125.4301 Definitions. Sec. 301. 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. Evidence of the intent to repay an advance is required and may include, but is not limited to, an executed agreement to repay, […]
125.4301a Short title of part. Sec. 301a. This part shall be known and may be cited as “the tax increment finance authority part”. History: 2018, Act 57, Eff. Jan. 1, 2019
125.4302 Authority; establishment; public body corporate; powers generally. Sec. 302. (1) A municipality may establish not more than 1 authority. An authority shall exercise its powers in all development areas designated pursuant to this part. (2) The authority shall be a public body corporate which may sue and be sued in any court of this […]
125.4303 Resolution of intent to create and provide operation of authority; determinations; notice of public hearing; adoption, filing, and publication of resolution establishing authority and designating boundaries of authority district; alteration or amendment of boundaries; validity of proceedings establishing authority; action by library board or commission. Sec. 303. (1) If the governing body of a […]
125.4304 Board; composition; chairperson; oath of member; rules governing procedure and meetings; meetings open to public; removal of member; publicizing expense items; financial records open to public. Sec. 304. (1) The authority shall be under the supervision and control of a board chosen by the governing body which may by majority vote designate any 1 […]
125.4305 Board; employment, compensation, term, oath, and bond of director; chief executive office; duties of director; absence or disability of director; reports; employment, compensation, and duties of treasurer and secretary; retention and duties of legal counsel; employment of other personnel; participation in municipal retirement and insurance programs. Sec. 305. (1) The board may employ and […]
125.4307 Board; powers generally. Sec. 307. The board may: (a) Prepare an analysis of economic changes taking place in the municipality and its environs as those changes relate to urban deterioration in the development areas. (b) Study and analyze the impact of growth upon development areas. (c) Plan and propose the construction, renovation, repair, remodeling, […]
125.4308 Board serving as planning commission; agenda. Sec. 308. If a board created under this part serves as the planning commission under the Michigan planning enabling act, 2008 PA 33, MCL 125.3801 to 125.3885, the board shall include planning commission business in its agenda. History: 2018, Act 57, Eff. Jan. 1, 2019
125.4309 Authority as instrumentality of political subdivision. Sec. 309. The authority shall be considered an instrumentality of a political subdivision for purposes of 1972 PA 227, MCL 213.321 to 213.332. History: 2018, Act 57, Eff. Jan. 1, 2019
125.4310 Taking, transfer, and use of private property by municipality. Sec. 310. A municipality may take private property under 1980 PA 87, MCL 213.51 to 213.77 for the purpose of transfer to the authority, and may transfer the property to the authority for use as authorized in the development program, on terms and conditions it […]
125.4311 Financing activities of authority; sources. Sec. 311. The activities of the authority shall be financed from 1 or more of the following sources: (a) Contributions to the authority for the performance of its functions. (b) Revenues from any property, building, or facility owned, leased, licensed, or operated by the authority or under its control, […]
125.4312 Borrowing money; issuing negotiable revenue bonds; full faith and credit. Sec. 312. (1) The authority may borrow money and issue its negotiable revenue bonds pursuant to the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. Revenue bonds issued by the authority shall not, except as hereinafter provided, be considered a […]
125.4312a Insufficient tax increment revenues for repayment of advance or payment of obligation; appropriation and distribution to authority; filing, time, and contents of claim; distribution of amounts in 2 equal payments; appropriation and distribution of aggregate amount; limitations; distribution subject to lien; obligation as debt or liability; certification of distribution amount; basis for calculations of […]
125.4312b Retention and payment of taxes levied under state education tax act; conditions; application by authority for approval; information to be included; approval, modification, or denial of application by department of treasury; appropriation and distribution of amount; calculation of aggregate amount; lien; reimbursement calculations; legislative intent. Sec. 312b. (1) If the amount of tax increment […]
125.4313 Preparation and submission of tax increment financing plan; contents and approval of plan; public hearing; taxing jurisdictions. Sec. 313. (1) When the authority determines that it is necessary for the achievement of the purposes of this part, the authority shall prepare and submit a tax increment financing plan to the governing body. The plan […]
125.4314 Transmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan. Sec. 314. (1) The municipal and county treasurers shall transmit to the authority tax increment revenues. (2) The authority shall expend the tax increment revenues received for the development program only in accordance with the tax increment financing […]
125.4315 Tax increment bonds; qualified refunding obligation. Sec. 315. (1) By resolution of its board, the authority may authorize, issue, and sell its tax increment bonds, subject to the limitations set forth in this section, to finance a development program. The bonds are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 […]
125.4316 Development plan; preparation; contents. Sec. 316. (1) When a board decides to finance a project in a development area pursuant to this part, it shall prepare a development plan. (2) To the extent necessary to accomplish the proposed development program the development plan shall contain: (a) The designation of boundaries of the development area […]
125.4317 Public hearing on development plan; publication, mailing, and contents of notice; presentation of data; record. Sec. 317. (1) The governing body, before adoption of a resolution approving or amending a development plan or approving or amending a tax increment financing plan, shall hold a public hearing on the development plan. Notice of the time […]
125.4318 Development plan or tax increment plan as public purpose; determination; approval or rejection of plan; notice and hearing; conclusiveness of procedure, adequacy of notice, and certain findings; validation and conclusiveness of plan; contesting plan. Sec. 318. (1) The governing body, after a public hearing on the development plan or the tax increment financing plan, […]
