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CITY OF MUSKEGON
CITY COMMISSION WORKSESSJON
AND
COMMUNITY RELATIONS COMMITTEE
Monday, November 5, 2007
5:30 p.m.
City Commission Chambers
AGENDA
I. Edison Landing Development. (City Manager)
2. Retiree Healthcare Proposal. (Finance)
3. Banking Services RFP. (Finance)
4. Any Other Business.
COMMUNITY RELATIONS AGENDA
I. Approval of Minutes.
2. Resignations from Various Boards.
3. Any Other Business.
4. Adjournment.
City of Muskegon
City Commission Worksession
Monday, November 5, 2007
City Commission Chambers
5:30 PM
MINUTES
2007-93
Present: Commissioners Warmington, Carter, Shepherd, Spataro, Wierengo, and Wisneski.
Absent: Vice Mayor Gawron.
Edison Landing Development
Dan Hendrickson presented a site plan for the Edison Landing Development. LEED certified
buildings within the development will be a priority.
Transient boat slips will be made available.
Agreements have been signed to purchase the property. Some financial relief has been asked on
commitments for special assessments. Mr. Hendrickson will pay $250,000 immediately at
closing and bring all past finances current.
Bryon Mazade was instructed to contact Parmenter O'Toole regarding the completion of the
seawall.
Commissioner Wierengo moved, Commissioner Carter seconded, to approve the tentative
agreement between the City of Muskegon and Belmont Farms for the Edison Landing
Development and allow the City Manager to contact Parmenter O'Toole on item six and to
negotiate item eight of the agreement.
Ayes: Shepherd, Spataro, Warmington, Wierengo, Wisneski, and Carter.
Nays: None.
MOTION PASSES
Retiree Healthcare Proposal
Tim Paul, Finance Director, proposed a change to healthcare options for those retirees age 65
and over.
Commissioner Wisneski disclosed that his parents do benefit from the City of Muskegon
healthcare system.
Motion by Commissioner Spataro, seconded by Commissioner Wierengo to approve the
retiree healthcare proposal as proposed by staff.
Ayes: Spataro, Warmington, Wierengo, Wisneski, Carter, and Shepherd.
Nays: None.
.M OTION PASSES
Banking Services RFP
Motion by Commissioner Carter, seconded by Commissioner Shepherd to move the City of
Muskegon's banking services to 5/3 Bank for the next seven years.
Ayes: Warmington, Wierengo, Wisneski, Carter, Shepherd, and Spataro.
Nays: None.
l'vfOTION PASSES
Any Other Business
Motion by Commissioner Spataro, seconded by Commissioner Carter to move the
December 10, 2007 Worksession meeting to December 3, 2007.
l'vJOTION PASSES
A request was made not to change the zoning at M art Dock so the Milwaukee Clipper lease
agreement will not be affected.
Staff will work with the committee.
Adjournment
Motion by Commissioner Carter, seconded by Commissioner Shepherd to adjourn at 6:35
p.m.
l'vJOTION PASSES
~-'-"~,~~
Ann Marie Becker, MMC
City Clerk
CITY OF MUSKEGON
COMMISSION WORK.SESSION MEETING
RESCHEDULED
The Commission Worksession Meeting that was scheduled for
Monday, November 12, 2007, has been rescheduled to Monday,
November 5, 2007, at 5:30 p.m. in the City Commission
Chambers, 933 Terrace, Muskegon. It will be a joint meeting with
the Community Relations Committee Meeting.
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Ann Marie Becker, MMC
City Clerk
Notice Dated: October 24, 2007.
Commission
City Manager
Department Heads
Chronicle
Post
AGREEMENT
This Agreement between the City of Muskegon of 933 Terrace Street, Muskegon,
Michigan ("City"), and Belmont Farms Lot C, LLC and Belmont Farms Lot D, LLC, Michigan
limited liability companies of 6250 Jupiter Avenue, Suite B, Belmont, Michigan 49306
(collectively "Belmont Farms"), is effective as of the 3 b +I. day of November, 2007 (the
"Agreement").
RECITALS
A. Belmont Farms has executed a Real Estate Purchase Agreement dated October 23,
2007 to acquire Units D, E, F, G, J, K, L, M, N, 0 and P of the Muskegon Lakeshore Smart
Zone, a Site Condominium also known as County Condominium Subdivision Plan No. 100 and
also holds an interest in Lot I of the same(the "Units").
B. The Units are subject to special assessments established pursuant to a Special
Assessment Consent Agreement between the City and Lakefront Development, L.L.C. effective
July I, 2003. As of December I, 2007, the total amount of the special assessments against the
Units, together with interest and late charges, will be placed on the City's general tax roll. The
entire remaining unpaid special assessment amount for the Units, including interest and late
charges, will be due and payable.
C. Belmont Farms has approached the City with regard to the development of the
Units, all of which are now vacant. Belmont Farms has represented that it has the ability to
develop the Units in a timely manner that will be consistent with the Muskegon Lakefront
waterfront redevelopment plan.
D. In order to spur timely economic development of the Units as part of the
Muskegon Lakefront waterfront redevelopment plan, the City is willing to make certain
concessions with regard to the special assessment obligations, which are contingent upon
Belmont Farms' timely development of the Units in accordance with the Muskegon Lakefront
waterfront redevelopment plan.
E. In order to obtain the City's concessions as to the special assessment obligations,
Belmont Farms is willing to commit to other development- related obligations.
NOW, THEREFORE, THE PARTIES AGREE, in consideration of the mutual covenants
and conditions which follow, including the recitals stated above, the receipt and adequacy of
such consideration being acknowledged by the parties, as follows:
I. Payment of Past Due Taxes and Assessments. Belmont Farms shall pay the
following obligations in full at or before the closing of its purchase of the Units:
a. All due and payable ad valorem taxes on the Units to the County of
Muskegon Treasurer;
b. All past due and payable special assessments to the County of Muskegon
Treasurer; and
c. Partial payment of future special assessment obligations to the City in the
amount of Two Hundred Fifty Thousand Dollars ($250,000).
