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HomeMy WebLinkAboutResolutions - 2007.08.30 - 28386MISCELLANEOUS RESOLUTION #07202 August 30, 2007 BY: PLANNING AND BUILDING COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON IN RE: PLANNING AND ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION APPROVING PROJECT PLAN (CRANBROOK EDUCATIONAL COMMUNITY PROJECT) - CITY OF BLOOMFIELD HILLS 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, that the Project Plan satisfies all of the requirements of the Act regarding project plans and that a letter of credit issued by a financial institution acceptable to the EDC will be available to pay debt service; and WHEREAS the governing body of the City of Bloomfield Hills, 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, hereby certifies, approves and concurs in the determinations of the EDC with respect thereto. NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners hereby determines that the Project Plan constitutes a public purpose as contemplated by the Act. BE IT FURTHER RESOLVED that the Oakland County Board of Commissioners hereby certifies and approves the Project Plan. 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. 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 PLANNING & BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote. THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OAKLAND Oakland, Michigan Cranbrook Educational Community Project PROJECT PLAN THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OAKLAND Oakland County, Michigan Cranbrook Educational Community 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 CRANBROOK EDUCATIONAL COMMUNITY PROJECT OWNER OF PROJECT: Cranbrook Educational Community A Michigan nonprofit corporation CONTACT PERSON: (Name. address, telephone number) Douglas E. Ebert Chief Operating Officer and Treasurer Cranbrook Educational Community 39221 Woodward Avenue Bloomfield Hills, MI 48303-0801 (248) 645-3080 (248) 645-3027 (FAX) LOCATION OF PROJECT: (Local municipality) City of Bloomfield Hills PROJECT AREA/DISTRICT AREA: See Exhibit A NATURE OF PROJECT: Expansion, repair and restoration of community buildings including the Kingswood Roof, Boys' Middle School, the Cranbrook Art Museum and a new Girls' Middle School; repair and restoration of interior roadwork near the Boys' Middle School; repair and replacement of all paved areas (50,000 square feet) in the Cranbrook Quad and installation of a heated pavement system: acquisition and installation of campus-wide information technology infrastructure, including replacement and upgrading of the legacy campus-wide data network with a high- speed ethernet backbone, exterior building fiber optic cable and a full complement of new electronics equipment will be installed to support and maintain the network. EMPLOYMENT CREATED OR RETAINED: At least two new positions will be created at Cranbrook Educational Community. It is not known how many people will be employed by the contractors during the construction period. TOTAL PROJECT COST: $93,800,000 (includes $1.5 million of financing costs and fees) BONDS TO BE ISSUED: $82,400,000 New money bond proceeds $71.000,000 Refinancing bond proceeds (Potential refinancing of the 1997A and 1997B, 1998 and 2001A Bond Issues) LETTER OF CREDIT ISSUER OR BOND PURCHASER: No letter of credit is required. Cranbrook Educational Community maintains a Moody's rating of Aa3. The bonds will be placed or underwritten by Goldman Sachs & Co. By: Its: Chief Operating Officer and Treasurer PROJECT 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 INVALIDATION OF THE ECONOMIC DEVELOPMENT CORPORATION PROCEEDINGS REGARDING THE PROJECT TO WHICH THE PROJECT PLAN PERTAINS. Cranbrook Educational Community Dated: 2 PROJECT PLAN STATUTORILY REQUIRED INFORMATION REGARDING CRANBROOK EDUCATIONAL COMMUNITY 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: Existing land within the Project Area/District Area is all owned by Cranbrook Educational Community and contains no publicly-owned streets or other publicly-owned facilities. The site contains the Cranbrook Schools, Academy of Art and Art Museum. and Institute of Science. The Project Area/District Area will be the site of the installation of the campus-wide information technology infrastructure, the expansion, repair and restoration of community buildings including the Kingswood Roof, Boys' Middle School, the Cranbrook Art Museum and a new Girls' Middle School; repair and restoration of interior roadwork near the Boys' Middle School; and the repair and replacement of all paved areas (50.000 square feet) in the Cranbrook Quad. 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: Existing facilities will be retained. Improvements are described in Section 1, above. The estimate of the time required for completion of the projects is approximately four years. 