Promise Zone Development Plan Approved by State
The Newaygo County Area Promise Zone Authority Board recently received word that its development plan was officially approved by the Michigan Department of Treasury.
The approval signals the official activation of the Newaygo County Area’s Promise Zone and paves the way for the Promise Zone to capture one-half the growth of the state education tax in the future.
Dr. Lori Tubbergen Clark, superintendent of NC RESA and chair of the Promise Zone Authority Board, received...
...word of the Department of Treasury’s approval on November 16.
“This is great news!” said Tubbergen Clark. “With this approved plan, we have demonstrated that we’re making a promise we can keep to our youth and one that is financially realistic. This was an important part of our process, and now we’re one step closer to funding students and collecting tax capture dollars.”
After filing an application of intent and establishing an authority board, the detailed development plan was the important next step for the Promise Zone. It spelled out the purpose, eligibility, and other terms for the scholarship program. The plan also included actuarial models spelling out the costs of the promised student financial support as well as plans for securing the resources needed to meet those costs.
The development plan can be amended annually, if needed, by the authority board and also includes an appeals process for any special circumstances.