Title
Resolution Approving Glacier Hills, Inc. Project Plan
Memorandum
Glacier Hills, Inc. is utilizing the Economic Development Corporation of the City of Ann Arbor to issue up to $23,000,000 in bonds to assist in financing its expansion and improvement project. At its meeting on March 29, 2010, the EDC found that the project constituted a public purpose and preliminarily determined to assist Glacier Hills by the issuance of its limited obligation economic development revenue bonds. For that purpose it considered and approved the project plan in the form attached.
The "project plan" is essentially a general description of the project set forth in the form of responses to sixteen required disclosures set forth in the Economic Development Corporations Act (being at Section 125.1608(4)(a) through (p)). In its approval of the project plan at its meeting on May 12, 2010, the EDC found it to be in compliance with the cited provisions of the Act.
The EDC is now requesting City Council to determine that the project plan constitutes a public purpose, approve the plan and authorize the EDC to proceed with implementing the project financing by the issuance of its revenue bonds.
Staff
Reviewed by: Tom Crawford, Chief Financial Officer
Approval by: Roger Fraser, City Administrator
Body
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, Michigan (the "City") held on July 6, 2010, at 7:00 o'clock P.M., Eastern Daylight Time.
Present: Members: Smith, Briere, Derezinski, Rapundalo, Taylor, Kunselman, Teall, Higgins, Hohnke, and Mayor Hieftje, 10;
Absent: Members Anglin: 1.
The following preamble and resolution were offered by Member Derezinski and supported by Member Rapundalo.
Whereas, There exists in the State of Michigan and the County of Washtenaw the need for programs to alleviate and prevent conditions of unemployment, to assist and retain local industrial and commercial enterprises, and to encourage the locatio...
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