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  • BfC

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    ECONOMIC DEVELOPMENT & COMMUNITY AFFAIRS

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    ANNUAL REPORT FY2019 | 10 .22 .2019

  • I INTRODUCTION

    01 Message from David Coulter, Oakland County Executive

    IV PROFILES

    06 Premier Soccer Academy 08 Plymouth Technology

    II EDC OVERVIEW

    02 Message from Louis Orcutt, EDC Chairman 03 EDC Mission and Members

    Premier Soccer Academy, Chesterfeld Twp.

    III BFC OVERVIEW

    04 Message from David Ellis, BFC Chairman 04 BFC Mission 05 BFC Members and Highlights

  • I INTRODUCTION

    A MESSAGE FROM DAVID COULTER Oakland County Executive

    The Oakland County Business Finance Corporation and Economic Development Corporation and the fnancing programs they administer have been driving forces for economic growth and job creation in Oakland County for nearly 40 years. Fiscal year 2019 was no different.

    During 2019, BFC-funded projects totaled $7.5 million in investment, creating 146 new and retained jobs. Approved projects totaled over $18 million. The frst approvals on the 25- year SBA debenture loans were also received, marking a signifcant addition to the types of loans available to small- and medium-sized businesses. Across the country, the SBA 25-year loan is a popular option for applicants.

    Special thanks go to the officers, trustees, directors and members of the BFC and EDC, particularly outgoing

    EDC Chairman Louis Orcutt and outgoing BFC Chairman David Ellis. I thank them for their service. Special recognition also goes to the Financial Services Team, under the direction of Administrator Cathy Rasegan, for its frst-class work and commitment to the growth of Oakland County.

    I understand the trust placed in me as the new county executive. I appreciate the work done by my predecessor and friend, the late L. Brooks Patterson. His love of Oakland County was undeniable and his impact on Oakland County will be felt for years to come.

    As we move into 2020 our focus remains on helping entrepreneurs and small businesses thrive as we continue the economic growth that is vital to Oakland County’s prosperity.

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  • • I OAKLAND COUNTY ECONOMIC DEVELOPMENT CORPORATION

    II EDC OVERVIEW

    A MESSAGE FROM LOUIS ORCUTT Chairman of the EDC I am honored to have served as chairman of the Economic Development Corporation of Oakland County for fscal years 2018 and 2019.

    Over the course of its 39-year history, the EDC has issued tax exempt bonds for more than 114 companies representing $754 million in investment. These bonds have enabled the companies to secure long-term fnancing for fxed assets and has had a signifcant impact on job creation and retention. While new bond activity has slowed, we continue to receive inquiries and provide detailed information to potential applicants allowing them to make the most informed decision possible.

    This year, Oakland County lost an incredible leader in County Executive L. Brooks Patterson. Brooks was truly a champion of economic development and its related impact on job creation, retention and increasing the tax base. Brooks’ support of the EDC, its board of directors and the fnancial team enabled us to further our mission and assist Oakland County businesses whenever possible.

    We look forward to meeting and working with our new county executive, David Coulter, and to working with non-profts and manufacturing entities within Oakland County as they look to grow their businesses.

    LOUIS ORCUTT, EDC CHAIRMAN

    2

  • EDC Mission The Oakland County Economic Development Corporation (EDC) is a proven, reliable partner with lenders and businesses since 1980. EDC's non-proft mission is to stimulate business capital investment, contribute to the area's employment, increase local tax base and provide needed public services.

    The Tax-Exempt Revenue Bond Program provides qualifed manufacturing businesses and non-proft 501(c)(3) organizations with loans for capital expenditures. Eligible businesses are manufacturing businesses and non-proft 501(c) (3) organizations in Oakland County, Michigan — except for communities with active economic development corporations.

