MCL - 57-2018-4
Act 57 of 2018
LOCAL DEVELOPMENT FINANCE AUTHORITIES
| Document | Type | Description |
|---|---|---|
| Section 125.4401 | Section | Legislative findings; short title of part. |
| Section 125.4402 | Section | Definitions. |
| Section 125.4403 | Section | Authority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers. |
| Section 125.4404 | Section | 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 be followed by Next Michigan development corporation. |
| Section 125.4405 | Section | 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. |
| Section 125.4406 | Section | 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. |
| Section 125.4407 | Section | Powers of board generally. |
| Section 125.4408 | Section | Authority as instrumentality of political subdivision. |
| Section 125.4409 | Section | Taking, transfer, and use of private property. |
| Section 125.4410 | Section | Financing activities of authority. |
| Section 125.4411 | Section | Revenue bonds. |
| Section 125.4411a | Section | 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. |
| Section 125.4411b | Section | 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. |
| Section 125.4412 | Section | Tax increment financing plan. |
| Section 125.4412a | Section | 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. |
| Section 125.4412b | Section | 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. |
| Section 125.4412c | Section | 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. |
| Section 125.4412d | Section | Conveyance or lease of public facilities at less than fair market value or below market rates. |
| Section 125.4412e | Section | Notice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds. |
| Section 125.4413 | Section | Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan. |
| Section 125.4414 | Section | Tax increment bonds; qualified refunding obligation. |
| Section 125.4415 | Section | Development plan generally. |
| Section 125.4416 | Section | Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record. |
| Section 125.4417 | Section | Development plan or tax increment financing plan as constituting public purpose; approval or rejection; considerations; amendments; procedure, notice, findings, and amendment as conclusive; contest. |
| Section 125.4418 | Section | Relocation of person; notice to vacate. |
| Section 125.4419 | Section | Preparation and submission of budget; manner; approval; cost of handling and auditing funds. |
| Section 125.4420 | Section | Dissolution of authority; resolution; disposition of property and assets. |