BE AWARE! The Lake Orion Lumber Yard sale to the DDA is about to complete its due diligence. The DDA has asked the Village of Lake Orion to “co-sign” a bond for $5 million. That means that if DDA, for any reason, can’t meet the bond payment schedule that the village is liable for the payment.
That is the same as you cosigning for a car or home for someone; it’s ultimately your responsibility. I would suggest that any bond that the village endorses be for the benefit of the entire village, not just the DDA’s District; i.e., infrastructure!
The DDA bond question will be coming to the village council in the near future. Please let your feelings be known to council by attending meetings, write to the council or contact a member of council.
Remember we voted them to office and they should vote with the input of their constituents. If the council approves this DDA bond issue this liability would exist for +/- 17 years, and who knows what our economic conditions will be during this period.
Harry Stephen
Lake Orion
Tell the village council what you think of the proposed DDA bond added by mmkelley on
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Question, The BOND ISSUE arrived one year ago this week (written up in the Review) for the amount of 2.4mil co signed buy the Village of Orion, now just a year later it (the amount of the bond has Doubled to 5mil WHY????? is this a CARROT on a string to the other property owners in the area to take a BUYOUT for OTHER PROJECTS on the BIG BOARD of the PLANNING COMMISSION?????? and lest we forget the D.D.A.
C, this project is already to begin spring of 23, no doubt the is bought, the layout plans oked on the board, contracted/oked, bond in place, tax abatement agreed (10yr normal that will make it 4 or 5 or 6 abatement’s for these IMPROVEMENT’S to the Village, and still NOTHING on PARKING ( planning commission) they already have a parking lot in the middle of town, you DON’T NEED to spend more nickles from the 3200 res. of the village with the NORMAL TAX ABATEMENT (10yr) just add two stories w/ covered walkway to SAGE with up and down covered walkway exits for the east and west side of Broadway. PROBLEM?? just a BLIND CORNER at Anderson and E. Flint East and West bound, won’t be able to see traffic light (Flint and Broadway for on coming east bound traffic, then there is the responding FIRE STATION # 1, mabey the P.C. can find a NEW location for the STATION like the one on Atwater st.
As far as I know, it is still not clear what the actual amount of this bond is to the taxpayers, the interest rate, how long it will be for, how it will be paid back and how much will be available after all the fees, interest and expenses are paid. Then there is the question of what it will be used for. While we know the DDA made an offer of $2.4 million for the Lumber Yard property. We don’t know the legal and due diligence costs to date and there is no confirmed or approved plan to do anything with it. Is $5 million too much or too little? What is the return to the public for this expense, whatever it may be?
Given all that, I fully agree with Mr. Stephen that the public needs to speak up. We have already found out that the elected council pretty much lets the DDA do whatever they want with our tax dollars. It is time for them to represent the public, not the DDA and special interests.