For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT.
Act 197, Public Acts of Michigan of 1975, as amended.
BASE YEAR ASSESSMENT ROLL.
The base year assessment roll prepared by the City Assessor in accordance with 154.05.
CAPTURED ASSESSED VALUE.
The amount in any one year by which the current assessed value as finally equalized for all taxable property in the Development District exceeds the initial assessed value.
DEVELOPMENT DISTRICT.
The area legally described in Exhibit A of Ordinance 207, which is hereby made a part of this chapter.
DEVELOPMENT FUND.
The Downtown Development Authority Development Fund established pursuant to § 154.07.
DEVELOPMENT PLAN.
The Tax Increment Financing and Development Plan for the city, dated April, 1993, transmitted to the City Council by the City Downtown Development Authority for public hearing, copies of which are on file in the office of the City Clerk.
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) or AUTHORITY.
The City Downtown Development Authority.
INITIAL ASSESSED VALUE.
The most recently assessed value as finally equalized of all the taxable property within the boundaries of the development area at the time of the effective date of this chapter.
TAXING JURISDICTION.
Each unit of government levying an ad valorem property tax on property in the Development District.
(Ord. 207, passed 4-21-93)
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