125.901 Urban redevelopment corporations law; short title; applicability to townships. Sec. 1. (1) This act shall be known and may be cited as the “urban redevelopment corporations law.” (2) This act applies to townships in the same manner and to the same extent as it applies to cities. However, the development area in a township […]
125.902 Legislative findings; policy of state; purpose of act. Sec. 2. It is declared that in the cities of the state substandard and insanitary areas exist which have resulted from inadequate planning, excessive land coverage, lack of proper light, air, and open space, pollution, neglect, defective design and arrangement of buildings, lack of proper sanitary […]
125.903 Urban redevelopment corporations law; definitions. Sec. 3. The following terms, whenever used or referred to in this act, shall, unless a different intent clearly appears from the context, be construed as follows: The term “area” shall mean a portion of a city which a planning commission has found or shall find to be substandard […]
125.904 Development plans; contents; approval; requirements; amendments; fees. Sec. 4. Development plans and approval thereof. 1. A development plan shall contain: (a) A metes and bounds or a statement of the boundaries by streets, or other reasonably definite legal description of the redevelopment area; (b) A statement of the various stages, if more than 1 […]
125.905 Supervising agency; appointment. Sec. 5. The local legislative body of a city is hereby authorized by general ordinance or local law to appoint, establish or designate the chief financial officer of the city or some other official or bureau, commission or agency as the person or body to exercise the powers and perform the […]
125.906 Redevelopment corporation; organization; articles; forfeiture of rights; name. Sec. 6. 1. At any time 1 or more natural persons, corporations or partnerships may incorporate a redevelopment corporation on making, subscribing, acknowledging and filing in the corporation and securities commission a certificate pursuant to the general corporation law, which shall be entitled and endorsed “certificate […]
125.907 Limitations imposed upon redevelopment corporations; limitations. Sec. 7. Limitation of redevelopment corporations. No redevelopment corporation shall: 1. Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the certificates of approval required by section 4 of this act have been issued; 2. Change, alter, amend, add to or depart from […]
125.908 Corporation code; application to redevelopment corporations. Sec. 8. Application of other corporation laws to redevelopment corporations. The provisions of the general corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment corporations, except where such provisions are in conflict with the provisions of this act. In […]
125.909 Consideration for issuance of stock, bond or debentures. Sec. 9. Consideration for issuance of stock, bonds, or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation. History: 1941, […]
125.910 Determination of development cost; procedure. Sec. 10. 1. Upon the completion of a development, a redevelopment corporation shall, or upon the completion of a principal part of a development, a redevelopment corporation may, file with the supervising agency an audited statement of the development cost thereof. Within a reasonable time after the filing of […]
125.911 Regulation of corporation by supervising agency. Sec. 11. Regulation of redevelopment corporations by supervising agency. A redevelopment corporation shall: 1. Furnish to the supervising agency from time to time, as required by it, but with respect to regular reports not more often than once every 6 months, such financial information, statements, audited reports or […]
125.912 Exemption from increase in assessed value; limitations; development plan; “qualified entity” defined. Sec. 12. (1) A local legislative body is authorized by the adoption or enactment of an ordinance or local law to exempt real property located within the city or township owned by a redevelopment corporation or a qualified entity during a maximum […]
125.912a Redevelopment corporation; powers and authority. Sec. 12a. Except as otherwise provided in this act, a redevelopment corporation may do all of the following: (a) Form or incorporate nonprofit corporations under the laws of this state for any purpose not inconsistent with the purposes for which the redevelopment corporation was formed. (b) Serve as a […]
125.912b Redevelopment corporation; funds, grants, agreements. Sec. 12b. (1) Funds for the operation of a redevelopment corporation may be loaned or granted by the city or township, this state, the federal government, or any agency or political subdivision of this state or the federal government. The city or township, through its local legislative body, may […]
125.913 Return on income debentures and stock; limitations. Sec. 13. Limited return on income debentures and stock. 1. No redevelopment corporation shall pay any interest on its income debentures or dividends on its stock during any dividend year, unless there shall exist at the time of any such payment no default under any amortization requirements […]
125.914 Proceedings against redevelopment corporations; parties. Sec. 14. Enforcement proceedings against redevelopment corporations. Whenever a redevelopment corporation shall not have obtained the certificates of approval of its development plan required by section 4 of this act within 12 months of the date upon which it became a redevelopment corporation, or shall not have substantially complied […]
125.915 Real estate; transfer to redevelopment corporations. Sec. 15. Transfer of real property to redevelopment corporation. Notwithstanding any requirement of law to the contrary or the absence of direct provision therefor in the instrument under which a fiduciary is acting, every executor, administrator, trustee, guardian or any other person, holding trust funds or acting in […]
125.916 Acquisition of real estate; methods; condemnation. Sec. 16. 1. A redevelopment corporation may, whether before or after the certificates of approval of its development plan required by section 4 have been issued, acquire real property or secure options in its own name or in the name of nominees to acquire real property, by gift, […]
125.917 Condemnation; proceedings; damages; compensation. Sec. 17. 1. When it is desired that any real property in a development area be acquired by condemnation, there shall be presented to the supervising agency by the redevelopment corporation a verified petition requesting the issuance of a certificate of approval of condemnation of such real property which shall […]
125.917a Condemnation, law applicable. Sec. 17a. Notwithstanding the provisions of section 17, condemnation proceedings under this act shall be pursuant to Act No. 149 of the Public Acts of 1911, as amended, being sections 213.21 to 213.41 of the Compiled Laws of 1948. History: Add. 1968, Act 325, Imd. Eff. July 3, 1968
