HomeMy WebLinkAboutResolutions - 2000.08.10 - 25934and Buildidg CommEttee
August 10, 2000
MISCELLANEOUS RESOLUTION #00205
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
IN RE: PLANNING AND ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION
APPROVING PROJECT PLAN (GLASS AND MIRROR CRAFT INDUSTRIES, INC. PROJECT) -
CITY OF WIXOM
To Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS The Economic Development Corporation of the County of Oakland
(the "EDC") has recommended that the Board of Commissioners approve the
Project Plan required by the Economic Development Corporations Act (the "Act")
for the captioned Project, a copy of which has been presented to this meeting
(the "Project Plan"); and
WHEREAS the EDC's recommendations to the Board of Commissioners were
based upon its determinations that the Project is reasonable and necessary to
effectuate the purposes of the Act and that the Project Plan satisfies all of
the requirements of the Act regarding project plans; and
WHEREAS the governing body of the City of Wixom, Oakland County,
Michigan, has also approved the Project Plan and given its consent to the
exercise of jurisdiction over the Project by the EDC; and
WHEREAS the Board of Commissioners has held a public hearing to consider
whether the Project Plan constitutes a public purpose as contemplated by the
Act; and
WHEREAS the 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 that the Project Plan is hereby determined
to constitute a public purpose as contemplated by the Act and is hereby
approved; and
BE IT FURTHER RESOLVED that the EDC is hereby authorized to take such
steps as are necessary to implement the Project and the financing thereof by
the issuance of its limited obligation revenue bonds as contemplated by the
Project Plan; and
BE IT FURTHER RESOLVED that the County Clerk is hereby directed to
provide four certified copies of this resolution to the Assistant Secretary of
the Board of the EDC.
Chairperson, on behalf of the Planning and Building Committee, I move
the adoption of the foregoing resolution.
Planning and Building Committee Vote:
Motion carried unanimously on a roll call vote with Dingeldey absent.
'4
THE ECONOMIC DEVELOPMENT CORPORATION
OF THE COUNTY OF OAKLAND
Oakland County, Michigan
Glass & Mirror Craft Industries, Inc. Project
PROJECT PLAN
CONTENTS
1. Summary Description of Project (Page 1)
2. Project Plan Certification by Company (Page 2)
3. Statutorily Required Information (Page 3)
4. Exhibits
"A" - Project Area Legal Description
"B" - Letter of Credit or Bond Purchaser's Commitment Letter
"C" - Company Certificate Regarding Transfer of Employment
"D" - Company Certificate Regarding Payment of Prevailing Wages
Other
PROJECT PLAN
SUMMARY DESCRIPTION OF
Glass & Mirror Craft Industries, Inc. Project
OWNER OF PROJECT: A to-be-formed Limited liability company will own the land and
building portion of the project
Glass & Mirror Craft Industries, Inc. will own the machinery and
equipment portion of the project
CONTACT PERSON: Norman B. Levine
2111 Haggerty Road
Walled Lake, MI 48390-0516
LOCATION OF PROJECT: City of Wixom
Tel. # 248-624-5050
PROJECT AREA/DISTRICT AREA: See Exhibit A
NATURE OF PROJECT: The project consists of the acquisition of land and the
construction of a-new 82,000 Sq. ft. manufacturing facility and
the acquisition and installation of machinery and equipment
EMPLOYMENT CREATED OR RETAINED: 65 Jobs will be created or retained
TOTAL PROJECT COST: $6,500,000
BONDS TO BE ISSUED: $6,000,000
LETTER OF CREDIT ISSUER OR BOND PURCHASER:
Comerica Bank
DATE AND EXPIRATION DATE OF LETTER OF CREDIT OR BOND PURCHASE
COMMITMENT:
Letter of Credit Commitment dated June 27, 2000, and will expire September 30, 2000.
See attached commitment letter.
By:
PROJECT PLAN CER1TFICATION
THIS PROJECT PLAN WAS PREPARED FOR THE
ECONOMIC DEVELOPMENT CORPORATION OF THE
COUNTY OF OAKLAND IN ACCORDANCE WITH THE
REQUIREMENTS OF THE ECONOMIC DEVELOPMENT
CORPORATIONS ACT, ACT NO. 338 OF THE milazGAN
PUBLIC ACTS OF 1974, AS AMENDED.
