Local Development Finance Authority (LDFA)
The City of Mt. Pleasant Local Development Finance Authority (LDFA) provided funding for the University Park SmartZone. The SmartZone was created in late 2000 to develop a certified technology park and increase high technology jobs in the Mt. Pleasant area. The park is located adjacent to the Central Michigan University (CMU) campus. The LDFA was dissolved on November 14, 2022.
Past Meeting Minutes
* For minutes prior to 2009 please contact Mary Ann Kornexl at (989) 779-5381 or mkornex@mt-pleasant.org
District Maps
SmartZone and Local Capture Boundary Map
Funding Method
LDFA was funded by a portion of the property taxes from the properties located within the district. The LDFA Board then determined how the funds would be utilized, which directly or indirectly benefited all properties within the district. The development plan provided for marketing and administration expenses to CMU Research Corporation (CMURC) and Middle Michigan Development Corporation (MMDC).
The plan also provided for possible improvements to sidewalks, street lights, water, sewer, signage, landscaping, etc. Improvements followed City standards and the CMU Covenants and was made in whole or in part with SmartZone tax Capture.
In November 2022, it was determined that all activities in the plan have been fulfilled. Click the image below to view the Notice of Dissolution of the LDFA and Disposition of Assets Agreement.
Current Capture Rate - 0%
Annual Budgets
University Park LDFA 2022 Amended and 2023 Proposed Budget
University Park LDFA 2021 Amended and 2022 Proposed Budget
University Park LDFA 2020 Amended and 2021 Proposed Budget
Annual Audit
See pages 1-12 and 58-61 of the City’s 2021 audit for details.
A link to the 2021 audit can be found here.
TIF PA 57 Annual Reports
Status of Tax Increment Financing Plan for Fiscal Year Ending 2021
Status of Tax Increment Financing Plan for Fiscal Year Ending 2020
Status of Tax Increment Financing Plan for Fiscal Year Ending 2019
Current Adopted Plans
Tax Increment Financing Plan and Development Plan
Contracts
Central Michigan Research Corporation
Middle Michigan Development Corporation
Synopsis of Activities (Accomplishments/Projects/Investments/Fund Balances)
- Total Fund Balance $153,097 consisting of:
- Assigned for Plan Close Out $153,097
Commission Related Links