2. Status of Special Assessment Obligations. Subsequent to December 1, 2007, the
City shall adopt a resolution with the purpose of holding the special assessment payment
obligations as to the Units in abeyance. The City shall retain the right to reinstate the special
assessment payment obligations or renegotiate the terms of such obligations, at its option, on the
date sixty (60) months after the effective date of this Agreement if Belmont Farms has not started
construction on a minimum of two of the Units. Belmont Farms and the City Manager shall
meet on an annual basis to review the status of development of the Units. Belmont Fanns
expressly understands and agrees that the City's act of forgoing payment of special assessment
obligations pending satisfactory development of the Units does not constitute a waiver of the
City's right to receive such payments.
3. Release of Lien. In the event that the special assessment lien on a Unit creates an
impediment to Belmont Farms' ability to convey title to a third party seeking to develop or
occupy such Unit , Belmont Farms may request that the lien be partially released as to such Unit.
The City agrees to grant such request if it determines, in its sole discretion, that the proposed use
of the Unit is consistent with the Muskegon Lakefront waterfront development plan. Upon partial
release of the lien, the total assessment amount due and payable for all Units shall be reduced by
an amount based on the percentage of the total assessment allocated to such Unit in the Special
Assessment Consent Agreement.
4. Representations and Wananties of Belmont Farms. Belmont Farms represents
and warrants the following to be true:
a. Both Belmont Farms Lot C, LLC and Belmont Farms Lot D, LLC are
Michigan limited liability companies, both of which are duly organized, validly existing
and in good standing under the laws of the State of Michigan;
b. Both Belmont Farms Lot C, LLC and Belmont Farms Lot D, LLC have the
power and authority to enter into and perform the obligations under this Agreement;
c. No member of Edison Landing, LLC or Lakefront Development, L.L.C. is a
member of either Belmont Farms Lot C, LLC or Belmont Farms Lot D, LLC; and
d. No member of Edison Landing, LLC or Lakefront Development, L.L.C. shall
become a member of Belmont Farms Lot C, LLC or Belmont Farms Lot D, LLC, or
otherwise have an interest in any of the Units or their development.
5. Loan of Funds to Belmont Farms. Upon Belmont Farms written request, the City
agrees to loan Belmont Farms an amount not to exceed Two Hundred Fifty Thousand Dollars
($250,000) from the City's Brownfield Revolving Loan Fund, subject to the purpose of such loan
2
Q_IMANAGER\MAZADE\Belmont Farms Agreement 112907.doc CM
meeting eligibility criteria, required timelines, and Michigan Department of Environmental
Quality approval. Belmont Farms shall execute a note in favor of the City and repayment will be
secured by a mortgage on the Units and a personal guaranty by Danny S. Hemickson.
6. Build Out of Units Sold. All agreements which Belmont Farms makes for the
sale of any of the Units shall explicitly provide in writing that construction on such lots shall be
commenced within two (2) years of the date of such agreement.
7. Brownfield Grant. The City was awarded a Brownfield Redevelopment Grant at
the commencement of the Muskegon Lakefront project. To the extent there are any funds
remaining under such grant approval, the City may, in its sole discretion, decide to authorize use
of such funds to reimburse Belmont Farms for eligible environmental response activity costs
arising in connection with development of the Units.
8. Seawall/Boardwalk. New Acre, LLC has provided a written commitment, dated
November 29, 2007, to repair the seawall/boardwalk structure on Muskegon Lake and adjacent
to Lot H of the County Condominium Subdivision Plan No. 100. In the event that New Acre,
LLC does not complete such repairs on or before July 30, 2008 Belmont Farms shall assume full
responsibility and cause such repairs to be completed, at its sole cost, on or before October 30,
2008.
9. Contingency. This Agreement is contingent on the closing of the sale and
purchase of the Units by Belmont Farms from Edison Landing Properties, LLC, pursuant to the
Real Estate Purchase Agreement dated October 23, 2007, and the Purchase Agreement dated
October 23, 2007.
10. Default. If Belmont Farms defaults with respect to any obligation under this
Agreement, the City may, at its sole option, pursue all legal and equitable remedies available
under Michigan law, including without limitation, immediate reinstatement of the special
assessment obligations applicable to the Units.
1I. No assignment. Belmont Farms' rights and obligations under this Agreement
may not be assigned without prior written consent by the City. Any assignment made without
such consent shall be void. However, the City understands that a new limited liability company
will be formed by the member of Belmont Farms for the purpose of implementing the
development of the Units. The City agrees to such assignment subject to confirmation of
membership and purpose.
12. Waiver. No term, condition, covenant, or provision in this Agreement may be
waived, except in writing, signed by the waiving party. No oral statements, course of conduct, or
course of dealing shall be deemed a waiver. No waiver by any party of any violation or breach
of this Agreement shall be deemed or construed to constitute a waiver of any other violation or
breach, or the continuing waiver of any violation or breach.
3
O:\MANAGER'u\1AZADE\Belmont Farms Agreement l !2907.dac CM
13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties, as well as their respective successors and assigns.
14. Entire Agreement. This Agreement represents the entire understanding between
the parties with respect to the subject matter within, and any prior discussion, negotiations and
agreements between the parties are merged herein. No amendment or modification of this
Agreement shall be enforceable except if in writing and signed by the parties.
15. Governing Law. This Agreement shall be governed by and construed m
accordance with the laws of Michigan.
16. Notices. All notices, requests and demands to or upon any party to this
Agreement shall be in writing and shall be personally delivered or mailed certified mail
addressed to each party as follows:
Ifto City to: Bryon Mazade, City Manager
933 Terrace Street
Muskegon, Michigan 49440
Ifto Belmont Farms to: Danny S. Henrickson
6250 Jupiter Avenue, Suite B
Belmont, Michigan 49306
IN WITNESS WHEREOF, the parties have entered into this Agreement on the date
written above.
