Title
Resolution Calling Public Hearing Concerning the Issuance of Bonds by the Economic Development Corporation
Memorandum
Glacier Hills, Inc. has submitted its application to the Economic Development Corporation (EDC) for its assistance in a pending refinancing. The EDC Board recommended the application at its meeting next Wednesday, July 2, 2014.
Because this assistance would be in the nature of bonds refunding those issued previously by the EDC, City Council is requested to schedule a public hearing and consider the approval of a resolution for the issuance of bonds.
Approval of this bond issuance by City Council is required for issuance but does not encumber the City in any way. Glacier Hills will be solely and exclusively responsible for the repayment of the EDC Bonds. The EDC and the City of Ann Arbor and its taxpayers will not be liable in any respect for the payment of the EDC's Bonds or any liabilities or obligations related to such bonds or the projects refinanced with such bonds.
The proposed following schedule is:
July 2, 2014 EDC Board accepts the Glacier Hills application and adopts its inducement resolution.
July 7, 2014 Council adopts scheduling resolution
July 10, 2014 Notice provided to Washtenaw County Legal News for publication
July 14, 2014 Notice published in Washtenaw County Legal News
August 7, 2014 Public Hearing
City Council adopts approving resolution
Following City Council action, the EDC Board will meet to approve the issuance of the Glacier Hills Series 2014 bonds.
Staff
Sponsor: Councilmembers Lumm and Petersen
Body
CITY COUNCIL
OF THE
CITY OF ANN ARBOR
(GLACIER HILLS, INC. PROJECT)
RESOLUTION CALLING PUBLIC HEARING
CONCERNING THE ISSUANCE OF BONDS BY
THE ECONOMIC DEVELOPMENT CORPORATION
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, Michigan (the "City") held on July 7, 2014, at 7:00 o'clock P.M., Michigan Time.
Present: Counc...
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