It’s almost time for the Visteon bond shortfall

Members of the Van Buren Township Local Development Finance Authority noted at their Sept. 10 meeting that the shortfall in the money available to pay the Visteon bonds would occur before the next meeting of the LDFA, which is Wednesday, Nov. 13.
VBT Supervisor Kevin McNamara said if Visteon has not made a payment to make up the estimated $639,157 bond shortfall, “We will send them a letter shortly after Oct. 1.”
The full faith and credit of the township is behind the Visteon bonds and the LDFA will not have the funds to pay the bond payment in full. The township has agreed to cover the difference to make sure the payment is made on time and then the LDFA will pay the township back in the future, with interest.
The township has money set aside for the payment and a plan to reinstate the law suit against Visteon, once it can show the claims are “ripe” for adjudication.
In 2003, the township issued $28,199,656.35 in bonds to assist Visteon with infrastructure in the construction of Visteon Village. Final payment on the Authority bonds is in 2032.
John Delaney say that the LDFA has to keep an open mind and come together with LDFA member Scott Medlen of Grace Lake Corporate Center (the former Visteon Village) to set up community outreach at the site.
“There’s so much to enjoy there,” Delaney said. “We have to show we have the jewel and use it,” he said of the Grace Lake nature trails.
Delaney arranged a 9-11 event at Grace Lake last year and he said there was no 9-11 event this year and, “It’s my fault. I had surgery.” He said next year there will be an event.
Medlen said that someone had a bunch of fun with a four-wheeler at Grace Lake recently. He said the sod has been torn up and tire tracks go up and down the stairs of the office building, but there is no major damage to the concrete.
He said he considered putting up a barrier, but then he would be blocking himself out. He said the fence on the trail is kept three/fourths closed so walkers would be able to enter.
Delaney said the signs say the trail closes at dusk and Medlen agreed, saying they could have the guards close it up at night.
“We don’t want to stop people from using the trails,” Medlen said.
He said he has been considering putting in a mini fruit orchard or a co-op community garden, which wouldn’t go in place for two or three years. He said he thought people could walk along the lake, take an apple or a cherry and eat it.
LDFA chairman Michael Dotson said he will hook Medlen up with the Michigan State Master Gardeners, the Southeastern Michigan Beekeepers Association, and others that use Wayne County Community College for their meetings. Medlen agreed he will need to know about the soil and other things.
Dotson said the LDFA’s marketing subcommittee could get together to plan things to be promoted at Grace Lake for the year.
Medlen said maybe the Boy Scouts could be involved, as had been suggested in the past.
Delaney said they could have meetings in January and March to put the feelers out. “There’s a lot of opportunities on your site,” Dotson said.
In other business at the half-hour meeting on Sept. 10, the LDFA unanimously approved changes to the by-laws after they were reviewed by township attorney Patrick McCauley. The bylaws will be sent back to the township board for final approval.
McCauley had looked at comments made by the township board of trustees during a work/study session on July 16 and sent a memo. The main questions had to do with the duties outlined for the chairperson.
“I don’t understand what the questions were,” said Delaney. “Our bylaws are innocuous … not really big changes … It’s a housekeeping thing.”
Dotson thanked Dan Selman, now the township’s representative to the LDFA, for bringing the recommended bylaws to them.
“I appreciate you bringing this to closure,” Dotson said. “I appreciate everyone looking out for each other, so we get it right.”
Supervisor Kevin McNamara said board members thought the LDFA was reaching out for more power.
“They read too much into it,” Supervisor McNamara said.
“It’s a good document, good changes, more precise,” Dotson said.