HomeMy WebLinkAboutResolutions - 1983.03.30 - 11643MISCELLANEOUS RESOLUTION NO 83n8/4 March 31, 1983
RE: PESOLUTION APPROVING AMENDED PROJECT PLAN
TANBARK PROPERTIES OFFICE BUILDING PROJECT
BY: PUBLIC SERVICES COMMITTEE, JAMES EDWARD LANNI, CHAIRPERSON
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the Economic Development Corporation of the
County of Oakland (the "EDC") has recommended that this Board of
Commissioners approve the Amended Project Plan for the Tanbark
Properties Office Building Project, a copy of which is attached
hereto as Exhibit A (the "Amended Project Plan"); and
WHEREAS, in accordance with the Amended Project Plan,
the EDC proposes to issue Revenue Bonds in an amount not to
exceed $2,000,000.00 (the "Bonds") to finance the construction of
the Tanbark Properties Office Building Project, a description of
which has been set forth in the Amended Project Plan (the
"Project"); and
WHEREAS, on February 22, 1983, the governing body of
the Township of West Bloomfield, Michigan, approved the Amended
Project Plan; and
WHEREAS, on March 17, 1983, this Board of Commissioners
held a public hearing to consider whether the Amended Project
Plan, including the issuance of the Bonds, constitutes a public
purpose as outlined by Act 338, Michigan Public Acts 1974, as
amended (the "Act").
NOW, THEREFORE, BE IT RESOLVED BY THIS BOARD OF
COMMISSIONERS OF OAKLAND COUNTY, as follows:
1. The P,mended Project Plan, as described in Exhibit
A attached hereto, he and is hereby, determined to constitute a
public purpose as outlined by the Act.
2 The Amended Project Plan meets the requirements
set forth in Section 8 of the Act.
3. The persons who will be active in the management
of the project for not less than one year after the approval of
the Amended Project Plan have sufficient ability and experience
to manage the Amended Project Plan properly.
4. The proposed method of financing the Project is
feasible and the EDC has the ability to arrange the financing.
5. The Project is reasonable and necessary to carry
out the purposes of the Act.
6. The Amended Project Plan be, and is hereby
approved.
7. The EDC he, 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 in an amount
not -to exceed $2,000,000.00 to be purchased by Prescott, Ball &
Turben, Inc. as underwriter and to be offered for sale to the
public, all as set forth in subparagraph (H) of the Amended •
Project Plan,
8. The County Clerk be, and is hereby, directed to
provide four certified copies of this resolution to the Secretary
of the Board of the Corporation.
The Public Services Committee, by James Edward Lanni,
Chairperson, moves for adoption of the foregoing resolution.
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3
PUBLIC SERVICES COMMITTEE
- --dames Edward Lanni
Chairperson
- •
HEREBY APPROVE THE FOREGOING RESOLUTION
.. 7 // ,,,:tr ,-/
0;n191 T. PikurPh; C..,.,urir;I: i77.7.9--Lrilve Da%
I
copy of Miscellaneous Resolution adopted by the
STATE OF MICEIGAN )
) SS.
CrmUNmv OF OAKLAND )
I, Lynn D. Allen, Clerk of the County . of Oakland and
having a seal, do hereby certify that I have compared the annexed.
Oakland County Board of Commissioners at their meeting held
March 31, 1983 with the original record thereof now remaining
in my office, and that it is a true and correct transcript there-
from, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan this
day of March ,
LYNN/D. ALLEN
County Clerk
31st
1/a3
EXHIBIT A
TEE ECONOMIC PEVELOPMENT CORPORATION
CF THE C=T OF OAFLAND
(TAEARK PROPERTIES OFFICE FILDING PROJECT)
AMENDED PROJECT PLAN*
APPLICANT: Tanbark Properties
CONTACT: c/0 Martin Stoneman
Raymond, Rupp and Weinberg
. 755..W. Fig Beaver
uite 1800
Troy, Michigan 48084
PROJECT: General office complex
LOCATION: 5600 W. Manle Road
West Bloomfield, Michigan 48033
PROJECT AREA: See Exhibit A
PROJECT EMPLOYMENT: Projections -
Permanent jobs - 125 to 150, 50% skilled and
50% unskill e d
Short term jobs (construction) - 80 to 100
TOTAL COST: $2,189,096.00
BONDS: Maximum of $2,000,000.00
COST OF COMPLETION
BY APPLICANT: $189,096.00
*This project plan was prepared in accordance with the Economic
Development Corporations Act, P.A. 338 of Michigan Public Acts of
1974, as amended. Attached is the requisite information based on
Section 8(4) of the Act.
