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(A) (1) A Downtown Development Authority, designated the Village of Kingsley Downtown Development Authority (the “Authority”) is hereby created, established, and incorporated, pursuant to and in accordance with the Public Act 197 of 1975, M.C.L.A. §§ 125.1651 to 125.1681.
(2) The Authority shall be a public body corporate which may sue and be sued in any court of the State of Michigan.
(B) The Authority is established pursuant to the Public Act 197 of 1975, M.C.L.A. §§ 125.1651 to 125.1681 by the village to accomplish the public purposes enumerated in the Public Act 197 of 1975, M.C.L.A. §§ 125.1651 to 125.1681 including, without limitation, the use of tax increment financing and other permitted means to halt property value deterioration and increase property tax valuation where possible in the District and to eliminate the causes of that deterioration and to promote economic growth in the District.
(Ord. 02-10-03, passed 2-10-2003)