Source: Sherman Publications

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Lake Orion Village
DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL REPORT

December 21, 2011

VILLAGE OF LAKE ORION

DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL REPORT

FYE 06/30/2011

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

REVENUE

Property Tax: $ 588,814

Intergovernmental - Local $ 154,054

Interest Earned $ 1,695

Other Revenue $ 31,580

Total Revenue $ 776,143

Other Financing Sources:

Loan Proceeds $ 1,200,000

EXPENDITURES

Community Development $ 483,731

Debt Service - Interest $ 1,480

Capital Outlay - net $ 688,706

Primary Government $ 100,000

Total Expenditures $ 1,273,917

OUTSTANDING INDEBTEDNESS 1,200,000

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 $ 28,850,380

Captured Personal Property $ 986,850

Total 2010/2011 Captured Value $ 29,837,230

TAX INCREMENT REVENUES RECEIVED

From Village $ 390,950

From Township $ 166,017

From Intergovernmental-Local $ 185,901

Total Tax Increment Revenues Received $ 742,868

Source 2010-2011 Audit

Willa Smitko, Village of Lake Orion,

Finance Director/Treasurer

Publish: Lake Orion Review - December 21, 2011