HomeMy WebLinkAboutResolutions - 2005.11.10 - 27949REPORT (misc. 105261) November 10, 2005
BY: Planning and Building Committee, Charles Palmer, Chairperson
RE: MR #05261 - Board of Commissioners - Resolution Accepting Request from the City
of Pontiac for Local Assistance Project through the Oakland County Building Authority
TO: The Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
The Planning and Building Committee, having reviewed the above titled resolution
on November 1, 2005, reports with the recommendation that the resolution be adopted.
Chairperson, on behalf of the Planning and Building Committee, I move acceptance
of the foregoing report
PLANNING AND BUILDING COMMITTEE:
Motion carried unanimously on a roll call vote with Molnar absent.
MISCELLANEOUS RESOLUTION # 05261
BY: Commissioners Mattie McKinney Hatchett, District #10 and Tim Melton, District #11
IN RE: BOARD OF COMMISSIONERS - RESOLUTION ACCEPTING REQUEST
FROM THE CITY OF PONTIAC FOR LOCAL ASSISTANCE PROJECT
THROUGH THE OAKLAND COUNTY BUILDING AUTHORITY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, on October 6, 2005, the City Council of the City of Pontiac adopted a resolution
authorizing the Finance Director of the City of Pontiac to submit an application (the
"Application") for local assistance from the County of Oakland (the "County") through the
Oakland County Building Authority (the "Authority") to finance the approximately $19.6 million
project described in Appendix A attached hereto (the "Project") which Application has been
submittei, and
WHEREAS, the Project consists of the financing of cash expenditures made to the Phoenix
Plaza, as part of the Plaza's Master Plan, including construction of stairs and other improvements
to the Amphitheater; and
WHEREAS, the Project also includes financing of additional improvements, most notably, the
addition of permanent seating in the Amphitheater; and
WHEREAS, the Project includes refinancing of all or a portion of the currently outstanding City
of Pontiac General Building Authority Bonds, Series 2002. The amount of such refunding will be
determined at the time of the sale; and
WHEREAS, in order for the County to proceed with processing the Application, the Board of
Commissioners must adopt a resolution approving the request, and.
WHEREAS, the Board of Commissioners wishes to authorize proceeding with the steps to be
followed for the Project.
NOW, THEREFORE, BE IT RESOLVED THAT THE BOARD OF COMMISSIONERS OF
THE COUNTY OF OAKLAND, pursuant to the policy and procedures established in
Miscellaneous Resolution #01182, accepts the application from the City of Pontiac for the
"Project" requesting local assistance from the County of Oakland through the Oakland County
Building Authority for the financing of an approximately $19.6 million project (as described in
the application); and
n . -U7
M. tti e MéKinney HaXlfett
Chairperson, we m ye the adoption of the foregoing resolution,
Tim Melton
BE IT FURTHER RESOLVED, that:
1. The Project described in Appendix A attached hereto is authorized to be received and
referred to the Planning and Building Committee.
2. The Review Committee provided for by Miscellaneous Resolution #01182 adopted by
this Board of Commissioners on July 19, 2001 (the "Resolution") shall proceed to review
the Project and submit a recommendation, in accordance with the Resolution approved by
the Board of Commissioners.
3. All activities involved in the refinancing of existing bonds and financing of new debt for
this Project shall comply with the standing lines of the Board of Commissioners,
Miscellaneous Resolution #01182 and the procedures established by Oakland County for
Local Assistance Projects funded through the Oakland County Building Authority.
BE IT FURTHER RESOLVED, that following the Board of Commissioner's approval of the
City of Pontiac application for a Local Assistance Project through the Oakland County
Builcing Authority, the Oakland County Board of Commissioners will initiate through its
committee process the consideration of a Resolution Authorizing Publishing the Notice of
Intent and Approving Contract, a Resolution Approving the Refunding and a Resolution
Approving Sublease with the City of Pontiac, if applicable.
Commissioner, District #10 Commissioner, District #11
COUNTY OF OAKLAND
APPLICATION FOR ASSISTANCE WITH LOCAL BUILD' Ego
Application No:
Date Received:
(7/31/00)
I. Authorizing Resolution
Submit certified copy of Authorizing Resolution. A
sample form of authorizing resolution is included in
the Application package. This must be attached as
Attachment A.
II. INFORMATION CONCERNING THE APPLICANT
A. Municiality's Name and Address
City of Pontiac
47450 Woodward Ave.
Pontiac, Michigan 48342
B. Contact Person, Title, and Phone/Fax N
J. Edward Hannan, Finance Director
47450 Woodward Ave.
Pontiac, Michigan 48342
(P) 248-758-3002 (F) 248-758-3170 (E) ehannan@pontiac.mi.us
C. Municipality's Background
Please provide a brief description of the municipality
including: 1) Act incorporated under; 2) date of
incorporation; 3) names and titles of executive officers
and governing board;
The City of Pontiac is a Home Rule City under the provisions
of Public Act 279 of 1909 as amended. The City was incorporated
on March 15, 1961. Located in the heart of Oakland County, the
City is the County Seat, and has a land area of approximately 20
square miles.
