HB-4327, As Passed House, December 12, 2013HB-4327, As Passed Senate, December 12, 2013
February 26, 2013, Introduced by Rep. Farrington and referred to the Committee on Commerce.
A bill to amend 2005 PA 280, entitled
"Corridor improvement authority act,"
by amending section 2 (MCL 125.2872), as amended by 2012 PA 229.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Advance" means a transfer of funds made by a municipality
to an authority or to another person on behalf of the authority in
anticipation of repayment by the authority. Evidence of the intent
to repay an advance may include, but is not limited to, an executed
agreement to repay, provisions contained in a tax increment
financing plan approved prior to the advance, or a resolution of
the authority or the municipality.
(b) "Assessed value" means the taxable value as determined
under section 27a of the general property tax act, 1893 PA 206, MCL
211.27a.
(c) "Authority" means a corridor improvement authority created
under section 4(1) or a joint authority created under section 4(2).
(d) "Board" means the governing body of an authority.
(e) "Business district" means an area of a municipality zoned
and used principally for business.
(f) "Captured assessed value" means the amount in any 1 year
by which the current assessed value of the development area,
including the assessed value of property for which specific local
taxes are paid in lieu of property taxes as determined in section
3(d),
3(e), exceeds the initial assessed value. The state tax
commission shall prescribe the method for calculating captured
assessed value.
(g) "Chief executive officer" means the mayor of a city, the
president of a village, or the supervisor of a township.
(h) "Development area" means that area described in section 5
to which a development plan is applicable.
(i) "Development plan" means that information and those
requirements for a development area set forth in section 21.
(j) "Development program" means the implementation of the
development plan.
(k) "Fiscal year" means the fiscal year of the authority.
(l) "Governing body" or "governing body of a municipality"
means the elected body of a municipality having legislative powers
or, for a joint authority created under section 4(2), the elected
body of each municipality having legislative powers that is a
member of the joint authority.
(m) "Initial assessed value" means the assessed value, as
equalized, of all the taxable property within the boundaries of the
development area at the time the resolution establishing or
amending the tax increment financing plan is approved, as shown by
the most recent assessment roll of the municipality for which
equalization has been completed at the time the resolution is
adopted. The initial assessed value may be modified once during the
term of the tax increment financing plan through an amendment as
provided in section 18(4) after the tax increment financing plan
fails to generate captured assessed value for 3 consecutive years
due to declines in assessed value. Property exempt from taxation at
the time of the determination of the initial or amended assessed
value shall be included as zero. For the purpose of determining
initial or amended assessed value, property for which a specific
local tax is paid in lieu of a property tax shall not be considered
to be property that is exempt from taxation. The initial assessed
value of property for which a specific local tax was paid in lieu
of a property tax shall be determined as provided in section
3(d).3(e).
(n) "Land use plan" means a plan prepared under former 1921 PA
207, former 1943 PA 184, or a site plan under the Michigan zoning
enabling act, 2006 PA 110, MCL 125.3101 to 125.3702.
(o) "Municipality" means 1 of the following:
(i) A city.
(ii) A village.
(iii) A township.
(iv) A combination of 2 or more cities, villages, or townships
acting jointly under a joint authority created under section 4(2).