EDC A
(A) THE LflCATION AND EXTENT OF EXISTING STREETS AND
OTHER PUHLIC FACILITIES 'X'ITHIN- THE•PROJECT DISTRICT AREA; THE
LOCATION, CFARACTER AND EXTENT OF THE CATEGORIES OF PUBLIC AND
PRIVATE LAND USES NOV EXISTING AND PROPOSED FOR THE PROJECT AREA,
INCLUDING RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL,
EDUCATIONAL, AND OTHER USES; AND A LEGAL DESCRIPTION OF THE
PROJECT AREA
There are no existing streets or other public facilities within
the Project District Area.
Prior to the construction of this project, the land was vacant.
The project consists of the construction of four general office
buildings, each containing 8,505 sq. ft. of leasable space. The
space will be leased to general office tenants.
A legal description of the project is attached hereto as Exhibit
A.
(B) A DESCRIPTION OF EXISTING IMPROVEMENTS IN THE
PROJECT AREA TO BE DEMOLISHED, REPAIRED, OR ALTERED, A DESCRIP-
TION OF REPAIRS AND ALTERATIONS, AND AN ESTIMATE OF THE TIME
REQUIRED FOR COMPLETION.
N/A
(C) THE LOCATION, EXTENT, CHARACTER, AND ESTIMATED
COST CF THE IMPROVEMENTS, INCLUDING REHABILITATION CONTEMPLATED
FOR TEE PROJECT AREA AND AN ESTI M ATE OF THE TIME REQUIRED FOR
CONPLETTON.
The improvements consist of four one story ceneral office
buildings, each containing 8,505 sq. ft. of ieasble space. The
shell construction of these buildings was completed December
1981. The interiors of these buildinc-Is were completed in October
of 1932
The improvements are located as set forth in Exhibit B.
The costs of the improvements were as follows:
Land
Site Improvement
ConStruction Costs
Construction Interest
Architect's fees, legal fees
construction fees, etc.
Miscellaneous
$ 358,816
107,064
1,088,222
284,467
266,766
83,761
TOTAL $2,189,096
3
(D) A STATEMENT OF THE CONSTRUCTION OR STAGES OF
CONSTRUCTION PLANNED, AND THE ESTIMATED TIME OF COMPLETION OF
EACH STAGE.
The outer shells of the four office buildings were completed in
December of 1981. The remainder of the project was completed
October 1982.
(E) A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO
BE LEFT AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE.
See Exhibit R.
(F) A DESCRIPTION OF PORTIONS OF THE PROJECT AREA
WHICH THE COPPC1-RATION DESIES_TO SELL, DONATE, EYCHANGE OR LEASE
TO OR FROM THE MUNICIPALITY AND THE PROPOSED TERMS.
N/A
((-=) A DESCRIPTION OF DESIRED ZONING CHANGES AND
CHANGES IN STRFET, STPEFT LEVELS, TNTERSECTIONS AY;D UTILITIES.
N/A
(H) A STATEMENT OF THE PROPOSED METHOD OF FINANCING
THE PROJECT AND THE ABILITY OF THE CORPORATION TO ARRANGE THE
FINANCTNG.
The Bonds are to be purchased by Prescott, Ball & Turben, Inc.
acting as underwriter and so offered 177 the underwriter to the
public. Prescott, Ball & Turben, Inc. has acreed to act as
underwriter subject to the usual and customary preconditions
regarding appropriate documentation, interest rates, market
conditions, opinions, etc. See Exhibit E.
The Bonds are to be guaranteed by Lincoln National Corporation.
See letter attached as Exhibit F.
(I) A LIST OF PERSONS WHO WILL MANAGE OR BE ASSOCIATED
WITH THE MANAGEMENT OF THE PROJECT FOR A PERIOD OF NOT LESS THAN
1 (ONE) YEAR FRCM THE DATE OF APPROVAL OF THE PROJECT PLAN.
