MICHIGAN STRATEGIC FUND ACT (EXCERPT)
Act 270 of 1984
As used in this chapter:
(a) "Community revitalization grant" or "grant" means a grant that is approved under section 90b and that is subject to requirements in section 90c.
(b) "Community revitalization incentive" means a community revitalization grant, a community revitalization loan, or other economic assistance.
(c) "Community revitalization loan" or "loan" means a loan that is approved under section 90b and that is subject to the requirements in section 90d.
(d) "Eligible investment" means 1 or more of the following, subject to a written agreement under this section, including investment that occurred prior to the approval of the application, to the extent that the project has not been completely reimbursed to or been paid for on behalf of the person requesting a community revitalization incentive under this chapter:
(i) Any demolition, construction, alteration, rehabilitation, or improvement of buildings.
(ii) Site improvements.
(iii) The addition of machinery, equipment, or fixtures to the approved project.
(iv) Architectural, engineering, surveying, and similar professional fees but not certain soft costs of the eligible investment as determined by the board, including, but not limited to, developer fees, appraisals, performance bonds, closing costs, bank fees, loan fees, risk contingencies, financing costs, permanent or construction period interest, legal expenses, leasing or sales commissions, marketing costs, professional fees, shared savings, taxes, title insurance, bank inspection fees, insurance, and project management fees.
(e) "Eligible property" means property that meets 1 or more of the following conditions:
(i) Is determined to be a facility. As used in this subparagraph, "facility" means that term as defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2652.
(ii) Is a historic resource. As used in this subparagraph, "historic resource" means a publicly or privately owned historic building, structure, site, object, feature, or open space either manmade or natural, individually listed or located within and contributing to a historic district designated by the national register of historic places, the state register of historic sites, or a local unit acting under the local historic districts act, 1970 PA 169, MCL 399.201 to 399.215.
(iii) Is blighted property. As used in this subparagraph, "blighted property" means property that meets any of the following criteria:
(A) Has been declared a public nuisance in accordance with a local housing, building, plumbing, fire, or other related code or ordinance.
(B) Is an attractive nuisance to children because of physical condition, use, or occupancy.
(C) Is a fire hazard or is otherwise dangerous to the safety of persons or property.
(D) Has had the utilities, plumbing, heating, or sewerage permanently disconnected, destroyed, removed, or rendered ineffective so that the property is unfit for its intended use.
(E) Is tax reverted property owned by a qualified local governmental unit, by a county, or by this state.
(F) Is property owned or under the control of a land bank fast track authority under the land bank fast track act, 2003 PA 258, MCL 124.751 to 124.774.
(G) Has substantial subsurface demolition debris buried on site so that the property is unfit for its intended use.
(iv) Is functionally obsolete property. As used in this subparagraph, "functionally obsolete" means that the property is unable to be used to adequately perform the function for which it was intended due to a substantial loss in value resulting from factors such as overcapacity, changes in technology, deficiencies or superadequacies in design, or other similar factors that affect the property itself or the property's relationship with other surrounding property as determined by a Michigan advanced assessing officer or a Michigan master assessing officer.
(v) Is a parcel that is adjacent or contiguous to property described in subparagraphs (i) through (iv) if the development of the adjacent or contiguous parcel is estimated to increase the taxable value of the property described in subparagraphs (i) through (iv).
(vi) Through September 30, 2022, is used for a neighborhood and commercial corridor food initiative.
(vii) Any other property as determined by the fund board if the development of the property will promote community revitalization consistent with the findings and declarations in section 90.
(f) "Federal secretary of the interior's standards for rehabilitation and guidelines for rehabilitating historic buildings, 36 CFR 67" means the nationally recognized federal standards that guide work undertaken on historic resources.
(g) "Neighborhood and commercial corridor food initiative" means property that will be used primarily as a retail supermarket, grocery store, produce market, or delicatessen that is located in a downtown area or in a development area as defined in section 2 of the corridor improvement authority act, 2005 PA 280, MCL 125.2872, as determined by the board, that offers unprocessed USDA-inspected meat and poultry products or meat products that carry the USDA organic seal, fresh fruits and vegetables, and dairy products for sale to the public.
(h) "Other economic assistance" means any other form of assistance allowed under this act that is not a community revitalization loan or community revitalization grant.
History: Add. 2011, Act 252, Imd. Eff. Dec. 13, 2011
Am. 2012, Act 395, Imd. Eff. Dec. 19, 2012
Am. 2014, Act 506, Imd. Eff. Jan. 14, 2015
Am. 2017, Act 239, Imd. Eff. Dec. 21, 2017
Compiler's Notes: For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name: Strategic Fund
© 2017 Legislative Council, State of Michigan