The Downtown Development Plan and Tax Increment Financing Plan as published and presented to the City Council for the city on February 25, 1986, and as amended, published and presented to the City Council on May 11, 2004 and December 11, 2007, is hereby approved. Said approval is based upon the following considerations:
(A) It constitutes a public purpose;
(B) The plan meets the requirements set forth in Public Act 197 of 1975, § 17(2), being M.C.L.A. § 125.1667;
(C) The proposed method of financing the development is feasible and the Downtown Development Authority has the ability to arrange the financing;
(D) The development is reasonable and necessary to carry out the purposes of Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 through 125.1680;
(E) The land included within the development area to be acquired is reasonably necessary to carry out the purposes of the plan and of Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 through 125.1680, in an efficient and economically satisfactory manner;
(F) The Downtown Development Plan is in reasonable accord with the Master Plan of the city;
(G) Public services, such as fire and police protection and utilities, are or will be adequate to service the project area;
(H) Changes in zoning, streets, street levels, intersections, and utilities are reasonably necessary for the project in the city.
(Ord. passed 3-4-86; Am. Ord. eff. 2-11-08)