By:~=2~~~=$,,,..,-c::==::::__~-
Danny S. Henricks
Its: Member
BELMONT FARMS LOT D, LLC, a Michigan
limite iab1 ·ty compan
Its:
4
O:\MANAGER\i.'vlAZADE\Belmont Farms Agreement 1!2907.doc CM
NEWACRE, LLC
601 Terrace Street
Muskegon, Michigan 49440
Phone 231.722.1621
Fax 231. 722.7866
November 29, 2007
Mr. Dan S. Henrickson
Viridian Properties, LLC
6250 Jupiter Avenue, Suite B
Belmont, MI 49306
Re: Muskegon Lakeshore SmartZone
Seawall Bordering Lot H
Dear Mr. Henrickson:
As discussed, Newacre, LLC, the landlord of Parmenter O'Toole, intends to fix the seawall
located in front of its building on Muskegon Lake. Currently, we are obtaining quotes to
determine the cost to correct any problems and replace the cement slabs that were removed from
the seawall.
Conditioned upon receiving reasonable quotes to correct the problem as determined by Newacre,
LLC, we will request that our contractor begin the process of fixing the seawall in the spring of
2008. We expect the process to be completed by mid summer.
If you have any questions, please call.
Fax:
Internet Address: clk@parmenterlaw.com
-· u . 11: PROPOSED USES
A - OFFICE
B - RES! DENTIAL
C - MAIN LEVEL RETAIL
UPPER LEVEL OFFICE
D - MAIN LEVEL RETAIL
UPPER LEVEL RESIDENTIAL
"--MAIN LEVEL RETAIL
MIDLEVE~ICE
UPPER LEVEL l'l:ESlOENTIAL
,HOTEL
\
VIRIDIA, PLACE
,ii ]•'.di~nn J ,,indim;
Finance
Administration
Memo
To: City Commission City Manager
From: Finance Director
Date: October 31, 2007
Re: Changes to Healthcare Options for Retirees Age 65 and Over
I previously briefed you about potential changes to the healthcare and prescription
drug benefit options offered to city retirees upon reaching age 65. This memo and
attachments provide further details about what is being proposed.
Background
Medicare Supplement - Under various employee contractual arrangements, the city
provides a very basic self-insured supplemental Medicare benefit for retirees and
beneficiaries 65 and over. In the early 1990's, in response to retiree complaints
about the basic Medicare supplement program, the city began offering retirees the
option to purchase private Medicare supplemental insurance through a company
called Magna Care. The city agreed to contribute a fixed amount ($50.00/month)
towards the cost of this coverage with additional costs being directly billed to the
retiree.
In 1997, the city began allowing retirees to "opt out" of the retiree healthcare program
and receive an additional $50.00/month in their pension in lieu of any further City
medical benefit. This was done in response to retirees who wanted the freedom to
find their own Medicare supplement.
As things currently stand, retirees over 65 have three choices:
1. City self-insured benefit - 63 retirees over age 65 currently are in this program;
• Page 1
O:\FINANCE\PAUL\MyDocuments\MEMO-CITY COMMISSION 2007 Retiree Health Changes.doc
2. Medicare supplement through Magna Care - 93 retirees over age 65 are in
this program; city contribution remains at $50.00/month; or,
3. Opt-out - 40 retirees over age 65 have chosen this option; city payment
remains at $50.00/month.
Prescription Drug Benefit - Under contractual commitment the city provides Police
and Fire retirees (retired since the mid 1980's) with a very rich prescription drug
benefit. Other retirees do not have contractual rights to an Rx benefit; however,
since the mid-1990's the city has contributed a flat $41.00/month toward the cost of a
prescription drug benefit through Magna Care.
What is being Proposed
Changes are being proposed to the current benefit structure for three reasons:
1. The number of retirees opting out of the Magna Care group is rising quickly
prompting Magna Care to place restrictions on retiree's ability to opt out. For
example, retirees no longer are able to opt out of the Medicare supplement
while retaining the Magna Care prescription benefit.
2. The competitive pricing and value of individual Medicare supplement
programs through other sources (such as Blue Cross) have enticed retirees to
opt out and calls into question the need for a "group" program like Magna
Care.
3. The self-insured Rx benefit for retired police and fire is a huge cost burden for
the city. While changes are being made to the over 65 benefit structure, we
would also include incentives for retirees to leave this program.
Staff feels the need for a middleman like Magna Care no longer exists and that
retirees looking out for their own interests are best equipped to choose the right
Medicare supplement for their needs. Accordingly, we propose the following:
1. Cancelling the current arrangement with Magna Care effective January 1,
2008 and making future payments for optional Medicare and prescription
drug coverage directly to the retiree (to be included in their pension check).
As example, a retiree currently having both the Magna Care Medicare and
Rx benefits ($91.00 monthly cost to the city) would instead receive an
additional $91.00 in their monthly pension. The Magna Care programs will
also be offered to retirees on an individual basis. The city will hold meetings
• Page2
to discuss these changes and have presentations about some of the better-
value options (like Blue Cross) that are available.
2. The city's self-insured Medicare and Rx programs will remain in place.
However, we propose offering an enhanced cash payment benefit to
certain police and fire retirees who currently have the city's self-insured
Rx benefit. Specifically, we propose offering an enhanced monthly
payment ($91.00 single/$182.00 married) plus a one-time payment of
$1,000 to these retirees if they drop the city's self-insured Rx program.
We are hopeful the enhanced payment will entice these retirees to forgo the
$2.00 Rx co-pay benefit they now have in favor of securing premium
Medicare supplemental coverage (including managed Rx) while fixing the
city's cost for the long-run.
