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Michigan Legislature
Michigan Compiled Laws Complete Through PA 48 of 2019
House: Adjourned until Tuesday, September 24, 2019 10:00:00 AM
Senate: Adjourned until Tuesday, September 24, 2019 10:00:00 AM

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Act 57 of 2018

Section 125.4401SectionLegislative findings; short title of part.
Section 125.4402SectionDefinitions.
Section 125.4403SectionAuthority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers.
Section 125.4404SectionResolution 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 125.4405SectionBoard; 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 125.4406SectionDirector; 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 125.4407SectionPowers of board generally.
Section 125.4408SectionAuthority as instrumentality of political subdivision.
Section 125.4409SectionTaking, transfer, and use of private property.
Section 125.4410SectionFinancing activities of authority.
Section 125.4411SectionRevenue bonds.
Section 125.4411aSectionInsufficient 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 125.4411bSectionRetention 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 125.4412SectionTax increment financing plan.
Section 125.4412aSectionDesignation 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 125.4412bSectionCreation 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 125.4412cSectionDesignation 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 125.4412dSectionConveyance or lease of public facilities at less than fair market value or below market rates.
Section 125.4412eSectionNotice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds.
Section 125.4413SectionTax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan.
Section 125.4414SectionTax increment bonds; qualified refunding obligation.
Section 125.4415SectionDevelopment plan generally.
Section 125.4416SectionAdoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record.
Section 125.4417SectionDevelopment plan or tax increment financing plan as constituting public purpose; approval or rejection; considerations; amendments; procedure, notice, findings, and amendment as conclusive; contest.
Section 125.4418SectionRelocation of person; notice to vacate.
Section 125.4419SectionPreparation and submission of budget; manner; approval; cost of handling and auditing funds.
Section 125.4420SectionDissolution of authority; resolution; disposition of property and assets.
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