CHAPTER 35: DOWNTOWN DEVELOPMENT AUTHORITY AND TAX INCREMENT FINANCING

Section

Original Plan

   35.01   Title

   35.02   Purpose

   35.03   Definitions

   35.04   Creation

   35.05   Fund sources

   35.06   Description of district

   35.07   Board supervision

   35.08   Powers of the Authority

   35.09   Termination

Amended Plan

   35.20   Findings

   35.21   Public purpose

   35.22   Best interest of the public

   35.23   Approval and adoption of plan

   35.24   Financing

ORIGINAL PLAN

§ 35.01 TITLE.

   This chapter shall be known as the “Downtown Development Authority (DDA) and Tax Increment Financing (TIF) Ordinance” of the village.

(Ord. passed 11-19-2012)

§ 35.02 PURPOSE.

   The purpose of this chapter is to create a public body to act in the best interests of the village to halt property value deterioration, eliminate the causes of that deterioration, increase property tax valuation where possible in the business district of the village, for public improvements, and to promote economic growth pursuant to Public Act 197 and Act 450, as amended. (See § 35.03 for definition.)

(Ord. passed 11-19-2012)

§ 35.03 DEFINITIONS.

   For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning. The terms used herein shall have the same meaning as given them in Act 197 and Act 450 or as hereinafter in this section provided, unless the context clearly indicates to the contrary and shall be in addition to the terms provided in Act 197 and Act 450.

   ACT 197 AND ACT 450. Acts 197 of 1975, being M.C.L. §§ 125.1651 through 125.1681, and 450 of 1980, being M.C.L. §§ 125.1801 through 125.1830, as amended.

   AUTHORITY. The Sebewaing Downtown Development Authority (DDA).

   BOARD. The Board of Trustees of the Village of Sebewaing.

   DOWNTOWN DISTRICT. The downtown district designated herein.

   VILLAGE. The Village of Sebewaing, Huron County.

(Ord. passed 11-19-2012)

§ 35.04 CREATION.

   There is hereby created, pursuant to Act 197 and Act 450, the Sebewaing Downtown Development Authority and Tax Increment Financing District. The Authority shall be a public body and shall be known and exercise its powers under title of “Sebewaing Downtown Development Authority”. The Authority may adopt a seal, may sue and be sued in any court of this state, and shall possess all of the powers necessary to carry out the purpose of its incorporation as provided herein and in Act 197 and Act 450. The enumeration of a power herein or in Act 197 and Act 450 shall not be construed as a limitation upon the general powers of the Authority.

(Ord. passed 11-19-2012)