[Adopted 12-26-2014 by Ord. No. 269]
This article shall be known as the "Tax Increment Financing
and Development Plan for the Downtown Development Authority Ordinance
of the Village of Vicksburg."
The Village Council hereby determines that it is necessary for
the best interests of the public to approve the Tax Increment Financing
and Development Plan (the "Plan") for the Downtown Development Authority
of the Village of Vicksburg, which shall operate to halt property
value deterioration, eliminate the causes of that deterioration, increase
property tax valuation where possible in the Downtown District and
promote economic growth, pursuant to Act 197 of the Public Acts of
Michigan, 1975, as amended.
The terms used in this article shall have the same meanings
as given to them in Act 197 or as hereinafter in this section provided,
unless the context clearly indicates to the contrary. As used in this
article:
Act No. 197 of the
Public Acts of Michigan of 1975, as amended.[1]
The Downtown Development Authority of the Village of Vicksburg
created by this article.
The Board of Directors of the Authority, the governing body
of the Authority.
The Village Manager of the Village.
The Village Council of the Village of Vicksburg.
The Downtown District designated by Ordinance No. 152, as
now existing or hereafter amended, and within which the Authority
shall exercise its powers.
The Village of Vicksburg, Michigan.
[1]
Editor's Note: See MCLA § 125.1651 et seq.
The Village Council hereby determines that the plan constitutes
a public purpose, meets the requirements set forth in Section 17(2)
of Act 197, is reasonable and necessary to carry out the purposes
of Act 197 and is in reasonable accord with the Village's Master Plan.
The Village hereby determines, further, that the proposed method of
financing the development outlined in the plan is feasible and the
Authority has the ability to arrange the financing, public services,
such as fire and police protection and utilities, that are or will
be adequate to service the project area as specified in the plan;
all changes in zoning, streets levels, intersections, and utilities
are reasonably necessary for the project specified in the plan and
for the Village, and the land included within the development area
to be acquired is reasonably necessary to carry out the purposes of
the plan and of Act 197 in an efficient and economically satisfactory
manner.
The Tax Increment Financing and Development Plan attached hereto
and made a part hereof as Exhibit A[1] is hereby approved pursuant to Act 197 for the Authority.
[1]
Editor's Note: Exhibit A is not set out at length herein
but is on file and available for inspection in the office of the Village
Clerk.
