HomeMy WebLinkAboutResolutions - 2010.07.22 - 10118FISCAL REPORT (MISC. #10162) July 22. 2010
BY: Finance Committee, Tom Middleton, Chairperson
IN RE: BUILDING AUTHORITY — RESOLUTION APPROVING FORM OF SUBLEASE BETWEEN THE
COUNTY OF OAKLAND AS LESSOR AND THE CITY OF KEEGO HARBOR AS LESSEE
REGARDING THE CITY OF KEEGO HARBOR CITY HALL AND DPW BUILDING LOCATED IN THE
CITY OF KEEGO HARBOR, OAKLAND COUNTY, MICHIGAN
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
The Finance Committee having considered the above titled resolution on July 15, 2010. hereby
recommends that the resolution be adopted with the following amendment to the NOW THEREFORE BE
IT RESOLVED paragraph:
2. The blanks therein c-ontinuedCONTAINED in Appendix B and C of the
Sublease shall be completed by the Chairperson of the Board of
Commissioners of the County after the bonds are sold which will include
inserting the debt retirement schedule for the bonds.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Greimel absent.
MISCELLANEOUS RESOLUTION# 10162
BY: Planning and Building Committee, John Scott, Chairperson
IN RE: BUILDING AUTHORITY - RESOLUTION APPROVING FORM
OF SUBLEASE BETWEEN THE COUNTY OF OAKLAND AS LESSOR
AND THE CITY OF KEEGO HARBOR AS LESSEE REGARDING THE
CITY OF KEEGO HARBOR CITY HALL AND DPW BUILDING
LOCATED IN THE CITY OF KEEGO HARBOR, OAKLAND COUNTY,
MICHIGAN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, there has been prepared and attached hereto as APPENDIX A,
a form of sublease (the "sublease") between the County of Oakland (the "County")
and the City of Keego Harbor (the "City") whereby the City will sublease certain
real estate described therein from the County for up to thirty-one (31) years; and
WHEREAS, the Sublease cannot be completed and executed until the bonds
are sold; and
WHEREAS, the lease agreement between Oakland County and the Building
Authority has now been modified for two minor matters beyond those originally
approved by the Board of Commissioners in connection with the issuance of the
notice of intent (MR 410139).
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND. MICHIGAN, as
follows:
1. The Sublease, in the form attached hereto as APPENDIX A, is hereby
approved.
2. The blanks therein continued in Appendix B and C of the Sublease shall be
completed by the Chairperson of the Board of Commissioners of the County
after the bonds are sold which will include inserting the debt retirement
schedule for the bonds.
3. The Chairperson of the Board of Commissioners of the County and the
County Clerk are hereby authorized to execute and deliver the Sublease
once the blanks therein have been completed.
4. All resolutions and parts of resolutions, insofar as they conflict with the
foregoing resolution, are hereby rescinded.
BE IT FURTHER RESOLVED that the lease agreement between Oakland
County and the Building Authority be modified for the following matters:
1. The legal description has been changed from "....West 1/4 of Section 1..." to
"...Northwest 1/4 of Section 1....."
2. Paragraph 2 of the lease agreement presently reads "...the County shall
transfer title to the Project to the Authority...,"; such change now reads
.. „the County shall cause the title to the Project be transferred to the
Authority."
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
----7
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SUBLEASE
THIS SUBLEASE V"Sublease") made as of July "a, 2010 by and
between the COUNTY OF OAKLAND (the "County"), a State of Michigan
Constitutional and Municipal Corporation and the CITY OF KEEGO
HARBOR (the "City"), a municipal corporation located in the
County of Oakland, State of Michigan organized and existing under
the Home Rule City Act.
WITNESSETH:
WHEREAS, the Oakland County Building Authority (the
"Authority") has been incorporated by the County for the purpose
of acquiring, furnishing, equipping, owning, improving,
enlarging, operating and maintaining a building or buildings,
automobile parking lots or structures, recreational facilities
and stadiums, and the necessary site or sites therefore, for the
use of the County; and
WHEREAS, the County desires to undertake a project
consisting of the acquisition of the Project as more fully
described in APPENDIX A to this Sublease (the "Project"), and it
is proposed that the Authority undertake the Project as more
fully described in a certain Full Faith and Credit General
Obligation Lease Contract (the "County Lease") pursuant to which
the Project is being acquired by the Authority for the County;
and
WHEREAS, once the Authority has acquired the Project the
County wishes to sublease part of it to the City pursuant to the
terms of this Sublease;
WHEREAS, the County and City agree that the Project may be
used for homeland security events as set forth in
Appendix C.
