[3-23-1987 by Res. No.
6]
The following words, terms and phrases, when used in this division,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
The base year assessment roll prepared by the City Assessor in accordance with § 16-174 of this division.
The amount in any one year by which the current assessed
value as finally equalized of all taxable property in the Downtown
Development Area No. 3 exceeds the initial assessed value.
The area described on the map in the development plan marked
"Map 2 — Boundaries and Ownership Map for the Port Huron Downtown
Development Area No. 3."
The Tax Increment and Development Plan, Port Huron Downtown
Development Area No. 3, dated March 1987, as transmitted to the City
Council by the Downtown Development Authority for public hearing,
as approved by action of the City Council and confirmed by this division,
copies of which are on file in the office of the City Clerk.
The City Downtown Development Authority.
The most recently assessed value as finally equalized of
all taxable property within the boundaries of the development area
at the time of adoption of the resolution from which this division
is derived.
The Downtown Development Authority Downtown Development Area No. 3 Project Fund established pursuant to § 16-176 of this division.
[3-23-1987 by Res. No.
6]
The development plan submitted to the City Council pursuant
to this division is hereby approved and adopted. The duration of the
plan shall be 30 years from the date of 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 division.
A copy of the plan and all amendments thereto shall be maintained
on file in the City Clerk's office and cross indexed to this division.
[3-23-1987 by Res. No.
6]
The boundaries of the Downtown Development Area No. 3 as set
forth in the development plan are hereby adopted and confirmed.
[3-23-1987 by Res. No.
6]
(a)
Within 60 days of the effective date of the resolution from which
this division is derived, 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 Downtown Development Area
No. 3 is located, the initial assessed value of the Downtown Development
Area No. 3 on the effective date of the resolution from which this
division is derived and the amount of tax revenue derived by each
taxing jurisdiction from ad valorem taxes on the property in the development
area.
(b)
The Assessor shall transmit copies of the initial base year assessment
roll to the City Treasurer, County Treasurer, Downtown Development
Authority and each taxing jurisdiction, together with a notice that
the assessment roll has been prepared in accordance with this division
and the tax increment financing plan in the development plan approved
by this division.
[3-23-1987 by Res. No.
6]
Each year, within 15 days following the final equalization of
property in the Downtown Development Area No. 3, the 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, together with a notice that it has been
prepared in accordance with this division and the development plan.
[3-23-1987 by Res. No.
6]
The treasurer of the Downtown Development Authority shall establish
a separate fund which shall be kept in a depository bank account in
a bank approved by the Director of Finance, to be designated "Downtown
Development Authority Downtown Development Area No. 3 Site Development
Project." All moneys received by the Downtown Development Authority
pursuant to the development plan shall be deposited in the project
fund. All moneys in that fund and earnings thereon shall be used in
accordance with the development plan and this division.
[3-23-1987 by Res. No.
6]
The City and County Treasurers shall, as ad valorem taxes are
collected on the property in the Downtown Development Area No. 3,
pay that proportion of the taxes, except for penalties and collection
fees, that the captured assessed value bears to the initial assessed
value to the treasurer of the Downtown Development Authority for deposit
in the project fund. The payments shall be made on the date on which
the City and County Treasurers are required to remit taxes to each
of the taxing jurisdiction.
[3-23-1987 by Res. No.
6]
(a)
The money credited to the project fund pursuant to this division
and on hand therein from time to time shall annually be used in the
following manner and following order of priority:
(1)
To pay into the debt retirement fund for all outstanding series
of bonds issued pursuant to this plan an amount equal to the interest
and principal coming due (for 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.
(2)
To establish a reserve account for payment of principal and
interest on bonds issued pursuant to this plan an amount equal to
one-fifth of the largest combined annual principal and interest payments
on bonds issued pursuant to this plan until the amount to the credit
of the reserve account is equal to the largest combined annual principal
and interest requirements on bonds issued pursuant to this plan. Any
amounts to the credit of the reserve account at the beginning of a
fiscal year in excess of the requirement of the preceding sentence
shall be considered tax increment revenue for that year.
(3)
To pay the administrative and operating costs of the Downtown
Development Authority and City for the development area, including
planning and promotion, to the extent provided in the annual budget
of the Downtown Development Authority.
(4)
To pay, to the extent determined desirable by the Downtown Development
Authority and approved by the City, the cost of improvements as set
forth in the development plan to the extent those costs are not financed
from the proceeds of bonds.
(5)
To pay the cost of any additional improvements to the development
that are determined necessary by the Downtown Development Authority
and approved by the City Council.
(6)
To pay the cost of acquiring property, clearing land, making
preliminary plans and improvements necessary for the development of
the development area in accordance with this plan.
(b)
Any tax increment receipts in excess of those needed under Subsection (a) of this section would revert to the taxing jurisdictions or would be used for future development activities within the development area, as defined in the development plan or as expanded to include all or parts of the Downtown Development Area No. 3 pursuant to amendment or modification of the development plan and this tax increment financing plan pursuant to applicable provisions of Public Act No. 57 of 2018 (MCL 125.4201 et seq.) and other laws.
[5-9-2022 by Ord. No.
22-001]
[3-23-1987 by Res. No.
6]
Pursuant to this division, within 90 days after the end of each
fiscal year, the Downtown Development 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 initial assessed value of Downtown Development
Area No. 3, the captured assessed value of Downtown Development Area
No. 3, 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 Downtown Development Authority.
The secretary of the Downtown Development Authority shall cause a
copy of the report to be published once in full in a newspaper of
general circulation in the City.
[3-23-1987 by Res. No.
6]
Any surplus money in the project fund at the end of a year,
as shown by the annual report of the Downtown Development Authority,
shall be paid by the Authority to the City or County Treasurer, as
the case may be, and rebated by him or her to the appropriate taxing
jurisdiction.
