Source: https://www.ecode360.com/28055997
Timestamp: 2019-12-13 03:26:50
Document Index: 213368053

Matched Legal Cases: ['§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890', '§ 890']

City of Coldwater, MI Downtown Revitalization and Tax Increment Finance Plan
§ 890.01 Definitions.
§ 890.02 Approval and adoption of development plan.
§ 890.03 Review considerations for 1989, 1993, 1994, 1996, 1999 and 2002 amendments.
§ 890.04 Public purpose.
§ 890.05 Purpose of 1989, 1993, 1994, 1996, 1999 and 2002 amendments.
§ 890.06 Approval and adoption of 1989, 1993, 1994, 1996, 1999 and 2002 amendments.
§ 890.07 Boundaries of development area.
§ 890.08 Confirmation and maintenance of base year assessment roll.
§ 890.09 Preparation of initial base year assessment roll.
§ 890.10 Preparation of annual base year assessment roll.
§ 890.11 Establishment of project fund; approval of depository.
§ 890.12 Deposit of taxes into project fund.
§ 890.13 Use of moneys in the project fund.
§ 890.14 Annual report.
§ 890.15 Refund of surplus tax increments.
§ 890.16 Agreements with taxing jurisdictions.
Chapter 890 Downtown Revitalization and Tax Increment Finance Plan
[Ord. No. 443, passed 12-26-1989; Ord. No. 482, passed 6-14-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
Where used in this chapter, the terms set forth below shall have the following meanings, unless the context clearly requires otherwise:
ACT — Means Act 197 of the Public Acts of 1975, as amended by Act 34 of 1981, as amended. (Adopting Ordinance)
BASE YEAR ASSESSMENT ROLL — Means the base year assessment roll prepared by the City Assessor in accordance with Sections 890.09 and 890.10.
CAPTURED ASSESSED VALUE — Means 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.
DEVELOPMENT AREA — Means the development area as described in the 1989 Amendments.
DEVELOPMENT PLAN — Means the development plan prepared by the Authority and included in the Plan originally approved by the City Council on October 10, 1983.
DOWNTOWN DEVELOPMENT AUTHORITY, DDA and AUTHORITY — Means the City of Coldwater Downtown Development Authority.
INITIAL ASSESSED VALUE — Means the most recently assessed value as finally equalized of all the taxable property within the boundaries of the Development Area at the time of the adoption of Ordinance 394 (October 10, 1983).
PROJECT FUND — Means the "DDA 1989 Amendments Project Fund" established pursuant to this chapter.
TAXING JURISDICTION — Means each unit of government levying an ad valorem property tax on property in the Development Area.
1989, 1993, 1994, 1996, 1999 and 2002 AMENDMENTS — Means the "Amendments to Downtown Revitalization and Tax Increment Finance Plan" for the City of Coldwater, as transmitted to the City Council by the Authority for public hearing, and confirmed by this section, copies of which Amendments are on file in the office of the City Clerk.
[Ord. No. 394, passed 10-10-1983; Ord. No. 700, passed 1-23-2006]
The Development Plan as amended by the City Council is hereby approved and adopted. The duration of the Plan shall be 30 years from the date of the 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 chapter. A copy of the Plan and all amendments thereto shall be maintained on file in the City Clerk's office.
[Ord. No. 443, passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
As required by the Act, the City Council has, in reviewing the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, taken into account the following considerations:
The Plan and the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments thereto meet the requirements set forth in the Act.
The proposed method of financing the development referred to in the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments is feasible and the Authority has the ability to arrange the financing.
The development, including the improvements described in the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, is reasonable and necessary to carry out the purposes of the Act.
The land included within the Development Area to be acquired, if any, is reasonably necessary to carry out the purposes of the Plan and of the Act in an efficient and economically satisfactory manner.
Public services, such as fire and police protection and utilities, are or will be adequate to service the Development Area.
Changes in zoning, streets, street levels, intersections and utilities, to the extent required by the Plan, including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, are reasonably necessary for the projects described therein and for the City.
The City Council hereby determines that the Plan, including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, constitutes a public purpose.
The City Council hereby determines and redetermines that it is in the best interests of the public to halt property value deterioration in the Central Business District, to eliminate the causes of that deterioration, to promote economic growth and to proceed with the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments to the Plan.
[Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002]
The 1989, 1993, 1994, 1996, 1999 and 2002 Amendments to the Plan are hereby approved and adopted. The Plan shall terminate on December 31, 2032, and the maximum amount of indebtedness which may be incurred pursuant to the Plan, as amended, is $15,000,000. A copy of the Plan and all amendments thereto shall be maintained on file in the City Clerk's office.
[Ord. No. 479, passed 4-12-1993]
The boundaries of the Development Area as set forth in the original Plan are hereby ratified and confirmed.
[Ord. No. 443, passed 12-26-1989; Ord. No. 479, passed 4-12-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
The base year assessment roll previously prepared by the City Assessor is hereby confirmed and maintained as the roll applicable to the Plan, including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments. The base year assessment roll shall list each taxing jurisdiction in the Development Area on the effective date of Ordinance 394, passed October 10, 1983, and on the effective date of any ordinance approving the addition of property to the Development Area, and the amount of tax revenue derived by each taxing jurisdiction from ad valorem taxes on the property in the Development Area.
