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County schedules public hearing Aug. 13 on $40.5M Lourdes Senior Community project; EDC bond component to cover roughly $32M
Summary
Economic development staff presented the Lourdes Senior Community project plan for Waterford Township: a 60-unit, ~88,000 sq ft independent living building with total project cost ~$40,505,000 and an estimated EDC bond portion of about $32 million; the committee approved forwarding the plan and scheduled a public hearing for 08/13/2026 at 9:30 a.m.
Economic development staff described the Lourdes Senior Community Project Plan for Waterford Township and requested the committee recommend the board hold a public hearing on bond issuance. The project plan includes acquisition, construction, furnishing and development of a 60-unit, ~88,000-square-foot independent living building (Fox Manor senior development), with a reported total project cost of $40,505,000 and an EDC bond component approximately $32 million.
The committee approved the recommendation and staff read the hearing notice on the record: "Pursuant to Public Act 338 of 1974 and the Internal Revenue Code of 1986, as amended, a public hearing on the Lourdes Senior Community Project Plan and issuance of bonds shall be held on 08/13/2026 at 09:30AM in the Oakland County Board of Commissioners Auditorium located at 1200 North Telegraph Road, Pontiac, Michigan." Commissioners discussed typical construction and financing risks and staff confirmed the bonds will be issued as private placements through the EDC with no county full-faith-and-credit guarantee.
