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I69 LDFA

The I-69 International Trade Corridor Local Development Finance Authority (LDFA) is an Authority that is part of the I-69 International Trade Corridor Next Michigan Development Corporation (NMDC) that is a Four County Regional Partnership with Shiawassee, Genesee, Lapeer and St. Clair Counties. The only active area of the LDFA is in Perry Township and the City of Perry located near the intersection of M-52 and I-69. This page provides information about the authority and to provide compliance with PA 57 of 2018.

The Perry Next Michigan Development Area (NMDA) was established in 2014 as a finance mechanism for providing utilities in the Lansing Rd. corridor in the City of Perry and Perry Township. This district overlaps with the Perry Township Downtown Development Authority (DDA) for the portion in Perry Township and between the two authorities is able to capture most of the increased tax revenue in the area caused by Economic Development. The first Development Plan and Tax Increment Financing Plan was adopted in November of 2014 and an Amendment was adopted in April of 2017. Both of those documents can be found below:

Ammendment #1 LDFA Plan 4-11-17

LDFA Plan Adopted Nov. 2014

The goals of the Perry NMDA are to supplement the tax capture done by the Perry Township DDA to add utilities down the Lansing Rd. corridor, specifically a Water Main. Presently the Perry NMDA has not accomplished any projects as the fund balance is still very low as the capture has just begun. The LDFA has paid back to the NMDC all of the set up costs associated with the creation of the Authority and adoption of the plans. The goal is once their are sufficient funds on hand to begin construction of the Water Line. The LDFA funds will only be used to supplement local (Perry) funds on the project, the I-69 LDFA will not be issuing any bonds or have any debt obligations for any projects in the Perry NMDA.

Current Staff:

The Board of the LDFA consists of the same members as the NMDC with representatives from all four counties. The LDFA meetings are held immediately after the regular NMDC meetings. Clerical staff support is provided by the Flint and Genesee Chamber of Commerce through an agreement between the NMDC and the Chamber. Annual Reporting requirements are maintained by Perry Township and the contact is Troy Parmalee, Perry Township Treasurer and LDFA Board Member. He can be reached at 517-625-4597 Ext. 1 or treasurer@perrytownship-mi.us

Minutes:

The LDFA normal meeting schedule is on the 2nd Tuesday of even number months in the Sharp Conference Room at Bishop International Airport. During 2019 the meetings in February, August and December did not have a Quorum.

LDFA Minutes Dec. 18

LDFA Minutes Apr. 19

LDFA Minutes June 19

LDFA Minutes Oct. 19

Contracts

The LDFA has a direct contract with Perry Township to provide for the financial reporting requirements and maintenance with the Development and TIF Plan. Perry Township provides those services at no cost to the LDFA. Other services provided to the LDFA include Clerical Support through the Flint & Genesee Chamber of Commerce, Audit Support through Mattina, Kent & Gibbons, PC. and Legal Services through Smierka, PLLC. All of these services are contracted through the NMDC and they extend their services to the LDFA as needed. The LDFA is only billed if work is directly done for the LDFA.

Budget & Audit

The LDFA operates on a Fiscal Year that runs from January to December. Below is 2019 Adopted Budget, 2018 Audit and 2019 Annual Report. Please note that the audit is for both the NMDC and LDFA. The LDFA is noted as the Special Revenue Fund.

2018 Audit

2019 LDFA Budget

2019 LDFA Report