Building and Site Sinking Fund Millage -- 1 Mill for 7 Years

Shall the limitation on the amount of taxes which may be assessed against all property within the school district of Lowell Area Schools, Kent and Ionia Counties, Michigan, be increased by and the board of education be authorized to levy a new additional millage of not to exceed 1 mill ($1.00 per $1,000 of taxable valuation) to create a sinking fund to be used for the construction or repair of school buildings, purchase of real estate for sites, and other purposes authorized by law, for a period of seven (7) years, 2013 through 2019, inclusive (estimated to provide revenues of approximately $732,000 in 2013) The following is for informational purposes: There are local authorities in the school district that capture and retain for authorized purposes tax increment revenues from property taxes levied by the school district. Such capture would include a portion of this millage levy. The total amount of captured tax increment revenues from such millage in the first calendar year of the levy is estimated to be $50,600. The following local tax increment authorities in the school district presently capture a portion of the school district's property tax levy: City of Lowell - Downtown Development Authority