HomeMy WebLinkAboutMinutes - 142nd- December 9, 1998 signedTHE 142nd SPECIAL MEETING OF THE
ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA
The 142nd Special Meeting of the Economic Development Corporation of Livonia was
called to order by Mr. Joe Taylor, Chairman, at 5:05 PM on December 9, 1998 in the
auditorium of City Hall, 33000 Civic Center Drive, Livonia.
Directors present:
Mr. Gerald Taylor
Mr. Kenneth Hale
Mr. Richard Hayward
Mr. Richard Gallagher
Ms. Charlotte Mahoney
Mr. Angelo Plakas
Mr. Don DiComo, Donato Associates, Inc.
Mr. Art Kramer, A. R. Kramer Flooring
Directors absent: None
Others present: Mr. John Nagy, Executive Director
Mrs. Doris Urbanski, Recording Secretary
Mr. Randy Gasser, Woodhaven of Livonia
Mr. Thomas D Colis, Miller Canfield
1. Roll call of members.
2. The next item on the agenda was the approval of the minutes of the 141 st Special
Meeting held by the Economic Development Corporation on October 22, 1998.
On a motion duly made by Ms. Mahoney, seconded by Mr. Hale and approved, it was
#98-21 RESOLVED, that the minutes of the 141st Special Meeting held by the
Economic Development Corporation on October 22, 1998 are approved.
A roll call vote on the foregoing resolution resulted in the following:
AYES: Hayward, Hale, Gallagher, Mahoney, Taylor
NAYS: None
ABSENT: None
ABSTAIN: Plakas
Mr. Taylor, Chairman, declared the resolution adopted.
3. The next item on the agenda was a request for a Bond Authorizing Resolution for
Woodhaven of Livonia EDC project. Tom Colis of Miller Canfield reported that City
Council had a public hearing regarding this project and has approved the project plan.
Mr. Colis was now requesting a Bond Authorizing Resolution from the EDC for variable
rate limited obligation revenue bonds not to exceed $4,100,000. The bond purchase
agreement will be between the EDC and First of Chicago NBD bank. The bonds will be
marketed and sold the beginning of January 1999.
On a motion duly made by Ms. Mahoney, seconded by Mr. Plakas and unanimously
approved, it was
#98-22 RESOLVED, that the Economic Development Corporation of Livonia does
hereby authorize the issuance and sale of Limited Obligation Revenue Bonds
in the principal amount of $4,100,000 to loan the bond proceeds to
Woodhaven of Livonia to finance the acquisition, construction and equipping
of an apartment home facility for the elderly, authorizing the execution of the
Loan Agreement, Trust Indenture, Bond Purchase Agreement and
authorizing other matters relative thereto; a detailed resolution having been
prepared by Miller Canfield which is herein incorporated by reference in its
entirety.
A roll call vote was taken with the following results:
AYES: Taylor, Hale, Hayward, Gallagher, Mahoney, Plakas,
DiComo, Kramer
NAYS: None
ABSENT: None
Mr. Taylor, Chairman, declared the resolution adopted.
4. The next item on the agenda was a request for financial support from the EDC to
pay for the City of Livonia's participation in the upcoming Business Expo being
planned by the Livonia Chamber of Commerce for February 23 and 24, 1999.
Discussion on the financial status of the EDC followed noting that the EDC now has no
source of income, the $1400 cost of the two booths would be almost 10% of the present
budget, and Ms. Mahoney asked if the cost could be shared with the City. Mr. Nagy stated
that he also served on the Plymouth Road Development Authority and would take a request
to that board to share in the cost of the booths.
On a motion duly made by Ms. Mahoney, supported by Mr. Hale and unanimously
approved, it was
#98-23 RESOLVED, that the Economic Development Corporation of Livonia does
hereby determine to provide funds in the amount of $467.00 to the City of
Livonia to cover one-third the cost of $1400.00 for the rental of two booths
at the Expo to be conducted by the Livonia Chamber of Commerce on
February 23 and 24, 1999, and does hereby authorize the Accounting
Department of the City of Livonia to issue a check in the amount of $467.00
made payable to the Livonia Chamber of Commerce for this purpose.
Mr. Taylor, Chairman, declared the resolution adopted.
5. The next item on the agenda was the Treasurer's Report for the Period Ending
November 1998. Treasurer Mahoney reported that the current fund balance was
$19,563.667. The fiscal year-to-date expenses exceeded the revenues by $117.05.
On a motion duly made by Mr. Gallagher, supported by Mr. Plakas and unanimously
approved, it was
#98-24 RESOLVED, that the EDC Treasurer's Report for the period ending
November 1998 is approved.
Mr. Taylor, Chairman, declared the resolution adopted.
On a motion duly made and seconded, the 142nd Special Meeting held by the Economic
Development Corporation of Livonia was adjourned at 5:30 PM
Respectfully submitted,
Richard Hayward, Sec
/du