For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. Public Act 57 of 2018, being M.C.L.A. §§ 125.4201 et seq., as amended.
BASE YEAR ASSESSMENT ROLL. The base year assessment roll prepared by the Village Assessor in accordance with § 151.34.
CAPTURED ASSESSED VALUE. The amount in any one year by which the current assessed value as finally equalized for all taxable property in the Development District exceeds the initial assessed value.
DEVELOPMENT DISTRICT. The area legally described in Exhibit A, attached to Ord. 131, which is hereby made a part of this subchapter as if set out in full herein.
DEVELOPMENT FUND. The Downtown Development Authority Development Fund established pursuant to § 151.36.
DEVELOPMENT PLAN. The “Tax Increment Financing and Development Plan for the Village of Calumet”, dated April, 1992, transmitted to the Village Council by the Village of Calumet Downtown Development Authority for public hearing, copies of which are on file in the office of the Village Clerk.
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) or AUTHORITY. The Village of Calumet Downtown Development Authority.
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 the effective date of this subchapter.
TAXING JURISDICTION. Each unit of government levying an ad valorem property tax on property in the Development District.
(Ord. 131, passed 5-26-1992)