125.4401 Legislative findings; short title of part. Sec. 401. (1) The legislature finds all of the following: (a) That there exists in this state conditions of unemployment, underemployment, and joblessness detrimental to the state economy and the economic growth of the state economy. (b) That government programs are desirable and necessary to eliminate the causes […]
125.4402 Definitions. Sec. 402. 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 limited to, an […]
125.4403 Authority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers. Sec. 403. (1) Except as otherwise provided by subsection (2), a municipality may establish not more than 1 authority under the provisions of this part. An authority established under this subsection shall exercise its powers in all authority districts. (2) In addition […]
125.4404 Resolution of intent to create and provide for operation of authority; notice of public hearing; hearing; resolution exempting taxes from capture; action of library board or commission; resolution establishing authority and designating boundaries; filing and publication; alteration or amendment of boundaries; validity of proceedings; establishment of authority by 2 or more municipalities; procedures to […]
125.4405 Board; appointment, qualification, and terms of members; vacancy; reimbursement for expenses; chairperson; oath of office; rules; procedure; meetings; removal of member; publicizing expense items; financial records open to public; subsections (1) and (5) inapplicable to certain authority. Sec. 405. (1) The authority shall be under the supervision and control of a board of 7 […]
125.4406 Director; employment; compensation; oath of office; bond; chief executive officer; duties; acting director; appointment or employment, compensation, and duties of treasurer; appointment or employment, compensation, and duties of secretary; legal counsel; employment of other personnel; municipal retirement and insurance programs. Sec. 406. (1) The board may employ and fix the compensation of a director, […]
125.4407 Powers of board generally. Sec. 407. The board may: (a) Study and analyze unemployment, underemployment, and joblessness and the impact of growth upon the authority district or districts. (b) Plan and propose the construction, renovation, repair, remodeling, rehabilitation, restoration, preservation, or reconstruction of a public facility. (c) Develop long-range plans, in cooperation with the […]
125.4408 Authority as instrumentality of political subdivision. Sec. 408. 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
125.4409 Taking, transfer, and use of private property. Sec. 409. A municipality may take private property under the uniform condemnation procedures act, 1980 PA 87, MCL 213.51 to 213.75, for the purpose of transfer to the authority, and may transfer the property to the authority for use as authorized in the development plan, on terms […]
125.4410 Financing activities of authority. Sec. 410. 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, subject […]
125.4411 Revenue bonds. Sec. 411. (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 141.135. Except as provided in subsection (2), revenue bonds issued by the authority shall not be considered a debt of the municipality or of […]
125.4411a Insufficient tax increment revenues for repayment of advance or payment of obligation; appropriation; filing claim; information required in claim; distributions; determination of amounts; limitations; distribution subject to lien; indebtedness, liability, or obligation; certification of distribution amount; basis for calculation of distributions and claims reports; use of 12-month debt payment period. Sec. 411a. (1) If […]
125.4411b 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. 411b. (1) If the amount of tax increment […]
125.4412 Tax increment financing plan. Sec. 412. (1) If the board determines that it is necessary for the achievement of the purposes of this part, the board shall prepare and submit a tax increment financing plan to the governing body. The plan shall be in compliance with section 413 and shall include a development plan […]
125.4412a Designation as certified technology park; application to Michigan economic development corporation; agreement; determination of sale price or rental value for public facilities; inclusion of legal and equitable remedies and rights; marketing services; additional certified technology parks; priority to certain applications; duties of state. Sec. 412a. (1) A municipality that has created an authority may […]
125.4412b Creation of authority in which certified technology park designated; agreement with another authority; designation of distinct geographic area; consideration of advantages and benefits; capture of amounts levied by state and local and intermediate school districts; application for approval of distinct geographic area; competitive application process; requirements. Sec. 412b. (1) A municipality that has created […]
125.4412c Designation as certified alternative energy park; application; criteria; agreement; determination of sale price or rental value for public facilities; inclusion of legal and equitable remedies and rights; limitations; pledge to support authority’s tax increment bonds; ownership and operation by economic development corporation. Sec. 412c. (1) A municipality that has created an authority may apply […]
125.4412d Conveyance or lease of public facilities at less than fair market value or below market rates. Sec. 412d. (1) If an authority determines that a sale price or rental value at below market rate will assist in increasing employment or private investment in a development area, the authority may determine a sale price or […]
125.4412e Notice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds. Sec. 412e. (1) A Next Michigan development corporation establishing an authority under section 403(3) shall notify the Michigan economic development corporation of the designation of a Next Michigan development area. (2) […]
125.4413 Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan. Sec. 413. (1) The city, village, township, school district, and county treasurers shall transmit to the authority tax increment revenues. (2) The authority shall expend the tax increment revenues received […]
