Section 26.31
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: Act 197 means the downtown development authority act, Public Act No. 197 of 1975 (MCL 125.1651a et seq., MSA 5.3010(1a) et seq.). Captured assessed value means the amount in any one year by which the current assessed value, as finally equalized, of all taxable property in the development area exceeds the initial assessed value, as more fully described in the downtown development authority development and tax increment financing plan. Development area means the area within the boundaries of the village downtown development authority district, as illustrated in appendix C and described in appendix E of the downtown development authority development and tax increment financing plan. Development plan means the development plan for the downtown development authority district, illustrated in the downtown development authority development and tax increment financing plan. Downtown development authority means the village development authority as established by this article. 7/27/26, 10:12 AM Mayville, MI Code of Ordinances about:blank 56/202 (a) (1) (2) (3) (4) (5) (6) (7) Initial assessed value means the most recently assessed value, as finally equalized by the state board of equalization, of all taxable property within the boundaries of the downtown development authority district on May 20, 1997, as more fully described in the downtown development authority development and tax increment financing plan. Tax increment means that portion of the tax levy of all taxing jurisdictions paid each year on real and personal property in the downtown development authority district on the captured assessed value, as more fully described in the downtown development authority development plan and tax increment financing plan. Tax increment financing plan means the "Tax Increment Financing Plan for the Village of Mayville Downtown Development Authority District," including the development plan, as transmitted to the village council by the downtown development authority for public hearing, and as confirmed by this article, copies of which are on file in the office of the village clerk. Taxing jurisdiction means each unit of government levying an ad valorem property tax on property in the downtown development authority district. (Ord. No. 118, § 1, 5-20-1997) Cross reference— Definitions generally, § 1-2.