HomeMy WebLinkAboutResolutions - 2026.08.13 - 43070
AGENDA ITEM: Project Plan Approval of the Lourdes Senior Community Project located in
Waterford Township
DEPARTMENT: Economic Development
MEETING: Board of Commissioners
DATE: Thursday, August 13, 2026 9:30 AM - Click to View Agenda
ITEM SUMMARY SHEET
COMMITTEE REPORT TO BOARD
Resolution #2026-6852
Motion to certify and approve the Project Plan for the Lourdes Senior Community Project located in
the Charter Township of Waterford, having been determined to constitute a public purpose as
contemplated by the Economic Development Corporations Act; further, authorize the Oakland
County Economic Development Corporation (EDC) 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; further, direct the County Clerk to provide a certified
copy of this resolution to the Assistant Secretary of the Board of the EDC.
ITEM CATEGORY SPONSORED BY
Resolution Yolanda Smith Charles
INTRODUCTION AND BACKGROUND
The Oakland County Economic Development Corporation ("EDC") is bringing forth the Resolution to
Approve Project Plan for Lourdes Senior Community Project in the Charter Township of Waterford.
The EDC has recommended that the Board of Commissioners approve the Project Plan required by
the The Economic Development Corporations Act, Act No. 338 of the Michigan Public Acts of 1974,
as amended (the "Act") for the captioned Project, a copy of which has been presented to this
meeting (the "Project Plan").
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 financial institution
acceptable to the EDC will be purchasing the bonds proposed to be issued by the EDC.
The governing body of the Charter Township of Waterford, Oakland County, Michigan, has also
approved the Project Plan.
Previous steps for this project include the Board of Commissioners approving the Project Area and
Project District Area through Resolution #2026-6720 _ 26-27 and the appointment of 2 additional
Economic Development Corporation Directors, specific to this project, through Resolution #2026-
6721.
Pursuant to PA 338 of 1974 and the Internal Revenue Code of 1986, as amended, a public hearing
shall be held at the Board of Commissioners meeting on August 13, 2026 at 9:30 am.
POLICY ANALYSIS
The 2026 Lourdes Senior Community Project advances public policy objectives by expanding the
availability of independent living housing for older adults while supporting economic development in
Oakland County. The construction of a new 60-unit senior independent living facility addresses the
growing demand for senior housing and is expected to create or retain employment opportunities
during construction and ongoing operations, contributing to the economic welfare of both the county
and the State of Michigan.
From a policy perspective, the project promotes community development by increasing housing
options for seniors, modernizing residential facilities, and leveraging private financing to achieve
public benefit.
Scope
The Lourdes Senior Community 2026 Project includes the acquisition, construction, furnishing and
equipping of a new 60-unit senior independent living facility, all to be located on the applicant’s
campus. The 2026 Project will create or retain job opportunities for the residents of the County and
will aid in the general economic welfare of the County and the State of Michigan.
The construction of the 2026 Project has not started yet. The Borrower commenced demolition work
of certain structures in June to make the site ready for the new building. Construction of the 2026
Project is estimated to begin September 2026 with substantial completion by April 2028.
Cost
The total project cost is $32,675,000.
A portion of the proceeds of the Bonds will be used to finance all or a portion of the costs of the
acquisition, construction, furnishing and development of a new independent living building
expansion of the Fox Manor senior independent living facility within the Lourdes Senior Living
Community campus (the "2026 Project") located at 2126, 2150, 2280 and 2300, Watkins Lake
Road, Charter Township of Waterford, Oakland County Michigan (the "“Lourdes Campus”), and pay
costs of issuing the Bonds. This portion is estimated at $18,000,000.
A portion of the proceeds of the Bonds will be used to refinance the outstanding balance
(approximately $14,675,000) of the Michigan Strategic Fund Variable Rate Limited Obligation
Revenue Bonds (Lourdes Senior Community Project), Series 2019 (the “Series 2019 Bonds”).