The City Assessor shall transmit copies of the base year assessment roll to the County Treasurer, the Authority and each taxing jurisdiction, together with a notice that the base year assessment roll has been prepared in accordance with previous ordinances, this chapter and the tax increment financing plans contained in the Plan and the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments.
Within 60 days of the effective date of this section, the City Assessor shall prepare the initial base year assessment roll. The initial base year assessment roll shall list each taxing jurisdiction in which the Development Area is located, the initial assessed value of the Development Area on the effective date of this section, and the amount of tax revenue derived by each taxing jurisdiction from ad valorem taxes on the property in the Development Area.
The City Assessor shall transmit copies of the initial base year assessment roll to the County Treasurer, the Authority and each taxing jurisdiction, together with a notice that the assessment roll has been prepared in accordance with this section and the tax increment financing plan contained in the Development Plan approved by this chapter.
[Ord. No. 479, passed 4-12-1993; Ord. No. 700, passed 1-23-2006]
Each year within 15 days following the final equalization of property in the Development Area, the City 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 City Assessor to the same persons as the initial base year assessment roll, together with a notice that it has been prepared in accordance with the Development Plan, as amended.
The Treasurer of the Authority shall establish a separate fund, to be known as the Project Fund, which shall be kept in a depository bank account or accounts in a bank or banks approved by the Board of the Authority. All moneys received by the Authority pursuant to the 1989, 1993, 1994, 1996 and 1999 Amendments shall be deposited in the Project Fund. All moneys in the Project Fund and earnings thereon shall be used only in accordance with the Plan, including the 1989, 1993, 1994, 1996 and 1999 Amendments.
The City Finance Director/Treasurer and the County Treasurer shall, as ad valorem taxes are collected on the property in the Development Area, pay to the Authority the moneys required to be paid to the Authority pursuant to the Plan, as amended, for deposit in the Project Fund. Payments shall be made on the date or dates on which the City Finance Director/Treasurer and the County Treasurer are required to remit taxes to each of the taxing jurisdictions.
The moneys credited to the Project Fund and on hand therein from time to time shall be used annually in the following manner and order of priority:
First, to pay into the debt retirement fund or funds for all outstanding series of bonds issued pursuant to the Plan, including the 1989, 1993, 1994, 1996 and 1999 Amendments thereto, or any other series of bonds or other obligations pledging tax increment revenues of the Authority as a source of debt service payments, an amount equal to the interest and principal coming due (in the case of 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.
Second, to establish a reserve account for the payment of the principal of and interest on bonds issued pursuant to the Plan to the extent required by any resolution authorizing bonds.
Third, to pay the administrative, auditing and operating costs of the Authority and the City pertaining to the Development Area, including planning and promotion to the extent provided in the annual budget of the Authority.
Fourth, to repay amounts advanced by the City for project costs, including costs for preliminary plans, and fees for other professional services.
Fifth, to pay, to the extent determined desirable by the Authority and approved by the City, the cost of completing the remaining public improvements as set forth in the Plan, to the extent those costs are not financed from other sources.
Sixth, to pay the cost of any additional improvements to the Plan that are determined necessary by the Authority and approved by the City Council in accordance with the Act.
[Ord. No. 443, passed 12-26-1989]
Within 90 days after the end of each fiscal year, the Authority shall submit to the City Council, with copies to each taxing jurisdiction, a report on the status of the Project Fund. 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 of and interest on any outstanding indebtedness, the amount in any bond reserve account, the initial assessed value of the Development Area and the amount of captured assessed value retained by the Authority, 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 Authority. The Secretary of the Authority shall cause a copy of the report to be published once in full in a newspaper of general circulation in the City.
[Ord. No. 482, passed 6-14-1993; Ord. No. 491, passed 5-9-1994; Ord. No. 542, passed 1-13-1997; Ord. No. 591, passed 5-10-1999; Ord. No. 656, passed 8-26-2002; Ord. No. 700, passed 1-23-2006]
Any surplus money in the Project Fund at the end of a year, as shown by the annual report of the Authority, shall be paid by the Authority to the City Clerk or the County Treasurer, as shown by the annual report of the Authority, as the case may be, and rebated by each to the appropriate taxing jurisdiction. For the purpose of this section, tax increment revenues not required to carry out the Plan, including the 1989, 1993, 1994, 1996, 1999 and 2002 Amendments, and not identified in the Authority's budget, shall be deemed surplus money.
[Ord. No. 443, passed 12-26-1989; Ord. No. 700, passed 1-23-2006]
The Mayor, City Clerk and City Manager are hereby authorized to execute an agreement with one or more taxing jurisdictions or with the County Treasurer, providing in substance that the City Clerk and the County Treasurer may discontinue or limit payment of taxes that would otherwise be transferred and paid over to the Authority to the extent that further payments would result in refunds as described in Section 890.15.