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.