City of Ann Arbor - File #: 12-0492

File #:

12-0492 Version: 1

Name:

4/2/12 - DDA FY 13 TIF Capture

Type:

Resolution

Status:

Defeated

File created:

4/2/2012

In control:

City Council

On agenda:

4/2/2012

Final action:

4/2/2012

Enactment date:

4/2/2012

Enactment #:

Title:

Resolution Requiring Review of Downtown Development Authority FY13 Tax Increment Finance Calculation and Capture

Sponsors:

Stephen Kunselman

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
4/2/2012	1	City Council	Approved	Fail	Action details	Meeting details	Video

Title

Resolution Requiring Review of Downtown Development Authority FY13 Tax Increment Finance Calculation and Capture

Body

Whereas, The Downtown Development Authority (DDA) submits to the City of Ann Arbor (CITY) a budget for approval; and

Whereas, The DDA has calculated the Tax Increment Finance (TIF) capture for the FY13 budget using a methodology that is unclear and questionable; and

Whereas, The CITY is a taxing authority who remits TIF funds to the DDA; and

Whereas, The CITY has a vested interest in ensuring the DDA TIF calculation and capture amount are in accordance with the DDA development and financing plan, State law, and local ordinance;

RESOLVED, Council directs CITY staff to review, analyze, and report on the compliance of the DDA provided TIF calculation and capture amount for the FY13 budget in accordance with the DDA development and financing plan, State law, and local ordinance; and

RESOLVED, CITY staff shall provide to Council an example of a TIF calculation and capture amount using the same methodology that resulted in the return of excess TIF funds to the taxing authorities in 2011 by the DDA; and

RESOLVED, CITY staff shall provide the example TIF calculation and capture amount and the report on the compliance of the DDA TIF calculation and capture amount in accordance with the DDA development and financing plan, State law, and local ordinance to Council by Monday, April 9^th.