THEREFORE, IN CONSIDERATION OF THE MUTUAL UNDERTAKINGS AND
AGREEMENTS SET FORTH BELOW, IT IS HEREBY AGREED BY AND BETWEEN
THE PARTIES TO THIS SUBLEASE AS FOLLOWS:
1. Anthori7abn and Issuance of Bonds. The County
intends to cause the Authority to issue its building authority
bonds in the aggregate principal amount of not to exceed
$1,120,000 (the "Bonds") for the purpose of defraying part or all
of the cost of the Project. The Bonds are to be dated August 1,
2010 or the first day of any later month in 2010 or 2011 and bear
interest at a rate that will result in a net interest cost of not
to exceed 8% per annum. Interest shall be payable semi-annually
on and shall begin as specified in the Bond Resolution until
maturity of the Bonds and shall mature in accordance with the
Debt Retirement Schedule set forth on APPENDIX E to this
Sublease. Each date on which any payment of principal of and/or
interest on any Bond is due is referred to herein as a "Bond
Payment Date." The Bonds may be payable on the first day of a
different month if necessary to match rental income paid to the
County.
The County and the City recognize and acknowledge that (a)
such Debt Retirement Schedule is based upon an assumed interest
rate and date of issuance of the Bonds and assumed Bond Payment
Dates, all as set forth in APPENDIX B, (b) the Bond Payment Dates
will be specified in the Bond Resolution, (c) the date and amount
of each payment cf cash rental required under this Sublease will
be determined (subject to the limitations expressed in the
preceding paragraph of this Section) when the Bond Resolution is
adopted by the Authority and the Bonds are sold, by application
of the rate or rates of interest (that will result in a net
interest cost not exceeding 8% annum) actually borne by the
Bonds.
The Bends shall be sold subject to redemption prior to
maturity at the option of the Authority and at the direction of
the City Manager. The Authority agrees that upon request of the
City it shall redeem the Bonds; provided the City has deposited
or will deposit sufficient money to permit such redemption with
the Authority prior to calling the Bonds.
In the event that for any reason after the date upon which
this Sublease is executed, but before the Bonds have been issued,
it appears to the County and the City that the part of the
Project to be paid by Bond proceeds can be accomplished for less
than $1,120,000, the County shall cause the Authority to reduce
the amount of Bonds to be issued in multiples of $5,000 and
reduce the annual maturities or the years of maturities as the
County shall direct and as approved by the City Manager.
2. Acquisition of Project. The Authority will acquire the
Project from the City of Keego Harbor by Warranty Deed.
3. Maximum Project costs. The acquisition of the Project
shall occur after issuance of the Bonds and the maximum cost of
the Project cannot exceed $1,120,000. The actual cost of the
Project will be determined as follows:
a. The costs of issuance on the Bonds; and
b. The actual amount of Bond Proceeds deposited with the
PNC Bank National Association to retire in full the City of Keeco
Harbor's Loan No. 604309662 due to PNC Bank National Association.
4. Structural Alteration, Maintenance, and Repair
Insurance Requirements. In the event any work is done on the
Project, the County shall cause the City to require any
contractor or sub-contractors for the Project to furnish all
necessary bonds guaranteeing performance and all labor and
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material bonds and all owners protective, workers' compensation,
general liability, and automobile liability covering all owned,
hired and non-owned autos insurance required for the protection
of the Authority, the County, and the City. All policies, with
the exception of workers' compensation, must name the Authority,
the County and the City as Additional Insureds and provide 30-
days written notice of cancellation, non-renewal or material
change. Such bonds and insurance, and the amounts thereof, shall
be subject to approval of an authorized official of the County
and the Authority.
5. Sublease Term; Possession. (a) Subject to its use
provided in Appendix C hereof, the County does hereby sublease
the Project to the City for a term commencing on the effective
date of this Sublease (determined as provided in paragraph 2C)
for 31 years after acquisition of the Project. Possession of the
Project, subject to the Sublease, shall vest in the City upon the
execution of the Sublease. The City agrees to use the Project
solely for lawful purposes. (b) Upon retirement of the Bonds,
the County agrees to cause the Authority to convey the Project to
the City without consideration. (c) Upon termination of this
Sublease in the manner set forth above, the County shall promptly
pay over to the City any an all funds held by it pertaining to
the Bonds or in any other manner relating to the Project.
