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DDA and 8‑Mile/ Woodward Corridor improvement authority annual reports received; officials explain bond call and library millage capture change
Summary
Representatives of the Detroit Economic Growth Corporation presented the Downtown Development Authority (DDA) and 8‑Mile/Woodward Corridor Improvement Authority fiscal‑year 2024 annual reports, explaining tax‑increment revenue, expenditures and recent bond refunding activity; committee received and placed the reports on file.
Representatives from the Detroit Economic Growth Corporation presented the fiscal‑year‑ending‑2024 annual reports for the Downtown Development Authority (DDA) and the 8‑Mile/Woodward Corridor Improvement Authority, documents required by Public Act 57 of 2018 and submitted to the state treasury with copies to the governing bodies.
Jennifer Canelas (DEGC) summarized the DDA report structure — plan description, tax‑increment revenues by millage, expenditures, outstanding bonded indebtedness and fund balances — and noted the capture by millage class. CFO Glenn Long responded to a committee question about an approximately $8 million line item of interest revenue, explaining that proceeds from bond sales had been held by the trustee because of five‑year call restrictions and that proceeds were used when bonds were refunded, enabling the authority to retire a significant portion of its debt.
LPD member Corley reminded the committee that when the library millage was renewed, the DDA’s capture of the library millage terminates after the transition period; Long and Corley said the capture will end after one more fiscal year under the current schedule. That change will reduce a small source of DDA increment capture going forward.
The committee received and placed both annual reports on file by unanimous consent; no roll call vote was recorded in the transcript.
