2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 171 of 1981 - MICHIGAN URBAN LAND ASSEMBLY ACT (125.1851 - 125.1861)

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

• 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.