(A) The amount of tax increment to be transmitted to the Authority by the Village Treasurer and County Treasurer shall be that portion of the tax levy of all taxing bodies paid each year on real and personal property in the project area on the captured assessed value. For the purpose of this section, that portion of a commercial facilities tax levied pursuant to Public Act 255 of 1978, § 12, M.C.L.A. § 207.662, that portion of an industrial facilities tax levied after December 30, 1980 pursuant to Public Act 198 of 1974, § 11, M.C.L.A. § 207.561, as amended, and that portion of a commercial housing facilities tax levied after December 30, 1980 pursuant to Public Act 438 or 1976, § 6, M.C.L.A. § 207.606, amended, which is attributable to the captured assessed value of the facility shall be included as a part of the tax increment to be transmitted to the Authority.
(B) The Authority shall expend the tax increments received for the development program only pursuant to the tax increment financing plan. Surplus funds shall revert proportionately to the respective taxing bodies. These revenues shall not be used to circumvent existing property tax limitations. The Village Council may abolish the tax increment financing plan when it finds that the purposes for which it was established are accomplished. However, the tax increment financing plan shall not be abolished until the principle of, and interest on, bonds issued pursuant to § 151.36 have been paid or funds sufficient to make the payment have been segregated.
(C) Annually, the Authority shall submit to the Village Council a report on the status of the tax increment financing account. The report shall include: the amount and source of revenue in the account; the amount and purpose of expenditures from the account; the amount of principle and interest in any outstanding bonding indebtedness; the initial assessed value of the project area; the captured assessed value retained by the Authority; the tax increments received; and any additional information the Village Council considers necessary. The report shall be published in a newspaper of general circulation in the village.
(Ord. 187, passed 7-14-2010)