(A) For the purpose of this subchapter, 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.
DEVELOPMENT AREA. The area within the boundaries of the Downtown Development Authority District, as described in § 150.05 and as illustrated in the Downtown Development Authority Development Plan and Tax Increment Financing Plan.
DEVELOPMENT PLAN. The Development Plan for the Downtown Development Authority District, illustrated in the Downtown Development Authority Development Plan and Tax Increment Financing Plan.
DOWNTOWN DEVELOPMENT AUTHORITY. The city's Downtown Development Authority as established by § 150.04.
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.
TAX INCREMENT. That portion of the tax levy of all taxing jurisdictions paid each year on real and personal property in the Downtown Development Authority District on the captured assessed value, as more fully described in the Downtown Development Authority Development Plan and Tax Increment Financing Plan.
TAX INCREMENT FINANCING PLAN. The Tax Increment Financing Plan for the Downtown Development Authority District, including the Development Plan, as transmitted to the City Commission by the Downtown Development Authority for public hearing, and as confirmed by this subchapter, copies of which are on file in the office of the City Clerk.
TAXING JURISDICTION. Each unit of government levying an ad valorem property tax on property in the Downtown Development Authority District.
(B) All other undefined terms, unless the context of this subchapter specifically requires otherwise, shall have the meanings attributed to them by current usage.
(Ord. 187, passed 5-4-92; Am. Ord. 309, passed 3-1-10)