(A) The Authority is hereby authorized by the city to impose an ad valorem tax on all taxable property in the Downtown District for the purposes provided by Act 197. The tax shall not exceed two mills on the value of taxable property in the Downtown District as finally equalized.
(B) In order to impose the tax, the Board shall include in its budget each year an estimate of the amount necessary to be raised from the Downtown Development Tax. The amount of tax imposed shall not exceed the amount necessary as estimated in the budget and approved by the Commission. The Board shall certify to the proper tax assessing official of the city the amount so determined in the same manner and at the same time as general city taxes are certified for collection.
(C) The city shall collect the Downtown Development Tax at the same time and in the same manner as other city taxes are collected. The tax shall be paid to the treasurer of the Authority and credited to the general fund of the Authority for the purpose provided by Act 197. The Commission may assess a reasonable pro rata share of the funds for the cost of handling and auditing the funds against the funds of the authority, other than those committed, which cost shall be paid annually by the Board pursuant to an appropriate item in its budget.
(Ord. 711, passed 10-22-90)