[Code 1992, § 8-121; 12-14-1992 by Ord. No. 1029]
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 § 16-234.
The amount in any one year by which the current assessed
value as finally equalized of all taxable property in Development
Area No. 5 exceeds the initial assessed value.
The area shown in Map A, Property Boundaries, more fully
described in the development plan.
The tax increment and development plan, Port Huron Downtown
Development Area No. 5, dated October 1992, and transmitted to the
City Council by the Downtown Development Authority for public hearing,
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 the taxable property within the boundaries of the development
area on December 14, 1992.
The Downtown Development Authority Project No. 5 Fund established pursuant to § 16-236.
Each unit of government levying an ad valorem property tax
on property in the development area.
[Code 1992, § 8-122; 12-14-1992 by Ord. No. 1029]
The development plan for Downtown Development Area No. 5 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.
[Code 1992, § 8-123; 12-14-1992 by Ord. No. 1029]
The boundaries of the Development Area No. 5 as set forth in
the development plan are hereby adopted and confirmed.
[Code 1992, § 8-124; 12-14-1992 by Ord. No. 1029]
(a)
Within 60 days of December 19, 1992, the City Assessor shall prepare
the initial base year assessment roll. The initial base year assessment
roll shall list each taxing jurisdiction in which Development Area
No. 5 is located, the initial assessed value of Development Area No.
5 on December 19, 1992, 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.
[Code 1992, § 8-125; 12-14-1992 by Ord. No. 1029]
Each year, within 15 days following the final equalization of
property in Development Area No. 5, 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 and, in addition, the captured assessed value for
that year. Copies of the annual base year assessment roll shall be
transmitted by the Assessor to the same persons as the initial base
year assessment roll, together with a notice that it has been prepared
in accordance with this division and the development plan.
[Code 1992, § 8-126; 12-14-1992 by Ord. No. 1029]
The treasurer of the Downtown Development Authority shall establish
a separate fund which shall be kept in a depository bank account or
accounts in a bank or banks approved by the Director of Finance, to
be designated "Downtown Development Authority Project No. 5." 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.
[Code 1992, § 8-127; 12-14-1992 by Ord. No. 1029]
The City and County Treasurer shall, as ad valorem taxes are
collected on the property in Downtown Development Area No. 5, 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 jurisdictions.
[Code 1992, § 8-128; 12-14-1992 by Ord. No. 1029]
(a)
The money credited to the project fund for Downtown Development Area
No. 5 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
due 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 amount to the credit of the reserve account at 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 reimburse the City for funds which may be advanced to acquire
property, clear land, make preliminary plans and improvements necessary
for 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 Development Area No. 5 pursuant to amendment or modification of the development 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]
[Code 1992, § 8-129; 12-14-1992 by Ord. No. 1029]
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 for the Downtown Development Area No.
5. 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 Development Area No. 5, the captured
assessed value of Development Area No. 5, 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.
[Code 1992, § 8-130; 12-14-1992 by Ord. No. 1029]
Under this division, 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.
