There is a newer version of the Michigan Compiled Laws
2012 Michigan Compiled Laws
Chapter 125 — PLANNING, HOUSING, AND ZONING
Act 281 of 1986 — THE LOCAL DEVELOPMENT FINANCING ACT (125.2151 - 125.2174)
- Section 125.2151 — Legislative findings; short title.
- Section 125.2152 — Definitions.
- Section 125.2153 — Authority; establishment by municipality; establishment by next Michigan development corporation; limitation; powers.
- Section 125.2154 — Resolution of intent; notice of public hearing; hearing; resolution exempting taxes from capture; 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 125.2155 — 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 125.2156 — Director, employment; compensation; term; 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 125.2157 — Powers of board generally.
- Section 125.2158 — Authority as instrumentality of political subdivision.
- Section 125.2159 — Taking, transfer, and use of private property.
- Section 125.2160 — Financing activities of authority.
- Section 125.2161 — Revenue bonds.
- Section 125.2161a — 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 125.2161b — 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 125.2162 — Tax increment financing plan.
- Section 125.2162a — 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 125.2162b — Creation of authority in which certified technology park designated; agreement with another authority; designation of distinct geographic area; consideration of advantages and benefits.
- Section 125.2162c — 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 125.2162d — Conveyance or lease of public facilities at less than fair market value or below market rates.
- Section 125.2162e — Notice of designation of next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds.
- Section 125.2163 — Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan; annual financial report.
- Section 125.2164 — Tax increment bonds; qualified refunding obligation.
- Section 125.2165 — Development plan generally.
- Section 125.2166 — Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record.
- Section 125.2167 — 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 125.2168 — Relocation of person; notice to vacate.
- Section 125.2169 — Preparation and submission of budget; manner; approval; cost of handling and auditing funds.
- Section 125.2170 — Dissolution of authority; resolution; disposition of property and assets.
- Section 125.2171 — Proceedings to enforce act.
- Section 125.2172 — Effective date.
- Section 125.2173 — Conditional effective date.
- Section 125.2174 — Constitutionality of act.
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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