(A) The development and tax increment financing plan for the Downtown Development Authority district as recommended by the Authority and presented at the public hearing on November 7, 1983 is hereby approved and adopted, subject to modifications hereafter set forth in division (B) of this section. (‘83 Code, § 33.119)
(B) The Development and Tax Increment Financing Plan for the Downtown Development Authority shall extend through the earlier of December 31, 2026 or the completion of the projects described in the development plan. (‘83 Code, § 33.120)
(C) Section 3 of the Tax Increment Financing Plan contained in the Second Amended and Restated Development Plan and Tax Increment Financing Plan of the Garden City Downtown Development Authority dated November 2006 is hereby amended to read as follows:
3. Maximum Amount of Bonded Indebtedness to be Incurred.
The DDA is currently repaying bonds issued to finance the Ford Road streetscape. Those bonds are due to be retired in 2019, as reflected in Table 4. Other than the streetscape bonds, at this time the DDA has no plans to incur any bonded indebtedness to finance the improvement program. Most improvements will be implemented on a "pay-as-you-go" basis as tax increment revenues are transmitted to the DDA, or as may be accumulated over more than one year, and held in reserve to allocate for projects.
The DDA may obtain a load to fund purchase of the library site, depending upon the favorability of terms, availability of other funds, and its decision on whether to purchase the site.
Table 2
Applicable Millage Summary
Taxing Jurisdictiona | Projected Captured Millage Rate (2006 Rates)b |
Taxing Jurisdictiona | Projected Captured Millage Rate (2006 Rates)b |
City of Garden City | 16.5218 |
Schoolcraft Community College | 1.7967 |
Jail | 0.9381 |
HCMA: Huron-Clinton Metro Authority | 0.2146 |
WCTA | 0.5980 |
Wayne County | 6.6380 |
Wayne County Parks | 0.2459 |
Total Applicable Millage | 26.9531 |
Notes:
a. Garden City Schools, State Education Tax and Intermediate Schools are not included because the tax levies of these jurisdictions are exempt from capture.
b. Rates are per $1,000.00 of taxable value.
Under this TIF plan, the tax levy on the entire captured assessed valuation is planned to be utilized by the DDA. The tax increment revenues will be expended in the manner as set forth in this Plan. Estimates of the projected growth in taxable value, the revenue captured by taxing jurisdictions and the tax increment revenues to be received by the DDA are included in Tables 3 and 4.
The DDA may enter into an agreement with the City of Garden City to share a portion of the captured assessed value of the district, pursuant to MCL 125.1664(4). Commencing in fiscal year 2012 through the duration of this TIF Plan, the DDA may exempt a portion of the City of Garden City's millage levy directly proportionate to the millage captured for rubbish collection. Such exemption from capture shall be in accordance with a written agreement between the DDA and the City of Garden City pursuant to the authority of MCL 125.1664(4).
(Ord. 83-011, passed 11-21-83; Am. Ord. 86-007, passed 8-18-86; Am Ord. 07-003, passed 1-22-07; Am. Ord. 12-001, passed 4-2-12)