Currently there are 32 retirees and 15 beneficiaries over 65 having this
benefit. As shown below, this is by far the costliest retiree healthcare
component ($125,890/32 = $3,934/retiree; $125,890/47= $2,679/person):
POLICE & FIRE OVER 65 HEALTH CARE COSTS
October, 2006 thru September, 2007
PAID PAID
MEDICAL PAID RX ADMIN MAGNA MAGNA
CLAIMS CLAIMS FEES BENEFITS BENEFITS
MONTH (OVER 65) (OVER 65) /OVER 65) MEDICAL RX TOTAL
OCTOBER, 2006 3,560.74 10,268.01 849.00 2,650.00 1,557.63 18,885.38
NOVEMBER, 2006 38.62 7,475.01 873.40 2,650.00 1,557.63 12,594.66
DECEMBER, 2006 0.00 10,266.45 896.35 2,612.28 1,557.63 15,332.71
JANUARY, 2007 255.59 12,165.15 1,010.30 2,500.00 1,469.90 17,400.94
FEBRUARY, 2007 0.00 8,934.52 908.35 2,400.00 1,346.90 13,589.77
MARCH, 2007 1,611.77 10,510.92 908.35 2,600.00 1,410.50 17,041.54
APRIL, 2007 1,062.37 11,330.52 908.35 2,600.00 1,410.50 17,311.74
MAY, 2007 1.67 10,000.33 908.35 2,520.00 1,419.70 14,850.05
JUNE, 2007 1.67 11,032.87 908.35 2,535.00 1,402.30 15,880.19
JULY, 2007 104.25 13,834.93 908.35 2,535.00 1,402.30 18,784.83
AUGUST, 2007 128.97 10,106.36 908.35 2,535.00 1,402.30 15,080.98
SEPTEMBER, 2007 956.12 9,965.24 879.75 2,485.00 1,361.30 15,647.41
TOTAL $Z,Z21.ZZ $125 890 31 $10 86Z 25 $30,622.28 $H 298 59 $192,400.20
• Page 3
This matter will be discussed at the November work session. Because of the tight
timeframes involved (open enrollment is only from 11/15 through 12/31), I would ask
for approval of the program restructuring at that time. Also, if you have concerns
about the proposal, it would be preferable to discuss these in advance of November
5th work session.
I have also attached a draft copy of the mailing that will be sent to affected retirees if
the Commission approves these proposals. This includes a summary of the benefits
provided to various over 65 retiree sub-groups, together with a count of the members
in each sub-group.
Again, if you have any questions, please let me know.
Thank you.
• Page4
Affirmative Action
(231 )724-6703
FAX (231)722-1214
Assessor
{231)724-6708
FAX (231)726-5181
Cemetery
(231 )724-6783
FAX (231 )726-5617
West l\tichigan's Shoreline City
City Manager www.shorellneclty.com
(23 I )724-6724
FAX (231)722-1214
Civil Service
(231 )724-6716
FAX (231 )724-4405
Clerk
(231 )724-6705 November 6, 2007
f AX (231 )724-4178
Comm. & Neigh.
Services
(231 )724-6717
FAX (231)726-2501
Dear Retiree:
Engineering
(231 )724-6707
FAX (231)727-6904
Finance
Upon reaching age 65, City retirees have had the option of selecting partially
(231 )724-67 I 3 subsidized retiree healthcare and prescription drug benefits through Magna Care
FAX (231)724-6768
in lieu of the City's self-funded Medicare supplement. I am writing to let you know
Fire Department that we are significantly restructuring these options in a manner that will provide
(231 )724-6792
FAX (231)724-6985 you with greater choice and better benefits and, at the same time, provide more
value to the City for the dollars it spends on retiree healthcare.
Income Tax
(231 )724-6770
FAX (231)724-6768
The changes will not reduce your benefits; in fact, you should be able to
Info. Technology achieve a better level of benefits while reducing out-of-pocket expenses.
(231)724-4126
FAX (231)722-430 I
Two significant changes are being made:
Inspection Services
(231)724-6715
FAX (231)728-4371 1. Retirees Will No Longer Be Restricted to Magna Care Programs -
Leisure Services Many retirees have indicated they are able to find individual Medicare
(231)724-6704
FAX (23 1)724-1196
supplements that better meet their needs from other sources. In fact,
recent premium changes to some programs (like Blue Cross Blue Shield of
Mayor's Office
(231 )724-670 I Michigan) make them attractive options for Muskegon County residents.
FAX (231)722-1214 The City will provide information and resources about some of these
Planning/Zoning options at upcoming meetings, and you will be free to secure coverage
(23 I )724-6702 from these resources or, from any other source that you feel best meets
FAX (231 )724-6790
your needs.
Police Department
(231 )724-6750
FAX (231)722-5140 2. Monthly Cash Payment - Currently the City pays to Magna Care fixed
Public Works monthly amounts ($50.00 medical; $41.00 prescription) for each retiree
(231)724-4100 selecting the Magna Care option. Retirees are then directly billed by
FAX (231)722-4188
Magna Care for costs above the City payments. Many retirees have
Treasurer
(231 )724-6720
already "opted out" of the City's retiree healthcare program in favor of
FAX (231)724-6768 receiving an equivalent monthly cash payment in their pension check. To
Water Billing facilitate retirees' ability to choose coverage, future City payments for
(23 I )724-6718
FAX (231)724-6768
Water Filtration
(231)724-4106
FAX (231)755-5290 City of Muskegon, 933 Terrace Street, P.O. Box 536, Muskegon, Ml 49443-0536
http://www.shorelinecity.com
www.shorellnedty.com
retirees choosing optional Medicare supplement benefits will be made directly to
the retiree via their monthly pension payment.
The City's self-insured Medicare supplement program will continue in place for
those retirees who do not wish to choose an optional Medicare supplement
program. Additionally, the City's self-insured prescription drug program will
continue for those Police and Fire retirees who qualify for this benefit. However,
we encourage all retirees to consider their options as they may be able to achieve
equal or better benefit levels at the same cost.
I have attached a summary schedule of the current "over 65" benefits you currently
have and the options that will be available to you in the future. The open enrollment
period for you to elect your new options is from November 15, 2007 through December
31, 2007. All changes will be effective January 1, 2008.
We have scheduled meetings to discuss these changes in greater detail and to answer
your questions. All meetings will be held in the City Commission chamber of City Hall,
933 Terrace Street. The attached summary shows the meeting times scheduled for
your benefit group.
Rapidly rising healthcare costs for both active and retired employees continues to be a
nationwide problem. It is more important than ever that the City look for ways to
maximize the value of the funds spent for healthcare for its retirees.
