The Local Development Finance Authority (LDFA), as established by The Local Development Financing Act, Act 281 of 1986, Section 125.2151, is composed of five members and appointed for four-year terms by the Mayor subject to the approval of City Council. The Authority's primary objective is to encourage local development to prevent conditions of unemployment and to 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.
City liaison: Economic Development Specialist, 248.524.3314.
Meetings: The LDFA meets on the third or fourth Monday of April and October at 3:30pm at Troy City Hall.
In 1993, the City of Troy established the Automation Alley SmartZone. Central to the SmartZone was the designation of an area as a "certified technology park" (PDF Map). This zone of approximately 75-acres was created as a Local Development Finance Authority (LDFA). The tax increment will be used to fund infrastructure for the park, marketing efforts to attract high technology companies to this certified technology park and establishment of a "technology accelerator program" to assist technology based companies in bringing new products to the market. Council appointed a five member SmartZone committee.