The Downtown Development Authority will request payment from the village, county, township and other taxing authority treasurers for that proportion of the taxes, except for penalties and collection fees, that constitutes the revenue generated from the captured assessed value. Payment shall be made to the Treasurer of the Downtown Development Authority for deposit in the Development Fund or the village, county, township and other taxing authority treasurers shall, as ad valorem taxes are collected on the property in the Development District, pay that proportion of the taxes, except for penalties and collection fees, that constitutes the revenue generated from the captured 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 village, county, township and other taxing authority treasurers are required to remit taxes to each of the taxing jurisdictions.
(Ord. 131, passed 5-26-1992)