6. Cash Rental.
Agreement of the City.
(1) Amount of Payment. The City hereby agrees during the
term of this Sublease or any renewal hereof to pay to the
County as cash rental for the Project such periodic amounts
as shall be sufficient to enable the County to meet its
payments to the Authority on the Project to pay the
principal of and interest on the Bonds as such principal and
interest shall become due, whether at maturity or by
redemption. During the term of the Sublease or any
extensions thereof, the City shall pay to the County, at
least 30 days before each Bond Payment Date, an amount
sufficient to pay the principal and/or interest due on the
Bonds on such Bond Payment Date.
(2) Payment from General Fund or other Funds. The City
hereby agrees to pay such amounts due under Section 6 from
its general fund, or such other fund(s) as the City may
designate, the cash rental payments when due. The
obligation of the City to make such cash rental payments
shall not be subject to any set-off by the City nor shall
there he any abatement of the cash rental payments for any
cause, including, but not limited to, casualty that results
in the Project being untenantable.
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(3) Right of the County to Affect Amounts due to the City
from the Oakland County Delin uent Tax Revolving Fund. In
the event that the City has ailed to make any payments on
the Bonds to the County on the date such payment is due;
thereafter, any time the County owes to the City an amount
due from the Oakland County Delinquent Tax Revolving Fund,
the County shall, prior to making any payments to the City,
deduct from the amount of such payment the amount due on the
Bonds plus interest on that amount from the date due to the
date withheld at the rate of one percent (1%) per month and
pay that amount to itself. Thereafter, the County shall pay
whatever balance remains owing to the City from the
Delinquent Tax Revolving Fund.
7. Expenses of Issuing and Payment of Bonds. The County
shall cause the Authority to pay from the proceeds of the sale of
the Bends all expenses incurred with respect to the issuance of
the Bonds. The City agrees to pay to the County, in addition to
the cash rental provided for in Section 6, all expenses incurred
with respect to the issuance and payment of the Bonds, to the
extent not so paid from the proceeds from the sale of the Bonds.
8. Maintenance and Repairs. The City shall, at its own
expense, operate and maintain the Project and shall keep the same
in good condition and repair. If the City decides not to operate
the Project for any period of time it will still keep the Project
in good repair so as not to endanger any other properties or the
general public. Operation and maintenance shall include but not
be limited to) the providing of all personnel, equipment and
facilities, all light, power, heat, water, sewerage, drainage and
other utilities, and all properties and services of whatever
nature, as shall be necessary or expedient in the efficient and
lawful operation and maintenance of the Project. The obligation
of the City to pay all costs and expenses of the operation and
maintenance of the Project shall be a general obligation of the
City.
9. Insurance Proceeds All insurance proceeds shall be
payable to the City, the County, and the Authority as their
interests may appear. In the event of the partial or total
destruction of the Project, or if the Project is for any reason
made unusable, the cash rental payments provided in Section 6
shall continue unabated. The City shall have the option to use
the proceeds of insurance, in the event of loss or damage to the
Project, for the repair or restoration of the Project. If the
City shall determine not to use the proceeds of insurance for the
repair or restoration of the Project, the amount of such
insurance proceeds shall be paid to the County and by it paid to
the Authorjty which shall deposit the same in the bond and
interest redemption fund, and the City shall receive appropriate
credits on future cash rental payments due under this Sublease.
The City's obligation for the payments provided in Section 6
shall continue until the obligation is satisfied, and shall not
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A
be extinguished or compromised by paying over any insurance
proceeds to the County as contemplated in this Section 9. Any
insurance proceeds in excess of the amount necessary to retire
the Bonds in full shall be retained by the City.
10. Insurance Requirements.
(a) Insurance:
The City shall provide and maintain at its own expense
during the term of this Sublease or until the bonds are
retired, all insurances as set forth below, protecting the
City, the County and the Authority against loss on account
of damage or injury to persons or property, imposed by
reason of the ownership, possession, use, operation,
leasing, maintenance or repair of the Project and the site
of the Project, or resulting from any acts of omission or
commission on the part of the City, the County or the
Authority or their respective officers, employees or agents
in the connection with the Project. Such insurance shall be
maintained in full force and effect during the term of this
Sublease or until the Bonds are retired. Such insurance
shall be made effective from the date acquisition of the
Project commences.
