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[Adopted 4-26-1993 by Ord. No. 196]
A. 
The terms used in this article shall have the following meanings unless the context clearly requires otherwise:
ACT 197
The Downtown Development Authority Act, Act No. 197 of Public Acts of Michigan of 1975, as may be amended.
CAPTURED ASSESSED VALUE
The amount in any one year by which the current assessed value as finally equalized of all taxable property in the development area exceeds the initial assessed value, as more fully described in the development plan and tax increment financing plan.
DEVELOPMENT AREA
The area within the boundaries of the Grosse Ile Township Downtown Development Authority District, as described in Article I of this chapter, adopted on July 27, 1992, and as illustrated in the Downtown Development Authority development plan and tax increment financing plan.
DEVELOPMENT AUTHORITY
The Grosse Ile Township Downtown Development Authority as established by Article I of this chapter, adopted on July 27, 1992.
DEVELOPMENT PLAN
The development plan for the Downtown Development Authority District, illustrated in the Downtown Development Authority development plan and tax increment financing plan.
INITIAL ASSESSED VALUE
The most recently assessed value, as finally equalized by the State Board of Equalization, of all taxable property within the boundaries of the Downtown Development Authority District at the time of adoption of this article, as more fully described in the Downtown Authority development plan and tax increment financing plan.
TAX INCREMENT
That portion of the tax levy of all taxing jurisdictions paid each year on real and personal property in the Downtown Development Authority District on the captured assessed value, as more fully described in the Downtown Development Authority development plan and tax increment financing plan.
TAX INCREMENT FINANCING PLAN
The "Tax Increment Financing Plan for the Grosse Ile Township Downtown Development Authority District," including the development plan, as transmitted to the Township Board by the Downtown Development Authority for public hearing, and as confirmed by this article, copies of which are on file in the office of the Township Clerk.
TAXING JURISDICTION
Each unit of government levying an ad valorem property tax on property in the Downtown Development Authority District.
B. 
All other undefined terms, unless the context of this article specifically required otherwise, shall have the meanings attributed to them by current usage.
A. 
Pursuant to § 19(1) of Act 197, the Township Board of Grosse Ile Township, Wayne County, hereby finds and determines in accordance with § 19(1) of Act 197 as follows:
(1) 
That the development plan and tax increment financing plan constitute and embody a public purpose of Grosse Ile Township;
(2) 
That the development plan and tax increment financing plan meet the requirements set forth in §§ 14(2) and 17(2) of Act 197;
(3) 
That the proposed method of financing the development activities described in the development plan and tax increment financing plan is feasible, and that the Downtown Development Authority has the ability to arrange the financing;
(4) 
That the development activities described in the development plan and tax increment financing plan are reasonable and necessary to carry out the purposes of Act 197;
(5) 
That the land to be acquired within the Downtown Development Authority District is reasonably necessary to carry out the purposes of the development plan and tax increment financing plan and the purposes of Act 197;
(6) 
That the development plan and tax increment financing plan is in reasonable accord with the approved Master Plan of Grosse Ile Township;
(7) 
That public services, such as fire and police protection and utilities, are, or will be, adequate to service the Downtown Development Authority District; and
(8) 
That such changes in zoning, streets, street levels, intersections, and utilities as are contemplated by the development plan and tax increment financing plan are reasonably necessary for the project.
B. 
In accordance with the foregoing considerations, the Downtown Development Authority development plan and tax increment financing plan are hereby approved and adopted for all purposes of Act 197 consistent with said plans.
[Amended 7-22-2002]
C. 
A copy of the development plan and tax increment financing plan, and all respective amendments thereto, shall be maintained on file in the Township Clerk's office and cross-indexed to this article.
A. 
Within 90 days of the effective date of this article, the Township Assessor shall prepare the initial base year assessment roll. The base year assessment roll shall list each taxing jurisdiction in which the Downtown Development Authority District is located, the initial assessed value of the development district on the effective date of this article, and the amount of tax revenue derived by each taxing jurisdiction from ad valorem taxes on the property in the development district.
B. 
The Township Assessor shall transmit copies of the base year assessment roll to the Township Treasurer, the County Treasurer, the Downtown Development Authority, and each taxing jurisdiction, together with a notice that the assessment roll has been prepared in accordance with this article and the development plan and tax increment financing plan approved by this article.
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.