Lawrence Development Finance Authority
The focus of the Lawrence Local Development Finance Authority (LDFA) is the financing and development of the the Lawrence-Crandall Business Centre (LCBC).
The LDFA oversees the TIF (Tax Increment Financing) fund and coordinates financing opportunities related to the LCBC. Their mission is directed by projected outcomes of the State LDFA Act which says that the “creation of jobs and the promotion of economic growth stabilize and strengthen the tax bases upon which local units of government rely and that government programs to eliminate causes of unemployment, underemployment, and joblessness benefit local units of government.”
The Local Development Financing Act 281 of 1986 (State of Michigan) was enacted to encourage local development to prevent conditions of unemployment and promote economic growth; to provide for the establishment of local development finance authorities and to prescribe their powers and duties; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to provide for the creation and implementation of development plans; to authorize the acquisition and disposal of interests in real and personal property; to permit the issuance of bonds and other evidences of indebtedness by an authority; to prescribe powers and duties of certain public entities and state officers and agencies; to reimburse authorities for certain losses of tax increment revenues; and to authorize and permit the use of tax increment financing.
Tax Increment Financing is a government financing program which contributes to economic growth and development by dedicating a portion of the tax base resulting from the economic growth and development to certain public facilities and structures or improvements of the type designed and dedicated to public use and thereby facilitate certain projects which create economic growth and development. That it is necessary for the legislature to exercise the sovereign power to legislate tax increment financing as authorized in this act and in the exercise of this sovereign power to mandate the transfer of tax increment revenues by city, village, township, school district, and county treasurers to authorities created under this act in order to effectuate the legislated government programs to eliminate the conditions of unemployment, underemployment, and joblessness and to promote state economic growth.
The Lawrence Local Development Finance Authority Committee consists of:
David Quick (Village President)
Theresa Stroud (Village Manager)
Don Hanson (Van Buren County Representative)
Kim Thompson, Chairperson