(b) Coverage Required:
(1) Commercial General Liability Occurrence Form insurance
with a minimum limit of $5,000,000 each occurrence/$0
general aggregate. Coverage shall include premises
operations, products/completed operations, personal and
advertising injury, independent contractors, contractual
liability, broad form property damage, liability assumed
under an insured contract.
(2) Automobile Liability insurance (including Michigan No-
Fault) covering liability arising out of any owned, hired,
and non-owned vehicles with minimum combined single limit of
$5,000,000 each accident.
(3) Workers Compensation insurance, Coverage A, with limits
statutorily required by any applicable Federal or State law
and Employers Liability Insurance, Coverage 8, with minimum
limit of $500,000 each accident, disease each employee, and
disease policy limit.
(4) Public Officials Liability with a minimum limit of
$5,000,000 each occurrence. The coverage amounts set forth
may be met by a combination of primary liability and
umbrella policies so long as in combination the limits equal
or exceed those stated.
(5) The City shall provide Real Property Insurance to
insure the Project for the full One Hundred Percent (100%)
replacement cost value. Coverage shall be on a special form,
full replacement cost basis and be subject to a maximum per
occurrence deductible of $250. Flood and Earthquake
coverages shall also be carried for $5,000,000 per
occurrence, per coverage with a maximum deductible not to
exceed $250.00 per occurrence, per coverage. In event of
any loss not covered by the City's insurance, the County
shall have the right to enter the Project and cause it to be
rendered safe so that there is no danger from the Project to
any adjacent property or the general public and to charge
the City as additional rent the cost thereof and recover it
if necessary, in accordance with its rights to affect
amounts due to the City under Paragraph 6 Subparagraph b
(3).
(c) Rental/Use of Project by Others:
Prior to the use of the Project by entities other than the
City, the City shall obtain from such entities:
(1) Commercial General Liability Occurrence Form insurance
with a minimum limit of $1,030,000 each
occurrence/$2,000,000 general aggregate. Coverage shall
include premises operations, products/completed operations,
personal and advertising injury, independent contractors,
contractual liability, broad form property damage, liability
assumed under an insured contract.
(2) Automobile Liability insurance (including Michigan No-
Fault) covering liability arising out of any owned, hired,
and nen-owned vehicles with minimum combined single limit of
$1,000,000 combined single limit each accident.
(3) Workers Compensation insurance, Coverage A, with limits
statutorily required by any applicable Federal or State law
and Employers Liability Insurance, Coverage B, with minimum
limit of $100,000 each accident, $100,030 disease each
employee, and $300,000 disease policy limit_
The policies required above, or copies thereof, shall be
delivered to the County before such event.
(d) General:
(1) Insurance policies shall be issued by companies
licensed or approved to do business within the State of
Michigan.
(2) Insurers shall possess a minimum A.M. 3est rating of A6
(or) any Insurer or Municipal Peel as deemed acceptable by
the Oakland County Risk Manager.
(3) The insurance policies, except Workers' Compensation
shall be endorsed to name the the County of Oakland, A
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Michigan Constitutional and Municipal Corporation and the
Oakland County Building Authority and any and all, agents,
officers, employees, and volunteers as "Additional Insureds"
and shall also contain a written waiver of subrogation.
(4) Special Form Property insurance shall be endorsed to
name the County of Oakland, A Michigan Constitutional and
Municipal Corporation and the Oakland County Building
Authority as Mortgagee/Loss payee with respect to the
Project.
(5) Any and all deductibles in the required insurance
policies shall be assumed by and be at the sole risk of the
City.
(6) All policies of insurance must be on a primary basis,
non-contributory with any other insurance and/or self-
insurance carried by the County and/or the Authority.
(7) All policies shall provide a minimum 90 days written
notice to the County and the Authority, via certified mail,
of cancellation, non-renewal or material change to any and
all policies required under the contract. Renewal
cprtifinatRs of insurance must be provided at least 15 days
prior to the expiration of all policies.
(8) County's and Authority's Rights to Amend Requirements:
The County and the Authority reserve the right to alter or
amend any insurance requirements as stated in this contract
as deemed reasonably necessary.