THE UNDERSIGNED HAS PROVIDED ALL OF THE
INFORMATION CONTAINED HEREIN AND HEREBY
CERTIFIES AS TO THE ACCURACY AND VALIDITY OF
SUCH INFORMATION AS OF THIS DATE.
THE UNDERSIGNED UNDERSTANDS THAT THIS PROJECT
PLAN IS STATUTORILY REQUIRE) AND, LE IT CONTAINS
ANY MATERIAL MISREPRESENTATION OR
INACCURACY, COULD RESULT IN THE INVALIDATION
OF THE ECONOMIC DEVELOPMENT CORPORATION
PROCEEDINGS REGARDING THE PROJECT TO WHICH
THE PROJECT PLAN PERTAINS.
Glass & Mirror Craft Industries, Inc.
Its: 1R6-5.
Dated: 7/0/00
PROJECT PLAN
STATUTORILY REQUIRED INFORMATION REGARDING
Glass & Mirror Craft Industries, Inc. Project
I. THE LOCATION AND EXTENT OF EXISTING STREETS AND OTHER'
PUBLIC FACILITIES WITHIN THE PROJECT DISTRICT AREA; THE LOCATION,
CHARACTER, AND EXTENT OF THE CATEGORIES OF PUBLIC AND PRIVATE
LAND USES NOW EXISTING AND PROPOSED FOR THE PROJECT AREA,
INCLUDING RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL,
EDUCATIONAL, AND OTHER USES; AND A LEGAL DESCRIPTION OF THE
PROJECT AREA:
The land that will be used as a part of the project is currently vacant and undeveloped. The
parcel is located on the North side of West Road between Beck Road and Wixom Road and is
part of an industrial development.
Legal description of Project Area attached as Exhibit A.
H. A DESCRIPTION OF EXISTING IMPROVEMENTS IN THE PROJECT
AREA TO BE DEMOLISHED, REPAIRED, OR ALTERED; A DESCRIPTION OF
REPAIRS AND ALTERATIONS; AND AN ESTIMATE OF THE TIME REQUIRED FOR
COMPLETION:
Not Applicable
HI. THE LOCATION, EXTENT, CHARACTER, AND ESTIMATED COST OF
THE IMPROVEMENTS, INCLUDING REHABILITATION CONTEMPLATED FOR THE
PROJECT AREA, AND AN ESTIMATE OF THE TIME REQUIRED FOR COMPLETION:
Glass & Mirror Craft Industries, Inc. is in the business of machining and fabricating glass parts
from flat glass sheets through one or more processes which include heat treating, tempering,
slumping, polishing, drilling and grinding The project consists of the acquisition of
approximately 6.9 acres of land and the construction of an approximately 82,000 square foot
manufacturing facility and the acquisition and installation of certain machinery and equipment
for use in its operations. Machinery and equipment purchases will include a tempering furnace
along with ancillary equipment that includes a glass washer, kiln ovens, silk screen equipment,
and sand blasting equipment.
It is expected that the land, building, site work, and fixtures will cost approximately
$3,900,000. Another $2,600,000 has been budgeted for machinery and equipment. The
estimated time required for completion of the project is May 2001.
a
IV. A DESCRIPTION OF THE CONSTRUCTION OR STAGES OF
CONSTRUCTION PLANNED, AND THE ESTIMATED TIME OF COMPLETION OF
EACH STAGE:
Site Preparation is anticipated to start in August, 2000. We anticipate building
construction to commence in September, 2000. The building is expected to be
completed by February 2001. Machinery and equipment will be installed soon
thereafter with the facility expected to be operational by May 2001.
V. A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO BE LEFT
AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE:
Green areas, less ingress and egress to the road and areas set aside for a parking lot, will
surround the building after completion. The site plan has been designed for potential future
expansion on the East Side of the proposed facility.
