(A) The terms used herein shall have the same meaning as given to those terms in Public Act 57 of 2018, being M.C.L.A. §§ 125.4201 to 152.4230, as amended, or as hereinafter in this section provided unless the context clearly indicates to the contrary.
(B) For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CAPTURED EQUALIZED VALUATION. The amount in any one year by which the total current equalized valuation of the development district exceeds the initial equalized valuation.
DEVELOPMENT AREA. The area encompassed within the Downtown Development District as more fully described in the development plan and tax increment plan, all property being encompassed within the city.
DEVELOPMENT PLAN. The tax increment and development plan, as amended and transmitted to the City Council by the Downtown Development Authority for public hearing, and as may be modified by action of the City Council and confirmed by Ord. 426, copies of which are on file in the office of the City Clerk.
DOWNTOWN DEVELOPMENT AUTHORITY. The City of Charlevoix Downtown Development Authority.
INITIAL EQUALIZED VALUATION. 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 this chapter.
TAXING JURISDICTION. Each unit of government levying ad valorem tax on property in the development district.
(Prior Code, § 1.286) (Ord. 426, passed 5-16-1983)