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The Michigan Strategic Fund (the “MSF”) will hold a public hearing by teleconference at 9:00 a.m., prevailing Eastern Time, on May 18, 2022, in accordance with Treasury Regulation §1.147(f)-1 and Revenue Procedure 2022-20, on the proposed issuance by the MSF of limited obligation revenue refunding bonds (the “Bonds”) on behalf of Resthaven, a Michigan nonprofit corporation (the “Borrower”). The MSF proposes to issue the Bonds in the aggregate principal amount of not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000).
The teleconference can be accessed by dialing the following toll-free number and entering the following meeting identification and passcode at 9:00 a.m. prevailing Eastern Time, on May 18, 2022:
Join Zoom Meeting:
https://michiganbusiness.zoom.us/j/85654369593?pwd=TmFndlhINHVrVmJXcXlUekxqRDUxdz09
Meeting ID: 856 5436 9593
Passcode: 712211
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Meeting ID: 856 5436 9593
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The proceeds of the Bonds will be used by MSF to make one or more loans to the Borrower. The Borrower will use the proceeds of the loan from the MSF, together with other available funds, to (i) refund (A) the Michigan Strategic Fund Limited Obligation Revenue Bond (Resthaven Project), Series 2013, issued on July 9, 2013 in the original stated amount of $5,100,000 (the “Series 2013 Bonds”) and (B) the Michigan Strategic Fund Limited Obligation Revenue Bond (Resthaven Project), Series 2017, issued on June 22, 2017 in the original stated amount of $3,000,000 (the “Series 2017 Bonds”); and (ii) pay the costs of issuing the Bonds.
The proceeds of the Series 2013 Bonds were used (i) to refund on a current basis the $1,785,011.44 of outstanding Healthcare Equipment Loan Program bonds of the Michigan Finance Authority, as successor to the Michigan State Hospital Authority ("HELP Loan #47"); (ii) to refund on a current basis the $1,005,505.02 of outstanding Healthcare Equipment Loan Program bonds of the Michigan Finance Authority, as successor to the Michigan State Hospital Authority ("HELP Loan #57''); and (iii) to finance and refinance a portion of the costs of constructing, installing, equipping, acquiring, and furnishing an approximately 19,000 square foot addition to the Borrower's existing skilled nursing facility known as Resthaven Care Center located at 280 W. 40th Street, City of Holland, Allegan County, Michigan (“Resthaven Care Center Campus”) to house 16 private resident rooms and required support services, a rehabilitation gym, a new entrance, a cafe, and a multi-purpose room for resident activities (the "2013 Project").
The proceeds of the HELP Loan #47 were used to refinance taxable indebtedness of the Borrower, the proceeds of which were used to finance the current refunding of The Economic Development Corporation of the City of Holland's $4,500,000 Limited Obligation Economic Development Revenue Bonds (Resthaven Care Center Project), the proceeds of which were used to finance or refinance (i) the costs of renovating, constructing, installing, equipping, acquiring, and furnishing an addition to the existing Resthaven Care Center skilled nursing facility at the Resthaven Campus and a new, 40- bed Alzheimer's unit at the Resthaven Care Center Campus (the "1996 Project"), and (ii) the current refunding of The Economic Development Corporation of the City of Holland's $2,844,385 Limited Obligation Economic Development Revenue Bond (Resthaven Project), the proceeds of which were used to finance the acquisition of the land, improvements, equipment, and furnishings comprising the Resthaven Care Center Campus at such time (the "1989 Project").
The proceeds of the HELP Loan #57 were used to finance the costs of renovating, constructing, installing, equipping, acquiring, and furnishing portions of the existing Resthaven Care Center skilled nursing facility at the Resthaven Campus and a new, 10-bed "small house" skilled nursing facility at the Resthaven Campus (the "2006 Project").
The proceeds of the Series 2017 Bonds were used to refinance the cost of constructing, installing, equipping and furnishing an assisted living facility known as Resthaven Maple Woods, which is licensed as a Home for the Aged, located at 49 E. 32nd Street, Holland, Ottawa County, Michigan, and includes 24 private resident rooms and required support services, including assistance with activities of daily living, 24 hour supervision by resident care staff, and licensed nursing services (the “2017 Project”);
The 1989 Project, the 1996 Project, the 2006 Project, the 2013 Project and the 2017 Project are collectively the "Projects." The Projects are and will continue to be owned and operated by the Borrower in furtherance of its charitable purpose of providing housing and healthcare services for the elderly.
