CAPTURED ASSESSED VALUE. The amount in any one year, by which the current assessed value of the project area, including the assessed value of the property for which a commercial facilities exemption certificate has been issued pursuant to Public Act 255 of 1978, M.C.L.A. §§ 207.651 et seq., as amended, the assessed value of property for which an industrial facilities exemption certificate has been issued pursuant to Public Act 198 of 1974, M.C.L.A. §§ 207.551 et seq., as amended, and the assessed value of property for which a commercial housing facilities exemption certificate has been issued pursuant to Public Act 438 of 1976, M.C.L.A. §§ 207.601 et seq., as amended, exceeds the initial assessed value.
INITIAL ASSESSED VALUE. The most recently assessed value, as finally equalized by the State Board of Equalization, of all the taxable property within the boundaries of the development area at the time the ordinance establishing the tax increment financing plan is approved. Property exempt from taxation at the time of the determination of the initial assessed value shall be included as zero. For the purpose of determining initial assessed value, property for which a commercial facilities exemption certificate, an industrial facilities exemption certificate or a commercial housing facilities exemption certificate is in effect shall not be considered to be property which is exempt from taxation.
(B) When the Authority determines that it is necessary for the achievement of the purposes of this chapter, the Authority shall prepare and submit a tax increment financing plan to the Village Council. The plan shall include a development plan as provided in § 151.37, a detailed explanation of the tax increment procedure, the maximum amount of bonded indebtedness to be incurred, the duration of the program and shall be in compliance with § 151.35. The plan shall contain a statement of the estimated impact of tax increment financing on the assessed values of all taxing jurisdictions in which the development area is located. The plan may be provided for the use of part or all of the captured assessed value, but the portion intended to be used by the Authority shall be clearly stated in the tax increment financing plan.
(C) Approval of the tax increment financing plan shall be in accordance with the notice, hearing and disclosure provisions of § 151.38. When the development plan is part of the tax increment financing plan, only one hearing and approval procedure is required for the two plans together.
(D) Before the public hearing on the tax increment financing plan, the Village Council shall provide a reasonable opportunity to the members of the County Board of Commissioners to meet with the Village Council. The Authority shall fully inform members of the County Board of Commissioners of the fiscal and economic implications of the proposed development area. The members of the County Board of Commissioners may present their recommendations at the public hearing on the tax increment financing plan. The Authority may enter into agreements with the County Board of Commissioners and the governing body of the village to share a portion of the captured assessed value of the district.
(E) A tax increment financing may be modified if the modification is approved by the Village Council upon notice and after public hearings and agreements as are required for approval of the original plan.
(Ord. 187, passed 7-14-2010)