LDFA approves loans and officer terms
At a glance
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The LDFA approved its prior minutes, re-elected Stephen Rapundalo as chair and Carrie Leahy as vice-chair, and corrected the approved write-off amount for the Manistee Group (Connect Space) micro-loan to the maximum allowed by budget, up to $68,752.03.
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What this means
The board took several actions affecting how its entrepreneurship support money is managed. It confirmed leadership for another one-year term and adjusted the amount that can be written off for one unpaid micro-loan, while also asking for a recalculation of another loan tied to Digital Knowledge Corp. The financial report said FY26 was underspent by $62,508, though final interest adjustments and the loan write-off were still pending. The service-provider report said 268 companies were served in the fourth quarter and 37 jobs were created, with LDFA-funded support helping one University of Michigan spinout, Sequestro, Inc., move toward pilot-scale manufacturing.
Key decisions
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- Approved the agenda as amended.
- Approved the June 25, 2026 minutes and forwarded them to City Council.
- Re-elected Stephen Rapundalo as LDFA Chair for a second one-year term.
- Re-elected Carrie Leahy as LDFA Vice-Chair for a second one-year term.
- Kept the Treasury position vacant until the next board meeting.
- Corrected the Manistee Group (Connect Space) micro-loan write-off amount to the maximum allowable under available budget, up to the outstanding balance of $68,752.03 as of June 30, 2026.
- Asked SPARK to recalculate the remaining Digital Knowledge Corp. micro-loan balance and reverse interest added after dissolution paperwork was filed.
- Agreed that no additional interest would accrue on the remaining Manistee Group (Connect Space) micro-loan balance, if any.
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Meeting information
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Local Development Finance Authority (LDFA)
Agenda
- CALL TO ORDER
- ROLL CALL
- PUBLIC COMMENT
- Please comment shall be allowed at all meetings. An individual may speak for up to three (3) minutes on any item listed on the Agenda. The Chair may extend an individual's speaking time in his/her/their direction. Public comment on non-agenda items may be limited in the Chair's direction.
- APPROVAL OF AGENDA
- APPROVAL OF MINUTES
- Meeting Minutes 06-25-2026
- LDFA CHAIR'S REPORT
- LDFA TREASURER'S REPORT
- SmartZone Financial Report
- OTHER BUSINESS
- Officer Elections
- Micro-Loan Adjustment
- REPORTS FROM SERVICE PROVIDERS
- SPARK - LDFA 4th Quarter Report - June 30, 2026
- LDFA Administrative Report - 4th Quarter June 30, 2026
- ADJOURNMENT
- All persons are encouraged to participate in public meetings. Citizens requiring translation or sign language services or other reasonable accommendations may contact the City Clerk's office at 734.794.6140; via email to cityclerk@a2gov.org; or written request addressed and mailed or delivered to: City Clerk's Office 301 E. Huron St. Ann Arbor, MI 48104 Requests made with less than two business days' notice may not be able to be accommodated.
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