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2006 Michigan Compiled Laws - Act 171 of 1981


MICHIGAN URBAN LAND ASSEMBLY ACT

Act 171 of 1981

AN ACT to provide for the creation of an urban land assembly fund to assist eligible municipalities in the acquisition of certain real property for economic development purposes; to prescribe procedures and criteria for loan eligibility and for the issuance and repayment of loans; to transfer certain revenues, records, and the authority to receive certain loan repayments to the urban land assembly fund; and to prescribe the powers and duties of the department of commerce and of municipalities and certain administering agencies.


History: 1981, Act 171, Imd. Eff. Dec. 3, 1981




The People of the State of Michigan enact:

DocumentDescription
Section 125.1851Short title.
Section 125.1852Definitions.
Section 125.1853Urban land assembly loan fund; creation; administration; use; operation on revolving basis; total amount of loans.
Section 125.1854Disbursement of money from fund.
Section 125.1855Eligibility; primary consideration to municipalities with high unemployment.
Section 125.1856Application for loan; contents; guidelines for evaluating economic impact of proposed projects; system for ordering priority of projects.
Section 125.1857Loan document; contents; execution; changes to project; annual report.
Section 125.1858Repayment into fund of proceeds from sale or lease of land and improvements to industrial or commercial user; amount repaid; repayment of remainder of loan; sale of real property at less than cost of acquisition.
Section 125.1859Annual report.
Section 125.1860Transfer of funds for urban land banking purposes, loan interest, authority to receive repayments, and related records to fund.
Section 125.1861Rules.

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