2019

Fiscal Documents
 
In accordance with the requirements of P.A. 57 of 2018, starting from 2019 this website will begin to accumulate and display the most recent 5-years of the information materials listed in the document app below.

2019 LDFA Meeting Schedule


Meeting Date & Time

January 15, 2019 at 3 p.m.
February 19, 2019 at 3 p.m.
March 19, 2019 at 3 p.m.
April 16, 2019 at 3 p.m.
May 21, 2019 at 3 p.m.
June 18, 2019 at 3 p.m.
July 16, 2019 at 3 p.m.
August 20, 2019 at 3 p.m..
September 17, 2019 at 3 p.m.
October 15, 2019 at 3 p.m.
November 19, 2019 at 3 p.m.
December 17, 2019 at 3 p.m.

Annual Synopsis of Authority Activities
 
During the first 3-years (2013 – 2015) there was no tax increment to be captured and no OWA-LDFA revenue collected. Therefore, the Authority did not complete any projects during the first 5-years. After capturing 3 consecutive years (2016 – 2018) of tax increment revenue, the OWA-LDFA accumulated a meaningful sum of money. Going into the 2018 construction season, OWA-LDFA had unrestricted cash reserves of approximately $293,485.89. During 2018 OWA-LDFA expended $144,924.66 for the reconstruction of Pride Road. 

OWA-LDFA has not accumulated or retained tax increment funds for 5-years or more. 

  1. The reasons for accumulating those funds and the uses for which those funds will be expended. NA 
  2. A time frame when those retained funds will be expended. NA 
  3. If any funds have not been expended within 10 years of receipt, describe both of the following: NA 
    1. The amount of those funds. 
    2. A written explanation of why those funds have not been expended. 
  4. List Authority accomplishments, including progress made on the Tax Increment Finance Plan and Development Plan goals and objectives for the immediately preceding fiscal year. 
  5. List of Authority projects and investments, including active and completed projects for the immediately preceding fiscal year. During the preceding year, OWA-LDFA implemented its first public improvement project. That project involved reconstructing approximately 8/10ths mile of severely deteriorated ‘Pride Road’. Pride Road serves as the primary access route to/from a section of the industrial park. That industrial park is the daily workplace of approximately 120 employees. OWA-LDFA expended $144,924.66 on the Pride Road reconstruction project. 
  6. List of Authority events and promotional campaigns for the immediately preceding fiscal year, if any. None

The unencumbered fund balance for the immediately preceding fiscal year. $155,602.15 (as of December 31, 2018) 

The encumbered fund balance for the immediately preceding fiscal year. $ 0.00

The amount and source of revenue in the account, including the amount of revenue from each taxing jurisdiction. 
The collection of tax increment funds is the primary source of OWA-LDFA revenue. A breakdown of the amounts OWA-LDFA is capturing from 2018 levies by each taxing jurisdiction may be viewed by clicking here. The Authority’s only other source of revenue comes from modest amounts of bank account interest. [An excel document that provides breakdowns for amounts OWA-LDFA is capturing from the levies of each taxing jurisdiction is provided with this email]. 

The amount in any bond reserve account(s). 
OWA-LDFA is not empowered to assume any forms of debt. Therefore a bond reserve account is not maintained. 

The amount and purposes of expenditures from the account. 
NA 

The amount of principal and interest on any outstanding bonded indebtedness. 
NA

The initial assessed value of the development area or authority district by property tax classification.
2013

Real Properties:  $8,149,341
Personal Property – Commercial Businesses:  $7,575,400
Personal Property – Industrial / Manufacturing:  $546,500 

The captured assessed value retained by the Authority by property tax classification.

  Real Properties      Personal Property
Commercial Businesses     
Personal Property
Industrial / Manufacturing
2018 Value $11,880,545 $ 9,351,900 $ 353,900 
2018 Capture      $ 3,731,204 $ 1,776,500 - $ 192,500 


The tax increment revenues received for the immediately preceding (2018) fiscal year. 
$ 105,444.86

Has the Authority amended its Tax Increment Finance and Development Plan within the immediately preceding fiscal year? And, if so, link to the current Tax Increment Finance Plan or Development Plan that was amended. 
The Authority’s Tax Increment Finance and Development Plan have not been amended.
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Fiscal Documents3 documents

  • OWALDFA-FY2019AdoptedBudget
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  • Audit
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  • Status of the Tax Increment Finance Account
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Agenda3 documents

  • May 21, 2019
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  • July 23, 2019
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  • December 17, 2019
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Minutes3 documents

  • May 21, 2019
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  • July 23, 2019
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  • December 17, 2019
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