VI. A DESCRIPTION OF PORTIONS OF THE PROJECT AREA WHICH THE
ECONOMIC DEVELOPMENT CORPORATION OR THE COMPANY DESIRES TO SELL,
DONATE, EXCHANGE OR LEASE TO OR FROM THE MUNICIPALITY AND THE
PROPOSED TERMS:
Not Applicable
VII. A DESCRIPTION OF DESIRED ZONING CHANGES AND CHANGES IN
STREET, STREET LEVELS, INTERSECTIONS AND UTILITIES:
Not applicable
VIII. A DESCRIPTION OF THE PROPOSED METHOD OF FINANCING THE
PROJECT, INCLUDING ATTACHMENT OF A COPY OF THE LETTER OF CREDIT OR
BOND PURCHASER'S COMMITMENT LETTER:
The project is anticipated to be financed with tax-exempt bonds through the Economic
Development Corporation of the County of Oakland secured by a Comerica Bank direct pay
letter of credit.
Copy of Letter of Credit attached as Exhibit B.
Dc. A STATEMENT REGARDING THE PAYMENT OF PREVAILING WAGE
AND FRINGE BENEFIT RATES AS DETERMINED PURSUANT TO ACT NO. 166 OF
THE MICHIGAN PUBLIC ACTS OF 1965, AS AMENDED (REGARDING WAGES ON
STATE CONTRACTS):
See Exhibit D
X. 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 FROM THE DATE OF APPROVAL OF THE PROJECT PLAN:
Norman B. Levine - Chief Executive Officer
Robert Muse - President
XI. DESIGNATION OF THE PERSON OR PERSONS, NATURAL OR
CORPORATE, TO WHOM THE PROJECT IS TO BE LEASED, SOLD OR CONVEYED
AND FOR WHOSE BENEFIT THE PROJECT IS BEING UNDERTAKEN, TO THE
EXTENT THAT INFORMATION IS PRESENTLY AVAILABLE:
The land and building portion of the Project will be owned by a To-Be-Formed Limited
Liability company which will lease such assets to Glass & Mirror Craft Industries, Inc.
for use in its manufacturing operations. Glass and Mirror Craft Industries, Inc. will
own the machinery and equipment, furniture and fixtures portion of the project. The
entire project will be used by Glass & Mirror Craft Industries, Inc. for use in its
manufacturing operations.
The project is currently being undertaken for the benefit of Glass & Mirror Craft
Industries, Inc. and its shareholders as well as for the members of the To-Be-Formed
Limited Liability company, when and if formed. .
XII. IF THERE IS NOT AN EXPRESS OR IMPLIED AGREEMENT WITH A
PERSON OR 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:
Not Applicable
XIII. ESTIMATES OF THE NUMBER OF PERSONS RESIDING IN THE
PROJECT AREA AND THE NUMBER OF FAMILIES AND INDIVIDUALS TO BE
DISPLACED. IF OCCUPIED RESIDENCES ARE DESIGNATED FOR ACQUISITION
AND CLEARANCE, INCLUDE A SURVEY OF THE FAMILIES AND INDIVIDUALS TO
BE DISPLACED, INCLUDING THEIR INCOME AND RACIAL COMPOSITION, A
STATISTICAL DESCRIPTION OF THE HOUSING SUPPLY IN THE COMMUNITY,
INCLUDING THE NUMBER OF PRIVATE AND PUBLIC 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 DEMAND FOR HOUSING
IN THE COMMUNITY, AND THE ESTIMATED CAPACITY OF PRIVATE AND PUBLIC
HOUSING AVAILABLE TO DISPLACED FAMILIES AND INDIVIDUALS:
Not Applicable
XIV. A PLAN FOR ESTABLISHING PRIORITY FOR THE RELOCATION OF
PERSONS DISPLACED BY THE PROJECT IN NEW HOUSING IN THE PROJECT
AREA:
Not Applicable
6
XV. PROVISION FOR THE COSTS OF RELOCATING PERSONS DISPLACED
BY THE PROJECT AND FINANCIAL ASSISTANCE AND REIMBURSEMENT OF
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 ACQUISITION POLICIES ACT OF 1970, 42 U.S.C. 4601 TO 4655:
Not Applicable
XVI. A PLAN FOR COMPLIANCE WITH ACT NO. 227 OF THE MICHIGAN
PUBLIC ACTS OF 1972, WHICH PERTAINS TO PROVIDING FINANCIAL
ASSISTANCE, ADVISORY SERVICES AND REIMBURSEMENT OF CERTAIN
EXPENSES TO DISPLACED PERSONS:
Not Applicable
XVII. OTHER MATERIAL AS THE ECONOMIC DEVELOPMENT
CORPORATION, LOCAL PUBLIC AGENCY, OR GOVERNING BODY CONSIDERS
PERTINENT:
Not Applicable
7
EXHIBIT A
LEGAL DESCRIPTION
The front approximately 7 acres of the following described property:
Situated in the City of Wixom, Oakland County, Michigan, described:as: . •
- Description of a parcel of land in the Southeast 114 of Section 5, Town 1
North, Range 8 East, City of Wixom, Oakland County, Michigan, desbribed as:
Begihning at South 1/4 corner of Section, 5; thence from said point of
beginning North 00 degrees 12 minutes 25 teconds West, 1221.73 feet slang the
North and South 1/4 line of Section 5; thence due East 462.50 feet; thence
South 00 degrees 12 minutes 25 seconds East, 36.50 feet; thence due East 13.00
feet . thence North 00 degrees 12 minutes 25 seconds West, 36.50 feet; thence
due East 20.00 feet; thence South 00 degrees 12 minutes 25 seconds East.
