The Leland Township board discussed how they will likely bond no more than $920,000 for the Sunset Shores Special Assessment District (SAD) at its regular meeting Monday evening.
While no action was taken, Leland Township Clerk Lisa Brookfield got board members up to speed on the current status of the Sunset Shore project. Last month, Brookfield said the bonds were set to be sold on March 20, adding that residents within the SAD will have the option to pre-pay their share of the cost, an estimated $40,000, in full until March 15 if they do not want to finance it for a period of 20 years.
At Monday’s meeting, Brookfield said they’ve had four parcel owners place appeals with the Michigan Tax Tribunal, explaining how that $160,000 cannot be bonded. In addition, the township has received $200,000 in prepayments from five parcel owners, making the total bonding amount $920,000.