Thank you and should you have any questions please contact the Finance Department
at (231) 724-6713.
Sincerely,
Timothy J. Paul
Finance Director
City of Muskegon, 933 Terrace Street, P.O. Box 536, Muskegon, Ml 49443-0536
http://www.shorelinecity.com
GROUPA
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
The City pays a flat $50.00 monthly stipend to Magna Rx coverage for this group is through the
Care to partially offset costs of a group MediGap policy City's self-funded program administered by
(through Hartford Insurance). You pay any amount Priority Health.
over the $50.00 city contribution directly to Magna
Care. Total premiums are age-based and currently
range from $86 to $259.
Your Future Benefit:
The City will pay a flat $50.00 monthly stipend to you No Change.
(included in your monthly pension check) to partially
offset costs of an individual MediGap policy as
selected by the retiree. You may use this money as
you choose.
Example: Currently BCBSM offers individual
"Medicare Supplement" policies with benefits
generally superior to the current Hartford group
policy. Plan A=$35.24; Plan C=$107.09.
Optional Future Benefit:
The City will pay a flat ($91.00 single $182.00 married) You will no longer be covered under the
monthly stipend to the retiree (included in their City's self-funded prescription program but
pension check) plus a one-time payment of $1,000. may choose to utilize the payments made to
You may use this money as you choose. you to select a Medicare/Rx program.
Example: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current Hartford
group policy. The BCBSM coverage incorporates Part
D Rx coverage. Muskegon/Newaygo/Ottawa/Kent
Counties. Plan A=$0; Plan B=$47; Plan C=$57; Plan
0=$114 (Ask for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Monday, November 19, 2007, 1:30PM
• Tuesday, November 20, 2007, 1:30 PM
GROUP B
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
The City pays a flat $50.00 monthly stipend to Magna The City pays a flat $41.00 monthly stipend
Care to partially offset costs of a group MediGap policy to Magna Care for a Medicare Part D Rx
(through Hartford Insurance). The retiree pays any benefit. The retiree pays any amount over
amount over the $50.00 city contribution directly to the $41.00 city contribution directly to
Magna Care. Total premiums are age-based and range Magna Care.
from $86 to $259.
Your Future Benefit:
The City will pay a flat $50.00 monthly stipend to you The City will pay a flat $41.00 monthly
(included in your monthly pension check) to partially stipend to you (included in your monthly
offset costs of an individual MediGap policy as pension check). You may use this money as
selected by the retiree. You may use this money as you choose.
you choose.
The Magna Care program you currently
Example: Currently, BCBSM offers individual participate in will continue to be available,
"Medicare Supplement" policies with benefits but you will be billed the full cost.
generally superior to the current Hartford group
policy. Plan A=$35.24; Plan C=$107.09 per month. 2008 BCBSM Prescription Blue Premium
Option A= $36.50; Option B = $42.50
Optional Future Benefit:
The City will pay a flat $91.00 monthly stipend to the Part D Prescription Benefits are
retiree (included in their pension check) You may use incorporated in the BCBSM Medicare Plus
this money as you choose. Blue Advantage Plan.
Example: Currently BCBSM offers individual "Medicare
Plus Blue Advantage Plan" policies with benefits
generally superior to the current Hartford group
policy. The BCBSM coverage incorporates Part D Rx
coverage. Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan 8=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUP C
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
The City pays a flat $50.00 monthly stipend to Magna None.
Care to partially offset costs of a group MediGap policy
(through Hartford Insurance). The retiree pays any
amount over the $SO.OD city contribution directly to
Magna Care. Total premiums are age-based and range
from $86 to $259.
Your Future Benefit:
The City will pay a flat $50.00 monthly stipend to you None.
(included in your monthly pension check) to partially
offset costs of an individual MediGap policy as
selected by the retiree. You may use this money as
you choose.
Example 1: Currently, BCBSM offers individual
"Medicare Supplement" policies with benefits
generally superior to the current Hartford group
policy. Plan A=$35.24; Plan C=$107.09 per month.
Example 2: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current Hartford
group policy. The BCBSM coverage incorporates Part
D Rx coverage. Muskegon/Newaygo/Ottawa/Kent
Counties. Plan A=$0; Plan B=$47; Plan C=$57; Plan
D=$114 (Ask for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUP D
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
You have previously elected to "opt out" of the City's The City pays a flat $41.00 monthly stipend
Retiree Healthcare program and instead receive a to Magna Care for a Medicare Part D Rx
$50.00 per month payment included in your pension benefit. You pay any amount over the
check. $41.00 city contribution directly to Magna
Care.
Your Future Benefit:
No Change. The City will pay a flat $41.00 monthly
stipend to you (included in your monthly
pension check). You may use this money as
you choose.
The Magna Care program you currently
participate in will continue to be available,
but you will be billed the full cost.
2008 BCBSM Prescription Blue Premium
Option A= $36.50; Option B = $42.50
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUPE
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
You are covered under the City's self-funded Medicare The City pays a flat $41.00 monthly stipend to
supplement policy. Magna Care for a Medicare Part D Rx benefit.
You pay any amount over the $41.00 city
contribution directly to Magna Care.
Your Future Benefit:
No change The City will pay a flat $41.00 monthly stipend to
you (included in your monthly pension check).
You may use this money as you choose.
The Magna Care program you currently
participate in will continue to be available, but
you will be billed the full cost.
2008 BCBSM Prescription Blue Premium Option A
= $36.50; Option B = $42.50
Optional Future Benefit:
The City will pay a flat $SO.OD monthly stipend to you The City will pay a flat $41.00 monthly stipend to
(included in your pension check). You may use this you (included in your monthly pension check).
money as you choose. You may use this money as you choose.
Example 1: Currently, BCBSM offers individual The Magna Care program you currently
"Medicare Supplement" policies with benefits participate in will continue to be available, but
generally superior to the current City's self-funded you will be billed the full cost.