Bonds
The plan of finance for the Project is for not to exceed $32,675,000 in principal amount of limited
obligation revenue bonds (the “Bonds”) to be issued by the EDC in one or more series. The Bonds
will be structured as tax exempt “qualified 501(c)(3) bonds” under Internal Revenue Code Section
145. The Bonds will be issued pursuant to a Bond Financing Agreement to be entered into among
the EDC, the Applicant and WesBanco Bank, Inc., as purchaser of the Bonds. The proceeds of the
Bonds will be loaned to the Applicant pursuant to the Bond Financing Agreement. The Bonds will be
limited obligations of the EDC payable solely from funds received from the Applicant. The Bonds will
be sold through private placement to WesBanco Bank, Inc. with an anticipated closing date not later
than October 31, 2026.
FISCAL IMPACT: No Budget Amendment Needed
Committee members can contact Barbara Winter, Policy and Fiscal Analysis Supervisor at
248.821.3065 or winterb@oakgov.com or the department contact persons listed for additional
information.
CONTACT
Catherine Rasegan, Administrator Financial Services
ITEM REVIEW TRACKING
Aaron Snover, Board of Commissioners Created/Initiated - 8/13/2026
AGENDA DEADLINE: 07/30/2026 4:30 PM
ATTACHMENTS
1. EDC Project Plan - Lourdes Senior Community
2. EDC Oakland County - Lourdes Senior Community - Memo to C. Rasegan re Notice of Public
Hearing
3. Lourdes Public Hearing Notice Finanl
COMMITTEE TRACKING
2026-08-06 Economic Development & Infrastructure - Recommend to Board
2026-08-13 Full Board - Adopt
Motioned by: Commissioner Penny Luebs
Seconded by: Commissioner Robert Hoffman
Yes: Charles Cavell, Ann Erickson Gault, Marcia Gershenson, Robert Hoffman, Brendan
Johnson, Karen Joliat, Christine Long, Penny Luebs, Gwen Markham, William Miller III, Kristen
Nelson, Robert Smiley, Yolanda Smith Charles, Michael Spisz, Linnie Taylor, David Woodward
(16)
No: None (0)
Abstain: None (0)
Absent: Michael Gingell, Philip Weipert (2)
Passed
1
THE ECONOMIC DEVELOPMENT CORPORATION
OF THE COUNTY OF OAKLAND
Oakland County, Michigan
Lourdes Senior Community Project
PROJECT PLAN
CONTENTS
1. Summary Description of Project (Page 1)
2. Project Plan Certification by Borrower (Page 3)
3. Statutorily Required Information (Page 4)
4. Exhibits
"A" - Project Area Legal Description
"B” - Project Budget
"C" - Transfer of Employment Certificate
1
PROJECT PLAN
SUMMARY DESCRIPTION OF
LOURDES SENIOR COMMUNITY PROJECT
OWNER OF PROJECT:
Dominican Health Care Corporation, d/b/a Lourdes Senior Community (the “Applicant” or the
“Borrower”) is a Michigan nonprofit corporation sponsored by the Dominican Sisters. Since
1965, the Borrower has operated a Continuing Care Retirement Community for seniors knows as
Lourdes Senior Community (the “Community”) at its lakefront campus in Waterford Township,
Michigan. Lourdes Senior Community includes a skilled nursing and rehabilitation center,
independent living, assisted living, memory care and hospice care. The facilities of the
Community are owned and operated by the Borrower or its affiliates Fox Manor, Inc., Lourdes
Assisted Living Corporation, Lourdes Alzheimers Special Care Center and Lourdes, Inc. (each a
“Member of the Obligated Group”). Each Member of the Obligated Group has been determined
to be a 501(c)(3) corporation. The charitable mission of the Lourdes Senior Community is to
further the healing ministry of Jesus by delivering compassionate, holistic healthcare and elder
care. Guided by the values of the Dominican Sisters, the Community strives to empower
residents and serve seniors in Oakland County, regardless of economic status, race, or religion.
The Community’s campus is located at 2126, 2150, 2280 and 2300, Watkins Lake Road, Charter
Township of Waterford, Oakland County Michigan.
