Grand Rapids
Michigan

GR Agenda Item

Resolution approving and authorizing execution of a Grant Agreement with Spectrum Health System

Information

Department:Economic Development Staff (Internal Items)Sponsors:
Category:Agenda Action Request

Attachments

  1. Item Description
  2. Spectrum Grant Agreement

Content A

Attached is a resolution approving and authorizing execution of a Grant Agreement with Spectrum Health System (“Spectrum”) in an amount not to exceed $726,294 (the “Agreement”).

 

On December 8, 2017, the SmartZoneSM Local Development Finance Authority (LDFA) approved funding for a proposal from Spectrum to expand an interdisciplinary medical device incubator, in collaboration with GVSU and KCAD, an incubation program called “A Collaborative Model for Accelerating Healthcare Innovation in Grand Rapids” (the “Project”).  The period of performance for the Agreement will be for three years, commencing on July 1, 2018.

 

To facilitate SmartZoneSM LDFA funding for the Project, Staff recommend approving and authorizing execution of the attached Grant Agreement between the SmartZoneSM LDFA and Spectrum.

 

KLW/em

 

Attachments

Content C

CITY OF GRAND RAPIDS SMARTZONESM

LOCAL DEVELOPMENT FINANCE AUTHORITY

 

RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A GRANT AGREEMENT WITH SPECTRUM HEALTH SYSTEM

 

              Boardmember                     , supported by Boardmember                     , moved the adoption of the following resolution:

 

              WHEREAS:

 

1.     The City of Grand Rapids SmartZoneSM Local Development Finance Authority (the “SmartZoneSM LDFA”) pursuant to the provisions of Act 281 of the Public Acts of Michigan of 1986, as amended (“Act 281”), and its Development Plan and Tax Increment Financing Plan (the “Plans”) seeks to provide resources to benefit start-up, high-technology business endeavors (as defined in Act 281) within the Grand Rapids SmartZoneSM Certified Technology Park (as identified in the Plans); and

 

2.     Spectrum Health System (“Spectrum”) has piloted an interdisciplinary medical device incubator in collaboration with Grand Valley State University (“GVSU”) and Kendall College of Art and Design (“KCAD”); and

 

3.     Spectrum plans to expand this pilot into an incubation program called “A Collaborative Model for Accelerating Healthcare Innovation in Grand Rapids” (the “Project”) and has requested that the SmartZoneSM LDFA underwrite a portion of the cost; and

 

4.     The SmartZoneSM LDFA is willing to underwrite a portion of the cost the Project in an amount not to exceed $726,294 subject to the terms and conditions of a Grant Agreement between the SmartZoneSM LDFA  and Spectrum (the “Agreement”); therefore

 

              RESOLVED:

 

1.     That the Agreement between the SmartZoneSM LDFA and Spectrum substantially in the form presented at this meeting is approved with such modifications not materially adverse to the SmartZoneSM LDFA, approved as to content by the SmartZoneSM LDFA’s Executive Director and as to form by the SmartZoneSM LDFA’s legal counsel; and

 

2.     That the Chairperson of the Board of Directors of the SmartZoneSM LDFA is authorized and directed to execute the approved Agreement for and on behalf of the SmartZoneSM LDFA; and

 

3.     That all resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution be and the same are hereby rescinded.

 

 

 

YEAS:                            Boardmembers                                                                                                                              

 

NAYS:              Boardmembers                                                                                                                              

 

ABSTAIN:              Boardmembers                                                                                                                              

 

ABSENT:              Boardmembers                                                                                                                              

 

 

RESOLUTION DECLARED ADOPTED.

 

 

Dated:  May 18, 2018                                                                                                                                           

                                                                                                  Jerry Callahan, Secretary

 

 

CERTIFICATION

 

              I, the undersigned duly qualified and acting Secretary of the City of Grand Rapids SmartZoneSM Local Development Finance Authority (the “SmartZoneSM LDFA”), do hereby certify that the foregoing is a true and complete copy of a resolution adopted by the Board of Directors of the SmartZoneSM LDFA at a meeting held on May 18, 2018, and that public notice of said meeting was given pursuant to, and in accordance with, Act 267 of the Public Acts of Michigan of 1976, as amended.

 

 

Dated:  May 18, 2018                                                                                                                                           

                                                                                                  Jerry Callahan, Secretary