HomeMy WebLinkAboutResolutions - 2003.04.17 - 27038AND BUILDING COMMITTEE
Planning & Building Committee Vote:
Motion carried on unanimous roll call vote
April 17, 2003
MISCELLANEOUS RESOLUTION #03076
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
IN RE: PLANNING AND ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION
APPROVING PROJECT PLAN (GRAPH-TECH, INC. PROJECT) - CITY OF PONTIAC
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 Pontiac, 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.
THE ECONOMIC DEVELOPMENT CORPORATION
OF THE COUNTY OF OAKLAND
Oakland County, Michigan
Graph-Tech, 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 Commitment Letter
"C" - Company Certificate Regarding Transfer of Employment
"D" - Company Certificate Regarding Payment of Prevailing Wages
PROJECT PLAN
SUMMARY DESCRIPTION OF
GRAPH-TECH, INC. PROJECT
OWNER OF PROJECT:
Graph-Tech, Inc., and its wholly-owned subsidiary, Hydrodynamic Technologies, Inc.
CONTACT PERSON: (Name, address, telephone number)
Gary A. Webb, President
Graph-Tech, Inc.
1280 Doris Road
Auburn Hills, MI 48326
(248) 377-9977
LOCATION OF PROJECT: (Local municipality)
30 Silverdome Industrial Drive West
Pontiac, Michigan
PROJECT AREA/DISTRICT AREA: See Exhibit A
NATURE OF PROJECT:
Manufacturing facility to hydroform metal tubular parts for automotive and appliance
industries.
EMPLOYMENT CREATED OR RETAINED:
43 jobs retained
11 new permanent jobs
TOTAL PROJECT COST: $3,000,000
BONDS TO BE ISSUED: $2,600,000
LETTER OF CREDIT ISSUER: Standard Federal Bank
By:
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PROTECT PLAN CERTIFICATION
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 MICHIGAN
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 REQUIRED AND, IF IT
CONTAINS ANY MATERIAL MISREPRESENTATION OR
INACCURACY, COULD RESULT IN THE INVAIIDATION
OF THE ECONOMIC DEVELOPMENT CORPORATION
PROCEEDINGS REGARDING THE PROJECT TO WHICH
THE PROJECT PLAN PERTAINS.
GRAPH-TECH, INC.
Its: -Pre. S
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42
PROJECT PLAN
STATUTORILY REQUIRED INFORMATION REGARDING
GRAPH-TECH, 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:
Legal description of Project Area attached as Exhibit A.
II. 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:
The following are alterations being made to existing building:
- Raising of roof to accommodate press heights
- (3) press pit installation for press footings
- Concrete footings for steel columns for crane installation
- Additional overhead door
- Building general fix up and paint
- Upgrade plumbing, electrical and lighting
May 2003 through November 2003
III. 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:
Purchase of a 32,430 square foot manufacturing facility at a cost of $1.4 million.
Improvements to the facility as outlined above at a cost of $320,000. Acquisition of equipment
and renovation of equipMent at a cost of approximately $1.1 million. Professional and
fmancing fees of $180,000.
A-3
IV. A DESCRIPTION OF THE CONSTRUCTION OR STAGES OF
CONSTRUCTION PLANNED, AND THE ESTIMATED TIME OF COMPLETION OF
EACH STAGE:
Purchase facility - Spring 2003
Complete renovation - Complete Fall 2003
V. A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO BE LEFT
AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE:
The existing green space on the outside of the building is to be left the same as is today -
approx. 20% of the property area.
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
COMMITMENT LETTER:
Issuance of tax exempt bonds in the amount of $2.6 million secured by a letter of credit from
Standard Federal Bank. See attached commitment letter.
IX. A STATEMENT REGARDING THE PAYMENT OF PREVAILING WAGE
AND FRINGE BENEFIT RATES AS DETERMINED PURSUANT TO ACT NO. 166 OF
A-4
_ -
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:
Gary Webb - President
Kim Spencer - Controller
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 Project is being undertaken for the benefit of Graph-Tech, Inc., and its wholly-owned
subsidiary, Hydrodynamic Technologies, Inc.
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
A-5
•
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
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
Exhibit A
PROJECT AREA LEGAL DESCRIPTION
Parcel ID
14-27-400-016 CITY OF PO.NTIAC-
Property Dexcriphon
TIN, R10E, SEC 27 PART OF SE 1/4 BEG AT PT DIST N 87-51-49 E 550.08 FT 84N 0 2 -25-
10 W 260 FT FROM S 1/4 COR, THN 02 -25-10 W 235 FT, TH ALG CURVE TO RIGHT, -
RAD 353.93 FT, CHORD BEARS N 06-47-36 E 113.33 FT, DIST OF 113.82 FT, TH N 87-34-
50 E 316.85 FT, TH S 02-25-10 E SOFT, TH S 87-34-50 W 35 FT, TH S 02-25-10 E 298.35 FT,
TH S 87-51-49 W 300.FT TO BEG 2.41 AFR 011
Exhibit B
LETTER OF CREDIT COMMITMENT LETTER
B-1
Standard Federal Bank
Member ABS AMRO Group
2600 West Big Beaver Road
Mail Code M0900-280
Troy, Michigan 48084
248/816-5418
February 27, 2003
Mr. Gary A. Webb
President
Graff-Tech, Inc. and HydroDynamic Technologies, Inc.
