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§ 150.08 DIRECTOR; BOND OF DIRECTOR.
   If a Director is employed as authorized by Section 5 of Act 197, being M.S.A. § 5.3010(5), he or she shall post bond in the penal sum of $5,000 as required by said section of said statutes, or shall be subject to such bond as is generally provided by the officers of the city. The Director shall act as the Chief Executive Officer of the Authority.
(Ord. 180, passed 3-18-91)
§ 150.09 FISCAL YEAR; ADOPTION OF BUDGET.
   (A)   The fiscal year of the Authority shall begin on July 1 of each year and end on June 30 of the following year, or such other fiscal year as may hereafter be adopted by the city.
   (B)   The Board shall annually prepare a budget and shall submit it to the Council on the same date that the proposed budget for the city is required by the City Charter to be submitted to the Council. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the City Council. The Board may, however, temporarily adopt a budget in connection with the operation of any improvements which have been financed by revenue bonds where required to do so by the subchapter authorizing the revenue bonds.
   (C)   The Authority shall submit financial reports to the City Council as required by the City Council. The Authority shall be audited annually by the same independent auditors auditing the city and copies of the audit report shall be filed with the Council.
(Ord. 180, passed 3-18-91)
DEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN
§ 150.20 DEFINITIONS.
   (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)
§ 150.21 APPROVAL AND ADOPTION OF THE DEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN.
   (A)   Pursuant to § 19(1) of Act 197, being M.S.A. § 5.3010(19)(1), the City Council hereby finds and determines as follows:
      (1)   That the Development Plan and Tax Increment Financing Plan constitutes and embodies a public purpose of the city;
      (2)   That the Development Plan and Tax Increment Financing Plan meets the requirements set forth in §§ 14(2) and 17(2) of Act 197, being M.S.A. §§ 5.3010(14)(2) and 5.3010(17)(2);
      (3)   That the proposed method of financing the development activities described in the Development Plan and Tax Increment Financing Plan is feasible, and that the Downtown Development Authority had the ability to arrange the financing;
      (4)   That the development activities described in the Development Plan and Tax Increment Financing Plan are reasonable and necessary to carry out the purposes of Act 197;
      (5)   That the land to be acquired within the Downtown Development Authority District is reasonably necessary to carry out the purpose of the Development Plan and Tax Increment Financing Plan and the purposes of Act 197;
      (6)   That the Development Plan and Tax Increment Financing Plan is in reasonable accord with the approved community land use plan, also known as the "Master Plan," of the city;
      (7)   That public services, such as fire and police protection and utilities are, or will be, adequate to service the Downtown Development Authority District; and
      (8)   That such changes in zoning, streets, street levels intersections, and utilities as are contemplated by the Development Plan and Tax Increment Financing Plan are reasonably necessary for the Project.
   (B)   In accordance with the foregoing considerations, the Downtown Development Authority Development Plan and Tax Increment Financing Plan are hereby approved and adopted for all purposes of Act 197 consistent with the plan, with the following modification: Delete § 8.2(b) - Authority to levy two mills for operations.
   (C)   A copy of the Development Plan and Tax Increment Financing Plan, and all respective amendments thereto, shall be maintained on file in the City Clerk's office for public inspection, and shall be cross-indexed to this subchapter.
(Ord. 187, passed 5-4-92; Am. Ord. 309, passed 3-1-10)
Editor's note:
   The Master Plan is available for public inspection at the office of the City Clerk.
§ 150.22 BOUNDARIES OF DEVELOPMENT AREA.
   The boundaries of the Development Area are hereby adopted and confirmed and are coterminous with the Downtown Development Authority boundaries.
(Ord. 187, passed 5-4-92; Am. Ord. 309, passed 3-1-10)
§ 150.23 PREPARATION OF BASE YEAR ASSESSMENT ROLL.
   (A)   Within 90 days of the effective date of this chapter, the City Assessor shall prepare the initial base year assessment roll. The base year assessment roll shall list each taxing jurisdiction in which the Downtown Authority District is located, the initial assessed value of the Development District on the effective date of this chapter, and the amount of tax revenue derived by each taxing jurisdiction from ad valorem taxes on the property in the Development District.
   (B)   The City Assessor shall transmit copies of the base year assessment roll to the City Treasurer, the County Treasurer, the Downtown Development Authority, and each taxing jurisdiction, together with a notice that the assessment roll has been prepared in accordance with this subchapter and the Development Plan and Tax Increment Financing Plan approved by this subchapter.
(Ord. 187, passed 5-4-92; Am. Ord. 309, passed 3-1-10)
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