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: A. Kingswood Roof- $14.200.000 B. Cranbrook Quad - $13,700.000 C. Boys' Middle School - S6.500.000 D. Boys' Middle School Road Work - $2,000,000 E. IT Infrastructure - $17.500.000 F. Cranbrook Art Museum - $21.400.000 G. Girls' Middle School - $17.000.000 IV. A DESCRIPTION OF THE CONSTRUCTION OR STAGES OF CONSTRUCTION PLANNED. AND THE ESTIMATED TIME OF COMPLETION OF EACH STAGE: A. Kingswood Roof (May 2005 — June 2007) - $14.200,000 B. Cranbrook Quad (June 2007 — August 2010) - $13,700,000 3 C. Boys' Middle School (June 2007 — August 2008) D. Boys' Middle School Road Work (May 2008 — August 2008) E. IT Infrastructure (July 2007 — September 2009) F. Cranbrook Art Museum (2009 — 2011) G. Girls' Middle School (May 2008 — August 2009) - $6,500.000 - $2.000,000 - $17.500,000 - $21,400,000 - $17,000.000 V. A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO BE LEFT AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE: Existing open space will be retained except for the land required for the following: the Boys' Middle School expansion will be in the area between the current Boys' Middle School and Valley Way Road. The Cranbrook Art Museum project will include the construction of a new collections' storage building of approximately 22.000 square feet in the area on the northeast side of the current Art Museum. The Girls' Middle School will be built on the south side of Tamarack Way between the Kingswood School and the Institute of Science in the location of the current tennis courts. 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: No zoning changes are requested. Any street level or intersection changes required by the Boys' Middle School Road Project are not known at this time. 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 will be financed with the proceeds of the sale of the Economic Development Corporation's limited obligation revenue bonds. The bonds will be placed or underwritten by Goldman Sachs & Co. A copy of the bond purchaser's or placement agent's commitment letter is attached as Exhibit B. 4 IX. 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: Douglas E. Ebert, Chief Operating Officer and Treasurer 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: Not applicable 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 5 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 XVIL OTHER MATERIAL AS THE ECONOMIC DEVELOPMENT CORPORATION. LOCAL PUBLIC AGENCY, OR GOVERNING BODY CONSIDERS PERTINENT: Not Applicable 6 Exhibit A PROJECT AREA LEGAL DESCRIPTION -103[36155 FAGE,576 Description of-property covered by Indenture dated June 26, 1973 betveen the trustees under Indenture of Ir-Jst dated November 28, 1927 and recorded in Liber 620 of Deeds, Pages 384-400, Oakland County Records as subsequently amended, and the Cranbrook Foundation, a Michigan trustee corporation, parties of the first part and Cranbrook Educational Community, a Michigan non-profit corporation, party of the second part: Land in the City ot Blocmfield Hills, Oakland County, Michigan described as: That portion of the Estate known as "Cranbrook" located in Bloomfield Hills, Oakland County, Michigane bounded and described as follows: A parcel of land-in part of .Sections 14, 15, 22 and 23, to 2 north, range 10 east, Bleomfi.eld Tewnship, Oakland County, Michigan described as follows; Beginning at the Section corner common to Sections 14, 15, 22 and 23; thence south 89 degrees 52 minutes west 293.2 feat to an iron pipe; thence north 89 degrees 45 minutes west 1274.84 feet to an iron pipe; thence north 89 dcgr6es 37 minutes 10 second west 620.81 feet to an iron pipe at the Quarter Section corner on the north line of Section 22; thence north 0 degrees 11 minutes 30 seconds east 870.5 feet to the center of the publ;e highway, known as Llocmfield Center Road, thence south 40 degrees 2 minutes west 46.83 feet along the center of said highway; thence south 0 degrece 11 minutes 30 secones west 634.73 feet to a point on the north line of 'Section 22; thence north 85 degrees 39 minutes 48 seconds west 303.12 ft along the north line of Section 22 to an iron Pine; thence south 3 degrees 50 minutes west 199.80 feet to an iron pipe; thence south 89 degrees 3G minutes east 1149.96 feet to an iron pipe;thence south 3 degrees 50 minutes west 697.22 feet to an iron pipe; thence south 34 degrees 19 minutes west 31 7 .69 feet to an iron pipe; thence south 38 degrees 53 minutes west 293.19 feet to an iron pipe; thence south 28 degrees 01 minute west 195.27 feet to an iron pipe; thence south 56 degrees 16 minutes west 75.3 feet to an iron pipe; thence south 48 degrees 04 minutes west 155.59 feet to an iron pipe; thence south 1 degree 53 minutes 30 seconds