The Michigan Strategic Fund (the "MSF") will hold a public hearing at 9:00 a.m. at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, 4th Floor, Lansing, Michigan 48913 on January 22, 2019, on the issuance of limited obligation industrial development revenue bonds in one or more series by the MSF in an aggregate principal amount not to exceed Ten Million Dollars ($10,000,000) (the "Bonds"). The proceeds of the Bonds will be loaned to Quality Roasting, LLC, a Michigan limited liability company (the "Borrower"), and used to finance eligible costs of: (i) the acquisition of land, the construction of an approximately 16,000 square foot manufacturing facility and the acquisition and installation of machinery and equipment to be located on currently vacant land at 135 S. Bradleyville Road in the Village of Reese, Tuscola County, Michigan, to be used for the processing of soybeans to produce crude soybean oil and Exceller Meal (collectively, the “Project”); and (ii) paying costs of issuing the Bonds. The Project will be owned and operated by the Borrower.
The Bonds will be limited obligations of the MSF, payable only from the loan repayments to be made by the Borrower to the MSF and other security provided by the Borrower. The Bonds will not constitute an indebtedness of the MSF, the State of Michigan or any political subdivision thereof within the meaning of any constitutional or statutory provision and will not constitute or give rise to a charge against the general credit of the MSF or the credit or taxing power of the State of Michigan or any political subdivision thereof. The MSF has no taxing power. The hearing shall provide the fullest opportunity for expression of opinion, for arguments on the merits and for introduction of documentary evidence pertinent to the nature and location of the Project and the proposed issuance of the Bonds. Written comments will be accepted by MSF at the above MSF address, but must be received on or before the date and time of the hearing.
Dated: Jan. 7, 2019
Diane Cranmer, Loan Adminsistrator
Michigan Strategic Fund