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Michigan Compiled Laws Complete Through PA 56 and includes 58-108 of 2018
House: Adjourned until Tuesday, April 24, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, April 24, 2018 10:00:00 AM

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Act 450 of 1980
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Act 450 of 1980

AN ACT to prevent urban deterioration and encourage economic development and activity and to encourage neighborhood revitalization and historic preservation; to provide for the establishment of tax increment finance authorities and to prescribe their powers and duties; to authorize the acquisition and disposal of interests in real and personal property; to provide for the creation and implementation of development plans; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to permit the issuance of bonds and other evidences of indebtedness by an authority; to permit the use of tax increment financing; to reimburse authorities for certain losses of tax increment revenues; and to prescribe the powers and duties of certain state agencies and officers.

History: 1980, Act 450, Imd. Eff. Jan. 15, 1981 ;-- Am. 1988, Act 420, Imd. Eff. Dec. 27, 1988 ;-- Am. 1993, Act 322, Eff. Mar. 15, 1994
Popular Name: TIFA

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 125.1801SectionDefinitions.
Section 125.1801aSectionShort title.
Section 125.1802SectionAuthority; establishment; public body corporate; powers generally.
Section 125.1803SectionResolution 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.
Section 125.1804SectionBoard; 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.
Section 125.1805SectionBoard; 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.
Section 125.1807SectionBoard; powers generally.
Section 125.1808SectionBoard serving as planning commission; agenda.
Section 125.1809SectionAuthority as instrumentality of political subdivision.
Section 125.1810SectionTaking, transfer, and use of private property by municipality.
Section 125.1811SectionFinancing activities of authority; sources.
Section 125.1812SectionBorrowing money; issuing negotiable revenue bonds; full faith and credit.
Section 125.1812aSectionInsufficient 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 distributions and claims reports; debt payment period.
Section 125.1812bSectionRetention 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 125.1813SectionPreparation and submission of tax increment financing plan; contents and approval of plan; public hearing; taxing jurisdictions.
Section 125.1814SectionTransmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan; financial report.
Section 125.1815SectionTax increment bonds; qualified refunding obligation.
Section 125.1816SectionDevelopment plan; preparation; contents.
Section 125.1817SectionPublic hearing on development plan; publication, mailing, and contents of notice; presentation of data; record.
Section 125.1818SectionDevelopment plan or tax increment plan as public purpose; determination; approval or rejection of plan; notice and public hearing; conclusiveness of procedure, adequacy of notice, and certain findings; validation and conclusiveness of plan; contesting plan.
Section 125.1819SectionNotice to vacate.
Section 125.1820SectionDevelopment area citizens council; establishment; advisory body; appointment and qualifications of members.
Section 125.1821SectionConsultation representative of authority and council.
Section 125.1822SectionMeetings of council; open to public; notice; hearing persons present at meeting; record; information and technical assistance; failures not precluding adoption of development plan.
Section 125.1823SectionDevelopment plan; notice of findings and recommendations.
Section 125.1824SectionDevelopment area citizens council; dissolution.
Section 125.1825SectionBudget; cost of handling and auditing funds.
Section 125.1826SectionPreservation of public facility, building, or structure having significant historical interest; review of proposed changes to exterior of historic site.
Section 125.1827SectionDissolution of authority; resolution; disposition of property and assets.
Section 125.1828SectionAuthority district part of area annexed to or consolidated with another municipality; authority of annexing or consolidated municipality; status of obligations, agreements, and bonds.
Section 125.1829SectionNew authority or authority district and boundaries of authority district; prohibitions; validity of tax increment finance authority, authority district, development area, development plan, or tax increment financing plan established before December 30, 1986; development area created or expanded after December 29, 1986.
Section 125.1830SectionProceedings to compel enforcement of act; rules.
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