[Ord. No. 443,
passed 12-26-1989; Ord. No. 482, passed 6-14-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
Where used in this chapter, the terms set forth below shall
have the following meanings, unless the context clearly requires otherwise:
(a)
ACT — Means Act 197 of the Public Acts of 1975, as amended
by Act 34 of 1981, as amended. (Adopting Ordinance)
(c)
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.
(d)
DEVELOPMENT AREA — Means the development area as described
in the 1989 Amendments.
(e)
DEVELOPMENT PLAN — Means the development plan prepared by the
Authority and included in the Plan originally approved by the City
Council on October 10, 1983.
(f)
DOWNTOWN DEVELOPMENT AUTHORITY, DDA and AUTHORITY — Means the
City of Coldwater Downtown Development Authority.
(g)
INITIAL ASSESSED VALUE — Means the most recently assessed value
as finally equalized of all the taxable property within the boundaries
of the Development Area at the time of the adoption of Ordinance 394
(October 10, 1983).
(h)
PROJECT FUND — Means the "DDA 1989 Amendments Project Fund"
established pursuant to this chapter.
(i)
TAXING JURISDICTION — Means each unit of government levying
an ad valorem property tax on property in the Development Area.
(j)
1989, 1993, 1994, 1996, 1999 and 2002 AMENDMENTS — Means the
"Amendments to Downtown Revitalization and Tax Increment Finance Plan"
for the City of Coldwater, as transmitted to the City Council by the
Authority for public hearing, and confirmed by this section, copies
of which Amendments are on file in the office of the City Clerk.
[Ord. No. 394,
passed 10-10-1983; Ord. No. 700, passed 1-23-2006]
The Development Plan as amended by the City Council is hereby
approved and adopted. The duration of the Plan shall be 30 years from
the date of the issuance of the last series of bonds issued pursuant
to the Development Plan, except as it may be extended by subsequent
amendment of the Plan and this chapter. A copy of the Plan and all
amendments thereto shall be maintained on file in the City Clerk's
office.
[Ord. No. 443,
passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
As required by the Act, the City Council has, in reviewing the
1989, 1993, 1994, 1996, 1999 and 2002 Amendments, taken into account
the following considerations:
(a)
The findings and recommendations of the Development Area Citizens
Council.
(b)
The Plan and the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments
thereto meet the requirements set forth in the Act.
(c)
The proposed method of financing the development referred to in the
1989, 1993, 1994, 1996, 1999 and 2002 Amendments is feasible and the
Authority has the ability to arrange the financing.
(d)
The development, including the improvements described in the 1989,
1993, 1994, 1996, 1999 and 2002 Amendments, is reasonable and necessary
to carry out the purposes of the Act.
(e)
The land included within the Development Area to be acquired, if
any, is reasonably necessary to carry out the purposes of the Plan
and of the Act in an efficient and economically satisfactory manner.
(f)
The Development Plan is in reasonable accord with the Master Plan
of the City.
(g)
Public services, such as fire and police protection and utilities,
are or will be adequate to service the Development Area.
(h)
Changes in zoning, streets, street levels, intersections and utilities,
to the extent required by the Plan, including the 1989, 1993, 1994,
1996, 1999 and 2002 Amendments, are reasonably necessary for the projects
described therein and for the City.
[Ord. No. 443,
passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
The City Council hereby determines that the Plan, including
the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, constitutes
a public purpose.
[Ord. No. 443,
passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
The City Council hereby determines and redetermines that it
is in the best interests of the public to halt property value deterioration
in the Central Business District, to eliminate the causes of that
deterioration, to promote economic growth and to proceed with the
1989, 1993, 1994, 1996, 1999 and 2002 Amendments to the Plan.
[Ord. No. 591,
passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
The 1989, 1993, 1994, 1996, 1999 and 2002 Amendments to the
Plan are hereby approved and adopted. The Plan shall terminate on
December 31, 2032, and the maximum amount of indebtedness which may
be incurred pursuant to the Plan, as amended, is $15,000,000. A copy
of the Plan and all amendments thereto shall be maintained on file
in the City Clerk's office.
[Ord. No. 479,
passed 4-12-1993]
The boundaries of the Development Area as set forth in the original
Plan are hereby ratified and confirmed.
[Ord. No. 443,
passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
(a)
The base year assessment roll previously prepared by the City Assessor
is hereby confirmed and maintained as the roll applicable to the Plan,
including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments. The
base year assessment roll shall list each taxing jurisdiction in the
Development Area on the effective date of Ordinance 394, passed October
10, 1983, and on the effective date of any ordinance approving the
addition of property to the Development Area, and the amount of tax
revenue derived by each taxing jurisdiction from ad valorem taxes
on the property in the Development Area.
(b)
The City Assessor shall transmit copies of the base year assessment
roll to the County Treasurer, the Authority and each taxing jurisdiction,
together with a notice that the base year assessment roll has been
prepared in accordance with previous ordinances, this chapter and
the tax increment financing plans contained in the Plan and the 1989,
1993, 1994, 1996, 1999 and 2002 Amendments.
