The boundaries of the development area are hereby
adopted and confirmed.
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.