City Officials are listed on the following page:
2
CITY OF PONTIAC OFFICIALS:
MAYOR - Willie W. Payne
DEPUTY MAYOR - Michael Willis
DEPARTMENT HEADS:
Finance- J. Edward Hannan
DPW/U- Art Mitchell
Community Development- Roger Minard
Community & Human Services- Portia Fields
Fire- Wliburt McAdams
Police- Rollie Gackstettar
euman Resources- Larry Marshall
Law- Mark Hotz
50.°1 District Court- Leo Bowman
Commercial & Industrial Dev - Patricia Goodwin
CITY COUNCIL:
Everett Seay, President, District 7
John Bueno, President Pro-Tem, District 3
Arthur McClellan, District I
Kone'Bowman, District 2
Susan Shoemaker, District 4
Joseph Hansen, District 5
Charlie Harrison III, District 6
LEGISLATIVE AUDITOR - Wayne Belback
CITY CLERK - Vivian Spann
D. Municipality's Current Financial Status
1. Complete financial questionnaire and attach as
Attachment B.
2. Most recent Audit.
III. INFORMATION CONCERNING THE PROPOSED PROJECT
A. Narrative Description of Project
Please describe any renovations or additions to an existing
facility; nature of new construction; and description of
new furnishings and equipment to be purchased. Include
square footages where applicable.
The Project includes the financing of cash expenditures related to
Improvements made to the Phoenix Center in Downtown Pontiac, The Project
also includes (to the extent economically viable) a refinancing of bonds
issued in 2002 for repairs to the facility,
The Phoenix Center is a 3 story, 2300 space above ground parking
structure, with a park/amphitheater on top of the facility.
(continued on the attached sheet)
[Use additional paper if necessary]
B. Location of Project
Address and/or Street intersections
Water Street / S. Saginaw; Pontiac MI 48342
Size of project site: Approximately 8 acres
Attach legal description of property involved (Attachment
C).
Attach site plan and area map (Attachment D).
Attach preliminary title certification (Attachment E).
Attach environmental certification (Attachment F)
3
(continued from III..A, pg. 3)
The plaza was designed to accommodate fixed seating of
3,000 with additional space for 3,000 lawn seating. The
stage area is approximately 2,900 square feet and includes
dressing rooms, administrative area and a gathering
space/dining area for performers. It is designed to
accommodate major touring outs and symphony orchestras.
7
C. Financial Projections
1. How is project to be paid for?
The Project will be paid from a combination of bond proceeds
and tax increment revenues.
2. If facility is to be revenue producing, please attach
revenue schedules and projection. See Attached
Schedule
D. Project Financing and Costs (Excludes Refunding)
County Building Authority Bond Proceeds $11,135,000 *
*Current estimate - net
Other Financing Source 2,809,492
Total Project Costs: 13,944,492
E. Proposed Project Costs (See Attached Schedules)
ITEM AMOUNT
AJE Services
Land
Site Development
Building Construction
Furniture and Equipment
Other
Contingency
Total Project Cost
Building Authority Charge
% of the Project Cost
Total
4
SCHEDULE OF ESTIMATED REVENUES DEBT SERVICE AND COVERAGE
Fiscal Year Revenues TWA '97 TWA '99 TIFA '02 GBA '02 Proposed Total Coverage Surplus
2005106 $4,929,100 $197,800 $376,950 $1,460,263 $726,619 $500,000 $3,261,632 1.51 $1,667,468
2006/07 $4,503,400 196,500 375,200 1,458,512 720,288 500,000 3,250,500 1.39 $1,252,900
2007108 $4,133,200 199,750 378,000 1,457,400 718,725 500,000 3,253,875 1.27 $879,325
2008109 $4,133,200 197,100 379,900 1,456,560 721,700 500,000 3,255,250 1.27 $877,950
2009/10 $4,133,200 199,000 375,900 435,500 718,981 856,000 2,585,381 1.60 $1,547,819