1221.73 feet to a point on the South line of Section 5; thence along•said .
section line due West 495.50 feet to the point of beginning.
WARNING"" THE REGISTER OF DEEDS OFFICES WILL NO LONGER ACCEPT ANY
DOCUMENTS FOR RECORDING WITHOUT THE FOLLOWING TAX IDENTIFICATION
NUMBER(S) AND THE COMMONLY KNOWN ADDRESS APPEARING ON THE FACE OF
SAID oocumENT(s).
Parcel Identification No. 22-05-476-043 . .
Exhibit B
LETTER OF CREDIT OR
BOND PURCHASER'S COMMITMENT LETTER
Loan Approval for:
Glass & Mirror Craft Industries
Norman B. Levine
Presented By:
Comerica Bank
June 27, 2000
"We Listen, We Understand, We Make It Work"
OamencA
Comerica Bank
June 27, 2000
Mr. Norman B. Levine
C.E.O.
Glass & Mirror Craft Industries, Inc.
2111 Haggerty Road
Walled Lake, MI 48390
Dear Mr. Levine:
I am pleased to inform you that Comerica Bank ("Comerica") has agreed to make a
working capital loan, letter of credit and real estate line of credit (the "Loans") to Glass
& Mirror Craft Industries, Inc. and Norman B. Levine (the "Borrower") for those
purposes and on those terms and conditions set forth on the attached Term Sheet (the
"Loan Approval").
As a condition to funding the Loans, Comerica must be provided with all documents and
information required by Comerica in form and substance satisfactory to Comerica. A
further condition of closing the loans is Comerica's continued satisfaction with
Borrower's financial condition, operations, management and economic environment
which may be reviewed by Comerica at any time.
Please indicate your acceptance of this Loan Approval by signing below where
indicated, and return your signed copy of this letter to me within 7 days from the date
of this letter. Upon receipt of your acceptance, the $10,000 good faith deposit will
become non-refundable. If your written acceptance is not received by me within said
period of time, this Loan Approval shall automatically become null and void. This Loan
Approval may only be accepted as drawn, and may not be accepted in part,
conditionally or subject to modification. The Loans must be fully closed, it at all, on or
before September 30, 2000.
Please call me at (248) 442-9709 if you have any questions regarding the terms of this
Loan Approval or the closing of this transaction.
Sincerely,
Michael H. Cliff
Vice President & Assistant Group Manager
MAKING IT WOIUC
1 1--1 Omerh.-% 1
_.......j YEARS
5
Comeno,.
TERM SHEET
This Loan Approval is for discussion purposes only. It does not represent a commitment
to loan on the part of Comerica. If this Loan Approval meets with your acceptance, it is
then subject to the execution and delivery of all documents and information required by
Comerica in form and substance satisfactory to Comerica.
I. Working Capital Facility
Customer: Glass & Mirror Craft Industries, Inc.
Purpose: Repay all of the Customer's loans from Bank One and
provide working capital.
Amount: Up to $300,000, on a revolving basis.
Term: Payable upon demand.
Collateral: Accounts Receivable, Inventory, Machinery and Equipment.
Interest Rate: Floating Rate equal to Comerica's Prime Rate less 1/4%.
Closing Costs: Customer to reimburse Comerica for all out of pocket costs,
including legal fees, if any.
