VILLAGE OF LAKE ORION DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL REPORT

VILLAGE OF LAKE ORION

DOWNTOWN

DEVELOPMENT AUTHORITY

ANNUAL REPORT

FYE 06/30/2017

Pursuant of DDA Act 197 of 1975, TIFA Act 450 of 1980, and LDFA Act 281 of 1986 REVENUE

Property Tax: $ 523,753

Intergovernmental – Local 71,884 Interest Earned 690 Other Revenue 66,700

Total Revenue $ 663,027 EXPENDITURE

Community Development $ 322,770 Debt Service – Principal 120,000

Debt Service – Interest 12,000

Capital Outlay – net 126,483

Total Expenditures $ 581,253

INITIAL ASSESSED VALUE Real Property SEV $ 9,316,600

Personal Property SEV 916,800

Commercial Facilities Tax –

Total Initial Assessed Value $ 10,233,400

CAPTURED VALUE

Captured Real Property $ 23,635,930

Captured Personal Property 877,250

Captured Commercial Facilities Tax 94,190

Total 2016 Captured Value $ 24,607,370

TAX INCREMENT REVENUES RECEIVED

From Village $ 242,027

From Township 216,074

From Intergovernmental-Local 137,536

Total Tax Increment Revenues Received $ 595,637

Source 2016-2017 Audit

Alice Bryce, Village of Lake Orion,

Finance Director / Treasurer

Publish: Lake Orion Review – December 21, 2017

 

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