(e) Indemnification:
Subject to the limits of it's insurance coverage and to the
extent allowed by law, the City shall indemnify hold
harmless and defend the Authority and the County, their
officers, employees or agents against any and all claims for
any such damage or injury.
11. No Unlawful Use Permitted. The Project shall be used
for those purposes permitted by Act No, 31, Public Acts of
Michigan (First Extra Session), as amended and shall not be used
or permitted to be used in any unlawful manner. To the extent
permitted by law, the City shall hold the County and Authority
harmless and keep it fully indemnified at all times against any
loss, injury or liability to any persons or property by reason of
the acts or negligence of the City in the use, misuse or non-use
of the Project or from any act or omission in, on or about the
Project. The City shall, at its own expense, make any changes or
alterations in, on or about the Project which may be required by
any applicable statute, charter or governmental regulation or
order and shall hold the County and the Authority harmless and
free from all costs or damages with respect thereto.
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12. Alterations ct Project. The City may install or
construct in or upon, or may remove from, the Project any
equipment, fixtures or structures, and may make any alterations
to or structural changes in, the Project. Any structural
alterations to or structural changes to the Project shall be
approved in writing by the County prior to the VILLILTtel L.:C1LTe1 L of
the alterations or structural changes; such approval shall not be
unreasonably withheld.
13. Right of Inspection. The County and Authority, through
its officers, employees or agents, may enter upon the Project at
any reasonable time after reasonable notice during the term of
this Sublease for the purpose of inspecting the Project and
determining whether the City is complying with the covenants,
agreements, terms and conditions of this Sublease.
14, Contractual Rights of Bondholders. Inasmuch as this
Sublease, and particularly the obligation of the City to make
cash rental payments to the County, provides the security for
payment of the principal of and interest on the Bonds, it is
hereby declared that this Sublease is made for the benefit of the
holders from time to time of the Bonds as well as for the benefit
of the parties and that such holders shall have contractual
rights under this Sublease. In the event of any default under
this Sublease on the part of the City, the County and the
Authority and the holders of the Bonds shall have all rights and
remedies provided by law. The parties further agree that they
will not do, or permit to be done any act, and that this Sublease
will not be amended in any manner, which would impair the
security of the Bonds or the rights of the holders of the Bonds.
An amendment of this Sublease to authorize the issuance of
additional Bonds and providing the payment of additional cash
rentals for the payment of such Bonds shall not be deemed to
impair the security of the Bonds or the rights of the holders of
the Bonds.
15. Appurtenant Facilities. The site on which this Project
is to be located includes, or will include, roadways, walks,
drives, parking areas and landscaping which are of benefit to and
necessary to the full use and enjoyment of the Project, and it is
hereby agreed that such appurtenant facilities will be maintained
in good repair and condition by the City, at no cost to the
County and available to the users and occupants of the Project.
16. Successors and Assigns. This Sublease shall inure to
the benefit of, and be binding upon, the respective parties
hereto and their successors and assigns. However, the City shall
not make an assignment that violates this Sublease and shall not
make an assignment that would impair the security of the Bond or
the rights of the holders of the Bonds. All assignment or
subleases of this Sublease by the City or its successors or
assigns shall be approved in writing by the County.
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17. Abandonment of Project. In the event none of the Bonds
to finance the Project are issued by the Authority on cr before
December 1, 2011, the Project shall be abandoned, the City shall
pay from available funds its share of expenses of the Authority
incurred to the date of abandonment, and neither party shall have
any further obligations under this Sublease.
16. Consents, Notices, Etc. The right to give any consent,
agreement or notice required or permitted in this Sublease shall
be vested, in the case of the County, in its Board of
f7ommiciorera, and in the case of the City, in its City Council.
Any notice required or permitted to be given under this Sublease
shall be given by delivering the same, in the case of the County,
to the County Clerk, and in the case of the City, to its City
Clerk.
19. Changes in Law or Corporate Status. In the event there
shall occur changes in the Constitution or statutes of the State
of Michigan which shall affect the organization, territory,
powers or corporate status of the City or the County, the terms
and provisions of this Sublease shall be unaffected thereby
insofar as the obligation of the City to make the cash rental
payments is concerned. The proceeds of any sale or other
liquidation of any interest of the City in the Project are hereby
impressed with a first and prior lien for payment of any
outstanding Bonds or other obligations of the Authority incurred
by reason of the Project or any additions or improvements
thereto.
