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LDFA approves $214,000 budget adjustment to cover engineering for Irving Road and Railroad Street projects
Summary
The Middleville LDFA on July 31 approved a budget adjustment that increases engineering expenditures by about $214,000 for the Irving Road and Railroad Street projects and includes higher attorney fees; the measure passed by roll-call vote.
The Middleville Local Development Finance Authority on July 31 approved a budget adjustment that raises engineering spending by roughly $214,000 to cover costs tied to the Irving Road and Railroad Street projects and increases budgeted attorney fees.
The finance director presented the item, saying the largest change in the amendment is an increase in engineering expenses for both projects and noting additional revenue from interest earnings. She also reported higher attorney fees stemming from TIFF/TIF renewal work. The board discussed the timing of those engineering expenses and whether some costs had been projected in prior budgets but were incurred this year.
Board members asked for clarification on several items. A member asked what portion of the Irving Road project the LDFA would fund and was told the LDFA would fund 100 percent of its portion; discussion also noted that phase two of the Irving Road work includes a new water storage tank by the well, estimated at roughly $300,000 to $400,000 and budgeted by the authority.
After discussion, a member moved to approve the budget adjustments. The board conducted a roll-call vote; members recorded as voting in favor were Kevin Smith, Katherine Getty, Todd Hurley, Elden New, Eric Schaefer and Peter Cula. The motion carried.
The approved adjustment also referenced a $75,000 annual payment and increased interest revenue estimates; staff said they would provide follow-up on the remaining term of the related bond obligations. The board authorized staff to implement the approved budget changes and to provide additional detail as needed.
Next steps: staff will update financial records to reflect the adjustment and return any additional clarifications requested by board members at the October meeting.