2010/11 $4,133,200 200,000 376,450 433.406 720,800 856,000 2,586,656 1,60 $1,546,544
2011/12 $4,133,200 219,000 376,100 430,750 721,850 856,000 2,603,700 1.59 $1,529,500
2012/13 $4,133,200 199,300 374,850 432,531 722,045 856,000 2,584,726 1.60 $1,548,474
2013/14 $4,133,200 197,600 377,700 433.469 726,370 856,000 2,591,139 1.60 $1,542,061
2014/15 $4,133,200 200.000 379,200 433.563 729,395 856,000 2,598,158 1.59 $1,535,042
2015/16 $4,133,200 196,050 379,350 432,813 730,895 856,000 2,595,108 1.59 $1,538,092
2016/17 $4,133,200 196,200 383,150 431,219 731,395 856,000 2,597,964 1.59 $1,535,236
2017/18 $4,133,200 380,150 433,781 735,383 856,000 2,405,314 1.72 $1,727,886
2018/19 $4,133,200 380,800 435,219 738.089 856,000 2,410,108 1.71 $1,723,092
1019/20 $4,133,200 379.650 430,531 739,169 856,000 2,405,350 1.72 $1,727,850
2020/21 $4,133,200 376,700 435,000 738,706 856,000 2,406,406 1.72 $1,726,794
2021/22 $4,133,200 351,950 433,063 741,294 856,000 2,382,307 1.73 $1,750,893
2022/23 $4,133,200 337,200 746,269 856,000 1,939,469 2.13 $2,193,731
2023/24 $4,133,200 321,550 746,631 856,000 1,924,181 2.15 $2,209,019
2024/25 $4,133,200 749,113 856,000 1,605,113 2.58 $2,528,087
2025/26 $4,133,200 749,717 856,000 1,605,717 2.57 $2,527,483
2026/27 $4,133,200 753,431 856,000 1,609,431 2.57 $2,523,769
Total $2.398,300 $7,060,750 $11,463,570 $16,126,865 $17,408,000 $54,457,485
SUMMARY OF PROJECT COSTS
Paid Costs:
Master Plan $9,265,801
Stairway Consti notion 3,422,134
Heat Trace 360,528
NTH Consultants 85,858
Total Paid $13,134,321
Unpaid:
Master Plan Contract Balance $65,910
Conti act Retention 487,674
NTH Contract Balance 6,142
Permanent Seating 250.445
Total Unpaid $810,171
Total Project Cost $13,944,492
Colasanti Contract
Phoenix Center Master Nan
10/12/05
$9,819,385
$9,265,801
65,910
487.674
$9,819,385
OCT-12-20105 12:53 CITY OF PONTIAC 246 857 5713 P.03
DATE INVOICE NO, 'AMOUNT DOCUMENT NO. CHECK NO. `CHECK DATE
1215/03 5536 $1,427,601.00 1-2124595 439425 1/29/04
12/17/03 5647 $1468,088.00 1-2122861 438607 ..—.... 1/8/04
2/4/04 6567 $906,761.00 1-2129409 441860 , 4/6/04
3/29/04 5600 $1,018,229,00 -213099 442532 430 04
5 - 04 5621 $1,201,956.00 /-2133701 444039 6110/04
5/31 04 58-6 18,259.00 1-213:954 445664 8/5/04
6/3004 5670 9351,092.00 1-2138441 446391 — 8/27/0Z
7/30704 5681 4699,006.00 1-2139911 447106 9/17/04
8/30/04 5693 $740,877.001-2144202 449381 11719/04
9/30104 5710 $786,324.00 1-2146018 450188 12117/04. ........
s 10/31 04 5727."— $895,013.00 1-2147502 450974 1/204715.
11/30104 5746 $85,348.00 1-2147692 451135 .— 1/25/05
12/22/04 5754 $285,247.00 1-2154404 454011 4/28/05
OTAL: $9,265,801.00 4.-.4 ..........
TOTAL CONTRACT TO DATE
TOTAL CONTRACT PAID TO DATE
CONTRACT BALANCE
RETENTION OWED
COLASANT1- PHOENIX CENTER STAIRS ( 5 New Construction )
Date Amount of frivt Inv, No. -Check No. Check Date
--gm-1 orW-758.(76.7— 41 81 437633 12/4776
9/15103 $589,678.00 5476 435489 9/15/03
11124/03 $1,301,831.00 5527 437633 12/4/03
,.. 5/6/04 $188,784,00 5622 4440394 6/10/04
8130/04 $276,694.00 5691 448900 11/5/04
8/30/04 $65,520.00 5692 448900 1115/04
3/29/04 5142,889.00 . _ 5601 r 446900 11/5/04
OTAL $3,422,134,00
COLASANTI -13HOENIX CENTER ( Heat Tracing Drain Pipes )
'
Date TAmount of InvnInv. No. _ Check No. Check Date
12/22/04 $ 360,528.00 _ 5755, 45531Z ' 4/7/051
TOTALS: MASTER PLAN
STAIRS
HEAT TRACE
NTH Cormu1tanta
$ 9,819,365.00
3,422,134.00
360,528.00
92,000,00
$ 13,694,047.00
Ze-T-t-L.sa
ARCI-IITECTUKE
Fixed Seating
Pontiac Phoenix Center
Pontiac Growth Group
BID DATE: January 6, 2005
TMP Protect No.: 030221
Page 1 ot 1
BID TABULATION
i 1 BID
[ Remarks CONTRACTOR SECURITY ADDENDA BASE BID ALT 6 ALT. 8 Unit Price .
