Title
Resolution Setting a Public Hearing on June 5, 2017 to Receive Public Comment on the Proposed Amendment of the Tax Increment Financing (TIF) and Development Plans for the Ann Arbor/Ypsilanti SmartZone Local Development Financing Authority (LDFA)
Memorandum
The attached resolution sets the statutorily required public hearing on the amendment of the Ann Arbor/Ypsilanti LDFA to provide for the extension of the Plans for 15 years.
A copy of the form of Public Notice and the proposed Plan amendments are attached. A copy of the proposed Plan amendments will also be available for review by the public in the City Clerk's Office.
Staff
Prepared by: Mary Joan Fales, Senior Assistant City Attorney
Sponsored by: Council Member Krapohl
Body
Whereas, An Ann Arbor/Ypsilanti Smart Zone was created to provide business support services to small, start up companies, primarily in the life sciences and information technology areas, within the Ann Arbor and Ypsilanti downtown areas;
Whereas, On May 20th, 2002, the Ann Arbor City Council and on May 21, 2002, Ypsilanti City Council voted to establish a multi-jurisdictional Local Development Finance Authority (LDFA) with which to capture revenues to support this Smart Zone;
Whereas, Under the provisions of the Ann Arbor/Ypsilanti SmartZone LDFA adopted Tax Increment Financing (TIF) and Development Plan, the LDFA will dissolve at the end of the LDFA fiscal year commencing in 2018;
Whereas, Public Act 290 of 2012 provided for extension of local development financing authorities for a minimum of 5yrs or 15yrs if certain statutory conditions were met;
Whereas, The City Councils of Ann Arbor and Ypsilanti have each respectively by Resolution affirmed the continuing public purpose of the LDFA and approved application to MEDC for extension of the LDFA's term for a minimum of 5yrs and a maximum of 15yrs;
Whereas, The LDFA Board has drafted proposed amendments to the LDFA TIF and Development Plans for continuation of its ...
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