There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 450 of 1980
| AN ACT to prevent urban deterioration and encourage economic development and activity and to encourage neighborhood revitalization and historic preservation; to provide for the establishment of tax increment finance authorities and to prescribe their powers and duties; to authorize the acquisition and disposal of interests in real and personal property; to provide for the creation and implementation of development plans; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to permit the issuance of bonds and other evidences of indebtedness by an authority; to permit the use of tax increment financing; to reimburse authorities for certain losses of tax increment revenues; and to prescribe the powers and duties of certain state agencies and officers.
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| Document | Description |
| Section 125.1801 | Definitions. |
| Section 125.1801a | Short title. |
| Section 125.1802 | Authority; establishment; public body corporate; powers generally. |
| Section 125.1803 | Resolution of intent; determinations; notice of public hearing; adoption, filing, and publication of resolution establishing authority and designating boundaries of authority district; alteration or amendment of boundaries; validity of proceedings establishing authority. |
| Section 125.1804 | Board; composition; chairperson; oath of member; rules governing procedure and meetings; meetings open to public; removal of member; publicizing expense items; financial records open to public. |
| Section 125.1805 | Board; employment, compensation, term, oath, and bond of director; chief executive office; duties of director; absence or disability of director; reports; employment, compensation, and duties of treasurer and secretary; retention and duties of legal counsel; employment of other personnel; participation in municipal retirement and insurance programs. |
| Section 125.1807 | Board; powers generally. |
| Section 125.1808 | Board serving as planning commission; agenda. |
| Section 125.1809 | Authority as instrumentality of political subdivision. |
| Section 125.1810 | Taking, transfer, and use of private property by municipality. |
| Section 125.1811 | Financing activities of authority; sources. |
| Section 125.1812 | Borrowing money; issuing negotiable revenue bonds; full faith and credit. |
| Section 125.1812a | Insufficient tax increment revenues for repayment of advance or payment of obligation; appropriation and distribution to authority; filing, time, and contents of claim; distribution of amounts in 2 equal payments; appropriation and distribution of aggregate amount; limitations; distribution subject to lien; obligation as debt or liability; certification of distribution amount; basis for calculations of distributions and claims reports; debt payment period. |
| Section 125.1813 | Preparation and submission of tax increment financing plan; contents and approval of plan; public hearing; taxing jurisdictions. |
| Section 125.1814 | Transmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan; financial report. |
| Section 125.1815 | Tax increment bonds; qualified refunding obligation. |
| Section 125.1816 | Development plan; preparation; contents. |
| Section 125.1817 | Public hearing on development plan; publication, mailing, and contents of notice; presentation of data; record. |
| Section 125.1818 | Development plan or tax increment plan as public purpose; determination; approval or rejection of plan; notice and public hearing; conclusiveness of procedure, adequacy of notice, and certain findings; validation and conclusiveness of plan; contesting plan. |
| Section 125.1819 | Notice to vacate. |
| Section 125.1820 | Development area citizens council; establishment; advisory body; appointment and qualifications of members. |
| Section 125.1821 | Consultation representative of authority and council. |
| Section 125.1822 | Meetings of council; open to public; notice; hearing persons present at meeting; record; information and technical assistance; failures not precluding adoption of development plan. |
| Section 125.1823 | Development plan; notice of findings and recommendations. |
| Section 125.1824 | Development area citizens council; dissolution. |
| Section 125.1825 | Budget; cost of handling and auditing funds. |
| Section 125.1826 | Preservation of public facility, building, or structure having significant historical interest; review of proposed changes to exterior of historic site. |
| Section 125.1827 | Dissolution of authority; resolution; disposition of property and assets. |
| Section 125.1828 | Authority district part of area annexed to or consolidated with another municipality; authority of annexing or consolidated municipality; status of obligations, agreements, and bonds. |
| Section 125.1829 | New authority or authority district and boundaries of authority district; prohibitions; validity of tax increment finance authority, authority district, development area, development plan, or tax increment financing plan established before December 30, 1986; development area created or expanded after December 29, 1986. |
| Section 125.1830 | Proceedings to compel enforcement of act; rules. |
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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