Title
Adoption of Resolution to waive the jurisdiction of the Rochester Hills Economic Development Corporation as required by Act 338 of the Michigan Public Acts of 1974 in relation to financing for Oakland Steiner School by the Economic Development Corporation of Oakland County
Body
Whereas, Oakland Steiner School (the "Company") intends to acquire and preserve an historical building located in the City of Rochester Hills (the "Project"); and
Whereas, the Company is interested in pursuing the issuance of tax-exempt revenue bonds ("Bonds") through the Economic Development Corporation of the County of Oakland ("Oakland County EDC") as a means of financing its proposed Project; and
Whereas, the Oakland County EDC is currently active in assisting qualifying non-governmental organizations through the entire process of issuing Bonds; and
Whereas, Act 338 of the Michigan Public Acts of 1974, as amended ("EDC Act"), requires a waiver of jurisdiction by the governing body of any municipality in which a project to be financed under the EDC Act is located if that municipality has an economic development corporation and the financing is to be undertaken by a different economic development corporation.
Resolved that, pursuant to the EDC Act, the Rochester Hills City Council hereby APPROVES the aforementioned waiver of jurisdiction with respect to the Company's Project to allow the Oakland County EDC jurisdiction to issue Bonds therefore.