HomeMy WebLinkAboutResolutions - 2006.03.09 - 28217MISCELLANEOUS RESOLUTION #06 029
BY: Finance Committee, Chuck Moss, Chairperson
IN RE: BOARD OF COMMISSIONERS — LYON TOWNSHIP
DOWNTOWN DEVELOPMENT AUTHORITY — TAX CAPTURE
To THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Board of Commissioners strongly
supports the economic growth of Oakland County; and
WHEREAS one of the tools used to promote this economic growth
is Tax Increment Financing in the form of Downtown Development
Authorities (DDAs), Tax Increment Finance Authorities (TIFAs) and Local
Development Finance Authorities (LDFAs); and
WHEREAS to review requests from the County's cities, villages and
townships to establish DDAs, TIFAs and LDFAs, the Board of
Commissioners, pursuant to Miscellaneous Resolution #99010,
established the Tax Increment Financing (TIF) District Review Policy Ad
Hoc Committee (Ad Hoc Committee) to evaluate and recommend to the
Finance Committee on the County's participation in these proposed
authorities; and
WHEREAS pursuant to Miscellaneous Resolution #00155 this
Board of Commissioners determined to participate in the Lyon Township
DDA; and
WHEREAS the County, the DDA and Lyon Township entered into
an agreement dated May 23, 2001, which provided for the County's
participation in the New Hudson Streetscape improvements, after which
the County's participation in the DDA would end and its portion of ad
valorem property taxes that would otherwise be subject to capture would
be exempt from further capture by the DDA; and
WHEREAS on August 25, 2005, the DDA and Lyon Township
appeared before the Ad Hoc Committee to present an amended
Development Plan, which sought an expanded role for County
participation in the tax increment process; and
WHEREAS the amended Development Plan presented in August,
2005, was premised on a tax increment financing plan that would capture
only the amount of new taxes required for proposed debt service (bond
repayments) and operations; and
March 9, 2006
WHEREAS pursuant to MR #05238 this Board of Commissioners
resolved to agree to County participation in the Lyon Township DDA,
provided that a contract would be negotiated and agreed to between the
Parties, and that the County's tax capture and participation would cease
when the DDA paid off its bonds; and
WHEREAS negotiations between the Parties indicate that the DDA
has not yet completed its bond sale program and further suggest that it
would be in the County's best interest to contractually designate a specific
monetary amount for the County's net tax capture, rather than premise it
on the issuance of bonds.
NOW THEREFORE BE IT RESOLVED that the Oakland County
Board of Commissioners hereby rescinds MR #05238.
BE IT FURTHER RESOLVED that this Board of Commissioners
agrees to participate in the Lyon Township amended Development Plan,
provided as follows:
(1) That a contract is negotiated and agreed to between the
County, Lyon Township, and the Lyon Township DDA; and
(2) That the County net tax capture is capped at $17,000,000;
this amount shall include the New Hudson Streetscape
improvements as set forth in the agreement between the
parties dated May 23, 2001; and
That County participation is limited to the projects
designated in the "Development Plan Tax Increment
Financing Plan Proposed Amendment Charter Township of
Lyon Downtown Development Authority Draft January 28th
2004, revised May 5, 2004, Revised December 17, 2004."
Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing Resolution.
FINANCE COMMITTEE
aQ(dZ#17
Finance Committee
Motion carried unanimously on a roll call vote with
Palmer, Crawford, Long and Zack absent.
(3)
Resolution #06029 March 9, 2006
Moved by Zack supported by Rogers the resolutions (with fiscal notes attached) on the Consent Agenda,
as amended, be adopted (with accompanying reports being accepted).
AYES: Coleman, Coulter, Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII,
Long, Melton, Middleton, Molnar, Moss, Nash, Palmer, Patterson, Potter, Rogers, Scott, Suarez,
Wilson, Woodward, Zack, Bullard. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda, as amended, (with accompanying reports being accepted) were adopted.
•
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 March 9, 2006, 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 9th day of March, 2006.
Ruth Johnson, County Clerk