Comerica Accounts: Customer's primary bank accounts shall be maintained at
Come rica.
1
ComencA.:
II. IDRB Financing - Letter of Credit
(The following only addresses the letter of credit related to the IDRB issue. Specifics
regarding the actual issuance of the IDRB, including costs, will be in a separate letter).
Customer: Glass & Mirror Craft Industries (for equipment purchases).
An L.L.C. to be formed with Norman Levine and Robert
Muse as the owners (for real estate purchases).
Purpose: Finance capital expenditures.
Amount: The lesser of $6,000,000 or the Borrowing Formula.
Maximum amount to be drawn prior to September 30, 2001
will be $5,000,000. Additional $1,000,000 will be available
after September 30, 2001, subject to compliance with all
loan agreements.
Draws / Draw Period:
Amortization / Term:
Collateral:
Borrowing Formula:
Multiple draws to be allowed with all bond proceeds to be
drawn within three years from the date of issuance (subject
to compliance with all loan agreements).
The aggregate of the advances in each year to be repaid in
equal monthly principal payments, plus interest, based on a
ten year amortization (equipment) and a twenty year
amortization (real estate).
The initial term of the letter of credit will be five years.
New equipment to be purchased (initially approximately
$1,500,000).
Commercial real estate to be purchased / constructed
(approximately $3,500,000).
100% of the hard cost of equipment to be purchased.
The lesser of 100% of the appraised value or cost of Real
Estate collateral.
Letter of Credit Fee: 1.5% per annum, payable in advance each year based on
the average outstanding balance of the letter of credit.
2
Fees:
Cancellation Fee:
Closing Costs:
Personal Guaranty:
Corporate Guaranty:
Construction Draws:
Appraisal:
Environmental
Assessment:
A 1/4% one time closing fee.
If real estate is to be constructed:
A $1,000 construction monitoring fee payable at closing.
A $500 construction draw fee payable with each draw
against the real estate.
1/2% if canceled during the first year.
1/4% if canceled during the second year.
As in I. above.
Norman Levine, unlimited and secured by a $300,000
Continuing Collateral Mortgage on personal residence.
Robert Muse, unlimited and secured by a $300,000
Continuing Collateral Mortgage on personal residence.
Glass & Mirror Craft Industries, Inc., unlimited and secured
by a pledge of its assets.
To be monitored by Comerica so that sufficient funds are
reserved to complete the project.
Loan is subject to a real estate appraisal ordered by and
satisfactory to Comerica.
Loan is subject to an equipment appraisal satisfactory to
Comerica (minimum appraised value of $600,000).
Loan is subject to an Environmental Audit satisfactory to
Comerica.
Agreement: Loan is subject to an agreement containing financial
covenants.
3
comencA
Ill. Real Estate Loan / Line of Credit
Customer: Norman B. Levine.
Purpose:
Amount:
Term:
Collateral:
Refinance and Construct real property located in Atlanta,
Georgia (approximately $1.5 million), payoff Haggerty Road
property (approximately $170,000) and repay Officer's Loan
(approximately $250,000).
Lesser of $2,000,000 or the Borrowing Formula.
Twelve months from the date of closing.
Real Estate located at 2111 Haggerty Road.
Real Estate located in Atlanta, Georgia.
Borrowing Formula: 67% of the appraised value of the Haggerty Road Real
Estate collateral.
Interest Rate: Floating rate equal to Comerica's Prime Rate less 1/4%.
Fees: A 1/4% one time closing fee.
Closing Costs: As in I. above.
Corporate Guaranty: Glass & Mirror Craft Industries, Inc., unlimited and supported
by a pledge of its assets.
Appraisal:
Environmental
Assessment:
Loan is subject to an appraisal of the Haggerty Road
property ordered by and satisfactory to Comerica.
Loan is subject to an Environmental Audit of the Haggerty
Road property satisfactory to Comerica.
4
Personal Guarantors
Norman B. Levr-rib
comenok
ACCEPTANCE
The undersigned hereby accept this Loan Approval and agree to be fully bound by the
terms and conditions set forth therein.
June cV52---, 2000
- Glass & Mirror Craft Industries, Inc.
Norman B. Levine
C.E.O.