east 90.33 feet to an iron pipe; thence south 40 degrees 17 minutes 30 seconds east 219.87 feet to an iron pipe; thence south 60 degrees 55 minutes east 114.99 feet to an I ,-on pipe; thence south 1 degree 4 minutes east 200.0 feet to an iron pipe; thence north 88 degrees 03 minutes 30 seconds east 284.0 feet to an iron pipe; thence south 4 degrees 17 minutes east 370.52 feet to an iron pipe; thence south 39 degrees 18 minutes east 56.11 feet to an iron pipe; thence south 2 degrees 12 minutes 30 seconds west 124.0 feet to an iron pipe on the east and west 1/4 Section line through the center of Section 22, being also the center line of Lone Pine Road; thence south 88 degrees 54 minutes 30 seconds east 543.3 feet along the 1/4 Section line to an iron pipe; thence north 1 degree 44 minutes west 13 1 .45 feet to an iron pipe; thence north 37 degrees 39 minutes east 1720.92 feet to a point in Cranbecok Lake, thence south 57 degrees 22 rinistes east 241.0 feet to a .point in Cranbrook Lake; thence scuth 82 decrees 45 minutes 30 seconds east 514.61 feet to an iron pipe on the east shore of -Cranbreok Lake; thence south 79 degrees 02 minutes 30 seconds east 69.22 feet to an iron pipe; thence south"54 degrees 41 minutes 30 seconds east 78.37 feet to an'iron pipe; thence soutil'58 degrees 28 minutes east 28.59 feet to an iron pipe in the center cf Cranbr00% Road; thence north 22 degrees 54 tlinutes 30 secolz:Is east 203.55 feet along the center of Cren.brook Road; thence north 22 degrees eS menutes cast 831.18 feet to an iron pipe; thence north 22 C.ogrs 33 minutns 30 secods east 130.3 feet to an Iron nine; thce rrjy .tre7.-tha center line cf said road north 42 dagrnes 15 reinutes 30 seconds t.:ost 287.77 feet to an 4.-on pipe; thence A ^1 • north 41 degrees 54 minutes 40 seconds west 169.33 feet to the point of beginning of a 10 degree 16 minute 20 second curve to the left, a dis- tance of 505.96 feet, said curve haying a rad 4 us of 558.5 feet, a delta of 51 degrees 54 minutes 20 seconds and long chord bearing north 67 degrees 51 minutes 50 seconds west 488.83 feet; thence on a 24 degree 56 minute 50 second curve to the left, a distance of 95.59 feet, said curve having a radius of 231.48 feet and a delta of 23 degrees 39 minutes 40 seconds and a long chord bearing south 71 degrees 21 minutes 10 seconds west 94.92 feet, thence on a 12 degree 3 minute -40 second curve to the right, a distanceof 151.21 feet to an iron pipe on the north line of Section 23, said curve having a radius of 475.916 feet and a delta of 18 degrees 12 minutes 14 seconds and long chord bearing south 71 degrees 37 minutes 27 seconds west 150_58 feet; thence north 89 degrees 53 minutes west 461.31.feet to the point or beginning. That portion of the Estate known as "Cranbrook" located in —Bloomfield Ellis, Oakland County, Michigan bounded and described as follows: A parcel of land in the north 1/2 of Section 22, Bloomfield Township, Oakland County, Michigan deecribed es follows: eginning at a point which is north 89 degrees 39 minutes 48 seconds west 333.12 feet and thence south 3-degrees 50 minutes west 199.8 feet from the Quarter Section corner on the north line of said Section 22; thence from this point of beginning south 89 degrees 36 minutes east 1119.96 feet; thence south 3 degrees 50 minutes west 160.0 feet; thence north 89 degrees 36 minutes west 1149.96 feet; thence north 3 degrees 50 minutes east 160 feet to the poiet of beginning. A parcel of land lying in Sections 15 and 22, town 2 north, range 10 east, described as follows; Beginning at southeast corner of southwest 1/4 of said Section 15; thence north 0 degrees 1 1 minutes .30 seconds east 870.0 feet to an iron pen in center of public highway known as Bloomfield Center Road; thence south 40 degrees 2 minutes west 1140.05 feet along center of said road to an iron pin in south section line of said Section 15; :thence north 89 degrees 50 minutes east along said southerly section line 397 feet to an iron pin; thence south 3 degrees 44 minutes west 1369.05 feet to an tree pin in a willow tree; thence south 89 degrees 47 minutes east 315.25 feet to an iron pin in east line of northweet 1/4 of said Section 22; thence north 4 degrees 28 minutes 30 seconds east alone said 1/4 Section line 1372.8 feet to place of beginning, containing 17.766 acres of land. Eeccptieg therefrom that portion of the above described land heretofore deeded by the Booth Realty comp a ny to George G. Booth by Warranty Deed dated June 20, 1925, recorded in Register of Deeds Office of Oakland County in liber 452 of Deeds,page 540. .Also EXCEPT that pert of said land which 4 s in'cluded in the two (2) preceding descriptions. EXCEPT FROM AaovE PARCELS ALL OR ;X? PART CF THE FOLLOW:NG TWELVE (12) PARCELS OF LAND W'rlICH ARE INCLUDED IN SAID LAND: Land in