HomeMy WebLinkAboutResolutions - 1985.05.23 - 11126May 23, 1985
2286E
MISCELLANEOUS RESOLUTION NO. 85161
RE: ECONOMIC DEVELOPMENT GROUP
RESOLUTION APPROVING PROJECT PLAN
(MAIN STREET SHOPS PROJECT)
BY: PUBLIC SERVICES COMMITTEE, JAMES EDWARD LANNI, CHAIR --
TO: THE OAKLAND COUNTY T OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
WHEREAS, The Economic Development Corporation of the
County of Oakland (the "EDC") has recommended that this Board of
Commissioners approve the Project Plan required by the Economic
Development Corporations Act, Act No. 338 of the Michigan Public
Acts of 1974, as amended (the "Act") for the Main Street Shops
Project, a copy of which Project Plan is attached hereto as
Exhibit A (the "Project Plan"); and
WHEREAS, the EDC's recommendation to this Board of
Commissioners was based upon its determinations that the Project
is reasonable and necessary to effectuate the purposes of the
Act, that the Project Plan prepared in connection with the
Project satisfies all of the requirements of Section 8 of the Act
regarding project plans, that the persons who will be active in
the management of the project for at least one (1) year after the
projected date of the County Board of Commissioner's approval of
the Project Plan will have sufficient ability and experience to
manage the Plan properly, and that the proposed method of
financing the Project is feasible and a bond purchaser's
commitment has been obtained; and
WHEREAS, since the action by the EDC with respect to the
Project Plan, the sponsor of the Project has obtained a
commitment from a different proposed purchaser of the bonds to be
issued by the EDC in the amount of $700,000, an amount greater
than the $650,000 authorized maximum amount of bonds proposed to
WHEREAS, on May 23, 1985. this Board of
be issued in the Project Plan, and counsel to the EDC has
determined that approval by this Board of Commissioners of such
an increase in maximum amount of bonds and the change in
purchaser of such bonds (by approving and amending the Project
Plan by this resolution) is necessary under the Act in connection
with the Board's consideration of the Project Plan; and
WHEREAS, on , 1985, the governing body of
the City of Rochester, Oakland County, Michigan. also approved
the Project Plan with the proposed amendment; and
Commissioners held a public hearing to consider whether the
Project Plan constitutes a public purpose as contemplated by the
Act: and
WHEREAS, this Board of Commissioners, following such
public hearing and its review of the Project Plan, concurs in the
determinations of the EDC with respect thereto:
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, as follows:
1. The Project Plan, in the form attached hereto as
Exhibit A, be and is hereby determined to constitute a public
purpose as contemplated by the Act.
2. The Project Plan, as amended to increase the maximum
amount of bonds proposed to be issued by the EDC to $700,000 and
changing the purchaser thereof as indicated therein, be and is
hereby approved.
3. The EDC be and is hereby authorized to take such
steps as are necessary to implement the Project and the financing
thereof by the issuance of revenue bonds or notes.
4. The County Clerk be and is hereby directed to
provide four certified copies of this resolution to the Assistant
Secretary of the Board of the EDC.
The Public Services Committee, by James Edward Lanni,
Chairman, moves for adoption of the foregoing resolution.
PUBLIC SERVICES COMMITTEE
YEAS: _ Members: McConnell, McDonald, McPherson, Moffitt, Moore, Nelson,
Olsen, Page, Perinoff, Pernick, Price, Rewold, Skarritt, Webb, Wilcox, Aaron,
Caddell, Calandro, Doyon, Fortino, Gosling, Hassberger, Hobart, R. Kuhn, S. Kuhn,
Lanni, Law. i (2/)
NAYS: Members: None. (0)
ABSENT: Members:
ABSTENTIONS: Members:
None. (0)
None. (0)
RESOLUTION DECLARED ADOPTED:
Lynn D. Allen
County Clerk
STATE OF MICHIGAN)
) SS.
COUNTY OF OAKLAND)
I hereby certify that the foregoing is a true and
complete copy of a resolution adopted at a regular meeting of the
Board of Commissioners of the County of Oakland. Michigan held on
the 23rd day of May , 1985, the original of which is on
file in my office. Public notice of said meeting was given
pursuant to and in compliance with Act No. 267 of the Michigan
Public Acts of 1976, as amended.
Lynn D. Allen
County Clerk
Dated: May 23, , 1985
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