This monthly Market Update from Hilliard Lyons provides commentary on the recent dramatic increase in private placement financings, which are direct offerings of securities to a limited number of sophisticated investors.

Oshtemo Township officials have raised the idea of creating a Drake Road Corridor Improvement Authority to initially focus on transportation and streetscape improvements along Drake Road.

The city's largest bond issue is rated AA by Standard & Poor's and Aa3 by Moody's Investors Service. The tax-exempt, 25-year revenue bonds will be repaid with income from the electric utility that serves the area surrounding Holland.

The experts call it "the Detroit penalty." Michigan municipalities face extra cost when selling new debt now that Detroit is trying to make investors holding its bonds eat a loss of 80 cents on the dollar.

The City of Detroit looks to emerge as at least a survivor if not a winner from its bankruptcy, with bondholders and future municipal borrowers the biggest losers.

Michigan businesses have received $69.5M in loans under SSBCI, the most principal disbursed among all states. Michigan is ranked fifth among states in disbursements as a percentage of total SSBCI allocation.

The American Lightweight Materials Manufacturing Innovation Institute will be led by the University of Michigan, Ohio-based manufacturing technology nonprofit EWI and The Ohio State University. More than 7 universities, 17 non-industry members, and 30 companies will participate in the collaboration.

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Michael Finney, President & CEO of MEDC gives a presentation on how Michigan has transformed incentive programs and reduced regulation to become a national leader in economic development.

The University of Michigan's Institute for Research on Labor, Employment, and the Economy released this report on the Economic Outlook for Washtenaw County in 2013-2015, including employment, sales and GDP indicators.

In this publication of the Citizens Research Council of Michigan examines the relationship between dedicated property tax rates and tax increment financing.

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