the City of Dlocmfield Hills, Oakland County, Michigan described es: A parcel of lend contained in northeast 1/4 or Section 22, town 2 north, range 10 east, described as follows: Beginning at a concrete monument on east and west Section line between Sections 15 and 22, and situated south 89 degrees 52 minutes wet 293.2 feet and north 89 degrees 45 minutes west 77 feet from e Section corner common to Sections 14, 15, 22 and 23; thence south 56C feet along wt side of Eingswood School for Girls property; thence south 30 degrees 00 minutes went 508 feet; thence west 567.5 feet; thence north 30 degrees 00 minutes west 243.5 feet; thence north 799 feet to secton line between Sections 15 and 22; thence south 89 degrees 45 minutes east 942.6 feet to point of beginning. A L2ER6155 E580 P.-rcel of land situate and being in the City of Bloomfield Hills, County of.Oltlend and State of: Michigan described as: Commencing at a point on the east boundary of the Ceaebrocik Institute of Science property and situated as follows: Beginning at the section corner corseon to Sections 14, 15, 22 and 23; thence south C9 degrees 52 minutes west 293.2 feet, and north 89 degrees 45 minutes west 77 feet along the section line between Scctionz 15 and 22; thence zouth 568 feet along .. the west side of the Kingswocd School for Girls property to the point of coetmencement; thence due eouth 440.5 feet to a- concrete monument ma-I:ieg tho southeast corner to the property; thence west 253 feet; thence north 30 'degrees 00 minutes east 50S feet to the pOint of beginning; this land forming the southeast addition to the property. A parce/.of land described as follows: Commencing at a point on the south boundary of the property and situated C20.5 feet west from the . so-theast corner of the property and described above; thence west 121.9 'feet to z concrete monument forming the southwest corner of the property thence north 210.8 feet; thence south 30 degrees 00 minutes east 243.5 eoc. .to the point of coemencement; this land forming the southwest additica to the property. • The above described two parcels of land are wholly contained 5n the -northeast 1/4 of Section 22, toem 2 north, range 10 east, Bloomfield - Townehip, Caeland County, Michigan. A parcel of land described as follows: Commencing at a'Point on the section line between Sections 15 and 22 and situated as follows: Beginnng -at the Section corner comeon to Sections 14, 1 5, 22 and 23; thence south 89 degrees 52 minutes west 293.2 feet, and north 89 degrees 45 minutes west 10 1 9.6 feet to the point of comeencement; thence south 175 feet; thence west 1009 feet; thence north 70 degrees 34 minutes west122.5 feet; thence north 55 degrees 18 minutes 48 seconds west 104.1 feet; thence north 3 degrees 50 minutes east 72.75 feet to the 1/4 section line 1 .;etween Sections 15 and 22; thence south 89 degrees 39 minutes 48 seconds east 333.12 feet along the seme section line to the 1/4 section corner; thence following the same section •line South 89 degrees 45 minutes cast 875.05 feet to the point of commencement. Lend in the City of Bloemfield Hills, Oakland County, Michigan described as: Comecncing at a point in the center of Lone Pine Road situated south 88 degrees 54 minutes 30 seconds east 943.30 feet from the center of Section 22, town 2 north, range 10 east, Bloomfield Township, Oeklend County, Michigan; thence north 2 degrees 12 minutes 30 seconds east 124 'feet; thence north 39 degrees 18 minutes west 66.11 feet; thence north 4 degrees 17 minutes west 639 feet; thence north 85 degrees 43 minutes east 207 feet; .thence north 70 degrees 36 minutes east 646 feet; thence south 85 degrees 57 minutes east 510 feet; thence south 37 degrees 39 minutes west 1118.92 feet; thence south 1 degree 44 minutes east 131.45 feet to the center of Lone Pine Road; thence north 88 degrees 54 minutes 30 seconds, west 549.30 feet along the center line of Lone Pine Road and -which is also the east and west center line of-Section 22 to the point of commencement. The above described land is all contained within the northeast 1/4 of Section 22, town 2 north, range 10 east, Bloomfield Township, Oakland County, Michigan. us6I55 PAGE 581 • Land in the City of Bloomfield Hills, Oakland County, Michigan described as: A portion of Sections 14, 22 and 23, town 2 north, range 10 east, described as: Beginning et section corner common to Sections 14, 15, 22 and 23, thence South 89 degrees 52 minutes west 293.2 feet to an iron pipe on Section line; thence ncrth 89 degrees 45 minutes. west 77 feet to a concrete mon:meet on Section line; thence south 568 feet to a concrete monument; thence cast 75 feet to a concrete monument; thence due south 260.0 feet to a point in center pf a concrete bridge over' the Rouge River at north end of Craabrook Lake; 'thence