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Grosse Ile trustees authorize first bond series to buy toll bridge, fund engineering work
Summary
Trustees approved a resolution authorizing up to $21.645 million in bonds to finance the $13.5 million purchase of the Grosse Ile toll bridge and initial engineering, agreeing to sell the first series in January and close in February; board recorded a roll‑call vote and one recusal.
Grosse Ile Township trustees on Dec. 9 voted to authorize the first series of bonds to finance purchase of the township’s toll bridge and to fund initial engineering work. The resolution, prepared by bond counsel Miller Canfield, authorizes bonds in the amount of $21,645,000 to cover the $13,500,000 purchase price, an engineer’s estimate of $8,000,000 for design work, and issuance costs.
The board also agreed to engage Budzinski and Company (financial advisor) to take the bonds to market and assist with rating and sale. Steven Hayduck of Budzinski described the firm’s role in structuring issues to achieve competitive rates and in preparing offering documents for investors.
Why it matters: Voters approved a bond authorization at the November election that permits the township to issue bonds to acquire and improve the bridge. Splitting the authorization into two series is intended to limit interest costs early: the first series will fund acquisition and engineering; a second series for construction is planned for 2026 after engineering and cost estimates are complete.
During an extended question‑and‑answer period, trustees pressed bond counsel and the manager on timing, how proceeds may be invested, and what the public will see about engineering scope and schedules. Attorney Pat McGough (Miller Canfield) said bond proceeds and any investment earnings must be spent only on acquisition and construction of the bridge and related site work; proceeds will be held in a separate fund and tracked per law.
The timeline presented to the board anticipates a competitive sale in January, a closing in mid‑February and an award of engineering contracts in spring 2025. Engineering proposals are expected to be due March 15, 2025; the board will bid construction after the engineer’s work is complete and expects construction‑bonding in fall 2025 and work to begin in spring 2026 if schedules hold.
Vote and recusals: The board took the roll‑call vote required for the bond authorization. Votes recorded were: Margaret — Aye; Mark — Aye; Kevin (treasurer) — Aye; Joe (supervisor presiding) — Aye; Jamieson (clerk) — Aye; Mickey — recused for conflict; William — Aye. The motion passed. The board previously voted to engage Budzinski and Company as the municipal finance advisor, and that engagement also passed.
What remains: Trustees said they will release additional project and engineering details as allowed by confidentiality agreements and as information becomes final. The manager and bond counsel said they will present engineering schedules and bid specifications to the public when permissible.
The board’s action authorizes staff to proceed with the first bond sale; the sale timing was described as a strategy to seek better interest rates in January than at year‑end.
