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Request for approval of the amended LDFA Development Plan and Financing Plan.
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Whereas, the Rochester Hills Local Development Finance Authority (RHLDFA) was established on May 4, 1994; and a Development Plan and Tax Increment Financing Plan, "the Plan", were approved by City Council on May 3, 1995, and
Whereas, on April 20, 2005, the boundaries of the Authority District were expanded by Resolution of City Council to conform with those of the certified technology park, and
Whereas, the Plan was amended and adopted by the City Council on July 15, 1998, and
Whereas, the Plan was further amended and adopted by the City Council on April 20, 2005, and
Whereas, the board of a Local Development Finance Authority may amend a development plan and financing plan, pursuant to Public Act 281 of 1986, as amended, Section 17 [MCL 125.2167], and
Whereas, the RHLDFA has amended the Plan, as permitted by Act 281 of 1986, and the Plan meets the requirements as set forth in the Act, and
Whereas, the Council has found that the RHLDFA's Development Plan and Tax Increment Financing Plan meet the requirements set forth in the Local Development Financing Act, Act 281 of 1986, and
Whereas, the Council has found that the proposed method of financing the public facilities is feasible and the Authority has the ability to arrange the financing, and
Whereas, the Council has found that the proposed development is reasonable and necessary to carry out the purposes of the plan and the purposes of said Act, and
Whereas, the Council has found that the amount of captured assessed value estimated to result from the adoption of the SmartZone Plan is reasonable, and
Whereas, the Council has found that the land to be acquired under the development plan is reasonably necessary to carry out the purposes of the plan and the purposes of said Act, and
Whereas, the Council has found that the development is in reasonable accord with the approved master plan of the City of Rochester Hills, and
Whereas, the Council has found that public services are adequate to service the property in the development plan, and
Whereas, the Council has found that the proposed improvements and zoning are reasonably necessary for the project and for the City of Rochester Hills, and
Whereas, a public hearing was held on February 25, 2008 to elicit comments and concerns of the public.
Now, therefore, be it resolved that the Council determines that both said development plan and tax increment financing plan constitute a public purpose, and
Be it further resolved that the Council approves the Restated Rochester Hills Local Development Finance Authority Development Plan and Tax Increment Financing Plan, and
Be it further resolved that all resolutions and parts of resolutions, insofar as they conflict with the provisions of this resolution, are hereby rescinded, and
Be it finally resolved that the City Clerk is directed to inform the taxing jurisdictions of the fiscal impact of the Development Plan and Tax Increment Financing Plan by forwarding a copy of the Plans to the chief financial officer of each jurisdiction.