“We’re essentially issuing bonds, but they’re to the state and the state is loaning us money,” City Manager George Lahanas said. “The state has a big pool of money they used to lend out to cities.” 

The state will use money from the State Revolving Fund to pay for the expenses. 

“It’s a fund that the state makes available so that cities can have low interest money available to do big projects,” Lahanas said.

Details will still have to be worked out before the project plan is passed.

Per the memorandum, “Several differences in the process and particularly the terminology appear with this issue, when compared to council’s prior bond sale approvals, because these bonds are issued under the Revenue Bond Act rather than General Obligation Bonds, issued under Act 34.”

Council will also discuss two applications for renovations on East Grand River Avenue.

The first application is to construct a 764 square foot addition to the Evans Scholars building on 831 E. Grand River Ave.

The site plan includes cutting out a wall to increase room space.

The second application is for reroofing to add a third story to the existing building on 927 E. Grand River Ave., which would include two, three-bedroom apartment units.

The structure will be used for student housing.