5% 1A One Color Two Color Per chair
Logo Logo
Interkei LLC
fttzr.-tv•-t---Y4*-9 (3 y 1--rrN r Yes Yes $ 250,445.00 $ 8,086.00 $ 9,321.00 $ 80.00
American Seating Company
406 Chair $15.000.00 Yes $ ,258.011.73 $ 5334.66 $ 10,369.62 $ 89.55
Irwin Sating Company
Patriot Chair Yes Yes $ 292.925.00 $ 3,700.00 $ 3,700 00 $ 97.75
Architectural Systems Group Voluntary Alternate to provide -Olympiad Style Chair
(Hussey Seating - Medallion Chair) Yes Yes $298,830.00 $ 7,330.00 $ 9,040.00 $ 99.00 Deduct $ 28,900.00
. _
5i'O.f %-r.17s5-
5- SNORT- 05= 3,D.0
oAZOOM0302244Ung hidlab.dac
IMP ASSOCIATES INC
MET SQUASE LAXE ROAD • BOX 2139 • BLOOMFIELD HILLS • MICHIGAN • 4003
211- 248.338.4561 rx • 248.330.0223 EM • INFOOTMP-AROFFFECTURE.COM
F. Proposed Project Schedule:*
ITEM START & FINISH DATES
Project Description
(Scope of Work)
Selection of Architect/Engineer
and/or Construction Manager
Design
Bid/Award
Construction
Commissioning
Move-In
* Except for addition of permanent seating and payment of retainage,
the project is complete..
STATUS OF PROJECT
A. Funds Expended
Have any funds been expended to date on this project, and
if so, for what purpose, in what amount and when?
To date, $13,134,321 has been spent through available
Balances and advances from the City. These funds were spent
Between December, 2003 and April, 2005.
B. Construction Timetable
Start of Site Preparation July, 2002
Start of Construction July, 2003
Completion Spring, 2006
C. Proposed Architects or Engineers
Colasanti
5
D. Property Ownership
Name and address of current owner(s) of the project
property:
City of Pontiac General Building Authority
8 North Saginaw
Pontiac, Michigan 48342
Applicant's Legal Counsel
Address: Miller & Stone
47450 Woodward Ave. 150 W. Jefferson, Suite 2500
Pontiac, MI 48342 Detroit, MI 48226
E.
Contact Person: Mark Hotz Harold Bulger
V. ATTACHMENTS
Please provide the following attachments as specified in
the application sections indicated:
Attachment A:
Attachment B:
Attachment C:
Attachment D:
Attachment E:
Attachment F:
Authorizing Resolution
Financial Questionnaire
Legal Description of Property Involved
Site Plan and Area Map
Verification of Property Information
Assessment Checklist
Applicant's Signature:
Title:
Date:
Phone No: 2
jra/oak“pro
0
Given under my hand and seal of
The City of Pontiac, Michigan
This __ 10th __day of october A D , 2005
ATTACHMENT A
State of Michigan )
County of Oakland )
SS
RESOLUTION OF THE PONTIAC CITY COUNCIL
WHEREAS,
WHEREAS,
NOW, TifEREFORE,
BE IT RESOLVED
as the City of Pontiac, Oakland County, Michigan (the "City") wishes to
request the County of Oakland to assist in the financing of a project
described in Exhibit A attached hereto (the "Project"); and
the governing body of the City has reviewed this iequest and wishes to
authorize the Finance Director to file an application to the County of
Oakland for such assistance
BY THE CITY COUNCIL OF THE CITY OF PONTIAC, MICHIGAN, as
follows:
I The City Council of the City wishes to finance the project more fully
described in Exhibit A attached hereto
2 The Finance Director of the City is authorized to submit an application
for assistance with the County of Oakland.
Vivian Spann, City Clerk of Pontiac, Michigan, do hereby certify that the foregoing is true copy of a
Resolution approved by the Pontiac City Council at a regular meeting held on Oct ober 6 , 2005
EXHIBIT A
THE PROJECT
The Project consists of the financing of cash expenditures made to the Phoenix Plaza as
part of the Plaza's Master Plan, including construction of stairs and other improvements to
the Amphitheater. The Project also includes financing of additional improvements, most
notably, the addition of permanent seating in the Amphitheater
Additionally, the Project includes refinancing of all or a portion of the currently
outstanding City of Pontiac General Building Authority Bonds, Series 2002. The amount
of such refunding will be determined at the time of sale
ATTACHMENT B
FINANCIAL QUESTIONNAIRE
Name of Municipality: City of Pontiac
Current Credit Rating From:
Is there
a Rating? Rating
Moody's Investors Service: YES Baa3
Standard & Poor's: NO
Fitch YES BBB+--
GENERAL AND ECONOMIC INFORMATION
LOCATION AND CHARACTER
PLEASE PROVIDE SOME GENERAL INFORMATION ABOUT YOUR
MUNICIPALITY.