20. Quiet Enjoyment. The County covenants that the City,
upon compliance with the terms of this Sublease, shall and may
peacefully and quietly have and hold and enjoy the Project and
site thereof for the term herein provided.
21. Additional Obligations.. Nothing herein contained shall
in any way be construed to prevent the City from undertaking
additional financing or incurring additional obligations under
the provisions of Act 450 or any other applicable law.
22. Effective Date of Sublease. This Sublease shall become
effective on the date of execution.
IN WITNESS WHEREOF, the CITY OF KEEGO HARBOR as authorized
by its city Council and the COUNTY OF OAKLAND, by its Board of
Commissioners, have caused this Sublease to be signed by their
duly authorized officers, and their seals to be affixed hereto,
all as of the day and year first above written.
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WITNESS: CITY OF KEEGO HARBOR
By:
Mayor
and
By:
Clerk
COUNTY OF OAKLAND
By:
Chairperson, Board of Commissioners
and
By:
County Clerk
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STATE OF MICHIGAN )
)SS.
COUNTY OF OAKLAND)
On this day of , the foregoing instrument
was acknowledged before me by and
, who are the Mayor and the Clerk of the City of
Koego Harbor, a , on behalf of said .
Notary Public
County, Michigan
My Commission Expires:
STATE OF MICHIGAN )
)5S.
COUNTY OF OAKLAND)
On this day of , the foregoing instrument
was acknowledged before me by and
, who are the Chairperson of the Board
of Commissioners and the County Clerk of the County of Oakland, a
, on behalf of said
Notary P-Jblic
County, Michigan
My Commission Expires:
las.r3-oak219
APPENDIX A
PROJECT DESCRIPTION
The Project includes the acquisition of the Keego Harbor
City Hall and the Keeco Harbor DPW Building in Keego Harbor. The
Keego City Hall / Police Department construction was completed in
October 2008 and is in good repair. It consists primarily of
general offices. The Kcego Harbor DPW building was completed in
2009 and resides on several acres of land. The City Hall has
5,803 square feet and the DPW building has 5,000 square feet on
land sufficierc:. to allow for the storage of up to 55 vehicles.
The City Hall community room is used for council and board
meetings and has two conference rooms. Facility elevations are
enclosed for both buildings.
Legal Description
The legal description is as follows:
Property located in the County of Oakland, City of Yeego
Harbor described as follows: "Lots 157 thru 180 inclusive of
Evergreen Villa, a subdivision of part of the Northwest cf
Section 1, T2N, R9E, City of Keego Harbor, Oakland County,
Michigan as recorded in Liber 24, Page 14 of Plats, Oakland
County Records. Sidwell # 18-01-160-001
Cost Estimates
Cost of Financing including
Bond Discount $ 46,550
Estimated Cost of Acquisition $1,073,450
TOTAL: $1,120,000
ESTIMATED PERIOD OF USEFULNESS: At least 35 Years
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APPENDIX B
ESTIMATED SCHEDULE OF PRINCIPAL AND INTEREST
[SEE ATTACHED ESTIMATED SCHEDULE]
The final debt service schedules for the bond issue will be
attached to the Sublease after the bonds are sold.
