.:2004: FOURTH AMENDED PLAN

Pursuant to Sections 14 (5) and 17(2) of the DDA Act, the following information shall constitute the Fourth Amended Development Plan.

(a) The designation of boundaries of the development area in relation to highways, streams or otherwise.

The boundaries of Development Area No.1 (“Development Area”) as designated in the Third Amended Plan are incorporated herein by reference.

(b) The location and extent of existing streets and other public facilities within the development area; the location, character, and extent of categories of public and private land uses then existing and proposed for the development area, including residential, recreational, commercial, industrial, educational and other uses; the legal description of the development area.

The terms of Section (a) and (b) of the Third Amended Plan are incorporated herein by reference, provided however that the last paragraph of Section (b) 2 of the Third Amended Plan is revised to read as follows (changes are in italics):

“The DDA may construct municipal facilities in the Development Area, including but not limited to a new Township office building and/or library, as well as a community arts, theatre and cultural center.”

Exhibits A (Development Area No. 1), Exhibit B (Township Zoning Map), Exhibit C (Township Master Plan Map), Exhibit D (Street Map), and Exhibit E (Proposed Master Plan – Alternatives 1, 2 and 3) to the Third Amended Plan are incorporated herein by reference.

(c) A description of existing improvements in the development area to be demolished, repaired or altered; a description of any repairs and alterations; an estimate of the time required for completion.

The terms of Section (c) of the Third Amended Plan are incorporated herein by reference.

(d) The location, extent, character and estimated cost of the improvements including rehabilitation contemplated for the development area and an estimate of the time required for completion.

The terms of Section (d) of the Third Amended Plan are incorporated herein by reference.

(e) A description of any part of the development area to be left as open space and the use contemplated for the space.

The terms of Section (e) of the Third Amended Plan are incorporated herein by reference.

(f) A description of any portions of the development area which the authority desires to sell, donate, exchange or lease to or from the municipality and the proposed terms.

The last sentence of Section (f) of the Third Amended is revised to read as follows (changes are in italics):

“The DDA may locate a municipal office building and/or library within the Development Area, as well as a community arts, theatre and cultural center and either donate or sell the office building, library, community arts, theatre and/or cultural center to the Township.”

(g) A description of desired zoning changes and changes in streets, street levels, intersections, and utilities.

The terms of Section (g) of the Third Amended Plan are incorporated herein by reference.

(h) An estimate of the cost of the development, a statement of the proposed method of financing the development and the ability of the authority to arrange the financing.

The cost of the proposed development in Development Area No. 1 is estimated not to exceed $100 million. Such costs will be paid by tax increment revenues captured by the DDA and by proceeds of the sale of land acquired by the DDA, except that the DDA will not capture any tax increment revenues from those portions of the Development Area which were added to the Development Area by amendment in 2003. Further, the financing of such development does not include one or more Special Assessment Districts (“SAD”) to be created to finance additional public and/or private roads and other infrastructure improvements to be constructed in the Development Area to accommodate the development of any property acquired by the DDA and/or for the extension of Martin Road.

(i) Designation of the person or persons, natural or corporate, to whom all or a portion of the development is to be leased, sold, or conveyed in any manner and for whose benefit the project is being undertaken if that information is available to the authority.

The terms of Section (i) of the Third Amended Plan are incorporated herein by reference.

(j) The procedures for bidding for the leasing, purchasing or conveying in any manner of all or a portion of the development upon its completion, if there is not express or implied agreement between the authority and persons, natural or corporate, that all or a portion of the development will be leased, sold, or conveyed in any manner to those persons.

The terms of Section (j) of the Third Amended Plan are incorporated herein by reference.

(l) Estimates of the number of persons residing in the development area and the number of families and individuals to be displaced. If occupied residences are designated for acquisition and clearance by the authority, a development plan shall include a survey of the families and individuals to be displaced, including their income and racial composition, a statistical description of the housing supply in the community, including the number of private and public units in existence or under construction, the condition of those in existence or under construction, the condition of those in existence, the number of owner-occupied and renter-occupied units, the annual rate of turnover of the various types of housing and the range of rents and sale prices, and estimate of the total demand for housing in the community, and the estimated capacity of private and public housing available to displaced families and individuals.

The terms of Section (l) of the Third Amended Plan are incorporated herein by reference.

(m) A plan for establishing priority or the relocation of persons displaced by the development or any new housing in the development area.

The terms of Section (m) of the Third Amended Plan are incorporated herein by reference.

(n) Provision for the costs of relocating persons displaced by the development and financial assistance and reimbursement of expenses, including litigation expenses and expenses incident to the transfer of title, in accordance with the standards and provisions of the Federal Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, being Public Law 91-646, 42 U.S.C. Section 4601, et seq.

The terms of Section (n) of the Third Amended Plan are incorporated herein by reference.

(o) A plan for compliance with Act No. 227 of the Public Acts of 1972, being Sections 213.321 of the Michigan Compiled Laws.

The terms of Section (o) of the Third Amended Plan are incorporated herein by reference.

(p) Other material which the authority, local public agency or governing body deem pertinent.

The Fourth Amended development Plan may be further amended from time to time as further plans for redevelopment in the Development Area are formulated.

.:FOURTH AMENDED INCREMENT FINANCING (TIF) PLAN

In order to carry out the provisions of the Fourth Amended Development Plan (“Fourth Amended Plan”) and pursuant to MCR 125.1665, the DDA submits the Fourth Amended Tax Increment Financing (TIF) Plan as follows:

(a) Detailed explanation of tax increment financing procedure.

The terms of Section (a) of the Third Amended TIF Plan are incorporated herein by reference.

(b) Maximum amount of bonded indebtedness to be incurred.

The maximum bonded indebtedness by the DDA pursuant to the Fourth Amended Plan will not at any point in time exceed $50 million, which sum does not include the SAD referenced in Section (h) of the Fourth Amended Development Plan. 

(c) The duration of the program.

The terms of Section (c) of the Third Amended TIF Plan are incorporated herein by reference.

(d) Compliance with Section 15 of Act No. 197, Public Acts of Michigan, 1975, as amended.

The terms of Section (d) of the Third Amended TIF Plan are incorporated herein by reference.

(e) Statement of the estimated impact of tax increment financing on the assessed value of all taxing jurisdictions in which the development area is located.

The Fourth Amended TIF Plan will not diminish the initial assessed or taxable values of property within the Development Area. Pursuant to Section 14(4) of the DDA Act, the Authority shall fully inform the members of the various taxing jurisdictions within the Development Area of the fiscal and economic implications of the Fourth Amended TIF Plan.

(f) Statement of the portion of the Captured Assessed Value intended to be used by the authority.

The terms of Section (f) of the Third Amended TIF Plan are incorporated herein by reference.

(g) A statement setting forth the method for excluding growth in property value resulting solely from inflation.

The DDA may exclude from value that growth resulting solely from inflation based upon the Consumer Price Index (CPI) as promulgated by the Michigan State Tax Commission, unless appraisals of property in the Development Area indicate that another economic indicator is more appropriate. The DDA does not currently intend to exclude growth in property value attributable to inflation from capture.

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