MEDC grant expenditure

We received a $5 million grant from the Michigan Economic Development Corporation (MEDC). Below is a summary of how that grant has been spent. There is $1,294,348.37 remaining.

Consultants	Description	Cost ($)
Engineering	This portion of the grant went to completing work on part 315 and  the lake level study in 2019. Engineering work was also completed to determine Special Assesment Methodology and GIS assesment on parcels for the purchase of Boyce property. Following May 19, the engineering work shifted predominately to determining preliminary repair and rebuild estimates and timelines. ​	$ 1,954,526.74
Finance	This portion of the grant went to paying the FLTF finance team that consulted on the bond acquisition, dam valuation and hydro model. This money is also used to pay Yeo & Yeo for audit activities. This portion of the grant also paid the treasurer of FLTF but following May 19, the treasurer of FLTF began donating her time.	$ 153,334
Public Relations	The public relations team worked to keep residents in the FLTF SAD informed of all activities ongoing within the task force. This category also includes the cost of public mailings, maintaing the webiste and updating social media.	$ 122,276.24
Legal	Through 2019, FLTF's legal team was working to establish Part 307 legal lake levels. In 2019 and Q1 2020 FLTF Legal worked on negotiations for the Boyce Purchase Agreement as well as negotiations on litigation with the State of Michigan. Following May 19, FLTF legal has been working on class action matters, FOIA, governance matters and condemnation of Boyce Hydro properties. ​	$ 525,917.78

Repairs	Description	Cost ($)
	Four Lakes Task Force worked with Spicer Engineering Group to determine the appropriate course of action on Edenville repairs, and engineering studies on repairs were complete. The repairs and the costs associated with them started in Q1 2020 and Four Lakes Task Force began to spend this portion of the grant accordingly. The spending and all activities related to repairs halted following the events of May 19, 2020.	$ 391,998.96

Administration	Description	Cost ($)
	​Four Lakes Task Force continued spending the administrative portion of the grant. These expenditures went partially to paying the salary of the administrative manager of Four Lakes Task Force as well as paying the premium on FLTF's insurance.	$ 37,597.91

Acquisition	Description	Cost ($)
	​Acquisition of property from Boyce Hydro LLC was underway. Four Lakes Task Force signed a purchase agreement with Boyce Hydro LLC on December 31, 2019. FLTF continued to make monthly payments to Boyce to go against the final purchase price, up until May 2020. Due to recent events, payments to Boyce for acquisition have stopped and Four Lakes Task Force is instead proceeding with condemnation.	$ 520,000

Total Expenditure

$ 3,705,651.63

Note: this is not all Four Lakes Task Force spending, only spending from the MEDC grant as of the conclusion of Q2 (second financial quarter) 2020.