1280 Doris Rd.
Auburn Hills, MI 48326
Personal and Confidential
Dear Gary:
Standard Federal Bank is providing you this *Terri' SheetTM, as an outline of the terms and conditions that have
been approved by our Bank's Credit Committee. This letter contains only an outline of the terms and conditions
and is for discussion purposes only. A formal "Commitment Letter is being prepared by Bank's Counsel
which will be inclusive all terms and conditions, and shall represent the commitment to lend from the Bank.
The Commitment Letter will superseed this Term Sheet.
Proposed Credit Terms:
• Credit Facility B1
Borrower: Graff-Tech, Inc. and HydroDynamic Technologies, Inc. (co-obligors)
Type of Credit: Line of Credit
Purpose: Working Capital
Amount: $1,000,000
Interest Rate: Standard Federal Bank Prime plus 25 bps, floating
Fees: $1,000 commitment fee.
Term: 365 Days from Closing.
Repayment: Interest only payments required monthly
Security: Secured by a first lien on all assets of Graff-Tech, Inc. and HydroDynamic
Technologies, Inc. Cross-collateralized and cross-defaulted with all loans
to Graph-Tech and HydroDynamic Technologies, Inc.
Borrowing Base: • The line of credit is subject to a borrowing base formula of 80% of eligible
under 90 day accounts receivables of both Graff-Tech and HydroDynamic
Technologies, Inc..
February 27, 2003
Page 2
Guaranty: Personal guaranties of Tommie and Kathleen Price and Gary Webb and
their trusts, if any.
Subordinated Debt: Subordination of $252,498 of debt owed to Tommie and Kathleen Price.
Covenants: TBD based on 12/31/02 financial statements.
Conditions: Pre-loan field audit satisfactory to the Bank.
4:44‘14 u0o
Equipment Appraisal resulting in a minimum forced sale value of $68070130
on existing equipment owned by Graph Tech and Hydrodynamic
Technologies, excluding computer equipment, office furniture/ equipment,
and lot Items.
Receipt and satisfactory review of the 12/31/02 CPA Compiled financial
statements of Graph Tech and Hydrodynamic Technologies on a
consolidated basis.
Updated personal financial statements and 2002 tax return (if filed) on the
guarantors.
Borrowers to open and maintain all depository and cash management
accounts with Bank.
ReportingRequirements: The borrower is required to furnish the following:
• Monthly accounts receivable and payable agings.
• Monthly Borrowing Base Certificate (Standard Federal form to be
provided).
• Quarterly CPA Compiled financial statement on a consolidating basis.
• Annual CPA Reviewed financial statement on a consolidating basis.
• Quarterly work-in-process schedule for Borrowers.
• Annual Field Audits performed by Standard Federal Bank.
• Annual personal financial statements and tax returns of the guarantors.
Credit Facility fi2
' Borrower: Graff-Tech, Inc. and HydroDynamic Technologies, Inc. (co-obligors)
Type of Credit: Equipment Term Loan
Purpose: Refinance existing equipment debt with Citizens Bank.
Amount: $200,000
Interest Rate: Standard Federal Bank Prime plus 25 bps, floating
Fees: $500 commitment fee.
Form Revision No. 3 (03198) Oslanclard federal WOW-tech .4erinslise12.doc
February 27, 2003
Page 3
Term:
Repayment:
Security:
365 Days from closing.
Principal and Interest payments based on a 60 month amortization.
Secured by a first lien on all assets of Graff-Tech, Inc. and HydroDynamic
Technologies, Inc. Cross-collateralized and cross-defaulted with all loans
to Graph-Tech and HydroDynamic Technologies, Inc.
Guaranty: Personal guaranties of Tommie and Kathleen Price and Gary Webb, and
th ar4i. , if any.
of
&it/
MD
Subordinated Debt: Subordination of $252,498 of debt owed to Tommie and Kathleen Price.
Covenants:
Conditions:
Reporting
Requirements:
TBD based on 12/31/02 financial statements
4416 000
Equipment Appraisal resulting In a minimum forced sale value of WANG
on existing equipment owned by Graph Tech and Hydrodynamic
Technologies, excluding computer equipment, office furniture/ equipment,
and lot items.