las.r3-oak219
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$1,120,000
Oakland County Building Authority
Building Authority Bonds, Series 2010
(30 • Year Schedule)
ESTIMATED DEBT SERVICE SCHEDULE
Total
Date Principal Coupon Interest Debt Service Fiscal Total
32/01111 $21440.00 $21.440.00
08/01,01 820,000.00 2.00% 21 440.00 41,440,00 862,800.00
02101/12 21,240.00 21,240.00
08/01/12 25,000.00 2.00% 21,240.00 46,240.00 67,480.00
02/01/13 20.990.013 20,990.00
08101113 25.000.00 2.00% 20.990 00 45,990.00 56,980.00
02/01/14 20,740.00 20,740.00
08101114 25,000.00 3.0% 20,740.00 45,740.00 66,400.00
02/01/15 20.365.00 20,365.00
08101/15 25,030.00 100% 20,355.00 45,365.00 65,730.00
02.031/15 19.990.00 19,990.00
08101/'S 25.030.00 3.30% 19,990.00 44,990.00 54.980.00
02101117 19,615,00 19,615.00
08/01/17 25,000.00 3.00% 19415.00 44,615.00 54,230.00
02/01/18 19.240.00 19.240.00
08101/18 25,000.00 3.00% 19,240.00 44.240.00 63,480.00
02101/19 1E065.00 19,855.00
08/01/19 30.000.00 3.00% 18.855.00 48.865.00 57,730.00
02/01/20 18,416.00 18.415.00
08101120 301.0130.00 3.15% 18,415.00 48,415.00 85330.00
02/01/21 17,942.50 17.942.50
08/01/21 30,040 00 3.25% 17,942.50 47,942.50 65.885.00
02/01/22 17,455.00 17,455.00
08/01/22 30,00100 3.40% 17,455.00 47,455.00 64,910.00
02101123 16,945.00 15,945,00
08101/23 30.000,00 3.50% 15,945.00 45,945.013 53,890.00
02/01/24 15,420.01) 16.420.00
08101/24 35,000.00 3.60% 16,420.00 51,420.00 57,940.00
02101/25 15,790.00 15,790.00
08/01125 35,000.00 3.73% 15,790.00 50,790.00 66.5E10,03
021101/26 15,142.50 15,142.50
08/01/26 35,000.00 3.02% 15,142.59 50,142,50 65.285.03
02/01127 14,477.50 14,477.50
08101127 35.000.00 3.93% 14,477.50 49,477.50 63,955,00
02101/20 13.795.00 13,795.00
08/01/20 40,000.00 3,95% 13,795,00 63,795.00 67,500.00
02/01/29 13,005-00 13,005.00
08/01/29 40,000_00 4 00% 13,005.00 53,005.00 66,010.00
02/01130 12.205.00 12,205.00
05/01/30 40,000.00 4.00% 12,205.00 52,205.00 64.410.00
02/01/31 11,405.00 11,405.00
08/01/31 40,000.00 4.10% 11,405.00 51,405.00 62.810.00
02)01/32 10,505.00 10.585.00
08/01/32 45.000.00 4.20% 10,585.00 55,585.00 66,170.00
02101/33 9,040.00 9,640.00
08/01/33 45,000.00 4.30% 9.540.00 5040.00 64,280.00
02/01/34 8,672.50 8.672.50
08101(34 50.000.00 4,40% 8,672.50 58,672.50 57.345.00
02/01/35 7,572.50 7.572.50
08/01/35 50,000.00 4.45% 7,572.50 57,572.50 65.145.00
02/01/56 6,4130.00 6,480.00
08/131/36 50,000.00 4.50% 6,460 00 56,460.00 52.920.00
021131/37 5,335.00 5,335.00
08/01/37 55.000.00 4.50% 5,335.00 60,335.00 65,570.00
02/01/36 4,097.50 4,097.50
130/01/36 55,000.00 4.50% 4,097.50 59,097.50 53.195.00
02/91139 2,950.00 2,860.00
09/01/39 60,000.00 4.55% 2.960.130 62,860.00 55,720.00
02/01/40 1,495.00 1.495.00
08101/40 65,000.00 4.50% 1,495.00 66.495.00 67 9902L 013
51,120.030.0Q $844.400 04 11,904.400.00 $1.964.4013.00
Interest Start Date pante Date): 08/01/10
deinlottie.Oaklancl BA - Keego Harty:- Schedules 612212010
, r
APPENDIX C
COUNTY RETAINS RIGHT TO USE PROJECT
The County shall have the right to use the following parts
of the Project:
The Keego Harbor City Hall may be used by the County for the
broadcasting of events and information to the surrounding
community in the event of a regional/local disaster by the
County's Homeland Security Division. The facility has the
capacity to broadcast messages from the Keego City Hall to the
community through its cable network agreement.
The County may vacate a facility that currently contains a
fiber optic node in a nearby community. The Keego Harbor City
Hall facility may be used by the County to house the fiber optic
node should other facilities prove untenable.
