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DDA authorizes development agreement with township, discusses $17M bond cap and $2M reimbursement
Summary
The DDA approved Resolution 26-2 authorizing a development agreement that lets the township issue bonds for Tassel Park and related projects; staff and members discussed a $17,000,000 cap and reimbursement of approximately $2,000,000 to the DDA for a recent property acquisition.
Cascade Charter Township’s DDA voted to authorize a development agreement with the township that establishes responsibilities and funding arrangements for a suite of capital projects, highlighted by planned improvements to Tassel Park. Staff said the township would issue bonds to finance projects and the DDA would reimburse the township’s annual debt service using TIF revenue.
Staff noted the agreement includes language allowing for several projects across the district (Tassel Park, Thornapple River Drive, Cascade Road streetscapes, I-96 interchange and other related projects). The presentation explained the wording was intentionally broad to allow use of bond proceeds toward related projects if bids come in under budget. Staff also said the agreement includes a provision for the township to reimburse the DDA approximately $2,000,000 for a property the DDA acquired in late 2025.
Board members asked about bonding structure and timing; staff said bonding would be sold in series as needed rather than issuing the full amount at once. Staff and the financial adviser recommended an up-to figure of $17,000,000 based on debt-service capacity and explained that bond proceeds should be expended within a three-year window. After discussion, a motion to approve Resolution 26-2 was seconded and passed by voice vote.
