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 […]
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 […]
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 […]
125.4805 Operation of authority; resolution of intent; public hearing; notice; adoption of ordinance establishing authority; filing; alteration or amendment of boundaries; exclusions; duration. Sec. 805. (1) If the governing body of a municipality determines that it is necessary for the best interests of the public to promote residential growth in a residential district and to […]
125.4806 Annexation or consolidation with another municipality. Sec. 806. 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 […]
125.4807 Board; chief executive officer; membership; appointment; terms; vacancy; oath; open meetings; removal of member; financial records; writings subject to freedom of information act. Sec. 807. (1) An authority shall be under the supervision and control of a board consisting of the chief executive officer of the municipality or his or her designee and not […]
125.4808 Director; compensation; service; eligibility; oath; posting of bond; director as chief executive officer; duties of director; acting director; treasurer; secretary; retention of legal counsel; other personnel. Sec. 808. (1) The board may employ and fix the compensation of a director, subject to the approval of the governing body of the municipality. The director shall […]
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
125.4810 Powers of board. Sec. 810. The board may do any of the following: (a) Prepare an analysis of economic changes taking place in the development area. (b) Study and analyze the impact of metropolitan growth upon the development area. (c) Plan and propose the construction, renovation, repair, remodeling, rehabilitation, restoration, preservation, or reconstruction of […]
125.4811 Financing sources; disposition of money received. Sec. 811. (1) The activities of the authority shall be financed from 1 or more of the following sources: (a) Donations to the authority for the performance of its functions. (b) Money borrowed and to be repaid as authorized by sections 812 and 813. (c) Revenues from any […]
125.4812 Borrowing money and issuing negotiable revenue bonds. Sec. 812. The authority may borrow money and issue its negotiable revenue bonds under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. History: 2018, Act 57, Eff. Jan. 1, 2019
125.4813 Acquisition or construction of property; borrowing money and issuing revenue bonds; other financing; securing bonds and notes; pledge; exemption from taxation; exceptions; liability; investments. Sec. 813. (1) The authority may with approval of the local governing body borrow money and issue its revenue bonds or notes to finance all or part of the costs […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
125.4821 Dissolution of authority; property and assets. Sec. 821. An authority that has completed the purposes for which it was organized shall be dissolved by ordinance of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority belong to the municipality. History: 2018, Act 57, […]
