In December, FLTF shared an estimated capital assessment range. After refining these numbers and considering the timing and risk associated with permitting and financing, the total capital amount to be assessed for financing is $217,700,000. This number includes the costs for the total project, financing and contingency, minus reductions including State of Michigan and federal grants. This is the total amount to be financed that will be presented at the January 15 public hearing for approval. Property owners are encouraged to revisit the assessment map on the FLTF website later today or this weekend to see their estimated capital assessment amount that is no longer presented as a range. The map will be updated by the end of today (Jan. 5).
There is $34,584,150 of contingency in these numbers. Therefore, the total assessment amount may be adjusted if there is an improvement in planned project performance, contingency is not completely utilized, or additional grants are received. If this occurs, it would likely not be until late 2025 or 2026 when the project is nearing completion.
This number in the maps and published roll now only reflects the total to be assessed at $217.7 million that will be presented at the hearing, which is an amount that cannot be exceeded without further approval by the counties. This amount aligns with ranges provided at public webinars on October 12, 2023, and December 6, 2023.
For informational purposes and an illustrative example, the table below illustrates the average annual capital payment amounts with principal and interest for bond and U.S. Army Corps loan financing at a 5% interest rate, at $217.7 million. To find your specific benefit factor total please visit the assessment map on Four Lakes’ website.
AVERGAGE ANNUAL CAPITAL ASSESSMENT RESIDENTIAL PAYOUT ($217.7 MILLION)
*93% of parcels have a factor total less than 1
Read more about the special assessments and assessment methodology and review the tentative assessment amounts for your own parcels by clicking the buttons below.
CAPITAL ASSESSMENT OF COST
Note: The establishment of the Four Lakes Special Assessment District and legal lake levels were set as a result of the May 2019 court order. All expenses associated with the hearing, land acquisition and design engineering were funded by private or public grants and no Special Assessment District funding was acquired.
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