The payment in this section is a reimbursement to the district for forgone property tax revenues produced by the existence of a “renaissance zone” within the Grand Rapids City School District (see the discussion under “Renaissance Zone,” under "Property," and under “Local Property Tax Revenue Adjustments,” under "State Categorical Grants"). The Grand Rapids state aid financial status report shows the district receiving $251,794.10 in December 2006, with an estimated fiscal 2007 payout of $2,770,012.06.

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