When the Board established pursuant to Section 271.02(b) decides to finance a project in the downtown district by the use of revenue bonds as authorized in Section 13, or tax increment financing as authorized in Sections 14, 15 and 16, of Act 197 of the Public Acts of 1975, as amended, it shall prepare a development plan. The development plan shall contain:
(a) The designation of boundaries of the development area in relation to highways, streets, streams or otherwise.
(b) The location and extent of existing streets and other public facilities within the development area. Further, the plan shall designate the location, character and extent of the categories of public and private land uses then existing and proposed for the development area, including residential, recreational, commercial, industrial, educational and other uses, and shall include a legal description of the development area.
(c) A description of the existing improvements in the development area to be demolished, repaired or altered, a description of any repairs and alterations, and an estimate of the time required for completion.
(d) The location of existing improvements in the development area.
(e) A statement of the construction or stages of construction planned, and the estimated time of completion of each stage.
A description of any parts of the development area to be left as open spaces and the use contemplated for the space.
(g) A description of any portions of the development area which the Authority desires to sell, donate, exchange or lease to or from the Municipality and the proposed terms.
(h) A description of any desired zoning changes in streets, street levels, intersections and utilities.
(i) An estimate of the cost of development, together with a statement of the proposed method of financing and development and the ability of the Authority to arrange the financing.
(j) A designation of the person or persons, natural or corporate, to whom or which all or a portion of the development is to be leased, sold or conveyed in any manner and for whose benefit the project is being undertaken if that information is available to the Authority.
(k) The procedures for bidding for the leasing, purchasing or conveying in any manner of all or a portion of the development upon its completion, if there is not express or implied agreement between the Authority and persons, natural or corporate, that all or a portion of the development will be leased, sold or conveyed in any manner to those persons.
(l) A plan for compliance with Act 227 of the Public Acts of 1972, as amended, being M.C.L.A. 213.321 to 213.332.
(m) Other material which the Authority, local public agency or governing body deems pertinent.
(Res. 95-155. Passed 3-13-95.)