CONTACT PERSON: (Name, address, telephone number)
Lourdes Senior Community
2300 Watkins Lake Road
Waterford, MI 48328
Attn: Richard Acho, President & Chief Executive Officer
tel: (248) 886-5611
email: racho@lourdes-sc.org
LOCATION OF PROJECT: (Local municipality)
2126, 2150, 2280 and 2300, Watkins Lake Road, Charter Township of Waterford, Oakland
County Michigan
PROJECT AREA/DISTRICT AREA: See Exhibit A – Legal Description Attached
NATURE OF PROJECT:
1. New Money Component. A portion of the proceeds of the Bonds will be used to finance all
or a portion of the costs of the acquisition, construction, furnishing and development of a new 60
unit, 88,000 sq. ft. independent living building expansion of the Fox Manor senior independent
2
living facility within the Lourdes Senior Living Community campus (the "2026 Project") located
at 2126, 2150, 2280 and 2300, Watkins Lake Road, Charter Township of Waterford, Oakland
County Michigan (the "“Lourdes Campus”), and pay costs of issuing the Bonds.
2.Refunding Component. A portion of the proceeds of the Bonds will be used to refinance the
outstanding balance (approximately $14,675,000) of the Michigan Strategic Fund Variable Rate
Limited Obligation Revenue Bonds (Lourdes Senior Community Project), Series 2019 (the
“Series 2019 Bonds”). The proceeds of the Series 2019 Bonds were used to: (i) finance or
reimburse all or a portion of the costs of the demolition of two of the existing three licensed
nursing care wings and the construction, renovation, installation, furnishing and equipping of
two new wings to create 45 new private rooms and 5 new semi-private rooms, located within the
Lourdes Rehabilitation Healthcare Center on the Lourdes Campus (the "2019 Project"); (ii)
refund the $12,441,711.51 outstanding principal amount of the Michigan Strategic Fund Variable
Rate Limited Obligation Revenue Refunding Bonds, Series 2014 (the “Series 2014 Bonds”); and
(iii)pay the costs of issuing the Series 2019 Bonds. The proceeds of the Series 2014 Bonds were
used to: (i) finance or reimburse all or a portion of the costs of the construction, renovation and
furnishing of 50 private skilled nursing rooms, with private bathrooms and showers, and the
expansion of the rehabilitation and therapy facilities, all within the Lourdes Rehabilitation
Healthcare Center located on the Lourdes Campus (the "2014 Project"); and (ii) pay the costs of
issuing the Series 2014 Bonds.
TOTAL PROJECT COST:
Refunding Component
New Money Component:
Total
$14,675,000
18,000,000
$32,675,000
BONDS TO BE ISSUED:
$32,675,000
BOND PURCHASER/UNDERWRITER:
Bonds to be purchased by WesBanco for its own loan portfolio in a direct placement.
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.
DOMINICAN HEALTH CARE CORPORATION,
d/b/a LOURDES SENIOR COMMUNITY,
a Michigan nonprofit corporation
By: ______________________________________
Richard Acho
Its: President and Chief Executive Officer
Dated: July 21, 2026
PROJECT PLAN
STATUTORILY REQUIRED INFORMATION REGARDING
LOURDES SENIOR COMMUNITY PROJECT
This Project Plan was prepared in accordance with the Economic Development
Corporations Act, Public Act No. 338 of the Michigan Public Acts of 1974, as amended. Below
is the requisite information based on Section 8(4) of the Act relating to the 2026 Project.
(A) THE LOCATION AND EXTENT OF EXISTING STREETS AND OTHER
PUBLIC FACILITIES WITHIN THE PROJECT DISTRICT AREA AND THE LOCATION,
CHARACTER, AND EXTENT OF THE CATEGORIES OF PUBLIC AND PRIVATE LAND
USES THEN EXISTING AND PROPOSED FOR THE PROJECT AREA, INCLUDING
RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL, EDUCATIONAL, AND
OTHER USES, AND SHALL INCLUDE A LEGAL DESCRIPTION OF THE PROJECT
AREA.