POPULATION
2000 U.S. Census - 66,337
1990 U.S. Census - 71,166
1980 U.S. Census - 76,715
1970 U.S. Census - 84,951
EMPLOYMENT STATISTICS
(provided by MESA)
2004 2003 2002 2001 2000 1999
Work force 30,,42234 555 34,784 346Q 3 363 34.0R1
Unemployment 475-64 ---4 865 4 n6 3 53 J : I
% Unemp oyed 15.0% 14.1% 13.6: 11.3% 7.2% 8.3%
MAJOR TAXPAYERS
fnR
10 Largest Taxpayers
General Motors Corp.
Centerpoint
DTE
Consumers Energy
Lincoln Nat'l Life Insurance
Electronic Data Systems
Ala() Nobel Coatings, Inc.
Oakland PTE Partners, LLC
Aluminum Blanking Company
Columbia Living Trust
2005
Tamable Valuation
$ 472,029,965
28,510,910
27,473,191
14.644.481
10,846,710
11,416,370
7.992 960
6.958,090
5 031 780
4.619.490
TOTAL (represents 40 % of 2005 TV, including ITT Roll; $ 589,550,149
Number
Employed
11912 --------
2,_731 -------
2,420
L405
11258
L. 085
711
613
490
Product/Service
Automotive
Medicine
Government
Education
Medicine
Medicine
Government
Security
Industrial
Government
Number of
Positions
104
32
122
120
116
32
19
17
Expiration
Date of Contract
12/31/03
12/31/03
6/30/04
6/30/04
6/30/05
6/30/05
6/30/05
6/30/04
Operating
Capital Improv
Refuse Collection
Debt
Chapter 20 Drains
TOTAL
EMPLOYMENT CHARACTERISTICS
10 Largest Employers
General Motors
Mercy Health Services
/St. Joseph Hospital
County of Oakland
School District of the
City of Pontiac
North Oakland Medical Center
Pontiac Osteopathic Hospital
City of Pontiac
Securitas Security
EDS Corporation
State Of Michigan
LABOR CONTRACTS
Employee Group
Pontiac Police Officers Assoc
Pontiac Police Supervisors Assoc
Pontiac Fire Fighters Union
Teamsters, 214
AFSCME Local 2002
Supervisory & Adndm Employees Assoc
Pontiac Professional Mgmt Assoc
Pontiac Police & Fire Dispatch Assoc
BUILDING PERMITS
2004 TOTAL 5,833
2003 TOTAL 4,652
2002 TOTAL 2,361
2001 TOTAL 2,163
2000 TOTAL N/A
1999 TOTAL N/A
TOTAL
VALUE
$ N77--
N/A
N/A
N/A
N/A
.N/A .
TAX RATES & LEVIES
2005 2004 2003 2002 2001
11.2737 11.2737 11.3853 11.7995 11.8493
1.4091 1.4091 1.4231 1.4749 1.4811
2.8183 2.8183 2.8462 2.9498 2.9623
4.3000 2.1400 2.3400 2.4564 7.7751
-- 0.6558 0.6558 0.8357 0.8081
19.8011 18.2969 18.6504 19.5163 24.8759
The Municipality's authorized operating tax rate is 15 mills;
including 3 mills for refuse collection and disposal.
TAX COLLECTION RECORD
The taxes are due and payable and a lien created upon the
assessed property on July 1 of each year. Taxes remaining
unpaid on the following March 1st are turned over to the County
Treasurer for collection. If all real property taxes are not
paid by March 31 st , two years following return to the County
Treasurer, the property is sold for taxes
Oakland County has established a Delinquent Tax Revolving
Fund which pays all real property taxes returned delinquent to
the County Treasurer as of March 1st each year. Uncollected
personal property taxes are ineligible.
Fiscal Year -
Year Tax Levy Amount _. 2004 $ 17,877,687 $ 16,254,503 91 % -- 2003 17,880,890 15,928,800 89 100
2002 ..