David M. Tisdale
David M. Tisdale and Company
5657 W. Maple Road
West Bloomfield, Michigan 48033
EDC A
(J) DFSTC,NATIC,N OF THE PERSON OR PERSONS, NATURAL OR
CORPORATE TO\'-'3OM THE PROJECT IS TO, ES LEASED, SOLD CR CONVEYED
AND :-('R wF:nsE "-ENEFIT THE PROJECT IS BEING UNDERTAKEN IF THAT
INFOR --MN IF AVAILABLE TO THE CORPORATION.
Fr-ont'era, Pokart & Irahn Malek)
Nord Publications
D-nill of W. BlocIT.field
Ioana-Elena
Mathis & Dalin
Karp Homes
Frank Rosenbaum, C.P.A.
Knoll & Associates
Gregg Young
L & J Schmier
D.A. Liebowitz & Associates
Annuity Services, Inc.
Lone Star Steel Comcany
SQcu7-itv Enclinering
Rand Systems Corporation
CcT-rugatinc Roll
L S G Marketin, Inc.
Cherlin Corporation
ioan Tinskev
Jack Ycrnick & Associates
D.,-nniz L. Bailey
Ellen R. MacDonald
Alan Tilchen & Robert Brown
Sandra Webster
Dennis A. Doyle
Showroom Traffic
Jaslove Agency, Inc.
Rates & Company
Michigan Court Reporting
Mel Fell Productions
Collateral Control Corporation
Vomens Career Directions
R.5, Miller, P.C.
Salim Atty
Illness & Disability .
Drew—McCarthy
National Furnance:Co.
Douglas Homes Inc.
Patrick K. Best, Ph.D.
Charter Land Co.
Burroughs Wellcome Company
(K) IF THERE IS NOT AN EXPFESS OR IMPLIED AGREEMENT
BETWEEN THE CORPORATION AND PERSONS, NATURAL OR CORPORATE, THAT
THE PROJECT WILL BE LEASED, SOLD, OR CONVEYED TO THOSE PERSONS,
THE -PROCEDURES FOR BIDDING FOR THE LEASING, PURCHASING OR
CONVEYING OF THE PROJECT UPON ITS COMPLETION.
N/A
fL) OF mHF R.S10 1 L,
PROJECT AREA AND THE 1 R OF FAVIL7ES AND INDIVIDDALS T0 EF
DI:"PL,ACED, IF OCCUPIED PESInENCES ARE DESIGNATED FOR ACQUISITION
AND CLEARANCF RY THE CORPORATION, A PROJECT PLAN SHALL INCLUDE
SURVEY OF THE FAMILIES AND INDIVIDUALS TO BE DISPLACED, INCLUDING
THEIR INCOME AND RACIAL COMPOSITION, A STATISTICAL DESCRIPTION CF
THE HOUSING SUPPLY IN THE COMMUNITY, INCLUDING THE NUMBER OF
PRIVATE AND PUF,LIC UNITS IN EXISTENCE OR UNDER CONSTRUCTION, THE
CONDITION OF THOSE IN EXISTENCE, THE NUMBER OF OWNER-OCCUPIED AND
RENTER-OCCUPIED UNITS, THE ANNUAL RATE OF TURNOVER OF THE VARIOUS
TYPES OF HOUSING AND THE RANGE OF RENTS AND SALE PRICES, AN
ESTIMATE OF THE TOTAL DEMANDS FOR HOUSING IN THE COMMUNITY, AND
THE ESTIMATED CAPACITY OF PRIVATE AND PUBLIC HOUSING AVAILABLE TO
DISPLACED FAMILIES AND INDIVIDUALS.
N/A
(M) A PLAN 'FOR -ESTABLISHING PRIORITY FOR THE RELOCA-
TION OF PERSONS DISPLACED BY THE PROJECT IN NEW HOUSING IN THE
PROJECT AREA.
N/A
(N) PROVISION FOR THE -COSTS OF RELOCATING PERSONS
DISPLACED BY THE PROJECT AND FINANCIAL ASSISTANCE AND REIMBURSE-
MENT OR EXPENSES, INCLUDING LITIGATION .EXPENSES AND EXPENSES
INCIDENT TO THE TRANSFER OF TITLE, IN ACCORDANCE WITH THE
STANDARDS AND PROVISIONS OF THE FEDERAL UNIFORM RELOCATION
ASSISTANCE AND REAL PROPERTY ACO:JISITION POLICIES ACT OF 1970, 42
U.S.0. 4601 TO 4655.
