Section 125.4912 – Copy or Electronic Mail Link of Adopted Development Plan or Tax Increment Finance Plan.
125.4912 Copy or electronic mail link of adopted development plan or tax increment finance plan. Sec. 912. Within 90 days of the effective date of this act, each authority shall send a copy or an electronic mail link of its currently adopted development plan or its currently adopted tax increment finance plan, if separate from […]
Section 125.4915 – Enforcement of Act.
125.4915 Enforcement of act. Sec. 915. (1) The department of treasury may institute proceedings to compel enforcement of this act and shall send written notification to an authority that fails to comply with this act, to each taxing jurisdiction that has tax increment revenues captured by the authority, and to the governing body of the […]
Section 125.4814 – Tax Increment Financing Plan; Preparation and Submission; Contents; Hearing and Approval Procedure; Agreement With Taxing Jurisdiction; Modification; Exemption From Tax; Separate Millage for Public Library Purposes; Resolution.
125.4814 Tax increment financing plan; preparation and submission; contents; hearing and approval procedure; agreement with taxing jurisdiction; modification; exemption from tax; separate millage for public library purposes; resolution. Sec. 814. (1) If the authority determines that it is necessary for the achievement of the purposes of this part, the authority shall prepare and submit a […]
Section 125.4815 – Tax Increment Revenues; Transmission to Authority; Expenditures.
125.4815 Tax increment revenues; transmission to authority; expenditures. Sec. 815. (1) The municipal and county treasurers shall transmit tax increment revenues to the authority. (2) The authority shall expend the tax increment revenues received for the development program only under the terms of the tax increment financing plan. Unused funds shall revert proportionately to the […]
Section 125.4816 – Authorization, Issuance, and Sale of Tax Increment Bonds; Limitations; Pledge; Resolution to Create Lien on Revenues; Limited Tax Pledge.
125.4816 Authorization, issuance, and sale of tax increment bonds; limitations; pledge; resolution to create lien on revenues; limited tax pledge. Sec. 816. (1) By resolution of its governing body, the authority may authorize, issue, and sell tax increment bonds subject to the limitations set forth in this subsection to finance the development program of the […]
Section 125.4817 – Development Plan; Contents.
125.4817 Development plan; contents. Sec. 817. (1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 812 or tax increment financing as authorized in sections 814, 815, and 816, it shall prepare a development plan. (2) The development plan shall contain all […]
Section 125.4818 – Development Plan; Public Hearing; Notice; Opportunity to Speak and Provide Written Comment.
125.4818 Development plan; public hearing; notice; opportunity to speak and provide written comment. Sec. 818. (1) The governing body, before adoption of an ordinance approving a development plan or tax increment financing plan, shall hold a public hearing on the development plan. Notice of the time and place of the hearing shall be given by […]
Section 125.4819 – Development Plan or Tax Increment Financing Plan as Public Purpose; Consideration for Approval, Rejection, or Modification.
125.4819 Development plan or tax increment financing plan as public purpose; consideration for approval, rejection, or modification. Sec. 819. The governing body after a public hearing on the development plan or the tax increment financing plan, or both, with notice given under section 818, shall determine whether the development plan or tax increment financing plan […]
Section 125.4820 – Budget; Submission; Approval; Cost of Handling and Auditing Funds.
125.4820 Budget; submission; approval; cost of handling and auditing funds. Sec. 820. (1) The director of the authority shall submit a budget to the board for the operation of the authority for each fiscal year before the beginning of the fiscal year. The budget shall be prepared in the manner and contain the information required […]
Section 125.4805 – Operation of Authority; Resolution of Intent; Public Hearing; Notice; Adoption of Ordinance Establishing Authority; Filing; Alteration or Amendment of Boundaries; Exclusions; Duration.
125.4805 Operation of authority; resolution of intent; public hearing; notice; adoption of ordinance establishing authority; filing; alteration or amendment of boundaries; exclusions; duration. Sec. 805. (1) If the governing body of a municipality determines that it is necessary for the best interests of the public to promote residential growth in a residential district and to […]