For the purpose of this subchapter, terms shall either have the same meaning as given to them in Public Act 197 of 1975, being M.S.A. §§ 5.3010(1) et seq., or the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT 197. The Downtown Development Authority Act, Public Act 197 of 1975, being M.S.A. §§ 5.3010(1) et seq., as may be amended.
AUTHORITY. The Downtown Development Authority created by this subchapter.
BOARD or BOARD OF TRUSTEES. The Board of Trustees of the Authority, the governing body of the Authority.
CAPTURED ASSESSED VALUE. The amount in any one year by which the current assessed value as finally equalized of all taxable property in the Development Area exceeds the initial assessed value, as defined in this section and more fully described in the Development Plan and Tax Increment Financing Plan.
CHIEF EXECUTIVE OFFICER. The Mayor of the City.
DOWNTOWN DISTRICT. The downtown district designated by this subchapter as now existing or hereafter amended.
INITIAL ASSESSED VALUE. The most recently assessed value, as finally equalized by the State Board of Equalization, of all taxable property within the boundaries of the Downtown Development Authority District at the time of adoption of this chapter, as more fully described in the Downtown Development Authority Plan and Tax Increment Financing Plan.
(Ord. 180, passed 3-18-91)