21,185,546 18,716,947 88 100
2001 21,579,899 19,238,858 89 100 2000 20,203,521 16,015,781 89
Note: Excludes IFT and captured levies (TIFA/DDA)
INDUSTRIAL FACILITIES TAX
The Michigan Plant Rehabilitation and Industrial Development
District Act (Act 198, Public Acts of Michigan, 1974, as amended)
("Act 198"), provides significant tax incentives to industry to
renovate and expand aging plants and to build new plants in
Michigan. Under the provisions of Act 198, qualifying cities,
villages and townships may establish districts in which
industrial firms are offered certain property tax incentives to
encourage restoration or replacement of obsolete industrial
facilities and to attract new plants to the area. The issuance
of any exemption certificate must be approved by the State
Treasurer. Firms situated in such districts pay an Industrial
Facilities Tax in lieu of property taxes on plant and equipment
for a period of up to 12 years. For rehabilitated plant and
equipment, the assessed value is frozen at previous levels. New
plant and equipment is taxed at one-half the current millage
rate It must be emphasized, however, that ad valorem property
taxes on land and inventory are specifically excluded under Act
198. Abatements under Act 198 have been granted to properties in
the municipality with a total 2005 Taxable value of
$ 184,205,450 for real and personal property.
0 %
47.31
18.17
12:27
22.30
—5--
100.00%
2005 Breakdown by Use
Timber
Residential
Commercial
Industrial
Personal Property
Agricultural
TOTAL
2005 Breakdown by Class
Real 77.70%
Personal 22.30%
TOTAL 100.00%
COMMERCIAL REDEVELOPMENT ACT
The Commercial Redevelopment Act (Act 255, Public Acts of
Michigan, 1978, as amended) ("Act 255") before its expiration
provided tax incentives to businesses restoring commercial areas
by allowing tax abatement. The statute permitted a municipality
to grant up to 12 years of property tax relief to businesses who
either locate new facilities in commercially blighted areas or
reconstruct structures in commercially blighted areas. Act 255
allowed new commercial facilities to be charged 50 percent of its
assessed tax burdens over the life of the relief grant.
Rehabilitated facilities could be charged taxes based on its old
valuations. To qualify, property must have been zoned for
commercial use at least three years before the effective date of
Act 255. Act 255 has expired and legislation to extend its life
has not been approved. Abatements under Act 255 have been
granted to properties in the municipality with a total 2004 or
2005 Taxable value of $ 0 .
STATE EQUALIZED VALUATION
(50%
2005
2004
2003
2002
2001
2000
1999
1998
of True Value)
- $ 1,897,656,450
- 1,811,264,850
- $ 1,726,666,710
- $ 1,665,337,670
- $ 1,306,006,562
- $ 1,207,706,987
- $ 995,858,672
- $ 912,560,317
TAXABLE VALUATION
2005 - $ 1,330,636,050
2004 - $ 1,287,792,197
2003 - $ 1,215,143,568 Per Capita TV (2005) $ 20,059
GENERAL FUND REVENUES AND EXPENDITURES
Audited or
Unaudited
2005 2004 2003
Revenues & Transfers In $ NA $ 55,927,329 $ 53,708,087
Expenses & Transfers Out NA 64,283,878 58,079,171
Revenues Over (Under)
Expense $ NA $(8,356,549) $(4,371,084)
Beginning Balance $(20,845,969) $(12,489,420)*$ (325,459)
Transfer fr. Internal
Srv Fd S NA $ 0 $
Ending Balance $ NA $(20,845,969) $(4,371,084)
* Restated
FUTURE FINANCING
Does the City anticipate the issuance of any notes or
bonds within the next six months? If so, please list below.
$18 million of Deficit Funding Bends.
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K" PHOENIX PARKING DECK
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14-29-484-006
ATTACHMENT C
• •
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the 'Back' and 'Forward' buttons. Last updated on 10/02/2005 for CITY OF PONTIAC.
Ot 01'M er...
