Sec. 7-81. - Public purpose determined.

   The city council has been presented with the Development and Tax Increment Financing Plan amendment 2003, of the Downtown Development Authority - West Dearborn (the "authority"), which was amended and adopted by that body of February 6, 2003 (as amended and adopted, the "plan"), pursuant to the provision of Act 197 of the Public Acts of Michigan, 1975, as amended (the "act"). The city council hereby determines that the plan constitutes a public purpose.

(Ord. No. 82-265, § 1, 4-4-82; Ord. No. 89-446, 4-4-89; Ord. No. 98-728, 7-7-98; Ord. No. 99-764, 4-20-99; Ord. No. 03-966, 6-17-03)

Sec. 7-82. - Modifications.

   The city council hereby modifies the plan as follows:

      (1)   Commencing with the taxes due and payable on July 1, 1989, the authority shall retain none of the tax levied by the Dearborn Public Schools, the "school district," on real and personal property in the development area on the captured assessed value. The city treasurer shall pay over to the school district all of the tax levied by the school district on the real and personal property in the development area on the captured assessed value in the ordinary course.

      (2)   The authority shall return to the school district moneys collected through June 30, 1989, pursuant to the plan which are attributable to the application of tax millage levied by the school district in the development area on the captured assessed value. Such moneys shall be returned from tax increment revenues received by the authority remaining after the authority has paid over to the city the amounts required to pay debt service on the municipal parking structure bonds authorized by the plan, together with interest thereon, as set forth more specifically in Exhibit K to the plan.

(Ord. No. 82-265, § 2, 4-4-82; Ord. No. 89-446, 4-4-89)

Sec. 7-83. - Approval.

   The plan, as submitted by the authority is hereby approved.

(Ord. No. 82-265, § 3, 4-4-82; Ord. No. 89-446, 4-4-89; Ord. No. 98-728, 7-7-98; Ord. No. 99-764, 4-20-99; Ord. No. 03-966, 6-17-03)

Sec. 7-84. - Considerations for approval.

   As required by the act, the city council has in reviewing and approving the plan herein taken into account the following considerations:

   (a)   The development plan meets the requirements set forth in section 17(2) of the act, and the tax increment financing plan meets the requirements set forth in section 14(2) of the act.

   (b)   The proposed method of financing the development is feasible, and the authority has the ability to arrange the financing.

   (c)   The development is reasonable and necessary to carry out the purposes of the act.

   (d)   The land included within the development area to be acquired (to the extent required by the plan) is reasonably necessary to carry out the purposes of the plan and the purposes of the act in an efficient and economically satisfactory manner.

   (e)   The development plan is in reasonable accord with the master plan of the city.

   (f)   Public services, such as fire and police protection and utilities, are or will be adequate to service the development area.

   (g)   Changes in zoning, streets, street levels, intersections, and utilities (to the extent required by the plan) are reasonably necessary for the project and for the city.

   (h)   The findings and recommendations of the West Dearborn Development area citizens' council.

(Ord. No. 82-265, § 4, 4-4-82; Ord. No. 89-446, 4-4-89; Ord. No. 98-728, 7-7-98; Ord. No. 99-764, 4-20-99; Ord. No. 03-966, 6-17-03)

Sec. 7-85. - Public copy on file.

   A copy of the plan, in the form approved hereby, which is approximately 61 pages in length, shall be maintained on file in the office of the city clerk for inspection at all times during regular business hours.

(Ord. No. 82-265, § 5, 4-4-82; Ord. No. 85-339, 10-15-85; Ord. No. 88-428, 9-6-88; Ord. No. 89-446, 4-4-89; Ord. No. 98-728, 7-7-98; Ord. No. 99-764, 4-20-99; Ord. No. 03-966, 6-17-03)

Secs. 7-86—7-95. - Reserved.

DIVISION 3. - EAST DEARBORN