[Adopted 4-26-1993 by Ord. No. 196]
A.
ACT 197
CAPTURED ASSESSED VALUE
DEVELOPMENT AREA
DEVELOPMENT AUTHORITY
DEVELOPMENT PLAN
INITIAL ASSESSED VALUE
TAX INCREMENT
TAX INCREMENT FINANCING PLAN
TAXING JURISDICTION
The terms used in this article shall have the following
meanings unless the context clearly requires otherwise:
The Downtown Development Authority Act, Act No. 197 of Public
Acts of Michigan of 1975, as may be amended.
The amount in any one year by which the current assessed
value as finally equalized of all taxable property in the development
area exceeds the initial assessed value, as more fully described in
the development plan and tax increment financing plan.
The area within the boundaries of the Grosse Ile Township Downtown Development Authority District, as described in Article I of this chapter, adopted on July 27, 1992, and as illustrated in the Downtown Development Authority development plan and tax increment financing plan.
The Grosse Ile Township Downtown Development Authority as established by Article I of this chapter, adopted on July 27, 1992.
The development plan for the Downtown Development Authority
District, illustrated in the Downtown Development Authority development
plan and tax increment financing plan.
The most recently assessed value, as finally equalized by
the State Board of Equalization, of all taxable property within the
boundaries of the Downtown Development Authority District at the time
of adoption of this article, as more fully described in the Downtown
Authority development plan and tax increment financing plan.
That portion of the tax levy of all taxing jurisdictions
paid each year on real and personal property in the Downtown Development
Authority District on the captured assessed value, as more fully described
in the Downtown Development Authority development plan and tax increment
financing plan.
The "Tax Increment Financing Plan for the Grosse Ile Township
Downtown Development Authority District," including the development
plan, as transmitted to the Township Board by the Downtown Development
Authority for public hearing, and as confirmed by this article, copies
of which are on file in the office of the Township Clerk.
Each unit of government levying an ad valorem property tax
on property in the Downtown Development Authority District.
B.
All other undefined terms, unless the context of this
article specifically required otherwise, shall have the meanings attributed
to them by current usage.
A.
Pursuant to § 19(1) of Act 197, the Township
Board of Grosse Ile Township, Wayne County, hereby finds and determines
in accordance with § 19(1) of Act 197 as follows:
(1)
That the development plan and tax increment financing
plan constitute and embody a public purpose of Grosse Ile Township;
(2)
That the development plan and tax increment financing
plan meet the requirements set forth in §§ 14(2) and
17(2) of Act 197;
(3)
That the proposed method of financing the development
activities described in the development plan and tax increment financing
plan is feasible, and that the Downtown Development Authority has
the ability to arrange the financing;
(4)
That the development activities described in the development
plan and tax increment financing plan are reasonable and necessary
to carry out the purposes of Act 197;
(5)
That the land to be acquired within the Downtown Development
Authority District is reasonably necessary to carry out the purposes
of the development plan and tax increment financing plan and the purposes
of Act 197;
(6)
That the development plan and tax increment financing
plan is in reasonable accord with the approved Master Plan of Grosse
Ile Township;
(7)
That public services, such as fire and police protection
and utilities, are, or will be, adequate to service the Downtown Development
Authority District; and
(8)
That such changes in zoning, streets, street levels,
intersections, and utilities as are contemplated by the development
plan and tax increment financing plan are reasonably necessary for
the project.
B.
In accordance with the foregoing considerations, the
Downtown Development Authority development plan and tax increment
financing plan are hereby approved and adopted for all purposes of
Act 197 consistent with said plans.
[Amended 7-22-2002]
C.
A copy of the development plan and tax increment financing
plan, and all respective amendments thereto, shall be maintained on
file in the Township Clerk's office and cross-indexed to this
article.
The boundaries of the development area are hereby
adopted and confirmed.
A.
Within 90 days of the effective date of this article,
the Township Assessor shall prepare the initial base year assessment
roll. The base year assessment roll shall list each taxing jurisdiction
in which the Downtown Development Authority District is located, the
initial assessed value of the development district on the effective
date of this article, and the amount of tax revenue derived by each
taxing jurisdiction from ad valorem taxes on the property in the development
district.
B.
The Township Assessor shall transmit copies of the
base year assessment roll to the Township Treasurer, the County Treasurer,
the Downtown Development Authority, and each taxing jurisdiction,
together with a notice that the assessment roll has been prepared
in accordance with this article and the development plan and tax increment
financing plan approved by this article.
Each year within 15 days following the final
equalization of property in the development district, the Township
Assessor shall prepare an updated annual assessment roll. The annual
assessment roll shall show the information required in the base year
assessment roll and, in addition, the captured assessed value for
that year. Copies of the annual assessment roll shall be transmitted
by the Assessor to the same persons as the base year assessment roll,
together with a notice that it has been prepared in accordance with
this article and the development plan and tax increment financing
plan.
Annually, the Authority shall submit to the
governing body of the municipality and the State Tax Commission a
report on the status of the tax increment financing account. The report
shall include: the amount and source of revenue in the account; the
amount and purpose of expenditures from the account; the amount of
principal and interest on any outstanding bonded indebtedness; the
initial assessed value of the project area; the captured assessed
value retained by the Authority; the tax increments received; and
any additional information the governing body or the State Tax Commission
considers necessary. The report shall be published in a newspaper
of general circulation in the municipality.
All tax increments shall be transmitted by the
Township Treasurer into an account of the Downtown Development Authority
at the earliest practicable date. All tax increments so received by
the Downtown Development Authority shall be disbursed in accordance
with the provisions of the development plan and tax increment financing
plan and the requisitions of the Downtown Development Authority. Surplus
funds shall revert proportionately to the respective taxing bodies.
For the purpose of segregation and transfer of such funds, the Township
Treasurer shall maintain a separate fund which shall be kept in a
depository bank account or accounts in a bank or banks approved by
Grosse Ile Township, to be designated "Downtown Development Authority
project fund." All amounts payable to the Downtown Development Authority
shall, subject to the foregoing, be deposited directly in the Downtown
Development Authority project fund.
The tax increment financing plan will continue
in effect until all purposes of the development plan and tax increment
financing plan have been fulfilled.