south 36 degrees 24 minutes 38 seconds east 315.07 feet to a point in Cranbrook Lake; thence south 57 degrees 32minutes east 435 feet to a point in Ceanbrook Lake; thence south 82 degrees 45 minutes 30 seconds east 514.61 feet to an iron pipe on east shore of Cranbrook Lake; thence south 79 degrees 2 minutes 30 seconds east 69.22 feet to an iron pipe; thence south 54 degrees 41 minutes 30 seconds east 78.37 feet to an iron pipe; thence south 58 degrees 28 minutes east 28.59 feet to an iron pipe in center of Cranbeock Road; thence north 22 degrees 54 minutes 30 seconds east 209.55 feet along center of Craebrook Road to an iron pipe; thence north 22 degrees 55 minutes cast 831.15 feet to an iron pipe; thence north 22 degrees 53 minutes 30 seConds cast 130.3 feet to an iron pipe; thence northerly from center line of said road north 42 degrees 1 5 minutes 30 seconds west 287.77feet to an iron pipe; thence north 41-degrees 54 minutes 40 seconds west 169.33 feet to point of beginning of a 10. degree 16 minute 20 second curve to left, a distance of 505.96 feet, said curve having a radius of 558.5. feet, a delta of 51 degrees 54 minutes 20 seconds and-a long chord bearing north 67 degrees 51 minutes 50 seconds west 488.63 feet; thence on a 24 degree 56 minute 50 second curve to left, a distance of 95.59 feet, said curve having a radius of 231.48 feet and a delta of 23 degrees 39 minutes 40 seconds and a long chord bearing south 74 degrees 21 minutes 10 second west 94.92 feet; thence on a 12 degree 3 minute 40 second curve to right, a distance of 15 1 .1 2 feet to an iron pipe on north line of Section 23, said curve having a radius of 475.916 feet and a delta of 16 degrees 1' minutes 14 seconds and a long chord bearieg.eouth 71 degrees 37 m inutes 27 seconds west 150.58 feet, thence north 89 degrees 53 minutes west 464.31 feet to Point of beginning. L.end in the City of Blocmfield Nine, 0a.3zland County, Michigan described as: Coemeecing at a point now marked by a concrete monument on the east boundary line of the property of the Crenbrook Institute of Science and situated as follows: Beginning at the section corner common. to Sections 1 4, 15, 22 and 23 of Bloomfield Township, Oakland County, Michigan; thence south 89 degrees 52 minutes west 293.2 feet along the section line between Sections 15 and 22; thence north 89 degrees 45 'minutes west 77 feet along the same line to a concrete monument; thence south 568 feet to the point of commencement, thence east 75 feet to a concrete monument; thence south 260 feet to a point on the concrete bridge; thence south 36 degrees 24 minutes 38 minutes east 375.07 feet to a point in Cranbrook Lake; thence south 57 degrees 32 minutes east 244 feet to a point in Crenbrook Lake; thence south 37 degrees 39 minutes west 118.5 feet to a point in Cranbrook Lake; thence north 62 degrees 45 minetee 30 seconds west 434 feet to a concrete monument; thence north 291.5 feet to a concrete monument marking the southeast 'corner of the Cranbrook Institute of Science property;' thence north along the east boundary line of that property.. 440.5 feet to the point of commemcement. The abo;re described parcel of land is in part contained in the northeast .1/4 of Section 22 and in part contained in the northwest 1/4 of Section 23 , of City of Bloomfield Hills, Oakland County, Michigan. LEER6155 PAGE582 .L:and in the City of Bloomfield Mills, Oakland County, Michigan described as: Part of Section 22, beg 4 nning at the center of Section 22, Bloomfield Towne-hip, Oakland County, miehigan; thence south 33 degrees 54 minutes 30 seconds cast 943.30 feet along the one-quarter Section line; thence north 2 degrees 12 minutes 30 seconds. cast 124.00 feet; thence north 39 degrees 16 minutes west •66.11 feet; thence north 4 degree 17 minutes west 420.52 feet to the point of commencement; thence south 89 degrees 26 minutes ;west 281.00 feet; thence north 1 degree 4 minutes west 143 feet ':-to center of what was at one time a roadway; thence north 60 degrees 55 minutes west 114.99 feet; thence north 40 degrees 17 minutes 30 :seconds west 219.67 feet; thencu north 1 degree 53 minutes 30 seconds west 90.33 feet; thence north 46 degrees 4 minutes east -255.59 feet; thence north 56 degrees IG minutes east .75.30 feet; 'thence north 23 degrees 1 minute east195.27 feet; thence north 38 :Cegrees 53 minutes east 293.19 feet; thence north 34 degrees 19 .minutes east 312.69 feet; thence north 3 degrees 50 minutes east .537.22 feet; thence north 39 degrees 36 minutes west 1119.96 feet; 'thence north 3 degrees. 