Receipt and satisfactory review of the 12/31/02 CPA Compiled financial
statements of Graph Tech and Hydrodynamic Technologies on a
consolidated basis.
Updated personal financial statements and 2002 tax return (if filed) on the
guarantors.
Borrowers to open and maintain all depository and cash management
accounts with Bank.
The borrower is required to furnish the following:
• Monthly accounts receivable and payable agings.
• Monthly Borrowing Base Certificate (Standard Federal form to be
provided).
• Quarterly CPA Compiled financial statement on a consolidating basis.
• Annual CPA Reviewed financial statement on a consolidating basis.
• Quarterly work-in-process schedule for Borrowers.
• Annual Field Audits performed by Standard Federal Bank.
• Annual personal financial statements and tax returns of the guarantors.
Pre-loan field audit satisfactory to the Bank,
Form Revision No.3 (03/98) cAstarldard federal wikrary-tech - tem shee12.doe
Subordinated Debt:,
Covenants: TBD, based on 12131/02 CPA prepared financial statements.
Subordination of $252,498 of debt owed to Tommie and Kathleen Price.
February 27,2003
Page 4
Credit Facility #3
Borrower Graff-Tech, Inc. and HydroDynamic Technologies, Inc. (co-obligors)
Type of Credit: Letter of Credit
Purpose: Support Industrial Revenue Bond issuance, the proceeds of which will be
used to purchase a new building and several new pieces of machinery and
equipment.
Amount: $2,600,000
Interest Rate: N/A
-
Fees: 1.00% ($26,000) commitment fee.
1.50% Letter of Credit Fee per annum if Total Liabilities/ Tangible Net
Worth exceeds 3:1, and 1.25% % Letter of Credit Fee per annum if Total
Liabilities/ Tangible Net Worth are below 3:1.
Term: 5 years from closing.
Repayment:
Security:
Monthly principal and iterest based on a blended 20 year amortization,
with the real estate portion ($1,120,000) amortized over 20 years, the
equipment portion ($1,480,000) amortized over 7 years, and the first 6
months of the bonds interest only. Schedule to be provided.
Secured by a first lien on all assets of Graff-Tech, Inc. and HydroDynamic
Technologies, Inc. Cross-collateralized and cross-defaulted with all loans
to Graph-Tech and HydroDynamic Technologies, Inc.
And
Secured by a 2nd lien on existing real estate property located at 1280
Doris, Rd., Auburn Hills, MI (1" mortgage with Citizens Bank with a
balance of $900,000); and first lien on new real estate property to be
purchased, located at 30 Silverdome Industrial Street, Pontiac, MI. Cross-
collateralized and cross-defaulted with all loans to Graph-Tech and
HydroDynamic Technologies, Inc.
Guaranty: Personal guaranties of Tommie and Kathleen Price and Gary Webb, and
their trusts, if any.
Form Revision No.3 (03/98) cAstandard federal wifitraff-tech - ten sheet2.doc
February 27, 2003
Page 5
Conditions: Receipt and satisfactory review of an appraisal on real estate located at 30
Silverdome Industrial Park, resulting in a minimum value of $1,400,000.
The property at 1280 Doris Rd. would be released from the collateral pool
upon payment of a release price equal to 100% of the net sales proceeds
of the property, but shall not be less than $280,000. The proceeds will be
applied to first the $200,000 term loan (credit facility #2), and second: to
the line of credit (credit facility #1).
Receipt and satisfactory review of the Phase I environmental audit on 30
Silverdome Industrial Park, and SFB environmental review of the 1280
Doris Rd. property.
Reporting Requirements: The borrower is required to furnish the following:
• Monthly accounts receivable and payable agings.
• Monthly Borrowing Base Certificate (Standard Federal form to be
provided).
• Quarterly CPA Compiled financial statement on a consolidating basis. 7.70 gameg
• Annual CPA Reviewed financial statement on a consolidating basis. —1
• Quarterly work-in-process schedule for Borrowers.
• Annual Reid Audits performed by Standard Federal Bank.
• Annual personal financial statements and tax returns of the guarantors.
Closing Costs: The borrowers are responsible for all reasonalbe third party costs
associated with the closing of all the above loans, Including but not limited
to attorney fees, title insurance, surveys, appraisals, etc.
STANDARD FEDERAL BANK, N.A.
By: k -cQ3
Michael Land
Its: Vice President
Accepted By:
GRAPH TECH, INC. AND HYDRODYNAMIC TECHNOLOGIES, INC.