    Eligible businesses can receive loans up to $10 million in capital expenditures. Non-proft 501(c)(3) organizations have no limit on their loan amount. Eligible projects include:

    • Land acquisition • Land improvements • Building acquisition • Building construction • Building renovation • Machinery and equipment • Related soft costs

    EDC Members 2019 Board of Directors Louis Orcutt............................................... Chairman John O'Brien.............................................. Vice Chairman James Cristbrook...................................... Secretary Catherine Rasegan.................................... Assistant Secretary Andy Meisner............................................. Treasurer Robert L. Schwartz.................................... Legal Counsel Daniel P. Hunter.......................................... Deputy Director EDCA

    Appointed Members James Cristbrook......................................Shain Park Realtors Paul Hoge..................................................Signature Associates Patricia Jacobs .........................................North Oakland Co. Board of Realtors Donald Kegley...........................................Cunningham-Limp Company John Lominack..........................................Colliers International Andy Meisner ............................................Oakland County Treasurer John O’Brien .............................................Private Sector Louis Orcutt...............................................Hilltop Securities David Potts................................................David W. Potts, J.D., PLLC Jon Savoy..................................................Lee & Associates Rebecca Sorensen....................................UBS Financial Services

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  • • I OAKLAND COUNTY BUSINESS FINANCE CORPORATION

    III BFC OVERVIEW A MESSAGE FROM DAVID ELLIS Chairman of the BFC It has been my pleasure to serve as chairman of the OCBFC for this past year and serve as a member of the board of trustees for 26 years. The SBA 504 program has, and continues to be, an economic development tool that provides vital access to capital for business owners to expand and enhance their businesses.

    The year was one of transition with a moderation of economic growth, competition among banks and a decrease in interest rates, with rates reaching a historical low at 3.35 percent.

    For fscal year 2019, the BFC approved 12 loans totaling over $18 million in new investment. These projects will create and retain over 200 jobs. The BFC funded fve projects with a total investment of over $7.5

    million. The funded and approved projects included a variety of banking partners and additional interest from our credit union partners as well.

    This year one of the SBA 504 program’s biggest cheerleaders passed away. Under County Executive L. Brooks Patterson’s leadership, the 504 program built strong roots in the county and became a key tool to help increase economic development and job growth. He will be missed.

    The BFC and its staff are proud of their accomplishments for 2019. Under the leadership of Cathy Rasegan, we look forward to another successful year in 2020 as we continue our journey of economic development and job creation in partnership with the Oakland County team and SBA.

    DAVID ELLIS, BFC CHAIRMAN

    BFC Mission Certified by the U.S. Small Business Administration (SBA) since 1982, the Oakland County Business Finance Corporation’s (BFC) non-proft mission is to help businesses expand and stimulate economic growth in the community.

    The SBA 504 Loan Program provides qualifed small and medium size businesses with long-term, fxed-rate fnancing for the acquisition or construction of fxed

    assets. Having helped close to 500 • Land acquisition businesses throughout Michigan achieve • Land improvements their goals, the BFC is a proven and • Building acquisition reliable partner with the SBA, lenders • Building construction and businesses. • Building renovation

    BFC's loan amount is approximately • •

    Machinery and equipment Related soft costs

    $150,000 to $13 million. SBA maximums are $5 million for regular loans and $5.5

    • Refnancing

    million for manufacturing and energy loans. Eligible projects include:

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  • $

    BFC Members 2019 Offcers David P. Ellis .................Chairman Jim Simone ..................President John Lominack.............Vice President Catherine Rasegan ......Secretary Andy Meisner ...............Treasurer Thomas A. Kabel..........Legal Counsel Daniel P. Hunter............Deputy Director EDCA

    Board of Trustees Steve Ball .....................JP Morgan Chase Bank Katherine Brown ..........Community Member David P. Ellis .................Old National Bank Violet Gintsis ................Community Member Catherine Rasegan ......Oakland County Economic Development Barry Levine .................Community Member John Lominack.............Colliers International Andy Meisner ...............Oakland County Treasurer John O’Brien ................Community Memb

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