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EDC approves up to $175 million limited‑obligation bonds for Beacon Hill at Eastgate expansion; bonds secured by borrower revenues
Summary
The Economic Development Corporation approved issuance of limited‑obligation revenue bonds (not city debt) to finance renovation and new construction at Beacon Hill at Eastgate. Staff and counsel said the bonds are secured by the borrower’s pledged revenues; the project is under construction and, according to presenters, is about 95% presold.
The Economic Development Corporation voted to authorize the issuance and sale of limited‑obligation revenue bonds of up to $175 million to finance renovation and expansion at Beacon Hill at Eastgate (Michigan Christian Home / Beacon Hill). The EDC’s counsel and staff emphasized the bonds are secured solely by the borrower’s pledged revenues and do not create an obligation for the City of…
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