Leland Township unanimously approved a resolution to sell the 2025 bonds for the Sunset Shores Special Assessment District (SAD) in an amount not to exceed $1,280,000 on Monday at its regular board meeting.
Lisa Brookfield, Leland Township clerk, said the bonds will be sold on March 20, and then the township will know the full amount of what’s being bonded. She said 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.
“Then at that point, we have the amount that we’re going to bond and it’s going to be bonded for 20 years,” Brookfield said. “But the next step is construction in the spring as soon as the snow is gone.”
Last month, the board approved a resolution to approve the Sunset Shores SAD roll, which includes all properties that would benefit from the proposed community drain field project within the specific SAD for the purpose of assessing a portion of the costs of construction. On the SAD roll, there are 32 parcels recorded, with the cost per property owner estimated at $40,000. The township expects to reimburse itself for capital expenditures with proceeds of bonds issued to pay all or a portion of the cost of the project.
The true interest cost of the bonds will not exceed 7.00% and the bonds will mature in not more than 20 annual installments until 2045. According to the bond form, in case of insuffi ciency of the special assessment collections, the bond is payable as a first budget obligation out of the township’s general fund.
Leland Township initially approved the creation of a SAD in 2017, and the project has struggled to move forward since due to various factors. In recent months, residents both for and against the creation of a SAD for Sunset Shores have voiced themselves at township meetings, with many noting the rising cost of the overall project from when it was first proposed.
Total costs of the delayed project have increased quite a bit since first being introduced in 2017. However, the latest projected cost is $1,280,000, which is an increase from the last estimate provided in December 2024 of $1,202,532. Based on estimates from Jozwiak Consulting, the 2024 cost of $1,202,532 was an increase of 19% from the 2021 total cost estimate of $1,012,700.
