(A) The Tax Increment Finance and Development Plans shall be adopted by the Downtown Development Authority from time to time. The Tax Increment Finance and Development Plans are authorized by Act No. 197 of the Public Acts of 1975, as amended, being M.C.L.A. §§ 125.1651 et seq. and shall be implemented in accordance with its provisions.
(B) Following a public hearing on December 7, 2004 on the Imlay City Downtown Development Authority Development and Tax Increment Financing Plan (the "Plan") held pursuant to M.C.L.A. §§ 125.1651 et seq. (the "Act"), and having made the findings set forth below, the City Commission has found and determined that the Plan constitutes and seeks to accomplish a public purpose, and that the Plan is consistent with and seeks to accomplish the intent and purpose declared by the City Commission for the establishment of the Downtown Development Authority (the "Authority") pursuant to Ord. 13.4 adopted December 7, 2004.
(1) The Plan is consistent with Sections 14 and 15 of the Act.
(2) The Plan meets the requirements set forth in Section 17(2) of the Act.
(3) The proposed method of financing the development described in the Plan is feasible and the Authority has the ability to arrange the financing.
(4) The development described in the Plan is reasonable and necessary to carry out the purposes of the Act.
(5) The development plan is in reasonable accord with the master plan of the city.
(6) Public services, such as fire and police protection and utilities, are or will be adequate to service the project area.
(7) Changes in zoning, streets, street levels, intersections and utilities are reasonably necessary for the project and for the city.
(C) Premised on the findings and determinations made in (B) above, and on further finding that pursuit and execution of the Plan appears to be in the best interest of the city, the Plan in the form attached as Exhibit A to Ord. 13.4, passed December 7, 2004 and made part of the City Commission minutes on the date this section was adopted is approved and adopted.
(Ord. 13.5, passed 12-18-84; Am. Ord. 13.4, passed 1-16-96; Am. Ord. 13.4, passed 12-21-04)