Demo 4

Code of Ordinance

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: Act 197 means the downtown development authority act, Public Act No. 197 of 1975 (MCL 125.1651a et seq., MSA 5.3010(1a) et seq.). Captured assessed value means 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 downtown development authority development and tax increment financing plan. Development area means the area within the boundaries of the village downtown development authority district, as illustrated in appendix C and described in appendix E of the downtown development authority development and tax increment financing plan. Development plan means the development plan for the downtown development authority district, illustrated in the downtown development authority development and tax increment financing plan. Downtown development authority means the village development authority as established by this Initial assessed value means 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 on May 20, 1997, as more fully described in the downtown development authority development and tax increment financing plan. Tax increment means 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. Tax increment financing plan means the "Tax Increment Financing Plan for the Village of Mayville Downtown Development Authority District," including the development plan, as transmitted to the village council 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 village clerk. Taxing jurisdiction means each unit of government levying an ad valorem property tax on property in the downtown development authority district. (Ord. No. 118, § 1, 5-20-1997) Cross reference— Definitions generally, § 1-2.

1. (a) Pursuant to section 19(1) of Act 197, the village council hereby finds and determines in accordance with section 19(1) of Act 197 as follows:
   1. (1) The development plan and tax increment financing plan constitute and embody a public purpose of the village;
   2. (2) The development plan and tax increment financing plan meet the requirements set forth in sections 14(2) and 17(2) of Act 197;
   3. (3) The proposed method of financing the development activities described in the development plan and tax increment financing plan is feasible, and the downtown development authority has the ability to arrange the financing;
   4. (4) The development activities described in the development plan and tax increment financing plan are reasonable and necessary to carry out the purpose of Act 197;
   5. (5) 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. (6) The development plan and tax increment financing plan are in reasonable accord with the approved master plan of the village;
   7. (7) Public services such as fire and police protection and utilities are or will be adequate to service the downtown development authority district; and
   8. (8) 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 and for the village.
2. (b) In accordance with the considerations listed in subsection (a) of this section, the downtown development authority development plan and tax increment financing plan are hereby approved.
3. (c) A copy of the development plan and tax increment financing plan, and all respective amendments thereto, shall be maintained on file in the village clerk's office and cross indexed to this article. (Ord. No. 118, § 2, 5-20-1997)

The boundaries of the development area are hereby adopted and confirmed. (Ord. No. 118, § 3, 5-20-1997)

1. (a) Within 90 days of May 20, 1997, the village treasurer 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 May 20, 1997, and the amount of tax revenue derived by each taxing jurisdiction from ad valorem taxes on the property in the development district.
2. (b) The village treasurer shall transmit copies of the base year assessment roll to 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. (Ord. No. 118, § 4, 5-20-1997)

Each year, within 15 days following the final equalization of property in the development district, the village treasurer 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 treasurer to the same persons as the base year assessment roll, together with a notice that it has been prepared in accordance with this (Ord. No. 118, § 5, 5-20-1997)

Annually, the downtown development authority shall submit to the village council 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 village council or the state tax commission considers necessary. The report shall be published in a newspaper of general circulation in the village. (Ord. No. 118, § 6, 5-20-1997)

All tax increments shall be transmitted by the village 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 village treasurer shall maintain a separate fund, which shall be kept in a depository bank account in a bank approved by the village council, to be designated the downtown development authority project fund. All amounts payable to the downtown development authority shall, subject to the provisions of this section, be deposited directly in the downtown development authority project fund. (Ord. No. 118, § 7, 5-20-1997)

The tax increment financing plan shall continue in effect until all purposes of the development plan and tax increment financing plan have been fulfilled. (Ord. No. 118, § 8, 5-20-1997) [1] Footnotes: ---

1. (1) --- State Law reference— Natural resources and environmental protection act, MCL 324.101 et seq. Secs. 30-1—30-30. - Reserved. [2] Footnotes: ---
2. (2) --- State Law reference— Public nuisances and abatement, MCL 600.3801 et seq., MSA 27A.3801 et seq.

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