MCL - 57-2018-4

Act 57 of 2018
Document Type Description
Section 125.4401 Section Legislative findings; short title of part.
Section 125.4402 Section Definitions.
Section 125.4403 Section Authority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers.
Section 125.4404 Section 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 125.4405 Section 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 125.4406 Section Director; employment; compensation; 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 125.4407 Section Powers of board generally.
Section 125.4408 Section Authority as instrumentality of political subdivision.
Section 125.4409 Section Taking, transfer, and use of private property.
Section 125.4410 Section Financing activities of authority.
Section 125.4411 Section Revenue bonds.
Section 125.4411a Section 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 125.4411b Section 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 125.4412 Section Tax increment financing plan.
Section 125.4412a Section 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 125.4412b Section 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 125.4412c Section 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 125.4412d Section Conveyance or lease of public facilities at less than fair market value or below market rates.
Section 125.4412e Section Notice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds.
Section 125.4413 Section Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan.
Section 125.4414 Section Tax increment bonds; qualified refunding obligation.
Section 125.4415 Section Development plan generally.
Section 125.4416 Section Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record.
Section 125.4417 Section 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 125.4418 Section Relocation of person; notice to vacate.
Section 125.4419 Section Preparation and submission of budget; manner; approval; cost of handling and auditing funds.
Section 125.4420 Section Dissolution of authority; resolution; disposition of property and assets.