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 Woodward/I-696
Development Area exceeds the initial assessed value.
DEVELOPMENT FUND
The Downtown Development Authority Development Fund, established pursuant to §
52-25 of this article.
DEVELOPMENT PLAN
The Woodward/I-696 Tax Increment Financing and Development
Plan dated March 1989, as transmitted to the City Commission by the
Royal Oak Downtown Development Authority for public hearing, copies
of which are on file in the office of the City Clerk.
INITIAL ASSESSED VALUE
The assessed value as equalized of all the taxable property
within the boundaries of the Development Area at the time of adoption
of this article, as shown by the most recent assessment roll of the
municipality for which equalization has been completed at the time
this article is adopted.
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; 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 Woodward/I-696 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
Woodward/I-696 Development Fund. All monies received by the Downtown
Development Authority pursuant to the Development Plan shall be deposited
in the Development Fund. All monies 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 Woodward/I-696
Development Area, the captured assessed value of the Woodward/I-696
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 Executive Director 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.