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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Tuesday, December 10, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, December 10, 2019 10:00:00 AM


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57-2018-6
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RECODIFIED TAX INCREMENT FINANCING ACT (EXCERPT)
Act 57 of 2018
PART 6
CORRIDOR IMPROVEMENT AUTHORITIES

DocumentTypeDescription
Section 125.4602SectionDefinitions; A to M.
Section 125.4603SectionDefinitions.
Section 125.4604SectionMultiple authorities; establishment; public body corporate; powers.
Section 125.4605SectionDevelopment area; establishment in municipality; exception; criteria; compliance.
Section 125.4606SectionCreation of authority; resolution by governing body; notice of public hearing; adoption of resolution designating boundaries; alteration or amendment; interlocal agreement.
Section 125.4607SectionAnnexation or consolidation; effect.
Section 125.4608SectionAuthority under supervision and control of board; membership; appointment; terms; vacancy; expenses; chairperson; oath; proceedings and rules subject to open meetings act; removal of board member; financial records; writings subject to freedom of information act; members as members of business improvement district; creation of joint authority; board.
Section 125.4609SectionDirector, treasurer, secretary, legal counsel, other personnel; compensation; duties.
Section 125.4610SectionRetirement and insurance programs.
Section 125.4611SectionBoard; powers.
Section 125.4612SectionAuthority as instrument of political subdivision.
Section 125.4613SectionAcquisition of private property; transfer to authority; use.
Section 125.4614SectionFinancing sources; disposition.
Section 125.4615SectionSpecial assessment; levy; borrowing money and issuing notes.
Section 125.4616SectionRevenue bonds.
Section 125.4617SectionAcquisition or construction of property; financing; bonds or notes.
Section 125.4618SectionTax increment financing plan.
Section 125.4619SectionTax increment revenues; transmission; expenditures; use.
Section 125.4620SectionFinancing development program of tax increment financing plan; authorization, issuance, and sale of general obligation bonds; estimate of anticipated tax increment revenues; resolution; security; lien.
Section 125.4621SectionDevelopment plan; preparation; contents.
Section 125.4622SectionDevelopment plan; public hearing; notice; contents; opportunity to speak; hearing record.
Section 125.4623SectionApproval, rejection, or approval with modification; considerations.
Section 125.4624SectionNotice to vacate.
Section 125.4625SectionBudget; submission to board; preparation; approval; adoption; cost of handling and auditing funds.
Section 125.4626SectionPreservation of historical sites.
Section 125.4627SectionDissolution.
Section 125.4629SectionTax increment revenues; definition; condition.
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