DOWNTOWN DEVELOPMENT AUTHORITY
Downtown Development Authority
Created by Ordinance #632 – August 21, 1980
4 Year Term-Meets 1st Wednesday each month at noon at City Hall
The Downtown Development Authority is charged with providing physical improvements to the downtown area. The major accomplishment of the Downtown Development Authority has been the purchase of waterfront property for Riverfront Park and the South Side Marina. The Authority created a plan for improvements to the Downtown for the next 20 years, the Downtown Development Plan. The improvements will be financed by tax increment financing “tax capture” in the Downtown area.
Purpose as Defined In Enabling Statute/Ordinance/Resolution
“Its purpose will be to correct and prevent deterioration in business districts; to encourage historic preservation; to authorize the acquisition and disposal of interest in real and personal property; to authorize creation and implementation of development plans in the districts; to promote the economic growth of the districts; to create a board; to prescribe its powers and duties; authorize the levy and collection of taxes; authorize the issuance of bonds and other evidence of indebtedness; authorize the use of tax increment financing.”