§ 26-101. Definitions.

The terms used in this division shall have the following meaning unless the context clearly requires otherwise:

Base year assessment rolls means the base year assessment rolls prepared by the city assessor in accordance with section 26-104 of this division.

Captured taxable value means the amount in any one year by which the current taxable value as finally equalized for all taxable property in Downtown Development Area as described in the Amended and Restated Development Plan No. 1, dated, July, 2004, prepared by Beckett, Raeder, exceeds the initial taxable value.

Development areas shall mean the areas more fully described in the Amended and Restated Development Plan No. 1, dated July, 2004.

Development plan means the Amended and Restated Alpena Downtown Development Plan No. 1 and Tax Increment Financing Plan No. 1 dated July, 2004, transmitted to the city council by the downtown development authority for public hearing, as approved by action of the city council and confirmed by this division, copies of which are on file in the office of the city clerk.

Downtown development authority means the City of Alpena Downtown Development Authority.

Initial taxable value means the most recently taxable value as finally equalized of the taxable property within the boundaries of Development Area A (Development Area as of 1981) and Development Area B (Development Area as of 2004) at the time of adoption of their respective ordinance.

Project fund means the Amended and Restated Development Plan No. 1 Fund established pursuant to section 26-106 of this division.

Taxing jurisdiction shall mean each unit of government levying an ad valorem property tax on property in the downtown development area.

(Ord. No. 04-349, § B, 3-7-05)

Cross reference

Definitions generally, § 1-2.