The Bonds will be limited obligations of the MSF, payable only from loan repayments to be made by the Borrower to the MSF and certain other security to be 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 pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the date and time of the hearing.
Diane Cranmer
Michigan Strategic Fund
(517) 241-6750
Dated: May 2, 2022
The Michigan Strategic Fund (the “MSF”) will hold a public hearing at 10:00 a.m. at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, 4th Floor, Lansing, Michigan 48913 on August 23, 2021, in accordance with Treasury Regulation §1.147(f)-1, on the proposed issuance by the MSF of limited obligation revenue bonds (the “Bonds”) on behalf of Graphic Packaging International, LLC, a Delaware limited liability company (the “Company”). The MSF proposes to issue the Bonds in one or more series in an aggregate principal amount not to exceed One Hundred Twenty Five Million Dollars ($125,000,000). The proceeds of the Bonds will be used by the MSF to make one or more loans to the Company and used to finance eligible costs of: (i) the construction, improvement and installation of certain solid waste disposal facilities relating to a new coated recycled board machine to be located at the Company’s existing pulp and paper mill located on approximately 123.83 acres with its primary address at 1500 N. Pitcher Street in the City of Kalamazoo and Kalamazoo Charter Township, Kalamazoo County, Michigan (the “Project”) and (ii) the costs of issuing the Bonds. The Project will recycle old corrugated containers, post-consumer waste, box and manufacturing clippings, and office waste materials into coated recycled board. The Project will be owned and operated by the Company.
The Bonds will be limited obligations of the MSF, payable only from loan repayments to be made by the Company to the MSF and certain other security to be provided by the Company. 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 pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at the offices of the Michigan Economic Development Company located at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the date and time of the hearing.
Diane Cranmer
Michigan Strategic Fund
(517) 241-6750
Dated: July 19, 2021
The Michigan Strategic Fund (the “MSF”) will hold a public hearing by teleconference at 9:00 a.m., prevailing Eastern Time, on April 22, 2021, in accordance with Treasury Regulation §1.147(f)-1 and Revenue Procedure 2020-49, on the proposed issuance by the MSF of limited obligation revenue refunding bonds (the “Bonds”) on behalf of Lifecare, Inc., d/b/a Friendship Village (the “Corporation”). Due to COVID-19 health concerns this hearing will be held telephonically in accordance with Act 254 PA 2020. By its Resolution #21-138, the Ingham County Board of Commissioners has declared a county-wide state of emergency. The MSF proposes to issue the Bonds in the aggregate principal amount of not to exceed Eleven Million Five Hundred Thousand Dollars ($11,500,000). The teleconference can be accessed by dialing the following toll-free number and entering the following meeting identification and passcode at 9:00 a.m. on April 22, 2021:
Toll-Free Number: (888) 788-0099
Meeting Identification: 834 4654 5457
Passcode: 713518
The proceeds of the Bonds will be used by MSF to make one or more loans to the Corporation. The Corporation will use the proceeds of the loan from the MSF, together with other available funds, to (i) refund all of the outstanding MSF Limited Obligation Revenue Bond, Series 2014 (Lifecare, Inc. Project) (the “Series 2014 Bonds”), (ii) fund a debt service reserve fund securing the Bonds and (iii) pay the costs of issuing the Bonds.
The proceeds of the Series 2014 Bonds were used to (i) in an amount not exceeding $2,000,000, currently refund an interim taxable facility, the proceeds of which were used to pay a portion of the costs of the 2014 Project (as defined below); (ii) in an amount not exceeding $11,000,000, pay a portion of the costs of the 2014 Project and (iii) pay the costs of issuing the Series 2014 Bonds.
The 2014 Project included the costs of constructing, installing, equipping, acquiring and furnishing (i) approximately 20,500 square feet of additions to the Corporation’s existing skilled nursing and assisted living facility located at 1400 North Drake Road, City of Kalamazoo, Kalamazoo County, Michigan (“Friendship Village Campus”) to house 16 private resident rooms and required support services, a fitness/wellness center, and a new entrance; (ii) renovations of and upgrades to the existing buildings at the Friendship Village Campus to house 61 private resident rooms, a 21-bed Alzheimer’s and dementia unit, additional and expanded support services for such rooms and units for assisted living residents at the Friendship Village Campus requiring Alzheimer’s- and dementia-related care; and (iii) renovations of, upgrades to, and expansions of interior and exterior common areas, facades, fire alarm and suppression systems, access drivers, and parking areas at the Friendship Village Campus.
