Join us Wednesday, April 6 at 5 p.m. for a Community Information webinar where FLTF will share information about funding and financing. Topics include:
Governor Announced Support for Bill
Today, the Michigan Senate and House of Representatives passed an appropriation that included $200 million to support the rebuilding of the Four Lakes dams which will restore our community's future. We expect the measure to be signed by Gov. Gretchen Whitmer, who announced her support of the bill yesterday. We appreciate her empathy for the community's recovery since the dam failures. Final Step Is Governor's Signature
The Michigan Senate and House have been in negotiations, along with Gov. Gretchen Whitmer's staff, to reconcile state budget supplemental appropriations. Members of the House Appropriations Committee convened last night and cleared a nearly $5 billion supplemental which included funding for the Four Lakes. We expect this supplemental will go to the House and Senate today for approval, and we expect the Governor to sign. The Midland and Gladwin County boards of commissioners both approved the Financing Plan for the Four Lakes restoration, which was discussed in detail at the March 3 FLTF TEFRA hearing. A TEFRA (Tax Equity and Fiscal Responsibility Act) hearing is required by the Internal Revenue Service of non-profit organizations that intend to issue tax-exempt debt.
Today it was announced Four Lakes Task Force will receive a $750,000 grant for booms on Secord and Smallwood dams.
Booms control surface debris, provide for public safety boat barriers and define zones of no-entry around dams. The boom consists of 10-foot HDPE (high-density polyethylene AKA plastic) modular units which link together to form an unlimited length of boom lines. The boom line is anchored to the shore and to the bottom of the lake to provide a secure barrier around the spillway. We believe the counties to have the dams restored, and according to the public survey conducted by PSC, 74% of property owners believe the costs should be shared with people outside of the Special Assessment District. The counties, by law, may determine to contribute to a portion of maintaining the normal legal lake levels by paying out of their general funds. If the counties approve the at-large assessment, it will be because they agree that there is an economic and tax benefit to their county. There will NOT be assessments to property owners outside of the Four Lakes Special Assessment District.
FLTF previously documented in its Restoration Plan that an additional $10 million of funding in 2022 would be needed to stay on our plan. While we anticipate the state legislation will pass and provide significant funding to restore the lakes, FLTF is pursuing $10 million in a Grant Anticipation Note to bridge until we get state funds so we can stay on our current timelines for the stabilization of the dams.
While we hope the note is not needed, we will continue to pursue this interim path until the state funding is passed by the Michigan House and signed by the Governor. |
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