The Public Finance Authority is pleased to announce financing for the Adelaide Pointe Development Project was recently finalized. This 35-acre development project in Muskegon, Michigan will transform the former industrial property on Muskegon Lake into a $250 million Adelaide Pointe development that will include a marina, condos, restaurant, boat storage and more. according to Mlive reports that the project is being led by “Muskegon area husband-and-wife team Ryan and Emily Leestma” and “is the most ambitious Muskegon has seen in many years.”
Muskegon Mayor Kenneth Johnson explained why this is an exciting project for the area when he noted the following at the project groundbreaking. “Beyond waterfront access, and recreation opportunities, the Adelaide Pointe development will contribute greatly to the local economy, supporting our small businesses – both new and long established – and adding to the tax base that will enable the city of Muskegon and other government entities to better invest in public infrastructure and programs that serve our residents, he said.
“Adelaide Pointe Development project is an exciting opportunity for the local economy and an example of the projects that receive financing assistance from PFA,” said Mark O’Connell, president and CEO of Wisconsin Counties Association, a founding sponsor organization of PFA. “We’ve been told that, in total, the Adelaide Point project represents $250 million dollars of investment in the local Muskegon community and will create approximately 350 jobs when fully completed and that is a great investment in the local community.”
PFA partners with local governments to assist in the financing of public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities. In 2021, the Public Finance Authority celebrated more than 10 years assisting in financing public benefit projects that provide local economic development, create jobs, produce state and local tax base, and meet needs of eligible borrowers which state or local issuing authorities may not be able to serve.
PFA was established by Local Government. For Local Government.™, in order to provide local governments and eligible private entities nationwide with access to low-cost, tax-exempt and other financing for projects that are important to the community and contain no risk to the taxpayer. PFA is jointly sponsored by the National Association of Counties, National League of Cities, Wisconsin Counties Association, and League of Wisconsin Municipalities.