The 2014 Project continues to be used in connection with the continuing care retirement community integrated operation owned and managed by the Corporation.
The Bonds will be limited obligations of the MSF, payable only from loan repayments to be made by the Corporation to the MSF and certain other security to be provided by the Corporation. 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 pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the date and time of the hearing.
Diane Cranmer
Michigan Strategic Fund
(517) 241-6750
Dated: April 14, 2021
The Michigan Strategic Fund (the “MSF”) will hold a public hearing by teleconference at 10:00 a.m., prevailing Eastern Time, on August 24, 2020, in accordance with Treasury Regulation §1.147(f)-1 and Revenue Procedure 2020-21, on the proposed issuance by the MSF of limited obligation revenue refunding bonds (the “Bonds”) on behalf of Porter Hills Presbyterian Village, Inc. (the “Corporation”). The MSF proposes to issue the Bonds in the aggregate principal amount of not to exceed Twenty-Million Dollars ($20,000,000). The teleconference can be accessed by dialing the following toll-free number and entering the following meeting identification and passcode at 10:00 a.m. on August 24, 2020:
Toll-Free Number: 1-833-548-0276
Meeting Identification: 829 2471 4920
Passcode: 964444
The proceeds of the Bonds will be used by MSF to make one or more loans to the Corporation. The Corporation will use the proceeds of the loan from the MSF, together with other available funds, to (i) refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project) Series 2013 (the “Series 2013 Bonds”), (ii) fund a debt service reserve fund securing the Bonds and (iii) pay the costs of issuing the Bonds.
The proceeds of the Series 2013 Bonds were used to currently refund an interim taxable facility used to (i) currently refund all of the outstanding MSF Limited Obligation Revenue Bonds (Porter Hills Presbyterian Village, Inc. Project) Series 1998 (the “Series 1998 Bonds”), (ii) currently refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project), Series 2003 Municipal Auction Rate Securities (MARS) (the “Series 2003 Bonds”), (iii) currently refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project), Series 2010 (the “Series 2010 Bonds”), (iv) currently refund a commercial line of credit used to finance capital construction costs of the Greenhouse skilled care facilities (the “2013 Construction Line of Credit,” and together with the Series 1998 Bonds, the Series 2003 Bonds and the Series 2010 Bonds, the “Prior Indebtedness”), (v) finance additional capital improvements to existing facilities financed or refinanced with the foregoing MSF obligations (the “2013 Project”), (vi) pay certain swap termination fees related to cancellation of interest rate swaps previously issued and integrated with respect to the foregoing MSF obligations and (vii) pay the costs of issuing the Series 2013 Bonds.
The projects financed or refinanced with the Prior Indebtedness (collectively, the “Prior Project”) and 2013 Project consist of capital improvements to home-for-the-aged units, assisted living units, dementia units, and skilled care facilities and related improvements at the following locations in Michigan, in amounts not exceeding the respective amounts indicated parenthetically: (i) 65 Ida Red, Village of Sparta, Kent County, Michigan ($4,000,000); (ii) 3610 East Fulton Street, Charter Township of Grand Rapids, Kent County, Michigan ($18,000,000) and (iii) 1015 East Paris Avenue SE, Charter Township of Grand Rapids, Kent County, Michigan ($3,000,000).
The 2013 Project and the Prior Project will be used in connection with the continuing care retirement community integrated operation owned and managed by the Corporation, and its affiliates, Meadowlark Retirement Village, a Michigan nonprofit corporation, Porter Hills Foundation, a Michigan nonprofit corporation and Porter Hills Home Health West, a Michigan nonprofit corporation.
The Bonds will be limited obligations of the MSF, payable only from loan repayments to be made by the Corporation to the MSF and certain other security to be provided by the Corporation and United Methodist Retirement Communities, Inc., a Michigan nonprofit corporation, the Corporation’s parent corporation.
