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Michigan Compiled Laws Complete Through PA 233 of 2018
House: Adjourned until Wednesday, July 25, 2018 10:00:00 AM
Senate: Adjourned until Wednesday, July 25, 2018 10:00:00 AM

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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Act 281 of 1986 - THE LOCAL DEVELOPMENT FINANCING ACT (125.2151 - 125.2174)
***** Act 281 of 1986 THIS ACT IS REPEALED BY ACT 57 OF 2018 EFFECTIVE JANUARY 1, 2019 *****

Section 125.2151 ‑ Legislative findings; short title.
Section 125.2152 ‑ Definitions.
Section 125.2153 ‑ Authority; establishment by municipality; establishment by next Michigan development corporation; limitation; powers.
Section 125.2154 ‑ Resolution 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 125.2155 ‑ Board; 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 125.2156 ‑ Director, employment; compensation; term; 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 125.2157 ‑ Powers of board generally.
Section 125.2158 ‑ Authority as instrumentality of political subdivision.
Section 125.2159 ‑ Taking, transfer, and use of private property.
Section 125.2160 ‑ Financing activities of authority.
Section 125.2161 ‑ Revenue bonds.
Section 125.2161a ‑ Insufficient 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 125.2161b ‑ Retention 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 125.2162 ‑ Tax increment financing plan.
Section 125.2162a ‑ Designation 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 125.2162b ‑ Creation 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 125.2162c ‑ Designation 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 125.2162d ‑ Conveyance or lease of public facilities at less than fair market value or below market rates.
Section 125.2162e ‑ Notice of designation of next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds.
Section 125.2163 ‑ Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan; annual financial report.
Section 125.2164 ‑ Tax increment bonds; qualified refunding obligation.
Section 125.2165 ‑ Development plan generally.
Section 125.2166 ‑ Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record.
Section 125.2167 ‑ Development plan or tax increment financing plan as constituting public purpose; approval or rejection; considerations; amendments; procedure, notice, findings, and amendment as conclusive; contest.
Section 125.2168 ‑ Relocation of person; notice to vacate.
Section 125.2169 ‑ Preparation and submission of budget; manner; approval; cost of handling and auditing funds.
Section 125.2170 ‑ Dissolution of authority; resolution; disposition of property and assets.
Section 125.2171 ‑ Proceedings to enforce act.
Section 125.2172 ‑ Effective date.
Section 125.2173 ‑ Conditional effective date.
Section 125.2174 ‑ Constitutionality of act.

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