[Amended 2-14-1983 by Ord. No. 83-3; 5-2-1983 by Ord. No. 83-10; 3-12-1984 by Ord. No. 84-6; 8-14-1989 by Ord. No. 89-14; 11-19-1990 by Ord. No.
90-18; 12-5-1994 by Ord. No. 94-20; 9-9-2002 by Ord. No. 2002-02; 4-5-2004 by Ord. No. 2004-11]
The terms used in this article shall have the
following meanings unless the context clearly requires otherwise:
CAPTURED ASSESSED VALUE
The amount in any one year by which the current assessed
value as finally equalized of all taxable property in the Downtown
Development Area exceeds the initial assessed values.
DEVELOPMENT FUND
The Downtown Development Authority Development Fund established pursuant to §
52-16 of this article.
DEVELOPMENT PLAN
The Downtown Development and Tax Increment Financing Plan,
consisting of the former Barton/Lafayette Tax Increment Financing
and Development Plan dated September 1980, as modified by amendments
dated February 1, 1983, April 20, 1983, February 15, 1984, June 7,
1989, and November 7, 1990; the former Woodward/I-696 Tax Increment
Financing and Development Plan dated March 1989; and Downtown Development
and Tax Increment Financing Plan Amendments dated October 19, 1994,
September 18, 2002, and April 15, 2004; and transmitted to the City
Commission by the Royal Oak Downtown Development Authority, copies
of which are on file in the office of the City Clerk.
INITIAL ASSESSED VALUE
The most recently assessed value as finally equalized of
all the taxable property within the boundaries of the Development
Area at the time of adoption of this article.
TAXING JURISDICTION
Each unit of government levying an ad valorem property tax
on property in the Development Area.
The Development Plan as submitted by the Downtown
Development Authority is hereby approved and adopted by the City Commission.
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 article. 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 article.
[Amended 3-9-1992 by Ord. No. 92-6; 12-5-1994 by Ord. No.
94-20; 9-9-2002 by Ord. No. 2002-02; 4-5-2004 by Ord. No. 2004-11; 8-15-2005 by Ord. No. 2005-09]
The boundaries of the Downtown Development Area as described in the Development Plan, and the attached
Exhibit A, are hereby adopted and confirmed.
Each year within 15 days following the final
equalization of property in the Barton/Lafayette Development Area,
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 article and the Development
plan.
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 City Treasurer
of the City of Royal Oak to be designated Downtown Development Authority
Barton/Lafayette Development Fund. All moneys received by the Downtown
Development Authority pursuant to the Development Plan shall be deposited
in the Development Fund. All moneys in that fund and earnings thereon
shall be used only in accordance with the Development Plan and this
article.
The City and County Treasurers shall, as ad
valorem taxes are collected on the property in the Development Area,
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 Development Fund. The payments shall be made on the date or
dates on which the City and County Treasurers are required to remit
taxes to each of the taxing jurisdictions.
Within 90 days after the end of each fiscal
year, the Downtown Development Authority shall submit to the City
Commission, with copies to each taxing jurisdiction, a report on the
status of the Development 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 the Barton/Lafayette
Development Area, the captured assessed value of the Barton/Lafayette
Development Area, the tax increments received and the amount of any
surplus from the prior year, and any additional information requested
by the City Commission 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.