The Village of Romeo Downtown Development Authority (the “DDA”) was established by the Village Council of the Village of Romeo (the “Village”) pursuant to Act 197, Public Acts of Michigan, on April 21, 1986. The DDA was established in order to prevent actual and potential deterioration of property values in the Downtown District of the Village (as defined in Ordinance No. 415), to eliminate the causes of economic and physical deterioration and to promote economic growth and development in the Downtown District.
Following it’s creation, the DDA wrote a Development Plan and Tax Increment Finance Plan No. 1 (the “Original Plan”). The Original Plan was adopted by the Village Council of the Village pursuant to Ordinance No. 446 on May 20, 1991.
The Original Plan contemplated various improvements including sidewalk, streetscape, beautification, lighting and park improvements in the Development Area (hereinafter defined). Since the approval of the Original Plan, the DDA has undertaken a variety of projects and improvements in the Development Area utilizing tax increment revenues, in accordance with the Original Plan.
On January 10, 2006, the DDA received, as part of the State of Michigan’s Cool Cities initiative, the final Romeo Downtown Blueprint 2006 report (the “Blueprint”) from consultant HyettPalma, Inc. The Blueprint is a 5-year, market-based, strategic plan, that was developed to enhance the downtown’s economic prosperity.
On February 15, 2006, the DDA adopted the Blueprint as its guideline for revitalizing the Development Area. On March 7, 2007, the DDA amended and restated the Original Plan in order to implement the vision and objectives as outlined in the Blueprint.
The DDA now desires to amend and restate the Original Plan and the 2007 Amended Plan in order to implement the DDA’s defined vision and objectives for the Development Area as outlined in this plan.
The purpose of this Amended and Restated Development Plan and Tax Increment Financing Plan (the “Plan”) is to establish the legal basis and procedures for implementation of the DDA’s strategic vision for the Development Area and the capture and expenditure of the tax increment revenues in accordance with Act 197.
The adoption of this Plan is necessary in order to carry out the objectives of the DDA, including the prevention of future deterioration of the Development Area and the promotion of economic growth, while at the same time preserving the unique historical characteristics of the Development Area, for the benefit of of all businesses and taxing units located within the Development Area.
The Original Plan and 2007 Amended Plan is hereby amended and restated in its entirety as follows in this document