50 minutes east 286 feet; thence south 55 degrees 18 minutes 48 seconds east 104.1 feet; thence south 70 .degrees' 34 minutes east 122.5 feet; thenc due east 1009 feet to the west boundary line of the Cranbrook Institute of Science property; -thence due south 034.8 feet; thence south 35 degrees 45 minutes west 468 feet; thence south 1 degree 4 minutes east 784.18 feet to the .point of commencement. A parcel of land lying in Section 15, town 2 north, ranee 10 east, described as folio: Beginning at a point on the south section line of said Section 15, situated north 89 degrees 39 minutes 48 seconds west and 422.7 feet frcm the southeast co r ner of the southwest 1/4 of the Section; thence north 55 degrees 18 minutes 43 seconds west along the northeasterly side of a separ ,tely described right of way 237 feet more or less to the center of the Bloomfield Center Road; thence south 40 deerees2 minutes west along the center of the same road 174 feet more or less to the south sect i on line of Section 15; thence south 69 deerees 39 minutes 48 seconds east along the same section line 308 feet more or less to the point of beginning. . A parcel of land situated in the north 1/' of Section 22, town 2 north, range 10 east, Bloomfjeld Township described as follows: Beginning at a point situated as follows: Beginning at the center of Section 22; thence south 88 degrees 54 minutes 30 seconds east 943.30 feet along the 1/4 section line; thence north 2 degrees 12 minutes 30 seconds east 124.0 feet; thence north 39 degrees 18 minutes west 66.11 feet; thence north 4 degrees 17 minutes west 370.52 feet to the point; thence south 88 degrees 3 minutes 30 seconds west 204.0 feet; thence north 1 degree 04 minutes west 57 feet; thence north 89 degrees 28 minutes east 281 feet; thence south 4 degrees 17 minutes east 50 feet to the point of beginning. • USER6155 ?AGE 583 Land situated and being in the north of Section 22, town 2 nerth, range 10 east, described as follows: Beginning at the center of Section 22, thence south 88 degrees 54 minutes 30 seconds east 943.30 feet along the one—quarter Section line; thence north 2 -degrees 12 minutes 30 seconds east 124.0 feet; thence north 39 degrees 18 minutes west 66.11 feet; thence nOrth degrees 17 minutes west 370.52 feet; 'thence south 88 degrees 3 minutes 30 seconds west 284.0 feet; thence -north 1 degree 4 minutes west 200.0 feet to the center of a 20 foot roadway nce.,/ constructed on said property; thence along the center line of said roadway with the curvature thereof according to the following -meander, north 50 degrees 55 minutes west 114.99 feet;-thence north 40 degrees 17 minutes 30 seconds west 219,87 feet; thence north 1 degree 53 minutes 30 .seconds west 90,33 feet; thence north 48 degree 4 'minutes east 155.59 feet; thence north 56 degrees 16 minutes east 75..30 feet; thence north 20 degrees 1 minute east 195.27 feet; thence north 38 degrees 53 minutes cast 23.19 feet; thence north 34 degrees 19 .minutes east 312.59 feet; thence leaving the center line of said roadwe'i .north 3 degrees 50 einutes east 537.22 feet; thence north 89 degrees 35 Minutes west 1140.95 feet; thence south 3 degrees 50 minutes west 10 11 .9 feet; thence south 29 degrees 43 minutes 30 seconds east 315.02 feet; thence south 4 degrees 33 minutes 10 seconds west 1372.69 feet to the point of beginninee togethez with the right to use for ingress and egress to —the above described areel a 20 foot right of way on a route hereafter laid out from the north side of the above dezceibed premises northerly to the pLblic highway known as the Bloomfield Center Road. Part of the southwest 1/4, Section 15, to 2 north, range 10 east, Bloomfield Township, described as follows: Beginning at the southeast corner of the soutest 1/4 of said Section, thence north 89 degrees 39 minutes 46 seconds west along south section line 422.12 feet; thence north 55 degrees 18 minutes 4S seconds west 237 feet, more or less to center of Bloomfield Center Road; thence north 40 degrees 02 minutes east along center of said road 966.05 feet to a point upon the north and south 1/4 line of said Section ; thence south 0 degrees 11 minutes 30 seconds west 870.05 feet along .said 1/4 section line to the point of beginning. BUT INCLUDING THE FOLLOWING 7:0 (2) PARCELS OF LAND WHICH HAVE BEEN EXCEPTED IN WHOLE OR PART 2Y EXCEPTION SET FORTH ABOVE: In in the Village (now City) of Blooml d Hills e-Township of B l oomfie' Oakland county, Iichigen described ae follows: Commencing at the 1/4 Section corner of Sections 15 and 22 of DlcomField Township, Oakland County, Michigan; thence south SS degrees 45 minutes east 1283.05 feet along the Section line to a point on the westerly bank of the Rouge thence along the westerly bank of the said river and to .the east and soot: of the present sewage disponal plant 480 feet more or less to an iron monument set in concrete in the river;thence west 1009 feet to an iron monument on the ncrtherly side of the pavoc: road, known but not recoeded as the Valley Farm Road; thence along the came side of the road 122.5 feet to an iron monument; thence north 53 degrees 18. minutes 48 seconds .west 233.1 feet to an iron monument in the east and west section line between Sections 15 and 22; thence south 89 degrees 39 minutes 48 secc:::Is east 444.62 feet to the point of beginning. _ USER6100 ?AGE 584 Part of Lot 30, Gak Knob Farms Subdivision and part of the seauthwest 1/4 of Section 15-and part of the northwest 1/4 of Section 22, town . 