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LDFA reports SmartZone job growth and TIF revenues; board seeks members as TIF end nears
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Summary
Leslie Hartman, chair of the LDFA, reported SmartZone metrics (13 new W-2 jobs, 28 1099 jobs, $3.3M reinvestment) and TIF distributions totaling about $2.27 million; she warned that the TIF plan is approaching its sunset and the LDFA is recruiting board members to sustain programs.
Leslie Hartman, chair of the Local Development Finance Authority, told the City Commission that the LDFA and SmartZone continue to create local economic activity while preparing for the TIF plan's eventual end.
Hartman said the LDFA received TIF distributions (noting a first distribution equal to 75% of an annual allotment of $1,600,000 and a second distribution of $600,000) and reported $2,270,000 in distributions. She said the SmartZone supported the creation of 13 new W-2 jobs and 28 1099 positions, helped form 10 new companies, supported 19 licensing deals and saw seven patents issued; she also reported $3,300,000 in reinvestment tied to grants, outside investment and company funds.
Hartman flagged governance and sustainability issues: the LDFA board had eight open positions at the time of the meeting and sometimes struggles to meet quorum. She said the board is exploring sustainability options, including a ‘‘payback fee’’ mechanism whereby successful SmartZone-supported companies remit fees to support the zone, and additional grant-seeking to continue services beyond the TIF life.
Commissioners asked whether the jobs and companies were local to Marquette; Hartman confirmed these activities were Marquette-focused. Commissioners expressed interest in the LDFA's future funding model and encouraged outreach to fill vacancies and plan for the TIF's expiration.
