OWA-LDFA
3961 E. Airport Drive | Oscoda, MI 48750 | 989-739-1111
2024 Meeting Schedule
Meetings are scheduled to start at 4:00 p.m. and are conducted in the Oscoda-Wurtsmith Airport Conference Room which is located at 3961 East Airport Drive. During 2024 these meeting dates are scheduled as follows:
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Tax Increment Finance Plan & Development Plan
Public Meeting Information
Oscoda-Wurtsmith Airport – Local Development Finance Authority
Notice of Public Information Meeting
Oscoda-Wurtsmith Airport – Local Development Finance Authority (OWA-LDFA) captures and utilizes portions of property taxes collected from businesses that are located within the boundaries of Oscoda-Wurtsmith Airport. Therefore, Michigan PA 57 of 2018 requires OWA-LDFA to conduct a minimum of two public information meetings during each year. The next public information meeting is scheduled to start at 4:00 p.m. on Tuesday, March 14, 2024. This meeting will be conducted at Oscoda-Wurtsmith Airport terminal building, which is located at 3961 E. Airport Drive, Oscoda, Michigan 48750.
For additional information, please contact Oscoda-Wurtsmith Airport by calling (989)739-1111.
The OWAA-LDFA was created in 2013 to capture and plan for tax revenues generated from Oscoda-Wurtsmith Airport properties. Its eleven (11) member board represents the Charter Township of Oscoda, Iosco County Board of Commissioners, Alpena Community College, and Oscoda Area Schools. Oscoda Township is responsible for seven (7) of these seats..jpg)
Oscoda-Wurtsmith Airport – Local Development Finance Authority (OWA-LDFA)
March 14, 2024 Financial Status Report - Narratives
Michigan PA 57 of 2018 requires Local Development Finance Authorities to conduct a minimum of two public information meetings each year. Information to be reported for FY23 is summarized as follows:
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OWA-LDFA Quick Reference Information |
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1 |
Name of the Authority |
Oscoda-Wurtsmith Airport Local Development Finance Authority |
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2 |
Date OWA-LDFA Was Formed |
November 12, 2012 |
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Date Tax Increment Finance and Development Plan Adopted |
November 11, 2013 |
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Date Tax Increment Finance and Development Plan is Set to Expire |
December 31, 2027 |
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Tax Year Utilized as the Baseline / Initial taxable Value |
2013 |
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4 |
Tax Year from Which Tax Increment Capture was First Utilized |
2015 |
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Scheduled Final Year for Tax Increment Capture |
2027 |
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5 |
The Unencumbered Fund Balance as of the Date of this Report |
$362,167.09 |
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The Encumbered Fund Balance for FY 2022 |
$0.00 |
(A) Any amounts of tax increment revenue not expended within 5-years of receipt - None
(B) The reasons for accumulating funds beyond 5-years and the intended use for such funds - N/A
(C) A time frame for expending funds that have been retained beyond 5-years - N/A
(D) If any amounts of tax increment revenue have not been expended within 10-years of receipt, describe both of the following:
- The amount of funds retained beyond 10-years - None
- A written explanation of why funds have been retained beyond 10-years - N/A
(E) List Authority projects and accomplishments during the fiscal year.
OWA-LDFA was able to remove Asbestos at Bldg 5328, pay for fuel farm demolition and rehabilitate Perimeter Road Also, $1500 was paid for our annual audit.
(F) List Authority events and promotional campaigns for the immediate preceding year.
During 2023 the Authority conducted two Public Information meetings and one general meeting.
(G) The amount and source of revenue in the account, including the amount of revenue captured from each taxing jurisdiction.
i. Amount: The account balance as of 3/10/2024 is approximately $362,167.09.
ii. Source: The collection of tax increment funds is the primary source of OWA-LDFA revenue. The Authority’s only other source of revenue is from modest amounts of bank account interest.
iii. Impacts Upon Taxing Authorities: A breakdown of the amounts to be captured from each taxing authority from the collection of 2023 property taxes.