LDFA holds special meeting to finalize sale of property to DTE Gas

Van Buren Township Deputy Supervisor Dan Selman explained to the Local Development Finance Authority that the reason for this special meeting on Oct. 26 was that DTE Gas wanted an official resolution approving the sale of its property.
So, the LDFA unanimously passed a resolution to sell parcel 83-045-99-0004-702, owned by the LDFA, to DTE gas for the fair market value of $115,000, noting all other costs associated with the closing of the property is to be assumed by DTE Gas.
Deputy Selman reminded the LDFA that it had approved this sale at the first meeting of the year in January and DTE has asked for a formal resolution, which it now will have and the closing can take place.
In other business at the 18-minute meeting, the LDFA:
• Approved the 2023 LDFA meeting schedule as: Jan. 10, March 14, May 9, July 11, Sept. 12, and Nov. 14. The LDFA meets on the second Tuesday of every other month at 2 p.m. at the Van Buren Township Hall;
• Approved the 2023 budget that shows at the end of the 2023 fiscal year the LDFA will owe Van Buren Township more than $8 million for loans the township made to the LDFA for payments on the bonds made to help construct Visteon Village (now under new ownership and renamed Grace Lake). The township board will approve all the 2023 budgets, including this one, at its next meeting; and
• Briefly discussed a Nov. 1 Marketing / Community Outreach subcommittee meeting with a representative of the group marketing Grace Lake to discover how the LDFA can help them. The LDFA seeks to increase the income to Grace Lake so it will pay more taxes to the LDFA to help it pay off its Visteon bonds. Suggested new development for Grace Lake included condos or warehousing. Planning and Economic Development Director Dan Power said Grace Lake is zoned Office Technology and doesn’t allow warehousing, but the master plan could be changed. LDFA member Doug Peters said he expects that Van Buren Township will win the lawsuit it has brought against Visteon, but it could be a long time before it’s over. LDFA member Dave Schreiber said if they are looking at choosing a market with the highest value for the community, it would be warehousing space because of the home-delivery type of retail not popular. He said office space is not needed and, “Lawyers are having trouble getting their employees to come back to the offices”; and
• Heard Township Supervisor Kevin McNamara say the township has construction of the community center coming up and, “We’d like to stop giving money to the bond.”