(A) The city determines that the Downtown Development Plan and Tax Increment Financing Plan are necessary to make public improvements which will facilitate increased property tax valuation in the business district. It is determined that these public improvements constitute a public purpose which is in the best interest of the citizens of the city.
(B) The city hereby establishes the Tax Increment Financing Plan approved on April 18, 1988 by the City Council. The city affirms that this plan is in conformance with Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 through 125.1657 and 125.1659 through 125.1680, and the Master Plan of the city.
(C) All amendments to the Tax Increment Financing Plan must be submitted by the Downtown Development Authority to the City Commission for approval.
(D) Termination of this plan may be by repealing the ordinance upon which this section is based.
(1993 Code, § 33.45) (Ord. 88-2, passed 4-18-1988)
Cross-reference:
Specific instances; plans adopted, see TSO II