No changes to public streets are necessary for the 2026 Project.
The property currently has utilities so no additional water, sewer, electric,
communications and gas installations will be required.
The 2026 Project involves acquisition, construction, furnishing and development of a
new 60 unit independent living building expansion of the Fox Manor senior independent living
facility within the Lourdes Senior Living Community campus.
The location of the Project Area is set forth in the legal description attached hereto as
Exhibit A. The location of the improvements anticipated on the Project Area is illustrated in the
Site Map, a copy of which has been provided to The Economic Development Corporation of the
County of Oakland (the “EDC”) with the Applicant’s application.
The Applicant or its sponsor owns the Project Area. The Project Area is currently used by
the Applicant as part of the Lourdes Campus.
(B) 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 site plan was approved at the Waterford Township Planning Commission meeting in
September 2025. There will be no significant changes from the submitted site plans that were
approved. There are three structures on the current site that are being demolished.
(C) 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.
5
Lourdes Senior Community, 2126, 2150, 2280 and 2300, Watkins Lake Road, Charter
Township of Waterford, Oakland County Michigan
See Exhibit B attached for the budget.
(D)A STATEMENT OF THE CONSTRUCTION OR STAGES OF
CONSTRUCTION PLANNED, AND THE ESTIMATED TIME OF COMPLETION OF EACH
STAGE.
The construction of the 2026 Project has not started yet. Borrower commenced
demolition work of certain structures in June to make the site ready for the new building. The
land will be transferred from our sponsoring entity owners directly to Lourdes Senior
Community.
Construction of the 2026 Project is estimated to begin September, 2026 with substantial
completion by April , 2028.
(E)A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO BE LEFT
AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE.
A copy of the Site Plan for the Project is on file with the office of the EDC and
incorporated by reference herein. The Site Plan indicates the planned usages of the Project Area,
including such areas which could be characterized as “open space.”
(F)A DESCRIPTION OF PORTIONS OF THE PROJECT AREA WHICH THE
CORPORATION DESIRES TO SELL, DONATE, EXCHANGE OR LEASE TO OR FROM
THE MUNICIPALITY AND THE PROPOSED TERMS.
The EDC will not sell, donate, exchange or lease any portion of the Project Area to or
from the County of Oakland or the Charter Township of Waterford.
(G)A DESCRIPTION OF DESIRED ZONING CHANGES AND CHANGES IN
STREETS, STREET LEVELS, INTERSECTIONS AND UTILITIES.
No changes to streets, or intersections for the public. Borrowe is changing an internal
road and utilities will be removed from the old structures and new utilities added for the new
structure.
The existing zoning is multi-family R-M2, special land use approval for elder care. No
change to zoning or public streets are necessary for the 2026 Project.
(H)A STATEMENT OF THE PROPOSED METHOD OF FINANCING THE
PROJECT INCLUDING A STATEMENT BY A PERSON DESCRIBED IN
SUBPARAGRAPH (J) INDICATING THE PAYMENT TO ALL PERSONS PERFORMING
WORK ON THE CONSTRUCTION PROJECT OF THE PREVAILING WAGE AND FRINGE
BENEFIT RATES FOR THE SAME OR SIMILAR WORK IN THE LOCALITY IN WHICH
6
THE WORK IS TO BE PERFORMED, AND A STATEMENT OF THE ABILITY OF THE
CORPORATION TO ARRANGE THE FINANCING. THE PREVAILING WAGE AND
FRINGE BENEFIT RATES SHALL BE DETERMINED PURSUANT TO ACT NO. 166 OF
THE PUBLIC ACTS OF 1965, AS AMENDED, BEING SECTIONS 408.551 to 408.558 OF
THE MICHIGAN COMPILED LAWS.
The plan of finance for the Project is for not to exceed $32,675,000 in principal amount
of limited obligation revenue bonds (the “Bonds”) to be issued by the EDC in one or more series.