8 N SAGINAW, PON77AC, MI 46342
Property Description
T3N, R10E, SEC 29 & 32 ASSESSOR'S PLAT NO 131 LOTS 8 TO 13 INCL, PART OF LOT 45, PART OF LOTS 47 •
& 48, ALL OF LOTS 49 TO 62 INCL, PART OF LOT 64, ALL OF LOT 65, PART OF LOT 66, ALL OF LOT 67 & PART'
OF LOT 68, ALSO VAC ALLEY ADJ TO LOTS 11 & 59, ALSO PART OF VAC PERRY ST, ALSO PART OF LOTS 4 TO
14 INCL OF 'ASSESSOR'S PLAT NO 130', ALSO VAC PART OF AUBURN AVE LYING N OF 'ASSESSOR'S PLAT NO
1.30', ALSO THAT PART OF VAC SAGINAW ST LYING WITHIN OR ADJ TO 'ASSESSOR'S PLAT NOS 130 & 131',
ALSO PART OF LOT 101 OF 'PONTIAC ORIGINAL PLAT', ALSO PART OF 'ASSESSOR'S PLAT NO 65' BEING ALL
OF LOTS 1, 2 & 3, ALSO PART OF LOTS 4 & 5, ALSO PART OF VAC DAWSON ALLEY, ALSO PART OF
'ASSESSOR'S PLAT 114' BEING PART OF LOT 8, ALSO ALL OF LOTS 9, 10 & 11, ALSOPART OF LOTS 12, 13 &
14, ALSO PART OF LOT 35, ALSO PART OF LOTS 38 & 39, ALSO PART OF VAC PATTERSON AVE ALL DESC AS
BEG AT PT DIST S 14-36-54 E 360.29 FT FROM NE COR OF LOT 96 OF 'PON77AC ORIGINAL PLAT', TN N 75-
13-16 E 94,87 FT, TH S 14-32-05 E 35,76 FT, TH N 75-27-55 E 35,00 FT, TH S 14-32-055 76.00 FT, TH N
75-27-55 E 263,00 FT, TN S 14-32-05 E 187,00 FT, TH N 75-27-55 E 121.00 FT, TN S 14-32-05 E 579.77 FT,
TH N 85-36-14 W 107.83 FT, TN N 14-32-05 W 161.79 FT, TH 5 75-27-55 W 124,91 FT, TH N 14-32-05 W
2.42 FT, TN S 75-27-55 W 64.00 FT, TH S 14-32-05 E 2.42 FT, TH 5 75-27-55 W 128,00 FT, TH S 14-30-01 E
144.67 FT, TH S 75-25-42 W 96.55 FT, TH N 14-10-39 W 144,72 FT, TH 5 75-27-55 W 153.93 FT, TI -IN 14-
32-05 W 197.00 FT, TN N 75-27-55 E 54.58 FT, TH N 14-32-05 W 245.00 FT,. TH S 75-27-55 W 64.00 FT, TH
N 14-32-05 W 159.00 FT, TH N 75-27-55 E 67.00 FT, TH N 14-32-05 W 5200. FT, TH N 75-27-55 E 97,14 FT,
School District- - Neighborhood Code
PONTIAC CITY SCHOOLS CME
Use,.
RESIDENTIAL VACANT
Capped Value
$0
I State Ergialiked Value :
$0
Current Assessed Value -
$0
A.00:4ptus - • : • •
Added Parcel
;
arimaim
Lot
Information 'Ipescription.: Depth:
LEVEL
Next Parcel ID Locate this parcel ll LLte
2004 Taxes
Vilinter
No saies since 1994
7/1/2005
11
0 mmmmEnninninN"
2005 Taxes
Village
Taxable Value
$0
Summer . Winter
0 2002-2005 Oakland County, Michigan Privacv/Leaal I Accessibility I Contact Us
TH N 14-36-54 W 8.35 FT TO BEG
Split/Combination Information
Date Added • !Added From
11/10/1981 SEE 11-10-81 DELETE REPORT
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ATTACHMENT D
SITE PLAN AND AREA MAP
[ATTACH BOTH SITE PLAN AND AREA MAP HERE)
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ELEVATNNS ARE TO TOP OF STRDCTURAL SLAB r-z mmgvE BOTTOM OF PLAZA SEAS. SLOPING OF SLAS TO DRAINS OCCURS ABOVE TINS DATUM FLAME.
FOR DETAILS OF LANDSCAPE PLANTERS AHD OTHER PLAZA ELEMENTS REFER 70 SHT L.I
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ATTACHMENT E
VERIFICATION OF PROPERTY INFORMATION
Please fill out this form and attach it to the application. Computer printouts with the appropriate
information are acceptable Please attach any computer-printed materials to this signed and dated
form
Street Address of Property 2 County
None 1 Oakland
4 Property Identification Number (PIN) If you don't have a PIN, aaaeli legal description.
14-_2p-484-006
Mailing Address (if different from property address)
8 N. Saginaw
Pontiac, MI 48342
6 Use I 7. School District
Commercial I 63030 (Pontiac)
(C-2)
f certify that the information above is true and complete to the best of my knowledge.
