HomeMy WebLinkAboutResolutions - 2009.03.26 - 9826PLANNING AND DING COMMITTEE
MISCELLANEOUS RESOLUTIONr #09065 March 26, 2009
BY PLANNING AND BUILDING COMMI=E, JOHN SCUT:, CHAIRPERSON
IN RE; PLANNING AND ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION
APPROVING FIRST AMENDMENT TO INDENTURE OF TRUST (STRAITH HOSPITAL FOR SPECIAL
SURGERY PROJECT) - CITY OF SOUTHFIELD
To Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS, an June 14, 230 -1 , The Fuohomic Development Corporation of the
County of Cakiand ("EC" ; issued ::;9,5 7 3,C00 principal amount of Variable Rate
Demand Development Revenue Eleh, Series 2037 (traith Hospital for Special
Surgery ?roject) (the "Bend fol. the benetit of Stra_l.th Hospital for Spezial
Sargery, a nonprofit eorporate_on doing bt:siness in 'Oakland County the
"Hospital"); and
WHEREAS, the aonas c se:ured by a ietter of credit issued by Citizens
Bank; and
WHEREAS, because of the p7ecipeteu:3 decline in market conditions, the
Bonds have been tendered for relehase by their owner:5 to the Trustee for the
Bondholders and were paid for by 6 draw on the Citizens Dank letter of credit;
and
WHEREA, the Hospital boo!.:eperted toot the mo,st economic means by which
the',3ends can be sole baok :hte :to public r.arkotplace is '7_0 secure them with
a letter of credit to be issue(: by the Federal Home Loan Dank of Indianapolis
;"FHLBI"), whose notional rathq is "AAA", the highest rating possible; and
WHEREAS, tno substitution at the 'BT letter of credit for the Citizens
Bank letter of credit will rc ,,,:ire certain amend:tents :collectiveLy, the
-First Amendment") to the fidenture of Trust purs .aant to which the Bonds were
originally issued the "Isulture") and to the Bond form itself, in each case
prLocLpally to extend the maturity of tne 'bonds by over five years, from
June 1, 2034, to 3ctobe: 1, 2")39; and
WHEREAS, in connect_ion w.tt. the Fir5t Amehdment, a copy of which has
been presented to tots the board of ::e.1:=)ssioners is required by
federa: income tax Law to tiolci a 17-lic hearing wt:h respect to such First
Amendment; and
WEEaFAS, the Beard of :-:oi m1b-5Lioner,.s. ha3 held a public hearing regarding
the propc6ed First An';ondmet:t to Le 1-ndent.u-:e;
NOW 711EREFORE C1VE rhat, the proposed Ferst Amendment to the
Indenture, substantially in :he form pr e sented to this meetIng, is hereby
approved, ihcludJ=„1 31-C1-, changes cs ;.-ddi7.:ion5 to :zuch form as the officers of
the EDO executr.,7 toe same may nece:3sarv or adviJable, and that the
execution of ,.1c11 dec=ont by sucb officers of th EDO !3hall be conclusive
evidence of teir coter:tination is that ro.5.pect; and
BE IT FURTHER RESOLVED that the County Clerk is hereby directed to
provide four certified copies of this resolution to the Assistant Secretary of
the Board of the EDC.
Chairperson, on behalf of the Planning and Building Committee, I move
the adopt:._on of the foregoing resolution.
PLANNING & BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
Straith Hospital for Special Surgery
City of Southfield
EDC No. 07-04
Company:
Protect:
Straith Hospital was originally incorporated on November 26, 1952 under the
name Straith Memorial Hospital, and is governed by its Board of Trustees.
For the year ended October 31, 2006 the hospital cared for 807 inpatients
most of whom received acute physical rehabilitation services, and 5,691
outpatient surgical cases; 5,089 of which were ophthalmology patients.
Revenues Net Patient Service Revenue for the year was $13,644,502, 68%
of which came from Medicare, 18% from Blue Cross and 14% from other
sources.
The five operating rooms, pre-op, recovery, and patient waiting areas are all
to be replaced with new construction adjacent to the existing building.
Inpatient facilities including the patient's rooms, physical therapy,
occupational therapy, and pharmacy will be renovated. New construction is
approximately 16,100 sq. ft.
Location: 23901 Lahser Rd, Southfield, MI 48033
proct Cost:, Buildings (Construction) $5,620,900
Buildings (Renovations) $1,733,900
Site Work (Land Prep) $629,500
Machinery and equipment $1,284,170
Engineering Fees $968,600
Professional / Fees $290,800
Total Project $10,527,870
Job Impact: Jobs retained 185
Professional 101
Skilled 53
Unskilled 31
Owner: Straith Hospital for Special Surgery
Prior Approvals:
1. County EDC: Resolution of Inducement (4/17/2007)
2, County EDC: Resolution Recommending Project Area, District Area, & Requesting
Appointment of Additional Directors (4/17/2007)
3. Waiver of Jurisdiction City of Southfield (4/17/2007)
Resolution #09065 March 26,2009
Moved by Long supported by Jackson the resolutions (with fiscal notes attached) on the Consent Agenda
be adopted (with accompanying reports being accepted).
AYES: Burns, Capello, Coleman, Coulter, Douglas, Gershenson, Gingell, Gosselin, Grelmel,
Hatchett, Jackson, Jacobsen. Long, McGillivray. Middleton, Nash, Potter, Potts, Runestad, Schwartz,
Scott, Woodward, Zack, Bullard. (24)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
„AT
I HEREBY APPROVE THE FOREGOING ISOLIMON
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 26,
2009, 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 26th day of March, 2009.
eat
Ruth Johnson, County Clerk