The Bonds will be structured as tax exempt “qualified 501(c)(3) bonds” under Internal Revenue
Code Section 145. The Bonds will be issued pursuant to a Bond Financing Agreement to be
entered into among the EDC, the Applicant and WesBanco Bank, Inc., as purchaser of the
Bonds. The proceeds of the Bonds will be loaned to the Applicant pursuant to the Bond
Financing Agreement. The Bonds will be limited obligations of the EDC payable solely
from funds received from the Applicant. The Bonds will be sold through private placement to
WesBanco Bank, Inc. with an anticipated closing date not later than October 31, 2026.
With respect to the payment of prevailing wage and fringe benefit rates, Act No. 166 of
1965, as amended, MCL 408.551 to 408.558, was repealed in 2018. Michigan’s current
prevailing wage law (Act No. 10 of 2023, as amended, MCL 408.1101, et. seq.) only covers
construction workers employed on state financed or sponsored construction projects. The 2026
Project does not qualify as a state financed or sponsored construction project and is therefore not
subject to the state prevailing wage law.
(I) 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.
Richard Acho, President & Chief Executive Officer
Thomas Hosinski, Director of Lourdes Rehabilitation and Healthcare Center
Robin McClintock, Director of Mendelson Assisted Living and Fox Manor
Cori Sharrard, Director of Clausen Manor
David Krolikowski, Director of Finance
Rebecca Latta, Director of Human Resources
Jason Mize, Director of Plant Operations
(J)DESIGNATION OF THE PERSONS 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 IF THAT
INFORMATION IS AVAILABLE TO THE CORPORATION.
The Project is being undertaken for the benefit of the Applicant. The land and buildings
are owned by the Applicant or its affiliate. The Project will provide housing and healthcare
services for seniors in Oakland County. The Project is not expected to be sold or conveyed to
any other party.
(K)IF THERE IS NOT AN EXPRESS OR IMPLIED AGREEMENT BETWEEN
THE CORPORATION AND 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.
(L) 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
BY THE CORPORATION, A PROJECT PLAN SHALL INCLUDE A SURVEY OF THE
FAMILIES AND INDIVIDUALS TO BE DISPLACED, INCLUDING THEIR INCOME AND
RACIAL COMPOSITION, A STATISTICAL DESCRIPTION OF THE HOUSING SUPPLY
IN THE COMMUNITY, INCLUDING THE NUMBER OF PRIVATE AND PUBLIC UNITS
IN EXISTENCE OR UNDER CONSTRUCTION, THE CONDITION OF THOSE IN
EXISTENCE, THE NUMBER OF OWNER-OCCUPIED AND RENTER-OCCUPIED UNITS,
THE ANNUAL RATE OF TURNOVER OF THE VARIOUS TYPES OF HOUSING AND
THE RANGE OF RENTS AND SALE PRICES, AN ESTIMATE OF THE TOTAL DEMAND
FOR HOUSING IN THE COMMUNITY, AND THE ESTIMATED CAPACITY OF PRIVATE
AND PUBLIC HOUSING AVAILABLE TO DISPLACED FAMILIES AND INDIVIDUALS.
The only residents residing within the Project Area are residents of the Lourdes Senior
Living Community. There are no non-Applicant affiliated residents residing in the Project Area;
consequently, none will be displaced.
(M) A PLAN FOR ESTABLISHING PRIORITY FOR THE RELOCATION OF
PERSONS DISPLACED BY THE PROJECT IN NEW HOUSING IN THE PROJECT AREA.
Not applicable. No persons are being displaced by the 2026 Project.
(N) PROVISION FOR THE COSTS OF RELOCATING PERSONS DISPLACED
BY THE PROJECT AND FINANCIAL ASSISTANCE AND REIMBURSEMENT OR
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. No persons are being displaced by the 2026 Project.
(O) A PLAN FOR COMPLIANCE WITH ACT NO. 227 OF THE PUBLIC ACTS
OF 1972, BEING SECTIONS 213.321 TO 213.332 OF THE MICHIGAN COMPILED LAWS.