N/A
(0) A PLAN FOR COMPLIANCE WITH ACT NO. 227 OF THE
PUBLIC ACTS OF 1972, BEING SECTIONS 213.321 TO 213.322 OF THE
MICHIGAN COMPILED LAWS WHICH PERTAINS TO PROVIDING FINANCIAL
ASSISTANCE, ADVISORY. SERVICES AND REIMBURSEMENT OF CERTAIN
EXPENSES TO DISPLACED PERSONS.
N/A
(P) OTHER MATERIAL AS THE CORPORATION, LOCAL PUBLIC
AGENCY, OR GOVERNING BODY CONSIDERS PERTINENT.
A certificate concerning the transfer of employment is
attached hereto as Exhibit C.
A certificate concerning the payment of prevailing
wages is attached hereto as Exhibit D,
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-Legal L ,?.scription
7 --ncr
in the To ishio of West Eloor:field, Oakland County, Michisan,
e.,tSCriI)2f, as:
part of tbe South w est 1/4 of Section 26, Town 2 North, Ran g e 9 East,
h5t Bloo:Lfield Oallland County, Pichigan, is described as:
•
Beginning -at a point on the South Section line of said Section 26,
di s t_an t d ue East along said Se.ction -1ine 895.25 feet from the
Southwest Corner of said Section 26; thence due North 240.0 feet;
thence due East, 80.0 feet; thence due North 96.0 feet; thence due
East, 129.58 feet; thence South 0 degrees 1 11 Flinutes Vest, 336.0
feet; thence due Vest 208.20 feet to the point of beginning,
except the South 60 feet deeded to 3...Dard of County 'Road Cozminsioners.
- and
'Pest
of the Southwest 1/4 of Section 26, Town 2 North, Range 9 East,
To-,..-fls hi-o, Oakland County, Michigan, is described as:
Begthning at a -pont on the South Section line of said Section 26,
dstant due East along said South Section line, 870.25 feet from the
Sr,th-west corner -of said .Section 26; thence due North, 312.60 feet;
th e nce due -West, 102.9 feet; thence :t;orth 0 degrees 21 minutes'
East, 177.52 feet; thence North 89 degrees 58 -.min'utes . East, 336.80
.-re ,,t;:thence South 0 degrees 114--:5nutes -'West'153.90 feet; thence due
est: 129.58 feat; .t.hnce due South 96.0 feet; -thence. due Wet-80.0
feet; thence due.South 21400 feet; thence due ),7 est 25.0 feet to the
-nait of 'besinn!Las ) e›.cebt the south. 60 feet deeded to hoard of
County Road ca—oission-ers.
-t of the Southwest 4 of Section 26, To%-ria 2 North, Range 9 East. Vest Bloomfield
mship. 001<azind County, Hichigan described as: Beginning at a point on the south
le of Section 26, distanee due east along south line from the southwest coluar
Section 26, 870.25 feet; thence due North 489.98 feet; thence North 89 degrees
Tninutes East 235.25 feet; thence South 0 desrees 14 minutes west 489.88 feet,
e or less to the south line of Section 26; thence doe v.:est al ong said south
e of Section 26, 233.3 feet to the point of beginning.
CERTIFICATiON REC,I.RDING
rT,-7*.lc7v-n OF Pm11'.-T 0v v :-v-T
The undersigned, Tanbark Properties, a Michigan limited
partnership (the "Company"), hereby certifies to the Economic
Development Corporation of the County of Oakland (the "EDC") as
follows: _
1. This certification is being made for purposes of
permitting the EDC to make a certification to the Board of
Commissioners of the County of Oakland as to transfer of
employment as required by Section 8(4) of Act No. 338 of the
Michigan Public Acts of 1974, as amended, (the "Act") and is
being illade to the best of the Company's knowledge and only after
thorough investigation and discussion with all partners of the
Company and others who might have 'knowledge of such matter's.
2. The Company understanc,'s that the EDC'S certif•-
cation is a statutory requirement which if improperly made might
invalidate the proceedings underway on the Tanbark Properities
Office Building Complex Project.(the "Project") whereby the EDC
expects ultimatdly to issue its bonds to finance construction of
all or part of the Project.
3. As of the ,date hereof, the project Shall not have
the effect of trahsferring employment of more than 20 full-time
persons from a municipality (as this term is defined in the .Act)
of this State to West Bloomfield Township, Michigan, the munici-
pality where the Project will be located.
