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Downtown Pontiac renovation report: county says $23M allocated, bond proceeds not yet issued; interest income nearly $850,000
Summary
County staff presented the monthly Downtown Pontiac renovation report and said roughly $23 million has been allocated as of June 30, bond proceeds have not yet been drawn, and interest income on set‑aside funds is approximately $850,000. The committee received and filed the report.
Brian Leffler presented the committee with the Downtown Pontiac renovation monthly report and an accounting of identified revenue sources and allocations.
Leffler said the bond component of the financing remains unissued and therefore is shown as zero in the current report. As of June 30, staff had allocated about $23 million against identified program items; the second $25 million MEDC grant had not yet been drawn down. Leffler said a $10 million ARP allocation is earmarked for public‑health–related elements of the project.
Leffler also told commissioners that interest income on funds set aside for the project totaled about $850,000, noting that the county treasurer had moved the funds to a higher‑yield account. The first invoice from the development team had been received and was under review.
Commissioners discussed prompt‑payment requirements and contractual language; Leffler confirmed prompt‑pay provisions are being included in the Endeavor Group development agreement and architect AIA contracts.
The committee voted to receive and file the monthly Downtown Pontiac renovation report.
