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Full Commission

Note: A public earing is set for 10 a.m. Tuesday, June 11 on the reissuing of Wayne County bonds. Details are listed below.

NOTICE OF PUBLIC HEARING REGARDING THE REISSUANCE OF BONDS

BY THE ECONOMIC DEVELOPMENT CORPORATION OF THE CHARTER COUNTY OF WAYNE FOR THE RIVERS OF GROSSE POINTE PROJECT

NOTICE IS HEREBY GIVEN that the Board of Commissioners of the Charter County of Wayne, Michigan will hold a public hearing at 10:00 a.m. on Tuesday, June 11, 2024 in the Hearing Room 704 of the Guardian Building, which is located at 500 Griswold, Detroit, Michigan, on the reissuance by The Economic Development Corporation of the Charter County of Wayne (the "EDC") of its First Mortgage Refunding Revenue Bonds (The Rivers of Grosse Pointe Project), Series 2019 (the "Series 2019 Bonds") in the principal amount not to exceed $16,920,000.

The Series 2019 Bonds were initially issued on May 31, 2019 for the benefit of DRSN Real Estate GP LLC, a Michigan limited liability company (the "Company"), for the purpose of refunding the outstanding principal amount of the EDC's $17,320,000 First Mortgage Refunding Revenue Bonds (The Rivers of Grosse Pointe Project), Series 2013, previously issued to finance a portion of the cost of acquiring, demolishing, constructing, developing, furnishing and equipping a "qualified residential rental project" within the meaning of Section 142(d) of the Internal Revenue Code consisting of 77 senior independent living apartments, dining, recreational and other common facilities and other facilities that are functionally related and subordinate thereto (the "Project"), located within a continuing care retirement community known as "The Rivers of Grosse Pointe," with an address of 900 Cook Road, City of Grosse Pointe Woods, Wayne County, Michigan. The Company owns the Project and leases it to The Rivers Independent Living LLC, a Michigan limited liability company, which is the operator of the Project. The hearing is held in accordance with Treasury Regulation §1.147(f)-1.

The EDC intends to assist the Company in a transaction whereby the interest rate and maturity date of the Series 2019 Bonds will be modified. These modifications will result in the Series 2019 Bonds to be deemed "reissued" for federal tax law purposes. A public hearing is a condition precedent under the Internal Revenue Code to the modification and reissuance of the Series 2019 Bonds. The Series 2019 Bonds will be reissued in a maximum principal amount of $16,920,000.

The Series 2019 Bonds will be limited obligations of the EDC payable only from loan repayments to be made by the Company to the EDC and other security provided by the Company. The Series 2019 Bonds will not be a general obligation of the EDC and will not be a debt of the Charter County of Wayne or any other political subdivision of the State of Michigan. The EDC has no taxing power and the reissuance of the Series 2019 Bonds will not obligate the Charter County of Wayne 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.

The Board of Commissioners of the Charter County of Wayne shall provide an opportunity for interested persons to be heard and shall receive and consider communications in writing with reference to the hearing. The hearing shall provide the fullest opportunity for expression of opinion, for argument on the merits, and for introduction of documentary evidence pertinent to the reissuance of the Series 2019 Bonds. After the hearing, the Board of Commissioners of the Charter County of Wayne will consider approval of the reissuance of the Series 2019 Bonds by the EDC.

You can join the meeting by visiting https://zoom.us/j/2112321934 or by dialing any one of the following numbers:

646-876-9923 312-626-6799 301-715-8592 346 248 7799

The meeting

identification number

is: 211 232 1934.

A participant identification number is not required, press # when instructed.

The proposed item may be viewed by typing the link below into your web browser.

https://www.waynecounty.com/elected/commission/home.aspx

The Wayne County Commission full board will meet on the following dates at 10:00 a.m. in the Mezzanine of the Guardian Building, 500 Griswold, Detroit, or you can join the meeting by visiting https://waynecounty.zoom.us/my/waynecountycommission
or by dialing any one of the following numbers:
(312) 626-6799
(346) 248-7799
(646) 558-8656
(720) 707-2699

The link and phone numbers are also available on the meeting agenda.

https://www.waynecounty.com/elected/commission/home.aspx

Mettings are also being live streamed via the Wayne County Commission YouTube channel.

The County of Wayne will provide necessary reasonable auxiliary aids and services, such as signers for the hearing impaired at the Commission meeting upon five days' notice to the Clerk of the Commission. Individuals with disabilities requiring auxiliary aids or services should contact the Wayne County Commission by writing or calling the address and number listed below or TDD."The vote on the final adoption of any resolution and ordinance occurs at Full Board.


Videos from previous years' meetings, dating back to 2019, are available on the Wayne County Commission's YouTube channel.

2024 Meeting Schedule

DayDateTimeAgendaJournals
ThursdayJan. 410:00 a.m.
Agenda
Addenda
Video

Journal
ThursdayJan. 1810:00 a.m.Agenda
Addenda
Video
Journal
Thursday

Feb. 1

10:00 a.m.Agenda
Addenda
Video
Journal
ThursdayFeb. 1510:00 a.m.Agenda
Video
Journal
ThursdayMarch 710:00 a.m.Agenda
Addenda
Video
Journal
ThursdayMarch 2110:00 a.m.Agenda
Addenda
Video
Journal
TuesdayApril 9
Equalization Meeting
10:00 a.m.Agenda
Addenda
Video
Journal
TuesdayApril 2310:00 a.m.Agenda
Video
Journal
ThursdayMay 910:00 a.m.Agenda
Video
Journal
ThursdayMay 2310:00 a.m.Agenda
Video
Journal
ThursdayJune 610:00 a.m.Agenda
Video Note: Parts of this meeting are unavilable due to technical difficulties.
Journal
ThursdayJune 2010:00 a.m.Agenda
Video
Journal
TuesdayJuly 210:00 a.m.Agenda
Video
Journal
ThursdayJuly 1810:00 a.m.Agenda
Video
Journal
ThursdayAug. 1
Truth In Budgeting Hearing
10:00 a.m.Agenda
Video
Journal
ThursdayAug. 1510:00 a.m.Agenda
Video
Journal
ThursdaySept. 510:00 a.m.Agenda
Video
Journal
ThursdaySept. 19
Annual Meeting
10:00 a.m.Agenda
Video

Journal
ThursdayOct. 310:00 AMAgenda
Video
Journal
ThursdayOct. 17
Apportionment Meeting
10:00 AMAgenda
Video
Journal
ThursdayNov. 710:00 a.m.Agenda
Video
Journal
ThursdayNov. 2110:00 a.m.Agenda
Video
Journal
ThursdayDec. 510:00 a.m.Agenda
Video
Journal
ThursdayDec. 1910:00 a.m.Agenda
Video
Journal