SUBSTITUTE ADOPTED - DECEMBER 8, 2009
Agenda Item No. 6
Introduced by County Services and Finance Committees of the:
INGHAM COUNTY COMMISSIONERS
RESOLUTION DESIGNATING A RECOVERY ZONE FACILITY BOND ALLOCATION
FOR THE EASTWOOD TO EASTWOOD PHASE II
WHEREAS, the Ingham County Board of Commissioners has established the entire Ingham County as a Recovery Zone (Resolution #09-359) effective October 27, 2009 in order to be able to issue Recovery Zone Economic Development and Recovery Zone Facility Bonds to facilitate Economic Development; and
WHEREAS, the Board of Commissioners supported the Ingham County Economic Development Corporation application process (Resolution #09- 381) and encouraged eligible parties to apply for Ingham County’s allocations of Recovery Zone Bond financing; and
WHEREAS, the Ingham County Economic Development Corporation accepted project applications for Recovery Zone Bonds that were submitted by the first due date of November 20, 2009, reviewed those projects based on their response to application questions including descriptions of the proposed project, its financing, economic impacts, its benefits to the community, its sustainable or environmentally considerate activities and its impacts on county tax revenues; and
WHEREAS, the Ingham County Economic Development Corporation has recommended designating a portion of the County’s current allocation of the Recovery Zone Facility Bonds to the Eastwood Phase II Project in the amount of $4,592,000.
THEREFORE BE IT RESOLVED, pursuant to the authority vested in the Ingham County Board of Commissioners by sections 1400 U-1 through 1400 U-3 of the Internal Revenue Code of 1986 as amended to issue Recovery Zone Bonds, the Ingham County Board of Commissioners hereby designates the Ingham County current allocation of Recovery Zone Facility Bonds to facilitate an economic development project for the Eastwood Phase II in the amount of $4,592,000, as recommended by the Ingham County Economic Development Corporation.
BE IT FURTHER RESOLVED, that if Ingham County is given additional allocations of Recovery Zone Bonds, then applications received after November 20, 2009 will be reviewed and ranked in with project applications not granted allocations by this Resolution, and the Ingham County Board of Commissioners will issue additional allocations of Recovery Zone Bonds using the ranked project lists created and amended with this Resolution.
COUNTY SERVICES: Yeas: Celentino, Koenig, Holman, Copedge, Grebner, Vickers
Nays: None Absent: None Approved 12/1/09
FINANCE: Yeas: Grebner, Bahar-Cook, Tennis, Davis, Dougan
Nays: None Absent: Nolan Approved 12/2/09