§ 34.01 DEFINITIONS.

   For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.

   ACT. Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 through 125.1681, as amended.

   BASE YEAR ASSESSMENT ROLE. The base year assessment roll prepared by the Assessor in accordance with §§ 34.15 and 34.16.

   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.

   DEVELOPMENT AREA. The Development Area as described in §§ 33.01 through 33.08.

   DEVELOPMENT PLAN. The development and tax increment financing plan prepared by the Authority and included in the plan approved by the Village Council on 9-20-1993.

   DOWNTOWN DEVELOPMENT AUTHORITY, DDA, and AUTHORITY. The Village Downtown Development Authority.

   INITIAL ASSESSED VALUE. The most recently assessed value as finally equalized of all the taxable property within the boundaries of the Development Area at the time of the adoption of this code.

   TAXING JURISDICTION. Each unit of government levying an ad valorem property tax on property in the Development Area.

(Prior Code, § 440.01)