Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Bond topic
No spam. Unsubscribe anytime.
Board moves Heritage Community EDC appointments and suspends rules for bond process
Summary
Commissioners introduced a resolution and suspended rules to appoint two temporary EDC directors so the Heritage Community of Kalamazoo can pursue EDC bond financing under Michigan Public Act 338; the resolution will return for final consideration at the regular session.
The board introduced a resolution Aug. 5 to approve project-area designation, appoint two additional Economic Development Corporation (EDC) directors for a Heritage Community project in Texas Township, and call a public hearing for Sept. 1. Planning and Development Director Rachel Gerber said the appointments are required under Michigan Public Act 338 (MCL 125.1604) and are limited to the project.
Gerber explained the Heritage Community plan: a multifamily active-adult (55+) development at 7210 West Q Avenue in Texas Township. The EDC would act as a conduit for tax-exempt bond financing under the public act; the borrower (Heritage Community) would be responsible for debt service and collateral, and the county and EDC would not be liable. The board voted to suspend rules to allow the resolution to be introduced in committee and considered for final adoption later in the evening's regular session.
Gerber and county bond counsel described the statutory requirement that two additional directors be appointed for the project only and noted the appointments' limited duration. Commissioners asked clarifying questions about liability, costs (per-diem only), and timing for the bond approvals. The resolution will return for final consideration and a public hearing was scheduled for Sept. 1.
