August 26, 2024

Detroit Financial Review Commission

REGULAR CITY MEETING

Monday, August 26, 2024, at 1:00 p.m.

Using: Microsoft Teams

MINUTES

1. Call to Order
   1. Chairman, Kevin A. Smith called the meeting to order at 1:00 p.m.
2. Roll Call
   1. Let the record show that 5 Commission members eligible to vote were present. A quorum was present.
3. Approval of proposed Minutes from the July 29, 2024, Regular City Meeting
   1. Motion made by commissioner Blaszkiewicz and supported by commissioner Berry to approve the draft minutes of the commission’s July 29, 2024, city meeting as presented. The commission approved the minutes as presented.
4. Executive Director’s Report
   1. Patrick Dostine stated that based upon the city’s monthly financial report for the 12 months ending June 30, 2024, the city continues to remain in compliance with all statute relevant to the waiver status. Mr. Dostine also mentioned that staff from the OCFO were on the call to talk about the city’s proposed refinancing resolution on the agenda and answer questions.
5. Old Business
   1. None
6. New Business
   1. City’s request to issue up to $100 million in DSA backed LTGO bonds to refund the 2014 income tax financial recovery bonds (FRC Resolution 2024-4)
      1. Motion made by commissioner Berry and supported by commissioner Blaszkiewicz to approve the city’s request to issue up to $100 million in DSA backed LTGO bonds to refund the 2014 income tax financial recovery bonds (FRC City Resolution 2024-4) as presented.
      2. Motion moved and supported. The Commission approved City Resolution 2024-4 as presented.
   2. City’s Financial Report for the 12 months ended June 30, 2024
      1. FYI Only
      2. Staff from the OCFO’s office of the city of Detroit discussed the above-mentioned financial report and addressed questions from the commissioners.
7. Public Comment
   1. Michelle George
   2. William Davis
   3. Sheila Baker
8. Next Meeting Date
   1. City Regular Meeting: Monday, September 30, 2024, at 1:00 p.m. using Microsoft Teams
9. Adjournment
   1. Motion made by commissioner Blaszkiewicz and supported by commissioner Berry to adjourn. Motion moved and supported; the commission approved the motion to adjourn.
   2. There being no further business, the meeting adjourned at 1.25 p.m.

Roll Call

Members Present

• Akim Berry
• David Blaszkiewicz
• Jay Rising
• Mary Sheffield
• Kevin A. Smith

Members Absent

• Dr. J. Barnwell
• Jen Flood
• Angelique Peterson-Mayberry
• Ron Rose
• Dr. N. Vitti
• John Walsh

City of Detroit Resolution 2024-4

City’s request to issue up to $100 million in DSA backed LTGO bonds to refund the 2014 income tax financial recovery bonds (FRC Resolution 2024-4) Roll Call

• Dr. Barnwell- Absent
• Mr. Berry- Yes
• Mr. Blaszkiewicz- Yes
• Ms. Flood- Absent
• Ms. Rising- Yes
• Mr. Rose- Absent
• Ms. Sheffield- Yes
• Mr. Smith- Yes
• Mr. Walsh- Absent