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.
This was the approval of a financing plan, not the final financing approval of the restoration. The approval of any assessment this year will be by the counties and will be approved after the Special Assessment hearing (June 2022).
Both counties also approved a $10 million grant anticipation note(s) and provided their good full faith and credit. A note will be used only if there is a gap between state approval of the funds, and when funds are projected to be received. Our legislative leaders and the Governor understand that if funds are not approved by the end of March, there would be an impact on our recovery effort that would cause the recovery or restoration to be delayed.
FLTF needs to have funds committed by the end of the month or it will need to restructure its spending and financing in 2022.
“Our legislative leaders and the Governor understand the importance of these appropriations to the Four Lakes, and the timing needed. It’s our job to make sure we have options and plans to keep momentum with our program,” said Dave Kepler, president of FLTF.
Please attend the Community Information Webinar or FLTF board meeting for more information.
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