Village of Parma Local Development Finance Authority
In 1991, the Village of Parma and Sandstone Township created its Local Development Finance Authority (PLDFA) to fund infrastructure and industrial development for Michigan Automotive Compressor, Inc (MACI), the largest manufacturing company in Jackson County. The PLDFA currently has 24 acres of Industrial Property available for immediate development, of the 191 total acres remaining in the PLDFA. An LDFA encourages local units of government to prevent conditions of unemployment and promote economic growth. Governed by Public Act 281 of 1986, an LDFA captures tax increment financing in an effort to develop areas with the highest potential for development. A tax increment financing and development plan are necessary for the LDFA to secure the taxes.