HomeMy WebLinkAboutMinutes - 146th - April 5, 2001 signedTHE 1461h SPECIAL MEETING OF THE
ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA
The 146th Special Meeting of the Economic Development Corporation of Livonia was called to
order by Mr. Gerald Taylor, Chairman, at 5:45 PM on April 5, 2001 in the Third Floor
Conference Room, 33000 Civic Center Drive, Livonia.
Directors present:
Additional Directors
present:
Additional Directors
absent:
Others present:
Mr. Gerald Taylor
Mr. Kenneth Hale
Mr. Richard Hayward
Mr. Richard Gallagher
Mr. Angelo Plakas
Ms. Charlotte Mahoney
Mr. Dave Varga
Mr. Robert Alanskas
Tom Colis, Miller, Canfield, Paddock & Stone
Charles Tangora, representing Madonna University
Mr. Mark Taormina, Executive Director
Mrs. Robby Williams, Recording Secretary
1. Roll call of members.
2. The next item on the agenda was the approval of the Minutes of the 145th Special
Meeting held by the Economic Development Corporation on March 12, 2001.
On a motion duly made by Mr. Hale, seconded by Mr. Hayward and approved, it was
#2001-37 RESOLVED, that the Minutes of the 145th Special Meeting held by the Economic
Development Corporation on March 12, 2001 are approved, as amended.
A roll call on the foregoing resolution was taken with the following result:
AYES:
NAYS:
ABSTAIN
Taylor, Hale, Gallagher, Mahoney, Hayward
None
Plakas
Mr. Taylor, Chairman, declared the resolution adopted.
3. The next item on the agenda was a request for a Bond Authorizing Resolution for the
Madonna University 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 requested approval of a Bond Authorizing Resolution from the EDC for
variable rate limited obligation revenue bonds not to exceed $7,000,000. The bond
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purchase agreement will be between the EDC and Comerica Securities and will be
marketed and sold this spring.
Mr. Taylor advised the EDC Board members that the City Council approved the Madonna
University project plan at its Regular Meeting held on April 4, 2001.
Mr. Colic advised the EDC that this is the last step of the process. He gave descriptive
information regarding interest rates, the bond market in general and interest accrual rates on these
bonds.
Mr. Taylor asked if Mr. Colis thought these bonds would be purchased immediately and Mr. Colis
responded positively. Comerica Securities is going to be selling these bonds. A motion is in
order for the EDC to adopt a Bond Authorization Resolution.
On a motion by Mrs. Mahoney and seconded by Mr. Plakas and unanimously approved it was
#2001-38 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 $7,000,000 to loan the bond proceeds to Madonna University
to finance certain building additions and renovations, and the acquisition of
machinery and equipment for improvements to the Academic Building, Residence
Hall, and Diponio Building located at Levan and Sehoolcraft Roads, 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 referenced in its
entirety.
A roll call was taken with the following results:
AYES: Taylor, Hale, Hayward, Gallagher, Mahoney, Plakas,
Varga
NAYS: None
ABSENT: Alanskas
Mr. Taylor, Chairman, declared the resolution adopted,
On a motion duly made and seconded, the 146`s Special Meeting held by the Economic
Development Corporation of Livonia was adjourned at 6:00 PM.
Respectfully submitted,
ci
Richard Hayward, Secretary
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