Ordinance 09-03

This ordinance takes the statutory steps necessary to authorize the purchase and renovatio of the SportsPlex at 1700 West Bloomfield Road and the issuance of up to $6.5 million in Parks District Revenue bonds to pay for the project. These steps involve approving three Board of Parks Commissioner (BPC) resolutions which include Res 09-02 (Declaratory Resolution), Res 09-03 (Confirmatory Resolution, and Res 09-04 (Bond Resolution). Together these resolutions find that after holding a legally advertised public hearing on March 11, 2009 to hear any remonstrance, the BPC found that it is necessary and of public utility and benefit to acquire and make certain improvements to the SportsPlex, which includes a 3 story sport facility and 10 acres of land.The resolutions then authorize the issuance of revenue bonds in an amount not to exceed $6.5 million to cover the cost of acquiring, renovating and arranging the financing for the project at an interest rate not to exceed 6.5% and a period not to exceed 20 years and also authorize the Director of the Parks Departmen to take steps to complete the purchase.