There is a newer version of the Michigan Compiled Laws
2015 Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 171 of 1981 MICHIGAN URBAN LAND ASSEMBLY ACT (125.1851 - 125.1861)
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
- Section 125.1851 Short title.
- Section 125.1852 Definitions.
- Section 125.1853 Urban land assembly loan fund; creation; administration; use; operation on revolving basis; total amount of loans.
- Section 125.1854 Disbursement of money from fund.
- Section 125.1855 Eligibility; primary consideration to municipalities with high unemployment.
- Section 125.1856 Application for loan; contents; guidelines for evaluating economic impact of proposed projects; system for ordering priority of projects.
- Section 125.1857 Loan document; contents; execution; changes to project; annual report.
- Section 125.1858 Repayment 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 125.1859 Annual report.
- Section 125.1860 Transfer of funds for urban land banking purposes, loan interest, authority to receive repayments, and related records to fund.
- Section 125.1861 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.