TIFA & LDFA Districts
What is TIFA & LDFA?
Basic Information on Districts located in Newaygo
Tax Increment Finance Authority (TIFA)
Local Development Finance Authority (LDFA)
The role and focus of TIFA/LDFA is economic and community development. This is accomplished by funding activities that support physical improvements in the district and programs that will halt decline and foster job growth. The following are some activities that TIFA/LDFA engage in:
- Support job and business expansion
- Promotion of the district
- Infrastructure repair and improvements
- Community amenities
Financial Highlights for fiscal year 2021-22:
Local and state revenue of approximately $1,480,000
Distributes back to government entities approximately $132,000
Budgeted for projects and district administration, approximately $1,348,000
Local and state revenue of approximately $231,000
Distributes back to government entities approximately $235,000
Budgeted for projects and district administration, approximately $20,000
TIFA/LDFA is governed by a 13 member board that represents various industries/business throughout the community. The board meets the beginning of each calendar quarter.
Goals and direction of TIFA/LDFA for fiscal year 2021-22:
- Disc golf course, Baseball field
- Paving of streets and parking lot sections
- M37 water main project
- Riverfront Trail (east of M37)
- Walkability enhancements: on-street parking, crosswalks, sidewalks
- Marketing/Branding, City entrance signs
- Support community festivals
- Operation of facility for office space, co-working, and business incubation
TIFA & LDFA Financials
TIFA and LDFA are called "component units" of the City of Newaygo. They are audited during the City's annual financial audit. There are links below for audited financial statements. Look for pages referring to component units in the audit.
The TIFA and LDFA budget is also linked below and includes fund balances.
Board Members and Staff
For list of TIFA / LDFA Board Members and Staff, see link below.
TIFA/LDFA Board Members and Staff
Board Meetings and Minutes
The TIFA/LDFA board meets quarterly (January, April, July, October) in the Newaygo City Council Chambers at 7:00 A.M. See link below to Calendar/Meeting Dates.
Link to meeting Minutes is also found below.
The Recodified Tax Increment Finance Act (TIFA Act), 2018 PA 57 (Act "57")
Recodified TIFA Act 57
Please click on this link: TIFA Plan
Please click on this link: LDFA Plan
The links provided below contain contracts that relate to management of the TIFA district or services provided to the Authority.
The first agreement relates to TIFA hiring City personnel to manage and operate the TIFA and its projects and also provide reimbursement for use of the City's office space and equipment.
The second agreement relates to TIFA hiring the River Country Chamber of Commerce to handle the daily operations for the Stream Building located at 1 State Road, 2nd floor. It also includes support for managing City festivals.
TIFA Annual Synopsis of Activities
See links below for TIFA annual synopsis of activities by fiscal year.
LDFA Annual Synopsis of Activities
See links below for LDFA annual synopsis of activities by fiscal year.
City of Newaygo
28 State Road
Newaygo, Michigan 49337
Phone (231) 652-1657
Monday through Friday, 7:30a-4:00p
Emergency: Phone 911