcel for $3 million. That timeline calls for Village Green to purchase the land by June 1, 2011.

The $3 million proceeds from the hoped-for Village Green deal were part of the financing plan for the city’s new municipal center, and would have no direct impact on the current general fund’s $2.4 million deficit that’s forecast for the FY 2012 budget. However, during deliberations some DDA board members accepted the point made by their colleague Newcombe Clark – that there are likely indirect connections between the completion of the Village Green transaction and the city’s overall budget picture, at least in terms of cash flow.

In reports and communications entertained by the board, highlights included: (1) a continued interest on the part of the University of Michigan to absorb a segment of Monroe Street into the UM Law School campus; (2) complaints from the property manager at 416 Huron St. about disrepair of an alley and adjoining sidewalks in the area, as well as a lack of maintenance on property owned by the railroad; and (3) an elaboration by the mayor on some remarks about Borders that he’d made and that had been reported in the media. [Full Story]