Not applicable. No persons are being displaced by the 2026 Project.
(P) OTHER MATERIAL AS THE CORPORATION, LOCAL PUBLIC AGENCY,
OR GOVERNING BODY CONSIDERS PERTINENT.
None
1
EXHIBIT A
Project Area
Legal Description of the Lourdes Land
Land situated in the Township of Waterford, Oakland County, Michigan, described as:
A parcel situated in the Township of Waterford, Oakland County, Michigan, described as: Part of
the Northeast 1/4 of Section 14, Town 3 North, Range 9 East, Waterford Township, Oakland
County, Michigan, described as: Commencing at the North 1/4 corner of said Section 14; thence
South 00 degrees 37 minutes 30 seconds East along the North and South 1/4 line of said Section 14,
443.44 feet to the Point of Beginning; thence 450.77 feet along the arc of a curve to the right,
having a radius of 572.96 feet, central angle 45 degrees 04 minutes 35 seconds and chord bearing
North 21 degrees 54 minutes 48 seconds East 439.23 feet along the centerline of Watkins Lake
Road; thence South 70 degrees 48 minutes 57 seconds East 451.07 feet along the Southerly Right-
of-Way line of the Grand Trunk Railroad (100.00 feet wide); thence South 00 degrees 37 minutes
03 seconds East 1788.29 feet; thence North 47 degrees 26 minutes 39 seconds West 812.54 feet to a
point on said North and South 1/4 line of said Section 14, also being the centerline of said Watkins
Lake Road; thence North 00 degrees 37 minutes 30 seconds West 979.45 feet along said line to the
Point of Beginning.
Common Address: 2300 Watkins Lake Road, Waterford, Michigan 48328
Permanent Parcel Number(s): 13-14-202-012
Legal Description of the Lourdes Acquisition Parcel
A parcel situated in the Township of Waterford, Oakland County, Michigan, described as:
Commencing at the North ¼ corner of Section 14, Town 3 North, Range 9 East, Waterford
Township, Oakland County, Michigan; thence South 00 degrees 37 minutes 30 seconds East, along
the North and South ¼ line of Section 14, 1422.89 feet to the Point of Beginning; thence South 47
degrees 26 minutes 39 seconds East, 812.54 feet; thence South 00 degrees 37 minutes 03 seconds
East 692.70 feet to a point on the East and West ¼ line of said Section 14; thence South 89 degrees
22 minutes 57 seconds West 592.41 feet along said East and West ¼ Line to the Center Post of Said
Section 14; thence North 00 degrees 37 minutes 30 seconds West 1248.65 feet along said North and
South ¼ line to the point of beginning.
Common Address: 2126, 2150 and 2280 Watkins Lake Road, Waterford, Michigan 48328
Permanent Parcel Number(s): 13-14-202-013
1
Exhibit B
Project Budget
LOURDES SENIOR COMMUNITY
NEW IL PROJECT - 60 UNITS, 88,000 sq. ft.
SOURCES AND USES OF FUNDS
Sources of Funds Total
Philanthropy $ 1,000,000.00
Organization Cash Reserves $ 7,000,000.00
$ 40,505,699.31
$ 26,000,000.00
Refunding of Series 2019 Bonds $ 14,505,699.31
$ 40,505,699.31
Project Fund
Bond Proceeds:
New Money - Fox Manor Inc
Old Money - Lourdes Inc.
Total Bond Proceeds
$ 18,000,000.00
$ 14,505,699.31
$ 32,505,699.31
Construction Costs
Furniture and Fixtures
Architectural & Engineering Fees
Permit and Legal Fees
Contingency
$ 23,854,258.41
$ 50,000.00
$ 651,950.00
$ 250,000.00
$ 381,020.00
Capitalized Interest Fund C t f I
$ 488,219.18 $ 324,552.41
1
EXHIBIT C
TRANSFER OF EMPLOYMENT CERTIFICATE
(Lourdes Senior Community Project)
The undersigned, Dominican Health Care Corporation d/b/a Lourdes Senior Community, a
Michigan nonprofit corporation (the "Applicant"), 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 Applicant's knowledge and
belief, only after thorough investigation and discussion with all owners of the Applicant and others
who might have knowledge regarding the subject matter.
