Boyce Hydroelectric, owner of the two dams which failed in Midland and Gladwin counties May 19 and two others, is selling the dams in a settlement to Four Lakes Task Force.
Four Lakes has been trying to buy the dams for the past couple years, willing to pay $9.4 million. The group gained delegated authority over the dams from Midland and Gladwin counties in 2018. However, the May flood threw a wrench into those proceedings.
In July, the task force looked into acquiring the dams through eminent domain as part of condemnation proceedings. Boyce declared bankruptcy in August. The electric company has agreed to let go of all four dams for more than $1.5 million in an announcement made Wednesday, November 18.
The settlement needs to be approved in court in both Midland and Gladwin counties and by a federal bankruptcy judge. Four Lakes may take control of the Tobacco and Tittabawassee River properties as early as December.