Local Development Finance Authority ~ Benefits
Huron Township is located in the southwest part of Wayne County. Named after the scenic Huron River which flows diagonally through it and the Indian tribe which once inhabited the area, the township today is still largely in agricultural use.
Benefits of LDFA District:
• In Wayne County
• Conveniently located off I-75 and I-275 expressways
• Railway Access
• Near Wayne County Metro Detroit Airport
• Close to Huron Twp. Police Station
• Class A Sewer and Water
Why should your company be located in a LDFA boundary? Access to low interest rates for fixed asset purchasing and capital financing. Class A Sewer and Water, Surface roads already placed in some parts of the LDFA.
Companies that should apply: Manufacturing, Agricultural Processing, High Technology Corporations (SmartZones), Energy Production and Business Incubators.
In order to foster public/private technology transfer ventures, Public Act 248 of 2000 was passed in June 2000. This Act expanded the Local Development Finance Authority (LDFA) Act to allow the creation of up to 10 “Certified Technology Parks” also known as “SmartZones,” conceptually defined as high tech development enclaves that are eligible for expanded tax increment financing and specialized state funding. SmartZones, as planned, will serve as critical masses of high technology innovation by fostering public-private partnerships in high-tech fields. SmartZones are required to be a partnership between at least one local unit of government and a public university (not limited to one university), requiring representatives from all such concerns on the authority. Certified Technology Parks may also receive funding from an LDFA established by two or more local units of government, the first time that tax increment financing has been extended thusly in Michigan.