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 pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the date and time of the hearing.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 373-2778
Dated: August 13, 2020
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 September 23, 2019, on the issuance of limited obligation revenue bonds in one or more series by the MSF in an aggregate principal amount not to exceed Twenty-Two Million Dollars ($22,000,000) (the “Bonds”). The proceeds of the Bonds will be loaned to Dominican Health Care Corporation d/b/a Lourdes Senior Community, a Michigan nonprofit corporation and certain of its affiliated nonprofit corporations (collectively, the “Borrower”), and used to: (i) finance or reimburse the costs of the demolition of two of the existing three licensed nursing care wings and the construction, renovation, installation, furnishing and equipping of two new wings to create 45 new private rooms and 5 new semi-private rooms, to be owned and operated by the Borrower, all at the present location of the Lourdes Rehabilitation Healthcare Center, 2300 Watkins Lake Road, Charter Township of Waterford, Oakland County, Michigan (the “Project”); (ii) refund all of the MSF’s $14,055,000 Variable Rate Limited Obligation Revenue Refunding Bonds, Series 2014, approximately $12,600,000 of which are currently outstanding; and (iii) to pay certain expenses incurred in connection with the issuance of the Bonds. The Project will be owned and operated by Borrower in furtherance of its charitable purpose of providing healthcare and housing services to seniors.
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.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 241-6750
Dated: Semptember 12, 2019
The Michigan Strategic Fund (the “MSF”) will hold a public hearing at 10:00 a.m. on September 23, 2019, in the MSF’s offices located at 300 North Washington Square, 4th Floor, Lansing, Michigan, 48913, on the proposed issuance by the MSF of limited obligation revenue bonds (the “Bonds”) for the benefit of Consumers Energy Company, a Michigan corporation (“Consumers”). The Bonds are proposed to be issued in one or more series in the aggregate principal amount of not to exceed One Hundred Seventy Million Dollars ($170,000,000).
The proceeds of the Bonds will be used by the MSF to make one or more loans to Consumers. Consumers will use the proceeds of the loan from the MSF, together with other available funds, to (a) pay the costs of the Project (as defined below) and (b) pay the costs of issuing the Bonds.
The proceeds of the Bonds will be used to pay or reimburse the costs of the Project, consisting of solid waste disposal facilities pursuant to Section 142(a)(6) of the Internal Revenue Code of 1986, as amended, including construction, improvement and installation of coal ash disposal and related facilities at the following sites: (i) Consumers’ B.C. Cobb Generating Facility, located at 151 North Causeway, Muskegon, Michigan (Muskegon County) (not to exceed $50,100,000 of the Bonds); (ii) Consumers’ D.E. Karn Generating Plant, located at 2742 N. Weadock Highway, Essexville, Michigan (Bay County) (not to exceed $43,600,000 of the Bonds); (iii) Consumers’ J.C. Weadock Generating Facility, located at 2555 N. Weadock Highway Essexville, Michigan (Bay County) (not to exceed $21,700,000 of the Bonds); (iv) Consumers’ J.H. Campbell Generating Facility, located at 17000 Croswell Street, West Olive, Michigan (Ottawa County) (not to exceed $35,100,000 of the Bonds); and (v) Consumers’ J.R. Whiting Plant, located at 4525 E. Erie Road, Erie, Michigan (Monroe County) (not to exceed $18,500,000 of the Bonds) (the foregoing improvements are collectively referred to herein as the "Project").
The Bonds shall be limited obligations of the MSF, payable only from loan payments to be made by Consumers to the MSF and other security provided by Consumers. The Bonds will not be a general obligation of the MSF and will not be a debt of the State of Michigan (the “State”) or any political subdivision of the State. The MSF has no taxing power and the issuance of the Bonds will not obligate the State or any political subdivision of the State to levy or pledge any form of taxation for the Bonds or to make any appropriation for the payment of the Bonds.
The hearing will provide a reasonable opportunity for expression of opinion, argument on the merits and introduction of documentary evidence pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the time and date of the hearing. The hearing site is handicapped accessible, including parking. Individuals with disabilities who need mobility, visual, hearing, and/or other assistance for effective participation should direct a request for assistance to Diane Cranmer at (517) 241-6750 in advance of the meeting.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 241-6750
Dated: September 12, 2019
