Section 125.4911 – Capture of Tax Increment Revenues; Report by Authority; Contents; Filing; Compilation by Department of Treasury; Submission to Legislature; Consultation With Professional Organizations.
125.4911 Capture of tax increment revenues; report by authority; contents; filing; compilation by department of treasury; submission to legislature; consultation with professional organizations. Sec. 911. (1) Annually, on a form and in the manner prescribed by the department of treasury, an authority that is capturing tax increment revenues shall submit to the governing body of […]
Section 125.4809 – Municipal Retirement and Insurance Programs; Participation.
125.4809 Municipal retirement and insurance programs; participation. Sec. 809. The employees of an authority shall be eligible to participate in municipal retirement and insurance programs of the municipality as if they were civil service employees except that the employees of an authority are not civil service employees. History: 2018, Act 57, Eff. Jan. 1, 2019
Section 125.4715 – Tax Increment Financing Plan; Preparation and Submission; Development Plan; Statement of Estimated Impact; Approval; Notice, Hearing, and Disclosure Provisions; Modification; Exempting Taxes From Capture; Resolution; Action of Library Board or Commission.
125.4715 Tax increment financing plan; preparation and submission; development plan; statement of estimated impact; approval; notice, hearing, and disclosure provisions; modification; exempting taxes from capture; resolution; action of library board or commission. Sec. 715. (1) If the authority determines that it is necessary for the achievement of the purposes of this part, the authority shall […]
Section 125.4716 – Transmission of Tax Increment Revenues to Authority; Expenditures; Terms; Reversion of Unused Funds; Abolishment of Plan; Conditions.
125.4716 Transmission of tax increment revenues to authority; expenditures; terms; reversion of unused funds; abolishment of plan; conditions. Sec. 716. (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 […]
Section 125.4717 – Authorization, Issuance, and Sale of Tax Increment Bonds.
125.4717 Authorization, issuance, and sale of tax increment bonds. Sec. 717. (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 tax increment financing plan. The tax increment bonds issued by the […]
Section 125.4718 – Development Plan; Contents.
125.4718 Development plan; contents. Sec. 718. (1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 713 or tax increment financing as authorized in sections 715, 716, and 717, it shall prepare a development plan. (2) The development plan shall contain all […]
Section 125.4719 – Development Plan or Tax Increment Financing Plan; Adoption of Ordinance; Notice of Public Hearing; Purpose of Public Hearing.
125.4719 Development plan or tax increment financing plan; adoption of ordinance; notice of public hearing; purpose of public hearing. Sec. 719. (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 […]
Section 125.4720 – Determination of Public Purpose; Approval or Rejection of Plan; Modification; Considerations.
125.4720 Determination of public purpose; approval or rejection of plan; modification; considerations. Sec. 720. The governing body after a public hearing on the development plan or the tax increment financing plan, or both, with notice given under section 819, shall determine whether the development plan or tax increment financing plan constitutes a public purpose. If […]
Section 125.4721 – Operation of Authority; Budget; Review by Board; Submission to Governing Body; Adoption; Cost of Handling and Auditing Funds.
125.4721 Operation of authority; budget; review by board; submission to governing body; adoption; cost of handling and auditing funds. Sec. 721. (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 […]
Section 125.4706 – Annexation or Consolidation.
125.4706 Annexation or consolidation. Sec. 706. If a development area is part of an area annexed to or consolidated with another municipality, the authority managing that development area shall become an authority of the annexing or consolidated municipality. Obligations of that authority incurred under a development or tax increment plan, agreements related to a development […]