Examples of Act 381 in a sentence
Capitalized terms shall have those definitions provided under Act 381 unless otherwise provided by this Agreement or unless inconsistent with the context in which the term is used.
To the extent provisions of the Plan, and any amendment to the Plan, or this Agreement conflicts with the Xxxxxxxxxx Redevelopment Financing Act, Act 381 controls.
The Project will be constructed within the DDA’s current development area, and accordingly the DDA, through an inter-local agreement with the ELBRA, the form of which is set forth in Exhibit J (the “ELBRA-DDA Interlocal Agreement”), will agree with the ELBRA that any authorized library-related millage will be captured pursuant to Act 381 and BRA Plan #24.
The captured incremental taxes shall be pledged by and remitted directly from or on behalf of the ELBRA to the Trustee, and pursuant to Act 381.
The DBRA was created by a City Council resolution and approved by the Mayor in April 1998, under the provisions of Act 381, Public Acts of Michigan, 1996.
Pursuant to the Plan and amendments thereto, the ELBRA shall capture 100% of the Tax Increment Revenues from the Eligible Properties, except the partial capture retained by the DDA as outlined in Schedule 3 of the Interlocal Agreement between the DDA and ELBRA, for such period of time as required for the purpose of paying costs of Eligible Activities to the Owner to cover the cost of Eligible Activities as set forth herein and allowed under Act 381.
The GTCBRA may retain the services of a qualified contract manager to exercise oversight of the Owner and its Environmental Consultant and/or Contractors for purposes of assuring that the activities, invoices and accounting by the Owner are fair, reasonable, and constitute Eligible Activities within the meaning and scope of this Agreement, the Xxxxxxxxxx Plan, the Act 381 Work Plans, and Act 381.
The GTCBRA and County of Grand Traverse shall have no liability to the Owner under this Agreement except to reimburse the Owner for its Eligible Activities in accordance with the Act 381 Work Plans that have been approved by the EGLE, MEGA and the GTCBRA as provided by law and under the terms of this Agreement.
The DDA shall only transfer to the ELBRA the tax increment revenues actually generated by the eligible property to reimburse for approved eligible activity costs identified in the approved Xxxxxxxxxx Plan and authorized by Act 381.
The GTCBRA will prepare and submit the Act 381 Work Plans (and amendments as necessary) in accordance with Act 381 which will provide for the payment of transaction costs and reimbursement to the Owner of the Owner’s Eligible Activity expenses that have been conducted, completed and approved in accordance with the scope and terms of this Agreement, Act 381, the Xxxxxxxxxx Plan, and any applicable Act 381 Work Plans, and approved by the GTCBRA pursuant to its policies and procedures.