•  UPDATE: City of Newaygo business critical operations will continue as normal but we have Closed the City Hall lobby to the public until Monday, June 15th. Please Read Update Below for more information.

TIFA & LDFA Districts

What is TIFA & LDFA?

Basic Information on Districts located in Newaygo

Districts:
Tax Increment Finance Authority (TIFA)
Local Development Finance Authority (LDFA)

Description:
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
  • Beautification

Financial Highlights:
TIFA:
Local and state revenue of approximately $1,850,000
Distributes back to government entities approximately $820,000
Used for projects and district administration, approximately $1,030,000

LDFA:
Local and state revenue of approximately $250,000
Distributes back to government entities approximately $200,000
Used for projects and district administration, approximately $50,000

Governance:
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 coming year:

  • Beautification: Landscaping, archways
  • Paving of streets and parking lot sections
  • Support Museum improvement project
  • Pedestrian bridge over Muskegon River
  • Walkability enhancements, pilot changes on M37
  • Marketing/Branding Strategy
  • 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. The link below will take you to a page where you can find the City's annual audit along with other financial information. 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

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.

For list of Board Members and Staff, see link below.

The Recodified Tax Increment Finance Act (TIFA Act), 2018 PA 57 (Act "57")

TIFA Plan

Please click on this link: TIFA Plan

LDFA Plan

Please click on this link: LDFA Plan

TIFA Contracts

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