2. The Applicant 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 Applicant 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 Lourdes Senior Community (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 Charter Township of Waterford, the municipality in which the Project will
be located.
5. The Applicant understands that a covenant to effectuate the purposes of this
Certificate will be included in those covenants to be made by the Applicant when bonds are issued
by the EDC for the benefit of the Project.
DOMINICAN HEALTH CARE CORPORATION,
d/b/a LOURDES SENIOR COMMUNITY,
a Michigan nonprofit corporation
By: ______________________________________
Richard Acho
Its: President and Chief Executive Officer
Dated: July 21, 2026
4930-9265-9898 v2 [9723-32]
MEMORANDUM
TO: Catherine J. Rasegan, Assistant Secretary of
The Economic Development Corporation of the County of Oakland
FROM: Craig W. Hammond, Dickinson Wright PLLC
DATE: July 21, 2026
SUBJECT: Public Hearing regarding issuance of EDC of the County of Oakland/Lourdes
Senior Community Series 2026 Bonds
Dominican Health Care Corporation d/b/a Lourdes Senior Community, a Michigan nonprofit
corporation (“Lourdes”), has requested the EDC’s assistance in financing (i) all a portion of the costs
of the acquisition, construction, furnishing and development of a new 60 unit, 88,000 sq. ft.
independent living building expansion of the Fox Manor senior independent living facility within the
Lourdes Senior Living Community campus (the "2026 Project") located at 2126, 2150, 2280 and
2300, Watkins Lake Road, Charter Township of Waterford, Oakland County Michigan (the
"“Lourdes Campus”), (ii) the refunding of refinance the outstanding balance of the Michigan
Strategic Fund Variable Rate Limited Obligation Revenue Bonds (Lourdes Senior Community
Project), Series 2019, which previously financed capital improvements relating to the Lourdes
Rehabilitation Healthcare Center on the Lourdes Campus, and (iii) the costs of issuing the Bonds.
The proposed bond issuance would not exceed $32,750,000.
The Internal Revenue Code of 1986, as amended (the “Code”), requires that, as a condition
precedent to the issuance of tax -exempt private activity bonds, a public hearing must be held by the
governing body of the governmental unit in which the economic development corporation is located,
and the issuance of the new bonds must then be approved by such governing body.
In the past, in connection with the EDC’s issuance of bonds for new projects, the Board of
Commissioners has always held the public hearing required by the EDC Act and the Code and has
approved the issuance of the bonds by the EDC.
To comply with the requirements of the Code, the EDC is now requesting that the Board of
Commissioners similarly hold a public hearing for the proposed refunding bonds, and approve the
issuance of the bonds by the EDC, as it has in connection with other projects in the past.
Please do not hesitate to contact me if you have any questions regarding the subject matter of
this memorandum or the proposed refinancing.
Respectfully,
Craig W. Hammond
4848-6256-0497 v2 [9723-29]
NOTICE OF PUBLIC HEARING REGARDING THE ISSUANCE OF BONDS BY
that the Board of Commissioners of the County of Oakland, Michigan, will hold a
hearing in the Commissioners' Auditorium, 1200 North Telegraph Road, Pontiac, Michigan, on Thursday, August 13, 2026,
beginning at 9:30 a.m., Eastern Time. The hearing shall consider whether the Board of Commissioners should approve the
issuance of bonds (the “Bonds”) by The Economic Development Corporation of the County of Oakland (the “EDC”) for
Dominican Health Care Corporation d/b/a Lourdes Senior Community, a Michigan nonprofit corporation (the “Borrower”).
