Title
Consider a resolution verifying that the Madison Park Project is to be undertaken if the project funding is awarded
Body
Whereas, pursuant to the Brownfield Redevelopment Financing Act, Act 381, Public Acts of Michigan, 1996, as amended ("Act 381"), the City of Rochester Hills Brownfield Redevelopment Authority (the "Authority"), by resolution adopted on March 4, 2004, and the City Council of the City of Rochester Hills (the "City"), by resolution adopted on May 19, 2004, approved a Brownfield Redevelopment Plan (the "Brownfield Plan") for the site of the former Cardinal Landfill and Veteran's Landfill and adjoining properties located near the southeast corner of Hamlin Road and Adams Road in the City (collectively, the "Property"), which Property is owned by REI Brownstown, LLC (the "Developer"); and
Whereas, the Brownfield Plan provides for the tax increment revenues (as defined in Act 381) derived from the Property (the "Tax Increment Revenues") to be used to reimburse the Developer and the Authority for the cost of eligible activities permitted under Act 381, consisting generally of the removal and offsite disposal of waste and the relocation of waste on the Property, the installation of methane and leachate collection systems, the re-engineering and installation of a cap and the installation of special footings and foundations to support the foregoing (collectively, the "Eligible Activities"); and
Whereas, at the request of the Developer, the Authority, at its meeting on August 17, 2006, approved the submission of an application to the Michigan Department of Environmental Quality ("MDEQ") for a grant in the amount of $1,000,000 and a loan in the amount of $1,000,000 from funds available through the Clean Michigan Initiative (CMI) program administered by the MDEQ for the purpose of paying part of the cost of the Eligible Activities, subject to certain conditions, one of which is the adoption of this resolution; and
Whereas, the balance of...
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