Development group plans LLC
- Published: August 2, 2021
Without public discussion or explanation of its intended focus, the Yellow Springs Development Corp., or YSDC, recently approved “the formation of an LLC for development purposes,” earmarking $3,000 for the effort.
“LLC” stands for Limited Liability Corporation. As the name implies, an LLC is a business structure that offers limited liability to its members — individuals, corporations or other LLCs. Profits and losses pass through to members, who report the results on their own income tax returns.
The YSDC’s 8–0 vote came in a special meeting Friday, May 14, which continued an executive session that had begun during the group’s regularly scheduled meeting earlier in the month. The purpose given for going into executive session was to discuss “real estate and business development.”
The quasi-governmental group has 11 voting members and five ex-officio members who participate in discussions, but don’t vote. Participants represent Village Council, Miami Township Trustees, the local school board, Antioch College, the Chamber of Commerce and the village of Clifton.
In other recent YSDC business:
Lawyers are now apparently involved in settling a disagreement between the YSDC and the Miami Township Trustees over who is responsible for paying over $2,600 in utility bills, as well as some additional fees that have not been publicly specified, related to the sale of the Township’s former firehouse to comedian Dave Chappelle.
While the YSDC’s president, Lisa Abel, has declined to speak publicly about the dispute, Trustee Chairman Don Hollister announced in a recent Township Trustees meeting that fellow Trustee Chris Mucher was to discuss the matter with Stephen Haller, of the Greene County Prosecutors Office, which serves as counsel for the county’s township governments. Hollister said the consultation was in advance of Haller meeting with legal representation for YSDC.
The YSDC last July purchased the option to sell the property on behalf of the township for a nominal $1. The sale to Chappelle, for $424,000, was announced in December, but various circumstances delayed the final closing until mid-March. At issue are the fees, particularly utility costs, that arose during those three months.
Asked how the dispute affected him, Chappelle told the News the matter was between the YSDC and Miami Township.
Steve Conn, one of two representatives from the school board, asked that YSDC members focus some attention to comparing anticipated levies and other financial matters that could affect local residents.
“With the planned impending levy with the schools, what are other [expected] tax burdens?” he asked, referring to the school district’s efforts to upgrade its facilities.
“It’s going to be a hefty ask,” he said of the anticipated levy. The school board has since approved a $35 million-plus facilities plan, but has not yet settled on a levy measure.
Conn noted that the school district’s 2018 levy request was defeated after the township put through a successful levy for the new firehouse and the Village raised utility fees. The YSDC was founded in part to help local groups avoid such competing financial interests in the future. The group agreed to put the matter on an upcoming agenda.
The next YSDC meeting has been set for Tuesday, June 8, at 4:30 p.m., via Zoom.