2 north, range 10 oast, City of Bloomfield Hills, Oakland County, Michigan described as: Beginning at a point in the centerline of 50 foot Vaughan Road at a corner of Oak Knob Farms Subdivieion in the north line of said Section 22, said point being located north 38 degrees 54 minutes east along said centerline 136.1 feet from the southeast COrner. or =net eoutherly corner of Country Club Estates Subdiv 4 sion1 thence north 40 degrees 02 minutes east along center- line ofsaid Vaughan Rood 174.0 feet,thence south 55 degrees 17 minutes east 468.33 feet; thence south 0 degrees 31 minutes eastO180.22 feet, thence south 89 degrees 27 minute's east 73.31 feet, thence south 0 degrees 33 minutes west 77.52 feet, thence north 85 degrees 27 minutes west 806.62 feet to eaetcrly line of said 50 foot Vaughan Road; thence north 3C degrees 54 minutes east along said easterly line 401.85 feet to northwest corner of Lot 30, Oak Knob Farms Subdivision on north line of said Section 22,thence north 89 degrees 40 minutes west along section line 32.50 feet to the point of beginning, containing 5.290 acres, more or less. ALSO INCLUDING; Beginning at the southwest corner of thc northwest 1/4 of .Section 23, Dloomfield Township, OalJand County, Michigan, said corner being cemmon to both Sections 22 and 23; .thence along the east and west 1/4 Section line of Secticn 22 north 88 degrees 54 minutes 30 seconds west 916.82 feet to a point; thence north 1 degree 44 minutes west 131.45 feet to a point; thence north 37 degrees 39 minutes east 1602.42 feet to a point in Cranbrook Lake, said point being on the south boundary line of the Kingswood School for Girls property; thence along the abcve-mentioned south boundary line of the Kingswood property south 82 degrees 45 minutes 30 seconds east 792.61 feet to a point on the east .shore of Cranbrook Lake; thence south 79 degrees 2 minutes 30 seconds east 69.22 feet to a point; theece south 54 degrees 41: . minutes 30 seconds east 78.37 feet to a point; thence south 58 degrees 28 minutes cast 28.59 feet to a point in the centre of Cranbrook Road; thence south 22 degrees 54 minutes 30 seconds' west 229.2 feet to a point; thence south 23 degrees 11 minutes 30. seconds west 44.34 feet to a point; thence south 3 degrees J. minutes.east 200.2 feet to a point; thence south 3 degrees 13 minutes east 783.38 feet to the intersection of Cranbrook . and Lone Pine Roads upon the Quarter Section line of Section 23, thence south 89 degrees 24 minutes 20 seconds :west along the Quarter Section line 949.13 feet to the point of beginning. Lots 23, 24, 25 and 26, South Cranbreok Subdivision as recorded in liber 37 page 27 of plats, Oakland County Records. EXCEPT THE FOLLOWING: Part of.Lots 23 and 24 of South Cranbrook Subdivision, described as beginning at the southwest corner of Lot 23, thence northerly along the line common to Lots 23, 24 and 26 to the northeast corner of Lot 26, thence easterly, parallel to the southerly line of said Lot 23, to the westerly line of 44 foot Church Road, thence southerly along said westerly Line to the southeast corner of said Lot 23, thence westerly along the south line of said Lot 23 to the point of beginning. _Q L2E6155 PAGE585 C\1 Lot 15, Briarbank, a Subdivision, as recorded in liber 5-1 of plats, CZ) page 24, Oakland County Records. Part of the west 1/2 of the northwest 1/4 of Section 23, town 2 north, 41. range 10 east, City of Bloomfield Hills, Michigan described as: Commencing at a point on the center line of Cranbrook Road distant 1-n north 2 degrees 45 minutes west 637.63 feet from the intersection of CCD center line of Cranbrook Road and the center line of Lone Pine Road; c"- thence continuing along the center line of Cranbrook Road north 2 te degrees 45 minutes west 153.45 feet; thence north 85 degrees 34 minutes east 294.53 feet; thence south 2 degrees 45 minutes east 27.80 feet; thence south 30 degrees 41 minutes east 58.65 feet; thence south 37 degrees 18minutes 38 seconds west 110.13 feet; thence south 87 degrees 57 minutes 30 seconds west 252.61 feet to the place of beginning,except the rights of public in the highway. Now purports to be Lot 17 of "Assessor's Plat No. 6", according to plat thereof as recorded in lLer 52 of plats, page 24, Oakland County Records. That part of Lot 20, Assessor's Plat No.6 of the Village of Bloomfield Hills, as recorded in the