PRINCIPAL SHOPPING DISTRICTS AND BUSINESS IMPROVEMENT DISTRICTS (EXCERPT)
Act 120 of 1961
As used in this chapter:
(a) "Assessable property" means real property in a zone area other than property classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211.34c, or real property exempt from the collection of taxes under the general property tax act, 1893 PA 206, MCL 211.1 to 211.155.
(b) "Assessment" means an assessment imposed under this chapter against assessable property for the benefit of the property owners.
(c) "Assessment revenues" means the money collected by a business improvement zone from any assessments, including any interest on the assessments.
(d) "Board" means the board of directors of a business improvement zone.
(e) "Business improvement zone" means a business improvement zone created under this chapter.
(f) "Nonprofit corporation" means a nonprofit corporation organized under the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, and which complies with all of the following:
(i) The articles of incorporation of the nonprofit corporation provide that the nonprofit corporation may promote a business improvement zone and may also provide management services related to the implementation of a zone plan.
(ii) The nonprofit corporation is exempt from federal income tax under section 501(c)(4) or 501(c)(6) of the internal revenue code, 28 USC 501.
(g) "Person" means an individual, partnership, corporation, limited liability company, association, or other legal entity.
(h) "Project" means any activity for the benefit of property owners authorized by section 10a to enhance the business environment within a zone area.
(i) "Property owner" means a person who owns, or an agent authorized in writing by a person who owns, assessable property according to the records of the treasurer of the city or village in which the business improvement zone is located.
(j) "10-year period" means the period in which a business improvement zone is authorized to operate, beginning on the date that the business improvement zone is created or renewed and ending 10 calendar years after that date.
(k) "Zone area" means the area designated in the zone plan as the area to be served by the business improvement zone.
(l) "Zone plan" means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone, as approved at a meeting of property owners conducted under section 10d.
History: Add. 2001, Act 260, Eff. Mar. 1, 2002
Am. 2013, Act 126, Imd. Eff. Oct. 9, 2013
Popular Name: Shopping Areas Redevelopment Act
© 2009 Legislative Council, State of Michigan