The purpose of the Local Development Finance Authority of Huron Township is to provide for those public improvements necessary or desirable to facilitate, promote and sustain industrial development within the established district of the Local Development Finance Authority of Huron Township.
Defined, the Local Development Financing Act (LDFA), public Act 281 of 1986, as amended, allows eligible entities to establish area boundaries, create and implement a development plan, acquire and dispose of interest in real and personal property, issue bonds and use tax increment financing to fund public infrastructure improvements for eligible property. The tool is designed to promote economic growth and job creation. Communities across Michigan have used this tool to support companies in manufacturing, agricultural processing, and high technology operations.
The LDFA can study and analyze unemployment, underemployment, and joblessness and the impact of growth upon the authority district. Acquire, construct or improve a public facility or infrastructure. Create and implement long range economic development plans that create jobs and promote economic growth. Make and enter into contracts. Incur costs necessary to the function of the board. Acquire, own, lease, convey, demolish, relocate, rehabilitate, improve, prepare or otherwise dispose of real or personal property. Collect revenues from these activities. Accept grants and donations of property, labor or other things of value from a public or private source.
All tax increment capture must be described in the tax increment financing plan. Local taxes on real and personal property are eligible to be captured. The LDFA may request capture from other taxing jurisdictions. These taxing jurisdictions have the ability to opt out or share a portion of the captured assessed value. 50% of school taxes can be captured for a maximum of fifteen years. Certified Technology parks may capture an additional 5 years pursuant to additional requirements. The following taxes are unable to be captured: Debt millages, taxes being levied under the zoological authorities act or art institute authorities act; taxes already being captured by downtown development authority, tax increment finance authority, or brownfield redevelopment authority.
Relocate your business for access to low interest rates, Class A Sewer and Water and prime location are just a few benefits to having your business located in Huron Township. Click here for more information regarding the LDFA and its benefits.
LDFA designation is limited to business activities that involve:
- Agricultural Processing
- High-Technology Activities
- Energy Production