The Keego Harbor DPW facility may be used by the County to
provide temporary additional storage of Homeland Security
equipment in close proximity to the County should a
regional/local disaster occur and/or a staging area. The DPW
land and facility has the availability to stage up to 55
vehicles.
las.r3-oak219
CITY OF KEEGO HARBOR
At a meeting of the City Council of the City of
Keego Harbor, Oakland, Michigan, held on the day of
201C, at : .m., Eastern Daylight Savings
Building in
Keego Harbor, Michigan there were:
PRESENT.:
ABSENT:
The following preambles and resolution were offered by
and seconded by
RESOLUTION TO APPROVE FORM OF SUBLEASE
WHEREAS, there has been prepared and attached hereto as
APPENDIX A, a form sublease between the County of Oakland (the
"County") and the City of Keego Harbor (the "City") (the
"Sublease") whereby the City will sublease certain real estate
described therein from the County for up to thirty-one (31)
years; and
WHEREAS, the Sublease cannot be completed and executed until
the bonds are sold for the project.
NOW, THEREFORE, BE IT RESOLVED BY THE City COUNCIL OF THE
City OF KEEGO HARBOR, as follows:
1. The Sublease, in the form attached hereto as APPENDIX
A, is hereby approved and the Mayor and City Clerk are hereby
authorized to execute and deliver the same.
2. All resolutions and parts of resolutions, insofar as
they conflict with the foregoing resolution, are hereby
rescinded.
A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:
YES:
NO:
ABSTAIN:
THE RESOLUTION WAS DECLARED ADOPTED.
Time, in the
) " • •
CERTIFICATION
The undersigned, being the duly qualified and acting City
Clerk of the City of Keego Harbor, hereby certifies that the
foregoing is a true and complete copy of a resolution duly
adopted by the City Council of the City of Keego Harbor at its
meeting held on the day of , 2010,
at which meeting a quorum was present and remained throughout and
that an original thereof is on file in the records of the City of
Keego Harbor. I further certify that tte meeting was conducted,
and public notice thereof was given, pursuant to and in full
compliance with Act No. 267, Public Acts of Michigan, 1976, as
amended, and that minutes of such meeting were kept and will be
or have been made available as required thereby.
City Clerk
DATED: , 2010
las.r3-oak219
2
Resolution #10162 July 7. 2010
The Chairperson referred the resolution to the Finance Committee. There were no objections.
4
FISCAL NOTE (MISC. #10162) July 22, 2010
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: BUILDING AUTHORITY — RESOLUTION APPROVING FORM OF SUBLEASE
BETWEEN THE COUNTY OF OAKLAND AS LESSOR AND THE CITY OF KEEGO HARBOR
AS LESSEE REGARDING THE CITY OF KEEGO HARBOR CITY HALL AND DPW BUILDING
LOCATED IN THE CITY OF KEEGO HARBOR, OAKLAND COUNTY, MICHIGAN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentleman:
Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above
referenced resolution and finds:
1. The resolution authorizes the Sublease between the County of Oakland and the
City of Keego Harbor relating to the acquisition of the Keego Harbor City Hall and
the Keego Harbor DPW Building in Keego Harbor for an amount not to exceed
$1,120,000.
2. The term of the Sublease is for up to thirty-one (31) years after the acquisition of the
project; the Sublease cannot be completed and executed until the bonds are sold.
3. The Sublease specifies that the City of Keego Harbor is to pay the County of
Oakland at least 30 days before each bond payment date an amount sufficient to
pay the principal and/or interest due.
4. No budget amendment is required.
,ANCE Cp-MMITTEE
FINANCE CCMMITTEE
Motion carried unanimuasly on a roll call vote with Greimel absent.
tte
Resolution #10162 July 22, 2010
Moved by Scott supported by Middleton the resolution (with fiscal note attached) be adopted.
Moved by Scott supported by Middleton the Finance Committee Report be accepted.
A sufficient majority having voted in favor, the report was accepted.
Moved by Scott supported by Middleton the resolution be amended to coincide with the recommendation
in the Finance Committee Report.
A sufficient majority having voted in favor, the amendment carried.
Vote on resolution, as amended:
AYES: Greimel, Hatcheft, Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potts,
Runestad, Schwartz, Scott, Taub, Zack, BJIlard, Burns, Coulter, Douglas, Gershenson, Gingell,
Gosselin. (21)
NAYS; None. (0)
A sufficient majority having voted in favor, the resolution, as amended, was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Ruth Johnson, Clerk of the County of Oakland. do hereby certify that the foregoing resolution is a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on July 22,
2010, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 22nd day of July, 2010.
eat
Ruth Johnson, County Clerk