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Lake Orion Village


DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL REPORT



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December 22, 2010 - VILLAGE OF LAKE ORION

DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL REPORT

FYE 06/30/2010

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

REVENUE

Property Tax: $ 654,810

Intergovernmental - Local $ 75,722

Interest Earned $ 4,288

Other Revenue $ 45,947

Total Revenue $ 780,767

EXPENDITURES

Community Development $ 401,828

Debt Service - Interest $ 6,315

Capital Outlay - net $ 202,102

Primary Government $ 100,000

Total Expenditures $ 710,245

OUTSTANDING BOND INDEBTEDNESS

INITIAL ASSESSED VALUE

Real Property SEV $ 9,316,600

Personal Property SEV $ 916,800

Total Initial Assessed Value $ 10,233,400

CAPTURED VALUE

Captured Real Property $ 31,749,950

Captured Personal Property $ 1,537,070

Total 2008/2009 Captured Value $ 33,287,020

TAX INCREMENT REVENUES RECEIVED

From Village $ 337,240

From Township $ 185,898

From Intergovernmental-Local $ 207,395

Total Tax Increment Revenues Received $ 730,532

Source 2009-2010 Audit

Willa Smitko, Village of Lake Orion,

Finance Director/Treasurer

Publish: Lake Orion Review - December 22, 2010

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