Title
Resolution of Intent to Alter or Amend the Boundaries of the Established City of Ann Arbor Downtown District, to Adopt the Ann Arbor DDA Amended Development and TIF Plan 2026-2055 Presented by the City of Ann Arbor Downtown Development Authority, and Set a Public Hearing
Memorandum
Pursuant to the Michigan Recodified Tax Increment Financing Act (Act 57 of the Public Acts of Michigan of 2018), this resolution establishes the City's intent to expand the boundaries of the Downtown district and to adopt the Ann Arbor DDA Amended Development and TIF Plan 2026-2055, as presented by the Ann Arbor DDA ("Plan"). The resolution also establishes the public hearing on the matter.
Staff
Prepared by: Maura Thomson, DDA Executive Director
Reviewed by: Marti Praschan, Chief Financial Officer
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The City of Ann Arbor is authorized by the provisions of Act 57 of the Public Acts of Michigan of 2018, to create and operate a downtown development authority;
Whereas, The City previously established the City of Ann Arbor Downtown Development Authority ("Authority") and established the boundaries of the Downtown district on May 1, 1982 pursuant to Act 197 of 1975, which Act has been amended and recodified by Act 57 of the Public Acts of Michigan of 2018;
Whereas, The City, pursuant to its authority, adopted a Development Plan and Tax Increment Financing Plan on October 26, 1982, which was lawfully amended on March 5, 2003;
Whereas, It is a continuing necessity for the best interest of the public to halt property value deterioration and increase property tax valuation where possible in the Downtown district of the City, to eliminate causes of such deterioration, and to promote economic growth;
Whereas, A proposed ordinance, development plan, and tax increment financing ("TIF") plan have been presented to the City Council by the Authority that amend the Downtown district to expand its boundaries and amend ...
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