5
REPORTING REQUIREMENTS
Quarterly account receivable and account payable agings (when
Working Capital loans are outstanding)
Quarterly Customer prepared interim financial statements
Quarterly Covenant Compliance report
Annual CF(A_ Reviewenclinancial statements (beginning 6/30/00)
Annual Personal -St'aTements on Personal Guarantors
...7Comerick
INFORMATION REQUESTED TO PROCEED
Current Equipment List and/or any existing Appraisal of machinery and
equipment.
Copy of Letter of Intent/Purchase Agreement/Construction Contract
(new building).
Environmental Audits of Real Estate Collateral.
Exhibit C
COMPANY CERTIFICATE REGARDING
TRANSFER OF EMPLOYMENT
(Glass & Mirror Craft Industries, Inc. Project)
The undersigned, Glass & Minor Craft Industries, Inc., a Michigan corporation (the
"Company"), hereby certifies to The Economic Development Corporation of the County of
Oakland (the "EDC") as follows:
1. This Certificate is made and based upon the best of the Company's knowledge and
belief, only after thorough investigation and discussion with all owners of the Company and
others who might have knowledge regarding the subject matter.
2. The Company acknowledges that this Certificate will be employed by the EDC as
the sole basis for the EDCs certification to the Board of Commissioners of the County of
Oakland as to transfer of employment as required by Section 8(3) of the Economic Development
Corporations Act, Act No. 338 of the Michigan Public Acts of 1974, as amended (the
3. The Company understands that the EDCs Certification to the Board of
Commissioners of the County of Oakland is a statutory requirement which, if improperly made
or based upon any material misrepresentation or inaccuracy, might invalidate the proceedings
regarding the Glass & Mirror Craft Industries, Inc. Project (the 'Project") pursuant to which the
EDC expects ultimately to issue its limited obligation economic development revenue bonds to
finance all or part of the Project.
4. As of the date hereof, the Project shall not have the effect of transferring
employment of more than 20 full-time persons from a municipality (as that term is defined in the
Act) of this State to Wixom, Michigan, the municipality in which the Project will be located,
unless the Company has first obtained a consent to the proposed transfer of employment from the
governing body of each municipality from which employment is to be transferred..
5. The Company understands that a covenant to effectuate the purposes of this
Certificate will be included in those covenants to be made by the Company when bonds are
issued by the EDC for the benefit of the Project.
Glass & Mirror Craft Industries, Inc.,
a Michigan corporation
By:
Its:
Dated:
?Rats/ zavarer-
AzhAit D
COMPANY CERTIFICATE REGARDING
PAYMENT OF PREVAILING WAGES
(Glass & Mirror Craft Industries, be, Project)
The undersigned, Glass & Mirror Craft Industries, Inc., a Michigan corporation (the
"Company"), hereby certifies to The Economic Development Corporation of the County of
Oakland (the "EDC") as follows:
I. The Company understands that this Certificate is a statutory requirement under
the Economic Development Corporations Act, Act No. 338 of the Michigan Public Acts of 1974,
as amended (the "Act") which, if improperly made or based upon any material misrepresentation
or inaccuracy, might invalidate the proceedings regarding the Glass & Mirror Craft Industries,
Inc. Project (the "Project") pursuant to which the EDC expects ultimately to issue its 'limited
obligation economic development revenue bonds to finance all or part of the Project
2. Within the meaning and intent of Section 8(4)(h) of the Act, all persons
performing work on the construction of 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 Michigan Public Acts of 1965, as amended.
Glass & Mirror Craft Industries, Inc.
By:
• Its:
Dated:
A:Wastet M2ADa1dend DC - Project Plan raguLdoc
•
Resolution #00205 August 10, 2000
Moved by Palmer supported by Dingeldey the resolution be adopted.
AYES: Jensen, Law, McCulloch, McPherson, Melton, Millard, Moffitt,
Obrecht, Palmer, Patterson, Sever, Suarez, Taub, Amos, Appel, Buckley,
Causey-Mitchell, Colasanti, Coleman, Dingeldey, Douglas, Galloway,
Gregory. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
E FOREGOING RESOLUTIO'' I HEREBY
L. Brooks P Date ison, County Executive Date
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, 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 August 10, 2000 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 10,Ah day/tf August, 2000.
G.. William Caddell, County Clerk