Annual Synopsis


Act 57 of 2018 requires Downtown Development Authorities to provide an updated annual synopsis of activities of the authority and should include the following, if any:
  
  -For any tax increment revenues described in the annual audit that are not expended within 5 years of
    their receipt, a description that provides the following:
      (A) The reasons for accumulating those funds and the uses for which those funds will be expended.
      (B) A time frame when the fund will be expended.
      (C) If any funds have not been expended within 10 years of their receipt, both of the following:
            (I) The amount of those funds.
           (II) A written explanation of why those funds have not been expended.
                 (ii) List of authority accomplishments, including progress made on development plan and tax  
                 increment finance plan goals and objectives for the immediately preceding fiscal year.
                 (iii) List of authority projects and investments, including active and completed projects for the
                 immediately preceding fiscal year.
                 (iv) List of authority events and promotional campaigns for the immediately preceding fiscal year.
 
 - The requirements in subsection (1) are required for records and documents related to fiscal years as follows:
      (a) For the fiscal year in which this act takes effect, the records and documents for that fiscal year.
      (b) For the fiscal year 1 year following the effective date of this act, the records and documents for that
            fiscal year and the immediately preceding fiscal year.
      (c) For the fiscal year 2 years following the effective date of this act, the records and documents for that
            fiscal year and the 2 immediately preceding fiscal years.
      (d) For the fiscal year 3 years following the effective date of this act, the records and documents for the
           fiscal year and the 3 immediately preceding fiscal years.
      (e) For the fiscal year 4 years following the effective date of this act and each subsequent fiscal year, the
           records and documents for the fiscal year and the 4 immediately preceding fiscal years.
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