The City Council hereby determines that it is necessary and in the best interest of the public to adopt this section relating to the Downtown Development Authority and its development plan and tax increment financing plan, both constituting a public purpose, so that the Downtown Development Authority can operate more effectively to halt property value deterioration, eliminate the causes of that deterioration, increase property tax valuation where possible in the business district of the city, and promote economic growth, pursuant to Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 through 125.1680, as amended.
(1993 Code, § 22-47) (Ord. passed 4-23-1991)