Marina Dredging Loan Origination Program – 2013

Public Act 10 of 2013 established the Marina Dredging Loan Origination Program and Public Act 9 of 2013 provided a $1.0 million appropriation for the payment of loan origination fees. Through the program, the state shall pay loan origination fees for administrative costs incurred by qualified financial institutions equal to 5% of the original principal amount of the qualified marina dredging loans made before March 1, 2014.

Qualified marina dredging loans provide costs associated with dredging that were incurred after February 1, 2013, to eligible marinas that have received the permits required by law from the Department of Environmental Quality and the army corps of engineers, as appropriate, for the dredging to be conducted with marina dredging loan funds.

Public Act 10 of 2013 , Section 2(d) contains additional information regarding eligible marinas and Sections 2(b), 2(c), and 2(g) contain additional information regarding qualified projects.

Qualified financial institution: A financial institution is "qualified" if the institution maintains a physical location and/or a principal office in this state. Public Act 10 of 2013 , Sections 2(e) and 2(k) contain additional information regarding qualified financial institutions.

Compliance affidavit and loan principal report: In order to receive payment for qualified marina dredging loan origination fees, qualified financial institutions must submit the Marina Dredging Loan Origination Program – 2013, Request for Origination Fee Payment (Treasury Form 5048) by March 1, 2014. Public Act 10 of 2013 , Section 4(3) contains additional information regarding reporting requirements.

Payment of the loan origination fees: Anyone who receives payments from the State of Michigan needs to register as a state vendor. Qualified financial institutions, not already registered, must register at http://www.michigan.gov/cpexpress.