Medicare supplement policy. Plan A=$35.24; Plan
C=$107.09 per month. 2008 BCBSM Prescription Blue Premium Option A
= $36.50; Option B = $42.50
Example 2: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with Example 2 "Medicare Plus Blue Advantage Plan"
benefits generally superior to the current City's self- incorporates Medicare Part D Rx coverage.
funded Medicare supplement policy. The BCBSM
coverage incorporates Part D Rx coverage.
Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan 8=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more about
these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUP F
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
None The City pays a flat $41.00 monthly stipend
to Magna Care for a Medicare Part D Rx
benefit. You pay any amount over the
$41.00 city contribution directly to Magna
Care.
Your Future Benefit:
No change The City will pay a flat $41.00 monthly
stipend to you {included in your monthly
pension check). You may use this money as
you choose.
The Magna Care program you currently
participate in will continue to be available,
but you will be billed the full cost.
2008 BCBSM Prescription Blue Premium
Option A= $36.50; Option B = $42.50
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUP G
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
You have previously elected to "opt out" of the City's Rx coverage for this group is through the
Retiree Healthcare program and instead receive a City's self-funded program administered by
$50.00 per month payment included in your pension Priority Health.
check.
Your Future Benefit:
No change No change
Optional Future Benefit:
The City will pay a flat ($91.00 single; $182.00 married) You will no longer be covered under the
monthly stipend to the retiree (included in their City's self-funded prescription program but
pension check) plus a one-time payment of $1,000. may choose to utilize the payments made to
You may use this money as you choose. you to select a Medicare/Rx program.
Example: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current Hartford
group policy. The BCBSM coverage incorporates Part
D Rx coverage. Muskegon/Newaygo/Ottawa/Kent
Counties
Plan A=$0; Plan B=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Monday, November 19, 2007, 1:30PM
• Tuesday, November 20, 2007, 1:30 PM
GROUP H
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
You are covered under the City's self-funded Medicare None.
supplement policy.
Your Future Benefit:
No change None.
Optional Future Benefit:
The City will pay a flat $50.00 monthly stipend to you None.
(included in your pension check). You may use this
money as you choose.
Example 1: Currently, BCBSM offers individual
"Medicare Supplement" policies with benefits
generally superior to the current City's self-funded
Medicare supplement policy. Plan A=$35.24; Plan
C=$107 .09 per month.
Example 2: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current City's self-
funded Medicare supplement policy. The BCBSM
coverage incorporates Part D Rx coverage.
Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan B=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
GROUP I
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
You are covered under the City's self-funded Medicare Rx coverage for this group is through the
supplement policy. City's self-funded program administered by
Priority Health.
Your Future Benefit:
No change No change
Optional Future Benefit:
The City will pay a flat ($91.00 single; $182.00 married) You will no longer be covered under the
monthly stipend to the retiree (included in their City's self-funded prescription program but
pension check) plus a one-time payment of $1,000. may choose to utilize the payments made to
You may use this money as you choose. you to select a Medicare/Rx program.
Example: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current City self-
funded Medicare supplement policy. The BCBSM
coverage incorporates Part D Rx coverage.
Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan 8=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Monday, November 19, 2007, 1:30PM
• Tuesday, November 20, 2007, 1:30 PM
GROUPJ
Benefits You Currently Receive:
Medicare Supplement Prescription Benefit
None. Rx coverage for this group is through the
City's self-funded program administered by
Priority Health.
Your Future Benefit:
No change No change
Optional Future Benefit:
The City will pay a flat ($91.00; single $182.00 married) You will no longer be covered under the
monthly stipend to the retiree (included in their City's self-funded prescription program but
pension check) plus a one-time payment of $1,000. may choose to utilize the payments made to
You may use this money as you choose. you to select a Medicare/Rx program.
Example: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current Hartford
group policy. The BCBSM coverage incorporates Part
D Rx coverage. Muskegon/Newaygo/Ottawa/Kent
Counties
Plan A=$0; Plan B=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Monday, November 19, 2007, 1:30PM
• Tuesday, November 20, 2007, 1:30 PM
Police and Fire Retirees Turning 65 in 2008
Benefits After Turning Age 65 (Medicare Eligible):
Medicare Supplement Prescription Benefit
You are covered under the City's self-funded Medicare Rx coverage for this group is through the
supplement policy. City's self-funded program administered by
Priority Health.
Future Benefit Option 1:
The City will pay a flat $50.00 monthly stipend to you No Change.
(included in your monthly pension check) to partially
offset costs of an individual MediGap policy as
selected by the retiree. You may use this money as
you choose.
Example: Currently BCBSM offers individual
"Medicare Supplement" policies with benefits
generally superior to the current City self-funded
Medicare supplement policy. Plan A=$35.24; Plan
C=$107.09.
Future Benefit Option 2:
The City will pay a flat ($91.00 single; $182.00 married) You will no longer be covered under the
monthly stipend to the retiree (included in their City's self-funded prescription program but
pension check) plus a one-time payment of $1,000. may choose to utilize the payments made to
You may use this money as you choose. you to select a Medicare/Rx program.
Example: Currently BCBSM offers individual
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current City's self-
funded Medicare supplement policy. The BCBSM
coverage incorporates Part D Rx coverage.
Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan B=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Monday, November 19, 2007, 1:30PM
• Tuesday, November 20, 2007, 1:30 PM
General Retirees Turning 65 in 2008
Benefits After Turning Age 65 (Medicare Eligible}:
Medicare Supplement Prescription Benefit
You are covered under the City's self-funded Medicare None.
supplement policy.
Optional Future Benefit:
The City will pay a flat $50.00 monthly stipend to you The City will pay a flat $41.00 monthly
(included in your pension check). You may use this stipend to you (included in your monthly
money as you choose. pension check). You may use this money as
you choose.
Example 1: Currently, BCBSM offers individual
"Medicare Supplement" policies with benefits The Magna Care program currently offers a
generally superior to the current City's self-funded Part D Rx Plan you may choose to participate
Medicare supplement policy. Plan A=$35.24; Plan in, but you will be billed the full cost.
C=$107.09 per month.
