Description of revenues not expended:
At the end of the 2018/2019 fiscal year the DDA had $495,428 in cash & investments, of which $50,000 is invested. The remaining cash has accumulated so that unexpected maintenance issues that occur related to street tree lights, the Bridge Park Building, and the Interactive Water Feature, will have sufficient funding. Additionally, these funds are expected to be spent by the close of 2026 as the authority prepares for an amendment to the Tax Increment Financing Plan for a future development project. Preparations may include feasibility studies and engineering work.
At the end of the current fiscal year, the City (primary government) had bonds related to the construction of the marina with a balance of approximately $3,869,000, including bond premium, and capital improvement bonds with a balance of $3,598,000, including bond premium. The City has pledged its full faith a credit towards the above obligations.
During the year ended March 31, 2009, the Electric Utility Fund advanced a total of $700,000 to the Marina Fund to cover planned additional costs on the marina and park area reconstruction project that was substantially complete in July 2008. This advance is to be repaid over eight years with interest charged at 0.5%
Property taxes for the DDA are derived from a tax increment financing agreement between the DDA and other taxing districts. Under this arrangement, the DDA receives those property taxes levied on the increment of current taxable valuations (determined as of the preceding December 31, the lien date)over base year assessed valuations on certain property located in the City of Charlevoix, which are within the DDA district. The DDA also has an operating levy of 1.3580 mills. Property taxes are recognized in the fiscal year in which they are levied.
History of DDA Investments:
Established in 1982 pursuant to Act 197 of 1975 to halt property value deterioration and increase property tax valuation where possible; to eliminate the causes of that deterioration, and to promote economic growth.
1983:Inclusion of the “old middle school” in the district with the intent to purchase the building
1989: State Street Water System improvements ($175,000) Street Lighting ($150,000)
1991:Bridge Park property acquisition from MDOT ($250,000) Purchase and development of MDOT property immediate north of Pine River Building ($50,000)Water Main Construction in Antrim, Mason, and Clinton Streets between Bridge and State ($25,000)Coast Guard Storage Area ($50,000)Street Light Acquisition & Installation ($75,000)
2003: The Downtown Development Authority and City of Charlevoix bought the Middle School building from the Board of Education for $635,000 and hold it on behalf of the library until funding could be secured
2005: Marina Construction ($4,829,500)East Park Construction ($2,610,597)Harbormaster Building ($1,473,869)Storm Sewer Construction ($316,344)Off-Site Parking near Library ($165,600)Personnel Removal of Existing Band Shell, Fish Pond, and Restroom Building – Construction of a new pavilion/performance building, with amphitheater seating ($1,490,642)
2007: Interactive Water Feature ($380,000)
2016: Street Tree Lights ($80,000)
2017: Side Street Tree Lights plus Holiday Tree in East Park ($30,000)
2017: Rebranding of Charlevoix ($50,000)
2017: Wayfinding Signage ($80,000)
2017, 2018, 2019: Facade Grant Incentive Program ($60,000)