There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 280 of 2005
| AN ACT to provide for the establishment of a corridor improvement authority; to prescribe the powers and duties of the authority; to correct and prevent deterioration in business districts; to encourage historic preservation; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas in the districts; to promote the economic growth of the districts; to create a board; to prescribe the powers and duties of the board; to authorize the levy and collection of taxes; to authorize the issuance of bonds and other evidences of indebtedness; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; and to provide for enforcement of the act.
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| Document | Description |
| Section 125.2871 | Short title. |
| Section 125.2872 | Definitions; A to M. |
| Section 125.2873 | Definitions; O to T. |
| Section 125.2874 | Authority; establishment; public body corporate; powers. |
| Section 125.2875 | Development area; establishment in municipality; criteria; compliance. |
| Section 125.2876 | Creation of authority; resolution by governing body; notice of public hearing; adoption of ordinance designating boundaries; alteration or amendment; interlocal agreement. |
| Section 125.2877 | Annexation or consolidation; effect. |
| Section 125.2878 | Authority under supervision and control of board; membership; appointment; terms; vacancy; expenses; chairperson; oath; proceedings and rules subject to open meetings act; removal of board member; financial records; writings subject to freedom of information act; members as members of business improvement district. |
| Section 125.2879 | Director, treasurer, secretary, legal counsel, other personnel; compensation; duties. |
| Section 125.2880 | Retirement and insurance programs. |
| Section 125.2881 | Board; powers. |
| Section 125.2882 | Authority as instrument of political subdivision. |
| Section 125.2883 | Acquisition of private property; transfer to authority; use. |
| Section 125.2884 | Financing sources; disposition. |
| Section 125.2885 | Special assessment; levy; borrowing money and issuing bonds. |
| Section 125.2886 | Revenue bonds. |
| Section 125.2887 | Acquisition or construction of property; financing; bonds or notes. |
| Section 125.2888 | Tax increment financing plan. |
| Section 125.2889 | Tax increment revenues; transmission; expenditures; use; annual report. |
| Section 125.2890 | Financing development program of tax increment financing plan; authorization, issuance, and sale of general obligation bonds; estimate of anticipated tax increment revenues; resolution; security; lien. |
| Section 125.2891 | Development plan; preparation; contents. |
| Section 125.2892 | Development plan; public hearing; notice; contents; opportunity to speak; hearing record. |
| Section 125.2893 | Approval, rejection, or approval with modification; considerations. |
| Section 125.2894 | Notice to vacate. |
| Section 125.2895 | Budget; submission to board; preparation; approval; adoption; cost of handling and auditing funds. |
| Section 125.2896 | Preservation of historical sites. |
| Section 125.2897 | Dissolution. |
| Section 125.2898 | 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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