THE LOCAL DEVELOPMENT FINANCING ACT (EXCERPT)
Act 281 of 1986
***** 125.2162d THIS SECTION IS REPEALED BY ACT 57 OF 2018 EFFECTIVE JANUARY 1, 2019 *****
125.2162d Conveyance or lease of public facilities at less than fair market value or below market rates.
(1) If an authority determines that a sale price or rental value at below market rate will assist in increasing employment or private investment in a development area, the authority may determine a sale price or rental value for public facilities owned or developed by the authority at below market rate.
(2) If public facilities are conveyed or leased at less than fair market value or at below market rates, the terms of the conveyance or lease shall include legal and equitable remedies and rights to assure that the public facilities are used as eligible property. Legal and equitable remedies and rights may include penalties and actual or liquidated damages. If public facilities for public benefit are provided to private owners or users of eligible property, the terms of the conveyance or lease shall include a benefit to the private owner or user.
History: Add. 2010, Act 276, Imd. Eff. Dec. 15, 2010
© 2017 Legislative Council, State of Michigan