2008 BCBSM Prescription Blue Premium
Example 2: Currently BCBSM offers individual Option A= $36.50; Option B = $42.50
"Medicare Plus Blue Advantage Plan" policies with
benefits generally superior to the current City's self-
funded Medicare supplement policy. The BCBSM
coverage incorporates Part D Rx coverage.
Muskegon/Newaygo/Ottawa/Kent Counties
Plan A=$0; Plan 8=$47; Plan C=$57; Plan D=$114 (Ask
for prices for other Michigan Counties).
You are encourage to attend one of the following meetings to learn more
about these changes and your options:
• Thursday, November 15, 2007, 1:30PM
• Friday, November 16, 2007, 1:30PM
Date: November 13, 2007
To: Honorable Mayor and City Commissioners
From: Finance Director
RE: Banking Services RFP
SUMMARY OF REQUEST: The City recently solicited proposals for banking services. In
accordance with City policy, four banks having physical locations within the city were invited to participate:
Comerica, Fifth-Third, Huntington (current service provider), and National City. City staff spent a full day
interviewing the banks and viewing online product service demonstrations. Interviews were conducted prior
to opening price proposals so that staff could evaluate service depth and quality independent of pricing.
The RFP results are summarized as follows:
Financial Strength
Avg. Staff Annualized (Highline Peer Group
Ranking Price Composite Rating as
(4=Highest) Proposal of 06/2007)
Comerica 2.25 $26,027.17 47
Fifth~Third 3.25 $20,029.91 50
Huntington 2.75 $24,961.00 22
National City 2.00 $46,709.07 21
After reviewing proposals and checking references, staff recommends that Fifth-Third Bank be selected to
provide this service.
FINANCIAL IMPACT: Banking services are extremely important to the city. We are heavy users of
non-traditional services such as lockbox remittance processing, procurement cards, ACH disbursements,
and other services which I estimate are equivalent to 2-3 full-time staff positions. The quality and reliability of
service is paramount to pricing which is why staff ranks the banks before looking at price proposals. We
were fully prepared to recommend to you the institution we felt had the best range of services, even if they
were not the lowest priced. However, we are fortunate the process has resulted in recommendation of the
highest ranking, lowest cost and financially strongest bank.
BUDGET ACTION REQUIRED: None.
STAFF RECOMMENDATION: Selection of Fifth-Third Bank to provide banking services to the city
through the year 2014.
COMMITTEE RECOMMENDATION: None.
Fifth Third Bank
Grand Rapids
Ml
Key Financial Data
FDIC Certificate #
993
JUN07 MAR07 DECOS SEP06 JUN06 DECOS DEC04 DEC0J
Assets {Thousands) 49,501,643 47,845,701 48,441,275 48,969,650 48,259,297 47,605,076 37,844,547 37,150,291
HIGHLINE PEER GROUP RATING 50 53 55 54 53 53 41 65
RATING COMPONENTS
Capital Adequacy
Core Capital as% of Assets 11.21 11,81 11.26 10.92 10.65 10.54 9.39 8.77
Peer Group Ranking 88 91 88 83 85 85 81 81
Asset Quality
Non-Performing as% of Loans 1.09 0.95 0.81 0.72 0.71 0.66 0.74 0.81
Peer Group Ranking 19 18 23 34 31 37 36 56
Earnings
•
YT Operating Profit as% of Assets 2.09 2.10 2.11 2.19 2.19 1.99 1.59 2.83
Peer Group Ranking 67 70 67 66 69 50 30 78
Liquidity
Liquid Assets as% of Liabilities 6.76 6.82 9.78 4.14 3.08 4.24 4.70 8.96
Peer Group Ranking 34 34 52 20 13 16 30 56
Peer Group Rankings
j • Capital Adequacy I • Asset Quality
100 100
90 90
80 80+----------------------
70 70+----------------------
60 60
50 50
40 40
30 30+---------
20 20
10 10
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• Earnings • Liquidity
100 100
90 90
80 80
70 70
60 60 -----------
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.,2.001, 93(c)
jl} Fifth Third Bank {Name and Address of Bank)
,1) CORPORUERESOLUTION fa,p,y,c!DNo.JJ" ~0() t/s2-"1.,
I. the undersigned, Secretary of _ _ _,O,c_c,_/'_LM~~,1/.='.J,,l{l~c[,..,,.,MJ~=J,J~_________________
__,~~/~/.c.,,;.L
a wiporntion organized under the laws of the State of /11/tJ/;1 (;,'Qµ , du hereby ce11ify that at a duly called meeting of the Board of Directors of said corpora-
tion held on, a quorum being preoent, the following resolution was duly adopted and is set fonh in the minute> of the said meeting; and that the said
resolution had !lut bfrll ~bd110cd or mOdutl!d, and that there ls nothing in the regu!atluns, by-laws, or directors' or stockholders' re.solutions of said corporation which in any way
limits or restricts its borrowing power or con.flkts with sald resolution.
-. -.. - '- RESOLVED, That --·-----------,,"N',o",,c,c,,,.'<d"d,-.,,,-,r",",""'''_______________
(hereimfter referred 10 as "Bank"), be and the ~:une is hereby designated as J. depositot-y for the bankable papers and funds of thls corporation, including checks, drafts and current
items nf every charJcter whatsoever, which shall be deposited in the name of this corporation endorsed with a rubber stamp or otherwise.
BE IT FURTHER RESOLVED, That any _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ of the following:
(ln1ert:-;u1nbcrl
CHECK SIGNING
Insert titles
QillY of officers
and names of
persons signing
without titles
} are hereby authorized lo sign on behalf of lhis corporation any and all checks, d1afts, ncceptm1ces and other instrnments and/or orders for lhc
payment and/or withd1awal of any and all moneys, c1edits, item:, and pHlpcrty al sny lime held by said Bank for the accot111ts of this corpmation,
including tho.le drnwn to the individual order of any such officet(s) or person(s) signing the srune, without furl her inquiry or reg:ard to the autho1ity
of said office1(s) or pcrson(.1) or the nse of said checks, drafts, and orde1s, or the prnceeds thereof.
