A settlement may lead to a change in ownership of the failed Edenville Dam
There’s been a step toward a change of ownership of the failed Edenville Dam.
The dam failed back in May. The torrents of water that were released contributed to a 500-year flood event in Gladwin and Midland counties, as well as lawsuits against the dam’s owners.
The dam’s ownership was on a path to change before the failure. The failure put the change on hold.
The Four Lakes Task Force had been working to acquire Edenville and three other dams before the disaster.
The task force has now reached a settlement in connection with condemnation proceedings with the dam’s owner, Boyce Hydro. The settlement agreement was filed with the courts last week.
Under the settlement agreement, Four Lakes would take over ownership of the Boyce properties as part of a more than $1.5 million deal.
• $270,000 to Boyce Michigan
• $152,000 to local suppliers that had liens on Boyce properties
• The remaining $1,154,000 will be up to the bankruptcy court to sort out between Byline Bank, lawyers and the bankruptcy trustee
Boyce attorney Lawrence Kogan describes the settlement as “a positive development before ownership of the dams can be transferred.”
Four Lakes Task Force officials expect the transfer could happen as soon as next month.
There is a federal bankruptcy court hearing scheduled on the settlement agreement for November 30.
Meanwhile, the state is about to start work to stabilize part of the Edenville Dam and reroute the Tobacco River away from the break in the dam.