[Ord. No. 394,
passed 10-10-1983; Ord. No. 700, passed 1-23-2006]
(a)
Within 60 days of the effective date of this section, the City Assessor
shall prepare the initial base year assessment roll. The initial base
year assessment roll shall list each taxing jurisdiction in which
the Development Area is located, the initial assessed value of the
Development Area on the effective date of this section, and the amount
of tax revenue derived by each taxing jurisdiction from ad valorem
taxes on the property in the Development Area.
(b)
The City Assessor shall transmit copies of the initial base year
assessment roll to the County Treasurer, the Authority and each taxing
jurisdiction, together with a notice that the assessment roll has
been prepared in accordance with this section and the tax increment
financing plan contained in the Development Plan approved by this
chapter.
[Ord. No. 479,
passed 4-12-1993; Ord. No. 700, passed 1-23-2006]
Each year within 15 days following the final equalization of
property in the Development Area, the City Assessor shall prepare
an updated base year assessment roll. The updated base year assessment
roll shall show the information required in the initial base year
assessment roll and, in addition, the captured assessed value for
that year. Copies of the annual base year assessment roll shall be
transmitted by the City Assessor to the same persons as the initial
base year assessment roll, together with a notice that it has been
prepared in accordance with the Development Plan, as amended.
The Treasurer of the Authority shall establish a separate fund,
to be known as the Project Fund, which shall be kept in a depository
bank account or accounts in a bank or banks approved by the Board
of the Authority. All moneys received by the Authority pursuant to
the 1989, 1993, 1994, 1996 and 1999 Amendments shall be deposited
in the Project Fund. All moneys in the Project Fund and earnings thereon
shall be used only in accordance with the Plan, including the 1989,
1993, 1994, 1996 and 1999 Amendments.
[Ord. No. 479,
passed 4-12-1993]
The City Finance Director/Treasurer and the County Treasurer
shall, as ad valorem taxes are collected on the property in the Development
Area, pay to the Authority the moneys required to be paid to the Authority
pursuant to the Plan, as amended, for deposit in the Project Fund.
Payments shall be made on the date or dates on which the City Finance
Director/Treasurer and the County Treasurer are required to remit
taxes to each of the taxing jurisdictions.
The moneys credited to the Project Fund and on hand therein
from time to time shall be used annually in the following manner and
order of priority:
(a)
First, to pay into the debt retirement fund or funds for all outstanding
series of bonds issued pursuant to the Plan, including the 1989, 1993,
1994, 1996 and 1999 Amendments thereto, or any other series of bonds
or other obligations pledging tax increment revenues of the Authority
as a source of debt service payments, an amount equal to the interest
and principal coming due (in the case of principal, whether by maturity
or mandatory redemption) prior to the next collection of taxes, less
any credit for sums on hand in the debt retirement fund.
(b)
Second, to establish a reserve account for the payment of the principal
of and interest on bonds issued pursuant to the Plan to the extent
required by any resolution authorizing bonds.
(c)
Third, to pay the administrative, auditing and operating costs of
the Authority and the City pertaining to the Development Area, including
planning and promotion to the extent provided in the annual budget
of the Authority.
(d)
Fourth, to repay amounts advanced by the City for project costs,
including costs for preliminary plans, and fees for other professional
services.
(e)
Fifth, to pay, to the extent determined desirable by the Authority
and approved by the City, the cost of completing the remaining public
improvements as set forth in the Plan, to the extent those costs are
not financed from other sources.
(f)
Sixth, to pay the cost of any additional improvements to the Plan
that are determined necessary by the Authority and approved by the
City Council in accordance with the Act.
[Ord. No. 443,
passed 12-26-1989]
Within 90 days after the end of each fiscal year, the Authority
shall submit to the City Council, with copies to each taxing jurisdiction,
a report on the status of the Project Fund. 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 of and interest
on any outstanding indebtedness, the amount in any bond reserve account,
the initial assessed value of the Development Area and the amount
of captured assessed value retained by the Authority, the tax increments
received and the amount of any surplus from the prior year, and any
additional information requested by the City Council or deemed appropriate
by the Authority. The Secretary of the Authority shall cause a copy
of the report to be published once in full in a newspaper of general
circulation in the City.
[Ord. No. 482,
passed 6-14-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
Any surplus money in the Project Fund at the end of a year,
as shown by the annual report of the Authority, shall be paid by the
Authority to the City Clerk or the County Treasurer, as shown by the
annual report of the Authority, as the case may be, and rebated by
each to the appropriate taxing jurisdiction. For the purpose of this
section, tax increment revenues not required to carry out the Plan,
including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, and
not identified in the Authority's budget, shall be deemed surplus
money.
[Ord. No. 443,
passed 12-26-1989; Ord. No. 700, passed 1-23-2006]
The Mayor, City Clerk and City Manager are hereby authorized to execute an agreement with one or more taxing jurisdictions or with the County Treasurer, providing in substance that the City Clerk and the County Treasurer may discontinue or limit payment of taxes that would otherwise be transferred and paid over to the Authority to the extent that further payments would result in refunds as described in Section 890.15.