By:
• the 1La an' . 14 n-• • ..!, 4
onds to 5ç in the future by the EDC to finance the
roject for the Company, the Company will not permit a lease or
sublease in connection with the Project which would have the
effect of transferring, to such lease, sublease or group of
leases or subleases which are interrelated (i.e. "interrelated"
means leases negotiated as part of one set of negotiations or
leases with lessees who are related by more than 50% common
ownership), employment of more than 20 . full-time persons from a
municipality of this State to West Bloomfield Township, Michigan
unless the Company or. such lessee or sublessee has :first obtained
a consent to the proposed transfer from the governing body of
each municipality from which employment is to he transferred.
The Company further understands that an appropriately
worded covenant to this effect will be included in those cov-
enants to be made by the Company when bonds are issued for the
• Project.
Tanbark Properties, a
.Michigan limited Partnership
, 19 '3?-- Dated:
By:
CERT:FICATE CO:7,CERNING PAYMENT
OF PREVAILING WAGES
The undersicned hereby certifies to the Econo7ic
Development Corporation of the County of Oa k land in connection
with the issuance of its Limited Oblication Economic Development
Revenue Bonds in connection with the Tanbark Properties Office
Building Complex Project that all persons performing work on the
Project will be paid the prevailing wage and fringe . benefit rates
for the same or similar work in the locality in which the work is
to be performed, as determined pursuant to Act No 166 of the
Michic„,:an Public Acts of 1965, as amended.
TAN3ARK PROPERTIES
Dated as of 1_13- 19
EXHI:BIT D
Rcal Estatc
'3(-12 Bouird ai thc Altcs
Pmsburi2h, Pt,nn Ivjn1f213
412/621-6200
•n• 07. C
B P & Tur.
1\1:- Ncy. F Actlenge.Ia
January 13, 1983
Mr. Douglas Feurring
Schmier & Feurring Properties
2000 Glades Road
Suite 412
Boca Raton, Florida 33431
Tanbark Office Building Project
WE.,.t Bloomfield, Michigan
Gentlemen:
We ("Company"). are pleased cc advise you ("Investor Developer") that,
subject to the terms and conditiors herein set forth, Company commits to
Luy The Economic Development Corporation of the County of Oakland Eocnomic
Development Limited Obligation. Revenue Bonds in a sun-, not to exceed $2,000,000 :
when, as and if issueo'. It is estimated that the Bonds to be issued will have
a term of ten (10) years, and will bear an interest rate of 8.50%. The in-
debtedness would be secured by:
(a) A first mortgaze lien;
(b) An assignment of all leases and the rentals therefrom
affecting the subject property; and
(c) All other collateral and security documents as our
Counsel may reasonably require.
This commitment to purchase the above—mentioned Bonds is subject to the
following conditions:
(1) The approVal of The Economic Development Corporation of
the County of Oakland;
(2) The execution and delivery of all documentation called for
by our Counsel and by Bond Counsel;
(3) The unqualified opinion of Bond Counsel (Martin, Axe, Maxwell,
Smith, Buhl & Schwartz, Bloomfield Hills, Michigan) approving
the validity of the indebtedness an the applicable authorizing
proceedings, and the issuance of their unqualified legal opinion
satisfactory to us advising, among other things, that the
indebtedness and income therefrom are free from all taxation
except inheritance, etate, succession and gift taxation within
the State of Michigan and, also that the income therefrom is
not subject to present Federal income taxes under existing
statutes and decisions;
EXHIBIT E
_
:
8LL B 112,T N. INC
Schmier & Feurring Properties
January 13, 1983
Faze Two
(4) The execution and delivery by Lincoln National Corporation
of its irrevocable guaranty of the bond issue;
(5) The Bonds being rated by Standard & Poor's Corporation (or
equivalent) as "AA";
(6) The economic feasibility of the project;
•
(7) The final review of doc=entation, by ourselves;
(8) That the price to be paid for the Bonds shall be no less
than 97.5%; and
(9) The c2elivery at closing of all other customary closing
documents.
Very truly yours,
PRIStOTT, BALL & fil_TRBEN, JNC. /. ( .
