Release of Ag Equine Funds

Horsemen,

The MHHA has been working collaboratively with the Michigan Department of Agriculture and Rural Development (MDARD) and the Michigan Gaming Control Board (MGCB). As you know, funds from the Michigan Agricultural Equine Industry Development Fund (MAEIDF) are raised and expended in the same fiscal year requiring the use of projections to estimate available balances. The closure of Hazel Park this spring has made it more difficult to safely estimate actual revenues to ensure that all statutory obligations are being met, therefore all the parties have been more conservative in approving expenditures than in years past.

Today, MDARD agreed to make a portion of eligible supplement payments to Northville Downs. The MHHA and MDARD also plan to sit down in the middle of September to re-evaluate available revenue and additional eligible supplemental payments.

The State is currently projecting that revenues will be sufficient to cover all the obligations for races already completed and currently scheduled. The MHHA will continue to work with the State and will keep members updated as more information becomes available.

If members have any questions please feel free to connect the MHHA at any time.

UPDATE:

The MHHA is continuing to work with the MI Dept of Agriculture to secure the release of MAEIDF funds as soon as possible. Please know that the Horse Racing Act of 1995 does allow the Dept of Agriculture 45 days from the date of the race to release funds. It is our hope that funds will be released soon than 45 days as funding is made available.