HomeMy WebLinkAboutMinutes - 155th-December 6, 2007 signedTHE 155th SPECIAL MEETING OF THE
ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA
The 155th Special Meeting of the Economic Development Corporation of Livonia
was called to order by Mr. Gerald Taylor, Chairman, at 5:00 p.m. on December 6,
2007, in the Fourth Floor Conference Room, 33000 Civic Center Drive, Livonia,
Michigan.
Directors present:
Directors absent:
Others present:
Gerald Taylor, Chairman
Kenneth Hale, Vice Chairman
Richard Hayward, Secretary
Charlotte Mahoney, Treasurer
Richard Gallagher
Marshal Klevens
Mara Bloink
Angelo Plakas
Mark Taormina, Executive Director
Tom Colis, Esq., Miller, Canfield, Paddock, Stone, P.L.C.
Carl Creighton, Esq., Brasher Tangora, P.L.C.
Ms. Marge Watson, Recording Secretary
1. Roll call of members.
2. Adoption of the Minutes of the 154th Special Meeting held by the
Economic Development Corporation on October 29, 2007.
On a motion made by Mahoney, seconded by Hale, and unanimously
adopted, it was
#2007-70 RESOLVED, that the Minutes of the 154th Special Meeting held
by the Economic Development Corporation on October 29,
2007, are hereby approved.
A roll call vote on the foregoing resolution resulted in the following:
AYES:
NAYES:
ABSTAIN:
ABSENT:
Mahoney, Hale, Hayward, Gallagher, Bloink,
Klevens, Taylor
None
None
Plakas
Mr. Taylor, Chairman, declared the resolution adopted.
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3. Madonna University Project. Tom Colis, Esq., Miller, Canfield, Paddock &
Stone, legal counsel for the EDC, presented an update on the construction
of the new Science and Media building and explained the process of bond
issuance and interest rates. Further, he stated that the involvement of the
EDC is for tax purposes only, and it will have no liability as a result of the
bond issuance. Mr. Colis requested that the members formally approve the
Bond Issue as presented.
On a motion duly made by Hale, supported by Mahoney, and unanimously
adopted, it was
#2007-71 RESOLVED, that the Economic Development Corporation of
Livonia does hereby authorize the issuance and sale of variable
rate demand limited obligation revenue bonds, Series 2007
(Madonna University Project), in an aggregate principal amount
not to exceed $20,000,000 for the purpose of making a loan to
Madonna University.
Mr. Taylor, Chairman, declared the resolution adopted.
3. On a motion duly made and seconded, the 155th Special Meeting held by
the Economic Development Corporation of Livonia on December 6, 2007,
was adjourned at 5:20 p.m.
Respectfully submitted,
Richard Hayward" Secretary0
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