The Little Thornapple River Intercounty Drain Board has secured funding for remaining remedial work on the drain with the goal of completing it by the end of the year.
The board Friday accepted a bid for a $450,000 three-year note from Isabella Bank with 2.95 percent interest. The funds are expected to cover the remaining remediation of the damage done to the drain by excessive tree removal several years ago.
Closing on the note is set for April 17, with the first payment of principal and interest on June1.
Joseph Colaianne, senior council at Clark Hill PLC, who advised the board on the transaction, said they got a good interest rate because “there’s a lot of competition out there right now.” Colaianne added the note is “callable” meaning the board can pay it off at any time.
Barry County is the paying agent; they will accept the funds from the bank and distribute it to the drain board. The board consists of three drain commissioners; Jim Dull from Barry, Ken Yonker from Kent County and Robert Rose from Ionia County. Brady Harrington, deputy director of the Michigan Department of Agriculture and Rural Development, chairs the Intercounty Drain Board.
There will be a special assessment this year on property holders in each county within the drain district, according to the percentage of property holders in the district. The new parameters of the drain district determined in a study last fall and winter shows Barry County residents at 63.48 percent, Ionia County at 36.31 percent and Kent at 0.37 percent of the drain district area.
Barry County residents are scheduled to review the assessment roll on May 8, Ionia County residents on May 7 and Kent County residents on May 9. Everyone affected will be notified by letter confirming the dates, meeting place and times.
If a person disputes their assessment, they can file an appeal with the probate court within 10 days of the review. Those assessed can pre-pay the assessment, if they wish.