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EDC authorizes inducement resolution for Beacon Hill Eastgate bond financing; staff outlines steps and risks
Summary
The Economic Development Corporation approved an inducement resolution to support tax-exempt revenue bonds for the Beacon Hill at Eastgate senior-living redevelopment and heard staff explain the conduit-bond process, prevailing-wage implications and next steps including city commission hearings and a TEFRA public hearing.
The Grand Rapids Economic Development Corporation unanimously approved an inducement and intent resolution to support tax-exempt revenue bond financing for the Beacon Hill at Eastgate redevelopment project, a large senior-living campus redevelopment that staff described as a multi-phase project to renovate and expand independent living, assisted living and memory-care units.
Staff described the inducement as an initial step that does not obligate the city or the EDC financially and emphasized the statutory and procedural requirements for conduit bond issuance. Jessica Wood (EDC counsel/staff) told the board the EDC would act as a conduit issuer under Michigan law and that, unlike borrowing through the Michigan Strategic Fund, the…
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