/ „ /
Patrick E. Griffin
VicePresident
PEG:lcm
LINCOLN
NKLIO NAL
ti CORPORATION
October 11, 1932
A Limited Partnership to be Formed
Between Lincoln National Corporation and
The General P-,,,rtners Described Below
c/o Mr. Douglas Feurring
Land Realty Con-pany
26711 Northstern Hichway
Suite 414
Stuinfield,Michic.an
Bon-.] Guarantee No. 20030
Tabark Office Building
West Elocr_field Tognship
cn Co,Inty, Michican
Giantleren:
Tnis letter will serve to advise of Lincoln National Corporation's
cmr,'=ent to guarantee a bond issue on the above referenced
]:=H.ect subect to, but not limited to, the follo,TiTro. terms and conditions:
1. 127.on receipt of cinion of counsels, satisfactory to Lincoln, Lincoln
will gL.:arantee the annual debt service pay7e:-,ts and the principal upon
7aturity on a reximum of S2.000,000 of first ,urtgace Revenue Bonds to be
authorized by the EconorTic Develop-rent Coroporati= cc the County of
Ci-.Y.land, State of MiChigan. Said bonds will carry an annual constant of -
11.25% or less per -annlz: and will he for a .F.-axima-TI of a 15-year term or a
17-12.7m IC-year term (10 years interest CT 15- years with a 1-1-imam 30-year
a=rtization). If the bond rate- should exceed the 11.25 constant, the
guarantee an-lount will be reduced accordingly to maintain a 1.20 debt
coverage and net cash flow to the Lincoln cc 2% of the amount of the
auarantec.
2. A Michigan f:imdted Partnership with Robert Schmier, Rbert Katzman,
David Lkibin, Samuel Karp, Louglas Feurring, Martin Stoneman and Thomas
Sansone as the general partners and Lincoln as the limited partner will be
formed. The terms of the partnership will be specified in the partnership
agreement to be drafted. The general partners shall have a 50% interest
and the Lincoln Shall have a 50% interest in the limited partnership to be
formed.
3. The subject property is located at 5600 West Naple Road, approximately
1,000 feet east of the intersection of Orchard Lake bad on Maple Road,
West Bloomfield ToK,nship, Oakland County, Michigan. West Biccrafield is a
suburb of Detroit.
Land - A rectangularly shaped parcel containing 100,1E3 s.f. of land with
fLontacle on Maple Road approximately LOCO feet east of the intersection of
Maple Road and Orchard Lake Road.
Re •
15 SOUTH CL1N'ION STREET'
)1, a 9a2
Paoe 2
LcccrartS - The C07; St Of for sincie slLory office
The 5'ne.'11o2urcion or 13-Je5e idinos wc,L;paeted
Dr-I-a1-er 2 914.1, erlf.' the iierior firtsh a as
The se frame b.:iidincs are fshe with brie); veneer exterior s ,
-kjrc windoy.'s anf, aspalt Shincle roofs. Each building provides 2
riechanical rocrls, rest and a copy and coffee rom--.. Each office
.stDace rances fru. KO s.f. to 1200, s.f. an is finished with Yd gh craie
vinyl wall coverincs e nd quality ca,1)etinc: Heating and air coniitionin?
are zoc.ro.Zi for urars of three offices an5 all executive offices have warlc-
. win's. Each of the four bci1dins contain 6,505 s.f. of lesable
area for a to-La] of 34, s.f. of C7CSF_ sable area '1.;-)ere is
perii r for 2 32 cars. Pans to bThd 25 cree ñinc spts have 51.-an
an E.C. days.
5. ,7-11 :lees src aret'ne. an of the bos,
cp=sel, an5 cr.rsal for orin if anv, Snail be the
of the General Tartners.
6. The oeneral and limited partners will each be liable for one half of
any ShDrt-fall in oi=erating, inocu to cover the principal. and interest on
the hcod issue and operation of the property. The partnership a g rc...-2,-Tent
will provide that in the event that if a partner does not or will not funi
one-half of the Short-fall, then such defaulting partner shall assi gn their
partnership interest as security to insure repent of their share of the
advance 1-7,-,a6e in their behalf by the nondefaulting partner.
7. The partnership will enter into a second rortage aree;Tent in favor
of the Lincoln on this property. This shall be an open end rortgaDe with a
cross-defanit provision, and it shall secure any and all payments made by
Lincoln in reinforcement of its auarantee.
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per year. 7-le sl:alarica of t-fle 1] "Le E at 4..:he avE7E7e
r&t..Efs cf 7% :1.:YELss 1,21:!.:sases .
