Ottawa County approves EDC project plan enabling up to $10 million in revenue bonds for Hope College

The Ottawa County Board of Commissioners on Dec. 25 approved a project plan that clears the way for the Ottawa County Economic Development Corporation to issue revenue bonds not to exceed $10 million for Hope College.

Craig Hammond of the law firm Dickinson Wright, serving as bond counsel to the EDC, described the financing as a limited obligation of the EDC that will be privately placed with PNC Bank and repaid solely from loan payments made by Hope College. "These bonds are payable solely from payments that are made by the borrower, in this case, Hope College," Hammond said, and he emphasized the county bears no liability under the EDC Act.

The proceeds will be used to refinance outstanding debt tied to capital projects on Hope's Holland campus and possibly to fund additional capital work. Hammond told commissioners that using the EDC and the federal tax‑exempt bond structure allows the college to obtain a lower interest rate than it otherwise would. The EDC operates pursuant to Act 338 of 1974; Hammond said closing was expected before year‑end.

After brief commissioner questions clarifying the difference between limited‑obligation and general‑obligation bonds, the board took a roll‑call vote on the resolution approving the project plan and issuance. The roll call recorded affirmative votes and the motion passed.

The county’s role at this stage is ministerial: approving the project plan so the EDC can act. Bond counsel said the EDC will adopt its own resolution and the private placement financing is expected to close soon.

Next steps: the EDC is expected to finalize its resolution authorizing the bonds and complete the private placement financing.