capitol dome
Michigan Legislative Website


Michigan Compiled Laws Complete Through PA 355 of 2014
House: Adjourned until Tuesday, December 2, 2014 1:30:00 PM
Senate: Adjourned until Tuesday, December 2, 2014 10:00:00 AM

Michigan Legislative Website

Main Content

Act 338 of 1974
Search within this Statute for


ECONOMIC DEVELOPMENT CORPORATIONS ACT

Act 338 of 1974

AN ACT to provide for the creation of public economic development corporations; to prescribe their powers and duties; to provide for their dissolution; to provide for the issuance of notes and other evidence of indebtedness; to provide for the issuance of bonds; to validate bonds, notes, and other evidence of indebtedness; to provide for condemnation of property; to provide for the undertaking of projects relative to the economic development of municipalities; to provide for loans, grants, transfers, and conveyances of funds and property by municipalities, and disbursement of certain funds to public economic development corporations; to provide for the creation of subsidiary neighborhood development corporations by certain economic development corporations; to provide for the receipt by public economic development corporations of funds and property; to provide for industrial and commercial enterprises and for enterprises involved in housing or neighborhood improvement, and furnishings, equipment, and machinery for the industrial and commercial enterprises and housing; to validate the incorporation of de facto economic development corporations and all actions of the de facto corporations; and to provide savings provisions.


History: 1974, Act 338, Imd. Eff. Dec. 18, 1974 ;-- Am. 1976, Act 175, Imd. Eff. June 29, 1976 ;-- Am. 1980, Act 501, Imd. Eff. Jan. 22, 1981


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 125.1601SectionShort title.
Section 125.1602SectionLegislative finding.
Section 125.1603SectionDefinitions.
Section 125.1604SectionEconomic development corporation; incorporation; application; notice; hearing; approval; board of directors; appointment, qualifications, terms, and compensation of directors; public meetings; directors as public officers; expiration; vacancy; removal; disclosure of interest; planning commission of certain municipalities serving as board of directors.
Section 125.1605SectionApproval of application to incorporate and articles of incorporation by resolution; incorporation pursuant to MCL 125.1628 to 125.1636.
Section 125.1606SectionOrganization of corporation at municipal and county levels; limitation.
Section 125.1606aSectionSubsidiary neighborhood development corporation; creation; powers; exemption from prevailing wage and fringe benefit rate requirements; disposition of surplus from sale of property; repayment of bonds or notes.
Section 125.1607SectionPowers of corporation generally.
Section 125.1607aSectionPledge by corporation; validity; lien; filing or recording instruments not required.
Section 125.1607bSectionBoard of directors serving as planning commission; agenda.
Section 125.1608SectionDesignation of project area; certification of approval; preparation and approval of project plan; transfer of employment; contents of project plan; corporation as instrumentality of political subdivision; notice to vacate; corporation to operate project as lessor; issuance of obligations; project plans for agricultural and forestry enterprises.
Section 125.1609SectionProject plan; findings and recommendations of local public agency; determinations; publication of general standards for project plans; local public agency recommendations concerning project plan not required.
Section 125.1610SectionProject plan; submission of findings and recommendations; determination of public purpose; considerations.
Section 125.1611SectionAmendments to project plan; compliance with local ordinances and resolutions.
Section 125.1612SectionEstablishment of project district area boundaries; project citizens district council; establishment; appointment and qualifications of members; council as representative of project area.
Section 125.1613SectionProject citizens district council as advisory body.
Section 125.1614SectionConsultation between representative of corporation and project citizens district council.
Section 125.1615SectionProject citizens district council; meetings; notice; right of person to be heard; record of meeting; information and technical assistance; conditions to adoption of project plan.
Section 125.1616SectionExisting citizens district council as authorized projects citizens district council.
Section 125.1617SectionPublic hearing before adoption of resolution approving project plan; notice; record of public hearing; availability of record to public.
Section 125.1618SectionFinding and recommendations of project citizens district council; notice.
Section 125.1619SectionRevision of boundaries of project district area.
Section 125.1620SectionSituations not requiring project citizens district council; dissolution of council.
Section 125.1621SectionInjunction, mandamus, or other appropriate remedy at law; equitable relief.
Section 125.1622SectionCondemnation.
Section 125.1623SectionBorrowing money and issuing revenue bonds or revenue notes; issuing refunding bonds; bonds or notes and interest exempt from taxation; exceptions; liability of municipality on notes or bonds; statement; investment in bonds and notes; deposit of bonds and notes; report; inspection of records and reports; publication and distribution of statement of revenues and expenditures.
Section 125.1624SectionDisposition of net earnings and property upon dissolution of corporation.
Section 125.1625SectionExemption of corporation and instruments of conveyance from taxation.
Section 125.1626SectionRepealed. 1976, Act 175, Imd. Eff. June 29, 1976.
Section 125.1627SectionPowers of public bodies.
Section 125.1628SectionIncorporation of economic development corporation; name of corporation.
Section 125.1629SectionArticles of incorporation; approval by resolution; contents.
Section 125.1630SectionAmendment of articles of incorporation.
Section 125.1631SectionArticles of incorporation; execution; delivery; filing; publication; statement of right to question incorporation; certificate; effective date and validity of incorporation.
Section 125.1632SectionCorporation as body corporate; powers.
Section 125.1632aSectionPersonal liability of board members; insurance.
Section 125.1633SectionDissolution of corporation; referendum on continued existence of corporation.
Section 125.1634SectionCorporations organized and incorporated pursuant to MCL 450.62 to 450.192; validation, force, and effect of prior actions.
Section 125.1634aSectionCorporation deemed validly incorporated; validity of action taken by corporation under act; validity and legality of evidences of indebtedness and related instruments.
Section 125.1635SectionLiberal construction.
Section 125.1636SectionAuthority cumulative.