CORRIDOR IMPROVEMENT AUTHORITY ACT
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 125.2871 | Section | Short title. |
| Section 125.2872 | Section | Definitions; A to M. |
| Section 125.2873 | Section | Definitions. |
| Section 125.2874 | Section | Authority; establishment; public body corporate; powers. |
| Section 125.2875 | Section | Development area; establishment in municipality; exception; criteria; compliance. |
| Section 125.2876 | Section | Creation of authority; resolution by governing body; notice of public hearing; adoption of resolution designating boundaries; alteration or amendment; interlocal agreement. |
| Section 125.2877 | Section | Annexation or consolidation; effect. |
| Section 125.2878 | Section | Authority 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 125.2879 | Section | Director, treasurer, secretary, legal counsel, other personnel; compensation; duties. |
| Section 125.2880 | Section | Retirement and insurance programs. |
| Section 125.2881 | Section | Board; powers. |
| Section 125.2882 | Section | Authority as instrument of political subdivision. |
| Section 125.2883 | Section | Acquisition of private property; transfer to authority; use. |
| Section 125.2884 | Section | Financing sources; disposition. |
| Section 125.2885 | Section | Special assessment; levy; borrowing money and issuing bonds. |
| Section 125.2886 | Section | Revenue bonds. |
| Section 125.2887 | Section | Acquisition or construction of property; financing; bonds or notes. |
| Section 125.2888 | Section | Tax increment financing plan. |
| Section 125.2889 | Section | Tax increment revenues; transmission; expenditures; use; annual report. |
| Section 125.2890 | Section | Financing 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 125.2891 | Section | Development plan; preparation; contents. |
| Section 125.2892 | Section | Development plan; public hearing; notice; contents; opportunity to speak; hearing record. |
| Section 125.2893 | Section | Approval, rejection, or approval with modification; considerations. |
| Section 125.2894 | Section | Notice to vacate. |
| Section 125.2895 | Section | Budget; submission to board; preparation; approval; adoption; cost of handling and auditing funds. |
| Section 125.2896 | Section | Preservation of historical sites. |
| Section 125.2897 | Section | Dissolution. |
| Section 125.2898 | Section | Enforcement of act; rules. |
| Section 125.2899 | Section | Tax increment revenues; definition; condition. |
