DDA FINANCING CONTRACTDda Financing Contract • August 17th, 2016
, 2016, by and between the City of Royal Oak, a Michigan municipal corporation, the principal business address of which is 211 S. Williams St., Royal Oak, MI 48067 (the “City”), and the Royal Oak Downtown Development Authority, a public body corporate organized and existing pursuant to Act 197, Michigan Public Acts, 1975, as amended, the principal business address of which is 211 S. Williams St., Royal Oak, MI 48067 (the “DDA”).
Second Street Parking Structure Bond Authorization and Downtown Development Authority Financing AgreementDda Financing Contract • November 10th, 2016
The approval of the bond authorizing resolution (Attachment 1) to issue auto parking system revenue bonds in the amount of $13,500,000 for construction costs of the proposed Second Street parking structure is requested. The total cost for construction (including a five percent contingency and the cost to issue bonds) is estimated at $15,500,000. It is proposed to use approximately $2,000,000 from the auto parking fund to help fund the difference between the cost of the project and the bond proceeds. In future years, it may be requested of the Downtown Development Authority (DDA) to reimburse the auto parking fund a portion of the
