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Board approves up to $2 million cash advance to DDA, tentatively declares Special Projects No. 55 SAD and moves forward with bond counsel for island-club paving
Summary
The board approved a DDA cash advance of up to $2 million, authorized an intent resolution to establish Special Projects No. 55 SAD and approved bond counsel engagement for the Island Club Paving SAD; a bond counsel item for a pathway SAD was discussed but not acted on.
The Charter Township of Commerce Board of Trustees on Feb. 10 approved a cash advance of up to $2,000,000 from the Debt Service Fund to the Downtown Development Authority (DDA) and took several preliminary financing steps tied to special-assessment districts (SADs).
Treasurer Molly Phillips presented the DDA request. The motion to approve a cash advance up to $2,000,000 carried, with Trustee Robert Long voting No. Phillips said the advance was requested on behalf of the DDA; the board did not…
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