Form Revision No.3 (03198) cAstandard federal w1Mgratf-tech • term sheet2.doc
By; 6/21_72,,e(ik
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Exhibit C - —
COMPANY CERTIFICATE REGARDING
TRANSFER OF EMPLOYMENT
(Graph-Tech, Inc, Project)
The undersigned, Graph-Tech, 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 Imowledge
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 EDC's 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 "A.ct"):
3, The Company understands that the EDC's 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 Graph-Tech, 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 have the effect of transferring
employment of more than 20 full-time persona from a municipality (as that term is defined in
the Act) of this State to Pontiac, Michigan, the municipality in which the Project will be
located, but a consent to such. transfer will be obtained from the City of Auburn Hills prior to
the Bond closing.
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.
GRAPH-TECH, INC., a
Michigan corporation
"fre...sio1gd--(t-
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Exhibit D
COMPANY CERTIFICATE REGAR.D1NG
PAYMENT OF PREVAILING WAGES
(Graph-Tech, Inc.. Project)
The undersigned, Graph-Tech, Inc., a Michigan corporation (the "Company"), hereby
certifies to The Economic Development Corporation of the County of Oakland (the "EDC") as
follows:
1. 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 Graph-Tech,
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 Nu. 166 of the Michigan Public Acts of 1965, as amended..
GRAPH-TECH, INC.
Its :
Dated: ____64.1>
G:\ElEcanDev10a1rJantNIONIATlydrodyr•VProjacl PIAmiloc
II
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CITY OF AUBURN HILLS.- -
RESOLUTION - -
CONSENTING TO THE TRANSFER OF EMPLOYMENT
FROM THE CITY OFA UBURN HILLS
TO THE CITY OF PONTIAC
HYDRODYNAMIC TECHNOLOGIES, INC,
At a regular meeting of the City Council of the City of Auburn Hills, Oakland County, Michigan,
held in the Council Chambers at 1827 N. Squirrel Road, Auburn Hills MI 48326 at 7:30 p.m., on the 24th
day of February, 2003
The following resolution was offered by Council Member Knight and supported by Council
Member Newkirk:
• WHEREAS, HydroDynamic Technologies, Inc., a Michigan corporation (the "Company"), which
presently operates a manufacturing facility in the City of Auburn Hills, desires to acquire, renovate and
equip an existing facility in the City of Pontiac to which it intends to transfer more than 20 full-time
employees from its present location in the City of Auburn Hills; and
WHEREAS, acquisition, renovation and equipping of the City of Pontiac facility by the Company
is to be financed in part thraigh the issuance of limited obligation revenue bonds by The Economic
Development Corporation of the County of Oakland; and
WHEREAS, Section 8(3) of the Economic Development Corporations Act ("EDC Act") requires a
consent by resolution of the governing body of any municipality from which employment of more than 20
full-time persons is to be transferred by reason of the completion of a project for which revenue bond
financing under the EDC Act is sought.
NOW, THEREFORE, the Auburn Hills City Council hereby adopts the following resolutions:
1. The City Council hereby consents to such transfer of employment from the City of Auburn
Hills to the City of Pontiac as may result from the Company's project to be financed in
part with revenue bonds by The Economic Development Corporation of the County of
Oakland
2. The City Clerk be and is hereby directed to deliver a certified copy of this Resolution to
The Economic Development Corporation of the County of Oakland.
3. All resolutions and parts of resolutions insofar as they conflict with the provisions of this
Resolution be and the same hereby are rescinded.
AYES:
NAYS:
ABSENT:
ABSTENTIONS:
Mayor Harvey-Edwards, Mayor Pro Tern Pillsbury, Council Members
Knight, McDonald, Newkirk
None
Council Members Kittle, Sendegas
None
RESOLUTION ADOPTED
STATE OF MICHIGAN)
)SS
COUNTY OF OAKLAND)
I, the undersigned, the duly appointed City Clerk for the City of Auburn Hills, Oakland County,
Michigan do hereby certify that the foregoing is a true and Qmplete copy of a resolution adopted at a
regular meeting of the Auburn Hills City Council held on the 24 - day of February, 2003.
IN WITNESS WHEREOF, I have hereunto affixed my official signature on this 25`" day of
February, 2003.
J.
Linda F. Shannon, City Clerk
0:IderksIC/TY COUNCILIRESOLUTIONSIemployment trasnfer hycirodynarnic.00C
....
• .
Resolution #03076 April 17, 2003
Moved by Bullard supported by Coulter the resolutions on the Consent Agenda, as amended, be adopted
(with accompanying reports being accepted).
AYES: Coleman, Coulter, Crawford, Douglas, Gregory, Jamian, Knollenberg, Law, Long,
McMillin, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Zack, Bullard. (20)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolutions on the Consent Agenda, as amended, were
adopted (with accompanying reports being accepted).
tf I 4 HEREBYJOSPRCrit 1-(0i.:6011\1( RE04.,!+--
I1‘17
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 April 17, 2003,
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 17th day of April, 2003.
G. William Caddell, -County Clerk