Office of the Oakland County Register of Deeds in liber 52 of plats, page 24, on April 10, 1 931, that lies west of the center of tne River Rouge. Land in the City of Bloomfield Hills, Oakland County, Michigan described as: A part of the south 1/2 of the northeast 1/4 of Section 23, town 2 north, range 10 east, Bloomfield Township, Oakland County, Michigan, described as follows: Commencing at a point on the east and west 1/4 line of Section 23, situated 930.70 feet east from the center of the same section; thence east from this point 539.04 feet along the same east and west 1/4 line to the southeasterly corner of the land being described, said corner being situated on the westerly boundary of Woodward Avenue; thence northerly along the westerly boundary of Woodward Avenue 571.32 feet to an iron; thence south 56 degrees 51 minutes west 270.59 feet; thence south 333.21 feet to the point of beginning. Containing 2.62 acres, Now purports to be Lot 29, Assessor's Plat No. 6, according to the plat thereof recorded in liber 52 of pats, page 24, Oakland County Records. Land in the Township of Tyrone, Livingstcn County, Michigan described as: The east 1/2 of Section 24, town 4 north, range 6 east, excepting therefrom the north 85.4 acres thereof. Subject to the rights of the public and of any governmental unit in any part thereof taken, used or deeded for street, road or highway purposes. Subject to restrictions and easements of record, if any. Nys a \ X 2z a . - :4 0' or 0 yo'01 _ I 1..! /.. V '.'ca.,/ . ......1.1.5-4 I :-)" - s 3 :ft cl.. y • 4.10CYJ +-n 0/ o ). . r;---- / ?? tt. .•, . ,g • 01P .2... I 1. 1VC IL ..LIPX/P-JV ING.YY.Y.2 ...To rex Jer 10 AN.H1r), .0000,o se', 001 ylVOLKY 1/J0.0.1”,s0 til l 101)1 110 1,vr...20r 3 >or -I 1 1 1o, 00SA t3 01'4! )-n J.N.4.70C ii/uka.w .walstwir69 to. yogi ssoo" (If. at IVO" .011. 0° C!ZICI,..aunoo, 0 ;AS - 1 311101 loo.os oco,t-c. • so 000.0JI ov I f • /00 rsal•voill of' ific '•' o I lit F. 3 r t / n tr0.1 Jt r 730ST- F Exhibit B LETTER OF CREDIT OR BOND PURCHASER'S COMMITMENT LETTER Goldman, Sachs & Co. I 71 South Wacker Drive, Suite 500 I Chicago, Illinois 60606 Tel. 312-655-4600 August 14, 2007 Mary P. Langhauser Supervisor Financial Services Development and Planning The Economic Development Corporation of the County of Oakland 1200 N. Telegraph Road Pontiac, Michigan 48341-0412 Dear Ms. Langhauser: Goldman, Sachs & Co. is providing this letter to express a desire to purchase and underwrite limited obligation revenue bonds to be issued by the Economic Development Corporation of The County of Oakland for the benefit of Cranbrook Educational Community to finance various capital improvements and technology, subject to mutually acceptable terms. Subject to the final plan of finance, we expect to underwrite approximately $25,000,000 of bonds for CEC's new projects plus a yet to be determined amount of bonds, if any, to refund outstanding debt. Very Truly Yours, Lct( Goldman, Sachs & Co. Cc: D. Ebert S. Nederlander J. Janetzke E. Kelly M. Boisvert Exhibit C COMPANY CERTIFICATE REGARDING TRANSFER OF EMPLOYMENT (Cranbrook Educational Community Project) The undersigned, Cranbrook Educational Community, a Michigan nonprofit 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 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 "Act"). 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 Cranbrook Educational Community 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 the City of Bloomfield Hills, Michigan, the municipality in which the Project will be located. 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. Cranbrook Educational Community. a Michigan nonprolfitnoryppiation By: Its: Chief Operating Officer and Treasurer Dated: Exhibit D COMPANY CERTIFICATE REGARDING PAYMENT OF PREVAILING WAGES (Cranbrook Educational Community Project) The undersigned, Cranbrook Educational Community. a Michigan nonprofit 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 Cranbrook Educational Community 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. Cranbrook Educational Community, a Michigan nonprofit corporation , By: Its: Chief Operating Officer and Treasurer Dated: 2 BH 561467v1 ••• 1 MIN ME i/g47 Resolution #07202 August 30, 2007 Moved by Douglas supported by Potts the resolution be adopted. AYES: Gershenson, Gingell, Gosselin, Gregory, Greimel, Hatchett, Jacobsen, KowaII, Long, Middleton, Nash, Potter, Potts, Rogers, Scott, Spector, Suarez, Woodward, Zack, Bullard, Burns, Coleman, Coulter, Crawford, Douglas. (25) NAYS: None. (0) A sufficient majority having voted in favor, the resolution was adopted. ONO& 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 August 30, 2007, 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 30th day of August, 2007. n ( "Liia ..„, 4447 " Ruth Johnson, County Clerk