Interest rate increases have been a big headwind for our project. We recently met with the U.S. Army Corps of Engineers (USACE) about the Corps Water Infrastructure Financing Plan (CWIFP). FLTF provided input to the rulemaking on this program last year, with $7.5 billion appropriated to this program. Rule making will be completed later this year, and funds available in 2024. These are for very large projects and the USACE was very confident that the FLTF project qualifies. Some of the benefits are listed below, but this would give us a rate below other available financing and get us back to an interest rate much closer to the facilities that were available to the project with the USDA loan.
Click to read FLTF's Q3 report:
The U.S. Department of Housing and Urban Development (HUD) allocated over $71.9 million in long-term recovery funds to the State of Michigan to support recovery and mitigation efforts following severe storms and flooding in 2020 and 2021. Michigan received $59 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for 2020 and $12 million in CDBG-DR funds for 2021 to solve outstanding disaster recovery needs. The funds are being distributed through the Michigan Economic Development Corporation (MEDC).
Tomorrow, Tuesday, July 12th, at 12:00 PM, the Gladwin and Midland county Boards of Commissioners will jointly meet at Meridian High School (3303 N Meridian Rd, Sanford, MI). The public is welcome to attend and there will be a public comment period.
Based on the Public Sector Consultants (PSC) Report of its 2022 Survey which was published last week, of those that participated in the survey:
Clarification on the Funding Plan
The $200 million state grant has been a very significant inflection point for how the Four Lakes Special Assessment District will be managed as well as the Four Lakes restoration project going forward. We have received questions related to the new assessment model since the amount of the Capital Assessment is now common for all lake property owners, similar to the Operations Assessment.
Gov. Gretchen Whitmer, after receiving approval last week from the Michigan House of Representatives and Senate, today signed the supplemental bill that included $200 million of support for the rebuilding of the Four Lakes dams and restoring our community's future.
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