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Act 280 of 2005
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Act 280 of 2005

AN ACT to provide for the establishment of a corridor improvement authority; to prescribe the powers and duties of the authority; to correct and prevent deterioration in business districts; to encourage historic preservation; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas in the districts; to promote the economic growth of the districts; to create a board; to prescribe the powers and duties of the board; to authorize the levy and collection of taxes; to authorize the issuance of bonds and other evidences of indebtedness; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; and to provide for enforcement of the act.

History: 2005, Act 280, Imd. Eff. Dec. 19, 2005

© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 125.2871SectionShort title.
Section 125.2872SectionDefinitions; A to M.
Section 125.2873SectionDefinitions.
Section 125.2874SectionAuthority; establishment; public body corporate; powers.
Section 125.2875SectionDevelopment area; establishment in municipality; exception; criteria; compliance.
Section 125.2876SectionCreation of authority; resolution by governing body; notice of public hearing; adoption of resolution designating boundaries; alteration or amendment; interlocal agreement.
Section 125.2877SectionAnnexation or consolidation; effect.
Section 125.2878SectionAuthority 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 125.2879SectionDirector, treasurer, secretary, legal counsel, other personnel; compensation; duties.
Section 125.2880SectionRetirement and insurance programs.
Section 125.2881SectionBoard; powers.
Section 125.2882SectionAuthority as instrument of political subdivision.
Section 125.2883SectionAcquisition of private property; transfer to authority; use.
Section 125.2884SectionFinancing sources; disposition.
Section 125.2885SectionSpecial assessment; levy; borrowing money and issuing bonds.
Section 125.2886SectionRevenue bonds.
Section 125.2887SectionAcquisition or construction of property; financing; bonds or notes.
Section 125.2888SectionTax increment financing plan.
Section 125.2889SectionTax increment revenues; transmission; expenditures; use; annual report.
Section 125.2890SectionFinancing 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 125.2891SectionDevelopment plan; preparation; contents.
Section 125.2892SectionDevelopment plan; public hearing; notice; contents; opportunity to speak; hearing record.
Section 125.2893SectionApproval, rejection, or approval with modification; considerations.
Section 125.2894SectionNotice to vacate.
Section 125.2895SectionBudget; submission to board; preparation; approval; adoption; cost of handling and auditing funds.
Section 125.2896SectionPreservation of historical sites.
Section 125.2897SectionDissolution.
Section 125.2898SectionEnforcement of act; rules.
Section 125.2899SectionTax increment revenues; definition; condition.