The hearing is required by the Internal Revenue Code of 1986, as amended (the “Code”), because the proceeds of the Bonds
proposed to be issued will be used to finance the 2026 Project described below, to refinance certain outstanding indebtedness
described below that was incurred to finance capital improvements to the Borrower’s facilities (the “Refinancing”), and to pay
costs of issuing the Bonds. A public hearing is a condition precedent under the Code to issuing tax-exempt bonds for such
purposes.
2026 Project Description: A portion of the proceeds of the Bonds will be used to finance all or a portion of the costs
of the acquisition, construction, furnishing and development of a new 60 unit, approximately 88,000 sq. ft. independent living
building expansion of the Fox Manor senior independent living facility within the Lourdes Senior Living Community campus
(the "2026 Project") located at 2126, 2150, 2280 and 2300 Watkins Lake Road, Charter Township of Waterford, Oakland
County Michigan (the “Lourdes Campus”), and pay costs of issuing the Bonds.
Refinancing Description: A portion of the proceeds of the Bonds will be used to refinance the outstanding balance of
the Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds (Lourdes Senior Community Project), Series
2019 (the “Series 2019 Bonds”). The proceeds of the Series 2019 Bonds were used to: (i) finance or reimburse all or a portion
of the costs of the demolition of two of the existing three licensed nursing care wings and the construction, renovation,
installation, furnishing and equipping of two new wings to create 45 new private rooms and 5 new semi-private rooms, located
within the Lourdes Rehabilitation Healthcare Center on the Lourdes Campus; (ii) refund the outstanding principal amount of
the Michigan Strategic Fund Variable Rate Limited Obligation Revenue Refunding Bonds, Series 2014 (the “Series 2014
Bonds”); and (iii) pay the costs of issuing the Series 2019 Bonds. The proceeds of the Series 2014 Bonds were used to: (i)
finance or reimburse all or a portion of the costs of the construction, renovation and furnishing of 50 private skilled nursing
rooms, with private bathrooms and showers, and the expansion of the rehabilitation and therapy facilities, all within the
Lourdes Rehabilitation Healthcare Center located on the Lourdes Campus; and (ii) pay the costs of issuing the Series 2014
Bonds.
The Bonds will be issued in a maximum principal amount of $18,000,000 for the 2026 Project and $14,750,000 for
the Refinancing and bond issuance costs. The owners and operators of the 2026 Project and the facilities to be refinanced with
the proceeds of the Bonds are the Borrower or its affiliates Fox Manor, Inc., Lourdes Assisted Living Corporation, Lourdes
Alzheimers Special Care Center and Lourdes, Inc., each a Michigan nonprofit corporation with a charitable mission to provide
healthcare, housing and related services to the elderly.
The Bonds will be limited obligations of the EDC, payable only from loan repayments to be made by the Borrower to
the EDC and certain other security to be provided by the Borrower. The Bonds will not constitute an indebtedness of the EDC,
the County of Oakland or any political subdivision thereof within the meaning of any constitutional or statutory provision and
will not constitute or give rise to a charge against the general credit of the EDC or the credit or taxing power of the County of
Oakland or any political subdivision thereof. The EDC has no taxing power.
The Board of Commissioners will consider whether to approve the issuance of the Bonds by the EDC, which are
authorized to be issued by the EDC pursuant to Act 338, Public Acts of Michigan, 1974, as amended, as required by the Code.
Information related to the Bonds and the 2026 Project is available for public inspection at the Office of Oakland
County Economic Development & Community Affairs, Bldg. 41 West, 2100 Pontiac Lake Road, Waterford, Michigan,
between the hours of 8:00 a.m. and 5:00 p.m., weekdays. Any aspect of the planned financing may be discussed at the public
hearing and all interested persons will be given an opportunity to be heard. The hearing will provide the fullest opportunity for
expression of opinion, arguments on the merits and introduction of documentary evidence relative to the financing. If you
would prefer to send written comments for consideration, please forward them to Catherine Rasegan, Administrator, Financial
Services, at the above address. If you have questions, you may call (248) 858-5101.
Lisa Brown
Oakland County Clerk
Register of Deeds