City of Mt. Pleasant Home

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

2009-Current

* 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)


Accomplishments / Projects / Investments through 2021

Fund Balances as of January 1, 2022
  • Total Fund Balance $153,097 consisting of:
    • Assigned for Plan Close Out $153,097