Note of Public Hearing Regarding Bond Issue for Emmet Community Health Properties Building Completion Project
(March 24, 2016) This is notice that the Board of Commissioners of the County of Emmet (the “County”) shall hold a public hearing to fulfill the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”).
It is proposed that the Emmet Community Health Properties, a Michigan nonprofit corporation (the “Issuer), will issue tax-exempt obligations on behalf of the County in a principal amount not to exceed $750,000 (the “Bond Issue”) for the purpose of financing the construction of improvements to the unfinished 6,700 square foot lower level of a two-level building (the “Project”). The Project will be located at 3434 State Highway M-119, Little Traverse Township, Michigan 49740, on an approximately 3.5-acre site located on the East side of State Highway M-119, between Powell Road and Conway Road (the “Site). The Site is part of an approximately 28-acre parcel of land owned by the County. The Site will be ground leased by the County to the Issuer during the term of the Bond Issue.
The Project will be owned by the Issuer. Upon retirement of the Bond Issue, title to the Project will revert to the County.
The Project will be leased in its entirety to the Northwest Michigan Community Health Agency, a local public health department formed by the Counties of Antrim, Charlevoix, Otsego and Emmet under Act 368, P.A. 1978, as amended (the “Health Department”). The Health Department intends to occupy approximately 3,950 square feet of the Project, to be used for dental office and clinic space in providing public health services, and to sub-lease approximately 2,750 square feet to Child and Family Services of Northwestern Michigan, a Michigan nonprofit corporation, to be used as office, meeting and storage space in providing child adoption services and coordination of services to foster families.
The Bond Issue will not constitute a debt or general obligation of the County, or constitute a charge against the general credit or taxing power of the County, but will be payable solely from lease payments received by the Issuer as lessor of the Project from the Health Department.
NOTICE OF TIME AND PLACE
TAKE NOTICE that the public hearing shall be held at the regularly scheduled meeting of the Board of Commissioners of the County of Emmet on Thursday, April 14, 2016, at 6 p.m. or as soon thereafter as the agenda for such meeting shall provide, in the Commissioners’ Room, Main Floor, Emmet County Building, 200 Division St., Petoskey, MI. For information, phone (231) 348-1744. The Bond Issue and the project will be open for discussion at the public hearing. The Board of Commissioners shall provide an opportunity for interested persons to be heard and shall receive and consider communications in writing with reference thereto. 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 Bond Issue and the Project.
This notice is given pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.
Juli Wallin, County Clerk
