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County News

Posted on: November 25, 2019

NOTICE: Public Hearing

SHU Public Hearing

OFFICIAL NOTICE TO THE CITIZENS OF THE COUNTY OF LENAWEE OF A PUBLIC HEARING TO CONSIDER APPROVAL OF A  FOURTH AMENDED PROJECT PLAN  AND THE ISSUANCE OF THE BONDS PROPOSED THEREIN AS SUBMITTED TO THE BOARD OF COMMISSIONERS OF THE COUNTY OF LENAWEE BY THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE FOR THE SIENA HEIGHTS UNIVERSITY 2019 PROJECT

PLEASE TAKE NOTICE that pursuant to Act 338 of the Public Acts of Michigan of 1974, as amended, The Economic Development Corporation of the County of Lenawee (the “EDC”) has submitted to the Board of Commissioners of the County of Lenawee, Michigan (the “County”) a proposed Fourth Amended Project Plan (the “Fourth Amended Project Plan”) pertaining to the acquisition and financing of certain projects to be undertaken by Siena Heights University, a Michigan nonprofit corporation (the “University”).  Pursuant to the Fourth Amended Project Plan, the EDC proposes to issue its limited obligation revenue bonds, in one or more series, in the aggregate principal amount of not to exceed $10,000,000 (the “Series 2019 Bonds”).  The proceeds of the Series 2019 Bonds will be loaned by the EDC to the University and will be used by the University, together with other available funds of the University, to pay the costs of the Projects (as described below) and to pay the costs of issuance of the Series 2019 Bonds.

PLEASE TAKE FURTHER NOTICE that the Board of Commissioners of the County will hold a public hearing on Wednesday, December 11, 2019 at 1:30 p.m. prevailing Eastern Time in the Chambers of the Old County Courthouse, located at 301 N. Main Street, Adrian, Michigan 49221 on the proposed Fourth Amended Project Plan and on the proposed issuance by the EDC of the Series 2019 Bonds.

The Board of Commissioners of the County has previously approved a Third Amended Project Plan, dated November 17, 2016 (the “Third Amended Project Plan”), pertaining to the acquisition, construction, equipping and financing of certain projects for the benefit of the University.  The proposed Fourth Amended Project Plan would amend the Third Amended Project Plan to provide for the undertaking by the University of certain additional projects, as described below (collectively, the “Projects”):

A portion of the proceeds of the Series 2019 Bonds, in an amount not to exceed $2,500,000, will be used by the University to pay all or a portion of the costs of the development and implementation of an enterprise software information system to be used for the administration of University services and functions.  The University’s principal administrative offices are located on the University’s main campus in the City of Adrian, Michigan 49221, which is an area generally bounded by Elm Street, Oakwood Road, Howell Highway, Addison Street and the Lenawee County Fairgrounds (the “Main Campus”).

A portion of the proceeds of the Series 2019 Bonds, in an amount not to exceed $6,500,000, will be used by the University to pay all or a portion of the costs of purchasing the student housing facilities commonly known as Campus Village at Siena, located on the Main Campus at 915 E. Siena Heights Drive, Adrian, Michigan 49221.

A portion of the proceeds of the Series 2019 Bonds, in an amount not to exceed $750,000, will be used to pay all or a portion of the costs of the acquisition and installation of new heating, ventilation and air conditioning systems to service the main area of the University’s Fieldhouse and the men’s and women’s locker rooms, together with related electrical service and control unit upgrades.  The University’s Fieldhouse is located on the Main Campus.

The foregoing Projects are or will be owned and/or operated by the University.

The Fourth Amended Project Plan details all information required by law relative to the financing of the costs of the Projects and the impact of the Projects on the community. No persons will be displaced from the project area as a result of the implementation of the Fourth Amended Project Plan. The Fourth Amended Project Plan and relevant maps or plats are available for public inspection at the County Clerk’s office.

The Series 2019 Bonds will be limited obligations of the EDC payable only from loan repayments to be made by the University to the EDC.  The Series 2019 Bonds will not be a general obligation of the EDC, and will not be a debt of the County of Lenawee or any political subdivision of the State of Michigan.  The EDC has no taxing power and the issuance of the Series 2019 Bonds will not obligate the County of Lenawee or any political subdivision of the State of Michigan to levy or pledge any form of taxation for the Series 2019 Bonds or to make any appropriation for the payment of the Series 2019 Bonds.

All aspects of the proposed Fourth Amended Project Plan will be open for discussion at the public hearing and interested persons will be provided an opportunity at said hearing to address the Board of Commissioners concerning the Fourth Amended Project Plan and the proposed issuance by the EDC of the Series 2019 Bonds.  The public hearing will provide the fullest opportunity for expression of opinion, for argument on the merits, and for introduction of documentary evidence pertinent to the proposed Fourth Amended Project Plan and the issuance of the Series 2019 Bonds.  Written comments may also be submitted to the County Clerk of the County, but must be received at or prior to the public hearing. 

THIS NOTICE is given pursuant to the requirements of Section 17 of Act 338, Public Acts of Michigan, 1974, as amended, and Section 147(f) of the Internal Revenue Code of 1986, as amended.


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