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(A) The City Treasurer shall serve as Treasurer to the Downtown Development Authority. The Treasurer is hereby authorized to establish a separate fund, on behalf of the Downtown Development Authority. Tax increment moneys received and paid to the account of the Downtown Development Authority, pursuant to the development plan, shall be deposited in this fund. All moneys in the fund and earnings thereon shall be used only in accordance with the development plan and this chapter and any amendment thereto. Except in emergencies, disbursements from the fund shall require the prior approval of the Downtown Development Authority board. The Chairperson of the Board may approve disbursements without the approval of the full board, when a delay would increase the expense to the fund.
(Prior Code, § 1.291)
(B) (1) The moneys credited to the fund and on hand thereon from time to time shall be used in the following manner:
(a) To pay, to the extent determined desirable by the DDA, the cost of completing the public improvements as set forth in the development plan, including any debt service payments;
(b) To pay the cost of any additional improvements in the development plan that are determined necessary by the DDA and approved by the City Council; and
(c) To reimburse the city for expenditures made or funds advanced to provide any project-related services to the Downtown Development Authority or the fund or to acquire property, clear land, make preliminary plans and improvements necessary for the development of the development area in accordance with the plan.
(2) The Downtown Development Authority shall not expend any funds on any improvements described in the development plan and tax increment financing plan as secondary improvements without a prior amendment of the development plan and tax increment financing plan; provided that, any amendments or modifications of the plan shall not affect the initial equalized valuation and the initial equalized valuation will remain that established at the time of the adoption of this chapter notwithstanding any amendments or modifications to this chapter or the development plan and tax increment financing plan.
(Prior Code, § 1.294)
(Ord. 426, passed 5-16-1983)