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Board approves EDC recommendation to designate project area for 60-unit Lourdes senior housing and $32.5M bond issuance
Summary
County EDC presented a recommendation to designate a project area in Waterford Township for a 60-unit Lourdes Senior Independent Living project; the county's role is bond issuer, and the board approved the project-area designation and related appointments for the project's EDC board.
The Oakland County Board unanimously moved to recommend a project-area designation and related steps for the Lourdes Senior Community project in the Charter Township of Waterford.
Catherine Liefel, who presented the item for the Economic Development Corporation (EDC), described the 2026 project as the acquisition, construction, furnishing and equipping of a new 60-unit senior independent living facility. She said demolition began in June 2026 and the developer anticipates a 24-month build schedule and the creation of about 20 jobs.
Liefel outlined financing: the project will incorporate prior bonds of about $14,500,000 and seek approximately $23,800,000 in new money, for a total anticipated bond issuance of $32,500,000. She emphasized the county acts only as issuer for tax-exempt industrial revenue bonds and that the county’s credit is not put at risk.
“So the county itself is merely the issuer of the bonds. We don't do any of the actual lending…we are strictly the issuer,” Liefel said.
After the board approved the project-area recommendation, commissioners approved two short-term, project-specific EDC director appointments for Frank Coutts and Frank Schultz, both identified as residents. These appointments were described as limited to the Lourdes project and voluntary.
The motions to recommend the project area and to appoint the two directors passed on recorded voice votes with seven yeas and zero nays.
Next steps: EDC staff said additional project-plan materials and formal bond documents will return to the board as the financing and project plan are finalized.
