The terms used in this chapter shall have the following meanings unless the context clearly requires otherwise:
(a) “Base year assessment roll” means the base year assessment roll prepared by the City Assessor in accordance with Section 880.04.
(b) “Captured assessed value” means the amount in any one year by which the current assessed value as finally equalized of all taxable property in the Development Area exceeds the initial assessed value.
(c) “Development Area” shall mean the area as set forth in Section 284.04 of these Codified Ordinances, more fully described in the Development Plan.
(d) “Development Plan” means the Tax Increment Finance and Development Plan dated December 16, 1986, as transmitted to the City by the Downtown Development Authority for public hearing, as modified by action of the City and confirmed by this chapter, copies of which are on file in the office of the City Clerk.
(e) “Downtown Development Authority” means the City of Reed City Downtown Development Authority.
(f) “Initial assessed value” means the most recently assessed value as finally equalized of all the taxable property within the boundaries of the Development Area at the time of adoption of this chapter.
(g) “Special Revenue Fund” means the Fund established pursuant to Section 880.06.
(h) “Taxing jurisdiction” shall mean each unit of government levying an ad valorem property tax on property in the Development Area.