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)6. E,_:.-c•:,7ent - f ins ESSS to
for ts or
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deef cf t r_st cover -.„1,e7:
17. P7:10' to
coces of sin ie --Lse for .s-7,a11
rece've either a blarat assonl ..e..nt or a scrrerts of the
jfvfal '21E:F_ as a5,aitional
2E. coveriD2 all :entc an3 r:r -,fits, Dres,=nt
ant„-:frore,accr,inc or to accroe fycl7 ins cae pro2srty will also
1-.Je S2:77.1DrTin: 6=11-Tents tirs by L."2.7,:ln at tL=7 ,s, of c]c.E--52-37. - . in aoaltaon LO tre =c::::-.Pnt of tre
laeses as inficated in the precee.fing
19. Title - T.4 ncoln wil realdre a mor7„oapee policy in form an5
fr,c,77 a ocy ac.7-e,pta:t'le to it s-och policy to ins..are that the prcserl.
fjrsc rorIcaoe is a" valid first lie: an5 the pop:-...se3 saco:-*3 rcct ca:'e is
a va1i5 se.--onf 13 en on the fee sinple Lit)e.
20. Sc,r,7ey Prior to closing, yoc are to furr_ish both Lincoln an3 the
title com!pany a final survey, acceptable to Lincoln, \.-\;:Lich S:hp,'S the
location of irT7prova-7rents th..=.!se recently consructe5 an3 ease7ents,
of reoords or th ...:.'se that are e vident fra7 an insDection of the preHses.
in a5dition, the survey incit,y3e a cor:..,-1ete lecal description--
especially all reference points an .,5 UreOraOtE se5 in the descriptio7,--
to9e€her with abittinc roa5s, streets an -_-] al2eys, ani shpilla inclu5e a
certification as to total paved sTiJare fop -, rafr-inc, area al-15/or ilaTibU"
of perking space.
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TANBARK PROPERTIES OFFICE COMPLEX PROJECT
(EDC No. 80-9)
PROJECT: Construction of 4 one-stOry general office buildings of
8,505 s.f. each (total of 34,020 s.f.)
LOCATION: N. side of Maple Road, approx. ¼ mile east of Orchard Lake Rd.
in West Bloomfield Township. ( 2.3 acre site)
BOND REQUEST: $2,000,000
PERMANENT JOBS
CREATED: 125 - 150
ANNUAL ADDITIONAL
TAX REVENUE: $5 4 ,756
OWNER/DEVELOPER:
PRIOR APPROVALS:
Tanbark Properties Inc. (Robert Schmier, Douglas Feurring,
Robert Katzman, David Lubin, Samuel Karp, Martin Stoneman
and Thomas Sansone)
1. County EDC. Resolution of Inducement (11-0). 6/17/80
2. County EDC. Designation of PA/PDA and Request for Appointment of
Additional Directors (11-0). 7/15/80
3. West Bloomfield
Township Board. Approval of Project Area (5-2). 10/20/80
4. Public Services Committee. Approval of Project Area/Project District
Area and Confirmation of Addt'l Directors
(6-0). 10/21/80
5. Bd. of Commissioners. Approval of PA/FDA (17-0). 11/20/80
6. Public Services. Committee. Confirmation of Addt T l. Directors
(6-1). 12/9/80
7. Bd. of Commissioners. Confirmation of Addt i l. Directors (22-0). 12/11/8(
8. County EDC. Resolution Recommending Project Plan (11-0). 12/14/82
9. West Bloomfield
Township Board. Approval of Project Plan (5-2). 12/20/82
10. County EDC. Resolution Recommending Amended Project Plan (10-0). 2/15/83
11. West Bloomfield
Township Board. Approval of Amended Project Plan (6-1). 2/22/83
12. Bd. of Commissioners.. Hold Public Hearing on Amended Project Plan. 3/17/8:
#83084 March 31, 1983
Moved by Lanni supported by Jackson the resolution be adopted.
AYES: Gosling, Jackson, •R. Kuhn, S. Kuhn, Lanni, McConnell, McPherson,
Moffitt, Moore, Nelson, Olsen, Pernick, Price, Rewold, Wilcox, Aaron, Caddell,
Calandro, Doyon, Geary. (20)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution #83084 adopted by the Oakland County Board of Cemmissioners
at their meeting held on March 31, 1983
with the orginiai record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
this 31st day of / ) March 1983•
YwILO. ALLEN
County Clerk/Register of Deeds