The designation, say the officials, will enable the county, the city and township to jointly form a local development financing authority and tax increment financing district. Establishing an LDFA or TIF means property taxes in the project area can be captured to fund infrastructure development, property acquisition, a research/training center, management and marketing. It is projected the LDFA would raise about $55 million during a 15-year period.
The Aeropark would also be eligible to receive grants from the state of Michigan through the Build Michigan program and Core Communities Initiative. Township trustees and Romulus city council each have passed resolutions supporting the designation, and committed to pursue the TIF and LDFA.
"We have experienced the negatives associated with being the host community for the airport," says Romulus Mayor William Oakley. "Now the Pinnacle canhelp us enjoy more of the economic benefits the airport will produce."
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