BE IT FURTHER RESOLVED, That the Bank be and il hereby is authorized and directed to homir as genuine and authorized inslrn·
men ts of this corporation any and all checks, drafts or othc1·01ders for the payment of money drawn in the name of \he corpmation and signed on its
behalf with the facsimile signature of any one of the following:
FACSfMlLE SIGNATURE
lnsen titles
illill'.of officers
a11d lll!.!!l!'.§ of
pe1sons signi11g
without 1itles
}
and that the clc1k or secretmy ls a11thwized and di1ected to certify to said Bank by specimen the fonn(s) of facsimile signatures authn1facd by this
co1·poration forttse by tl1e above-Mmed officer(s) or pc1son(s) and that this corporation assumes full responsibility for any and all payments mndc by
said Bank in 1e\innce upon the fm:simile signa1ure of any officet(s) or peison{s) named above and agrees to indemnify and hold hannles> said Uank
aguin>t any and all loss, cost, damage or expense st1ffered or incnne<l by said Bm1k arising out of the misuse or tmlawful orunanthorizcd use by any
person of such facsimile signature or signauu·cs.
BE IT FURTHER RESOLVED, That any one of those office1(s) or pmo11(s) demi bed in the p1ecediug pu1ag1aphs, as well as :_iny one
of the following:
STOP PAYMENTS
!nsc1t titles
!l!lli'.of officc1s
and @me,; uf
pc1sons signing
without titles
}
uic hereby m1tholized on behalf of this crnporation lo issue stop payment orde1s pertaining to any and a!l instruments executed under the authmity
of the preceding parag1uphs.
BE IT FURTHER RESOLVED, That any _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ of the following:
(Insert N111nj,01)
BORROWING&
GUARANTE!i:S
lnsen !.iJ.k!i
Mly_ofoffims
nnd !ll)J!)_li of
persons signing
without titles
} are hereby authorized to bon-ow ot to lease from time to time in behalf of this corporation from said Bank such sums of money, for such til!leS and
npon such tenns as may seem advisable to such officer(.>) or person(s), to sign and deliver on behalf of this corporation notes 01" leases therefor, and
to pledge or mongage al! or any of tl1e assets of this corporation as secrnity for such loans or leases under sttch tenns and conditions a~ may seem
advisable to such officer{s) 1;1r pe1·.1on(.1); and also are he1eby authorized to endorse in the name of this corporall\ln and to negotiate to said Flank all
lll" any of the notes, bills receivable, acwnnt> receivable and assets-of this corpo1ation upon such terms us may acem advisable to such office1(s) or
person{s).
BE rr FURTHER RESOLVED, ·n1at the de~ignation of the Bank as a depo>itory for Ihis corporation nnd the grants \lf the fmcgoing
authority to said officcr{s) or person(.>) shall coolinue until u certified copy of a resolution of this Board 1evoki11g or changing said designation of
authority is filed with said Bank by this corpo1ation.
BE IT FURTHER RESOLVED, That this resolution and tile tenns and conditions appearing on the signature card(s) constitute the
Deposit Agrccrncll!(S) between this corporation and the Jlank and that the Sccrelaiy uf this corpornuon is empowered to subscribe to such Deposit
Agreement(s) on behalf of this corporation.
BE lT FURTHER RESOLVED, That the persons or officers identified immediately above arc he1eby autholizcd to GUARANTEE the
payment of the debts, loans, leas~s, or other indebtedness of another, for such limes and for such sums of money and upon sudt te1ms as may seem
advisable to such officer(>) or peison(s); to sign and deliver on bctfolf of this corpotution guarantee bonds or other documents therefor as may be
1eqoircd; and to pledge ot mo1tgage all 01· any of the nssels of this corporation ns secttrlly for such g11nrnntees or us security for the obliga1ion1 of
others under such te1ms ond conditions us may seem advisable lo Stich officcr(s) or peison(s),
BE IT FURTHER RESOLVED, Thnt a11y one of those officer(s) or person(,,) described in the preceding paragraphs, as well as a11y one of the
following;
TREASURY
r-.-lANAGEMENTSERVICES _ _ _ _~ ~ - - - - - - - - - - - - - - - - - - - - ~ ~ - - - - - - - ~ - - - - -
lmes!i!!£,
Qill)'.ofoffker~
} HNl:l.VU.
- -
,0/,c,~c,,-,,,_,
- --
'//h?HR..I
- -
...r ,/~<//-
md """'-' of
per.ions signing
t<J,U
{!
l.j r ,¢.vi' h,v,9.v¢e ,L)/,c.c.,-,,., C/; z,1,£, ,-// .i~IJ
r,
withouttit!es Jr/ r""fan.,..ttC"'---' µt:°/(.dl(K,, S'l'7'??r./,,t
are hereby authorized on behalf of this corporation to (i) execute the Fifth Titird Bmk Treasury Management Services Terms .!lld Conditi@s; (ti)
enter into and utilize various treasury management services offered from time to_ tlme by Bank {whether pursuant to the Fifth Third Bank Treasury
Management Services Tenns and Conditions or not), including without limitauon wire u:amfer services. automated ~!earing house trrmsactions,
electronic data interchange. sweep services, deposit management services and !ockbox services; (iii} authoriie outgoing wire transfer requests and
transfer to and from th unts of this corporation using the funds tr:msfer system of the automated clearing house; and (iv) designme to the lender
in writing: from time tirn i , l u ~ corporation permined to undertake or initia1e the transactions contemplated in clauses (ii) or (iii) of
....;hls"-resolution.
I further certify that t h ~ · ed r.10 ed:11nd:ftlll,'f?c;ting as such:
}f~f ~ . Ass'tSecretary_·_··_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Ass'tTreasurer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Secretary::::======~::::'.":'.:=:=:=:=~========
Treasurer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
!N WITNESS WHEREOF, I have hereunto submibed my name :1nd affixed my s~al of the said corporutllJn, this --;a,--'"'''November 2007
90048{1i03) (Soercwy)
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