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Project Profile: Lake Shannon Road Improvement Project

Lake Shannon Road Improvement Project - Tyrone Township, Michigan

photo credit: Lake Shannon Association

Location

Tyrone Township, Michigan

Project Sponsor / Borrower

Tyrone Township, Michigan

Program Areas Project FinanceValue Capture
Mode

Local Road

Description

Local property owners within the Lake Shannon Association in Tyrone Township, Michigan organized a petition drive in early 2018 among association property owners to request that the Township repave local roadways in exchange for a 10-year tax assessment. A significant majority of property owners signed the petition. As a result, the Township Board of Trustees approved the project and requested that the Livingston County Road Commission prepare estimates for rehabilitating the community roadway pavements, which had exceeded their 20-year lifespan by 10 years. The Board of Trustees tentatively determined to levy a special real estate tax assessment on the owners of 291 parcels within the newly established Lake Shannon Road Improvement Project (2018) Special Assessment District and use the resulting revenues to raise bonds to pay for the project.

With a large majority of the hearing attendees voicing support for the project, The Board of Trustees of Tyrone Township adopted a resolution to confirm the special assessment roll on May 22, 2018. The assessment will be paid in 10 annual installments beginning on December 1, 2018. The Board of Trustees also resolved that the Township would issue up to $1,310,000 in Tyrone Township Lake Shannon Road Improvement Project Special Assessment Bonds, Series 2018, to pay for the total cost of the project.

The project itself involved milling out the existing three-inch-thick asphalt road surface, concrete curbs and gutters to expose the roadway base. The base was graded to ensure proper drainage, and a new 3.5-inch asphalt wearing course was laid down. The work began in July 2018 on Parkwood Drive and proceeded counterclockwise around the lake and included the following streets: Driftwood Drive, Parkwood Court, Ore Knob Road, Ore Knob Court, Surfwood, Ledgewood, Lake Shannon Court, and portions of Maguire and Dean. The work was completed in October 2018.

Cost

$1,310,000

Funding Sources

Special Assessment Bonds - $1,310,000

Project Delivery / Contract Method

NA

Private Partner None
Project Advisors / Consultants

Livingston County Road Commission - Design and Construction

Dykema Gossett PLLC - Bond Counsel

PFM Financial Advisors LLC - Municipal Advisor

U.S. Bank National Association - Transfer Agent

Lenders

Bondholders

Duration / Status

Construction complete October 2018.

Financial Status

Closed

Innovations
  • A local property owners' association was successful in petitioning their municipal government to implement a 10-year real estate tax assessment and issue special assessment bonds to expedite the repaving of neighborhood streets.
Related Links / Articles

Tyrone Township Public Hearing & Board Meeting Minutes, April 17, 2018

Tyrone Township Board Meeting Minutes, May 22, 2018

Livingston County Road Commission

Lake Shannon Association

Contacts

Mike Craine
Managing Director
Livingston County Road Commission
Tel: (517) 546-4250

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