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 125.4802 – Definitions; a to M.
125.4802 Definitions; A to M. Sec. 802. As used in this part: (a) “Advance” means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. Evidence of the intent to repay an advance may include, but is not […]
Section 125.4803 – Definitions; O to T.
125.4803 Definitions; O to T. Sec. 803. As used in this part: (a) “Operations” means office maintenance, including salaries and expenses of employees, office supplies, consultation fees, design costs, and other expenses incurred in the daily management of the authority and planning of its activities. (b) “Parcel” means an identifiable unit of land that is […]
Section 125.4804 – Multiple Authorities; Establishment; Authority as Public Body Corporate.
125.4804 Multiple authorities; establishment; authority as public body corporate. Sec. 804. (1) Except as otherwise provided in this subsection, a municipality may establish multiple authorities. A parcel of property shall not be included in more than 1 authority created under this part. (2) An authority is a public body corporate that may sue and be […]