Pontiac City Council approves $174M project funding for Judson site redevelopment

The Finance Committee of Oakland County convened on May 14, 2025, to discuss significant financial strategies related to the $174 million Judson project, which includes the development of a conference center and solar panels. The meeting focused on amending an agreement with the Michigan Economic Development Corporation (MEDC) to facilitate the receipt of $25 million in funding, with a proposal for quarterly reimbursements to mitigate costs associated with the project.

During the discussions, committee members emphasized the importance of a construction draw schedule, which would allow the county to borrow funds incrementally rather than in a lump sum. This approach aims to minimize interest payments and align financing with actual project expenditures. The committee also addressed potential fluctuations in project costs due to tariffs, highlighting the uncertainty in budgeting.

A key resolution discussed involved the need to adjust the county's debt policy, currently set at a 20-year amortization period. The proposal suggests extending this period to 30 years or matching it to the building's useful life, which is projected at 50 years. This change aims to free up funds for employee wages and healthcare, reflecting a broader financial strategy.

The committee ultimately voted on the main motion regarding the project funding, resulting in a majority approval with five votes in favor and two against. The meeting concluded with a call for ongoing transparency and collaboration among committee members as the project progresses. The next steps will involve further detailing the project scope and financial planning as the committee continues to navigate the complexities of funding and development.