Signature Date z
CITY OF PONTIAC 'OCT-12-2005 16:37
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• OCT-12-2005 16:37 CITY OF PONTIAC
ocr -12 -22eS 10;19 CITY OF PONTIAC
AITACHMENT F
Environmental
Assessment Checklist
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OCT-12-2005 16: 37 CITY OF PONT I RC ..11rt 248 857 5713 P.04 _
Assessment Checklist
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OCT-12-28e5 16:37
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CITY OF PONTIAC 248 857 5713 P.85
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Proiect Name and Identification No
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• OCT-12-2005 16:37
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P.07 . OCT-12-2005 1637 CITY OF PONTIAC 246 857 5713
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CITY OF PONTIAC 248 857 5713 P.09
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nquisitinni? yries 0 No
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OAKLAND*-
COUNTY MICHIGAN
L. BROOKS PATTERSON, OAKLAND COUNTY EXECUTIVE
Robert J. Daddow
Assistant Deputy County Executive
TO: Oakland County Building Authority
Oakland County Review Committee:
Charles Moss, Finance Committee Chairperson
Charles Palmer, Planning & Building Committee Chairperson
Laurie VanPelt, DMB Director
Dave Ross, Facilities Management Director
Patrick Dohany, Treasurer
Tim Soave, Fiscal Services Division Manager
John Axe, Bond Counsel
Jerry Poisson
Larry Doyle
Art Holdsworth
FROM: Bob Daddow
SUBJECT: Pontiac Bond Issue — Application
DATE: October 14, 2005
Attached is the completed Application for Assistance with Local Building Project
(Application) form contemplated in the Oakland County Board of Commissioners
resolution relating to the local governmental units' use of the County's AAA credit rating
in connection with the issuance of debt. The City's rating, given certain fiscal concerns,
is well below this level and the ability to bond would be very troublesome to the City at
the moment without assistance from the County.
The project involves the Phoenix Center. Through some accounting miscues, the City
wound up investing General Fund dollars in the Phoenix Center for the renovation
associated with the entertainment facility on its roof. Presently. the City has an
outstanding bond issue of roughly S8.1 million relating to the TIFA II area. As part of
this bonding process, the County would assist in refunding these bonds. In doing so and
based on the interest rates outstanding at July 20, 2005, the aggregate savings in reduced
debt service costs to the City would be roughly $380,000 to be experienced over the life
of the new bonds. In addition, the refunding of the bonds would clear the title for transfer
to the County of the Phoenix Center. Presently, the debt service is covered through a
DEPARTMENT 07- INFORIIIATION TECHNOLOGY
BU'LDING 49W • 1200 N TELEGRAPH RD DEPT 421 • PONTIAC MI 48341-0421 • (248) 858-1650 • FAX (248) 858-5130
City TIFA fund. It is anticipated that the refunding bonds would be funded from this
same source of funds. However, the final determination of the feasibility of refunding
this debt issue will be determined at a later date.
In addition, the City would issue $11.5 million in new debt to extract the investment in
the Phoenix Center facility. The proceeds of this debt would cover a deficit in the TIFA
II of roughly $4.0 million with the remaining proceeds going towards the payment of
outstanding liabilities of TIFA II and certain renovation projects downtown.
Concurrent with the issuances of the debt, the County would then enter into an
intergovernmental agreement with the City to obtain reimbursement of the County's debt
service payments on the debt outstanding — the refunding bonds and the new debt of
approximately $19.6 million ($11.5 million plus the refunding of $8.1 million). The
County's risk would be minimal for potential defaults for the following reasons —
• The title to the Phoenix Center would be transferred to the County during the
time period the debt is outstanding. As part of the agreement with the County,
the City would be responsible for all operating and maintenance costs of the
Center. The County would have no involvement in the operations of the Center
now or into the future. At the time the debt is paid off, the Phoenix Center's title
would transfer back to the City.
• The TIFA II revenues would be pledged as collateral for the debt service. This
pledge should provide somewhere between 1.5 to 2.0 debt service coverage
relating to the new debt as noted in the attached Application. The existing debt
to be refunded is already being covered by the TIFA II operations.
• As a final condition of the intergovernmental agreement, the County would
expect a 'self-help' provision in the agreement relating to the annual
distributions from the Delinquent Tax Revolving Fund (DTRF). The average
distributions under the DTRF over the past five years have been $3.8 million
annually. Thus, this provision alone would provide adequate collateral as it is 5
times the annual debt service of the new debt.
The attached Application is the starting point in the assessment of the County's Review
Committee once the resolution has been introduced by the commissioners whose districts
cover the City of Pontiac — Commissioners Mattie McKinney Hatchett and Tim Melton.
Should you have any questions, please feel free to contact me.
2
Resolution #05261 October 27, 2005
The Chairperson referred the resolution to the Planning and Building Committee. There were no
objections.
'
/1 //viol
Resolution #05261 November 10, 2005
Moved by Hatchett supported by Melton the resolution be adopted.
Moved by Hatchett supported by Melton the Planning and Building Committee Report be accepted.
Discussion followed.
A sufficient majority having voted in favor, the report was accepted.
Vote on resolution:
AYES: Molnar, Moss, Nash, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Woodward, Zack,
Bullard, Coleman, Coulter, Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII,
Long, Melton, Middleton. (24)
NAYS: Wilson. (1)
A sufficient majority having voted in favor, the resolution was adopted.
.0401.
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
November 10, 2005, 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 10th day of November, 2005.
'on, County Clerk