(A) The City Council, having held a public hearing on July 18, 2019, on the Development and Tax Increment Financing Plan (the “Plan”) prepared by the Downtown Development Authority, attached to this code of ordinances herein, and incorporated herein by reference, hereby makes the determination that the Plan constitutes a public purpose and adopts the Plan.
(B) This determination and adoption is based on the following considerations:
(1) The Plan meets the requirements set forth in § 217(2) of the Recodified Tax Increment Financing Act, Public Act 57 of 2018, being M.C.L.A. § 125.4217(2);
(2) The Plan includes a proposed method of financing the development that is feasible and the Downtown Development Authority has the ability to arrange the financing;
(3) The development described in the Plan is reasonable and necessary to carry out the purpose of the Act;
(4) Any land within the development area that may be acquired by the Downtown Development Authority under the Plan will be reasonably necessary to carry out the purpose of the Plan and the Act in an efficient and economically satisfactory manner;
(5) The Plan is in reasonable accord with the city’s Master Plan;
(6) Public services, such as fire and police protection and utilities, are or will be adequate to service the project area; and
(7) Any changes in zoning, streets, street levels, intersections, and utilities are reasonably necessary for the project and for the city.
(Ord. passed 8-8-2019)