The Cedars of Dexter is hoping to refinance bonds of up to $13 million through Dexter's Economic Development Corp. to complete its independent living community project.

The Dexter Village Council will hold a public hearing tonight on the request — the first in many years submitted for consideration by the EDC.

Village President Shawn Keough previously said the EDC is simply the conduit and assumes no debt or liability.

The plan calls for refinancing bonds "not to exceed $13 million" for the development, which includes 60 single-story independent living homes and a common space at 8431 Island Lake Road. To date, 28 units have been built, and 32 are under construction. All are expected to be complete by Dec. 31, 2011.

The total cost of the project is about $22 million. About $17 million has been spent, according to documents from the United Methodist Retirement Community, which is building the development. Refinancing the bonds through the EDC is expected to save UMRC about $2.8 million over 30 years.

The EDC consists of nine recently appointed members who serve staggered terms.

Appointed by the village council for 6-year terms were Matt LaFontaine, Jim Carson, Dan O’Haver and Tom Covert. Mary Marshall was appointed for a 5-year term, Rob Toth for a 4-year term, Fred Schmid for a 3-year term, Keough for a 2-year term, and Donna Dettling, the village manager, for a 1-year term.

Carson was elected as president of the EDC and said he hopes The Cedars of Dexter will be the first of many projects the EDC will consider to spur economic development in the village.

If approved by the Village Council tonight, the EDC is expected to meet on Dec. 15 to approve issuing the bonds. UMRC has a Dec. 31 deadline with Huntington National Bank to refinance its loan.

Lisa Allmendinger is a reporter for AnnArbor.com. She can be reached at lisaallmendinger@annarbor.com. For more Dexter stories, visit our Dexter page.