2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 280 of 2005 - CORRIDOR IMPROVEMENT AUTHORITY ACT (125.2871 - 125.2899)

CORRIDOR IMPROVEMENT AUTHORITY ACT
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.

History: 2005, Act 280, Imd. Eff. Dec. 19, 2005

• Section 125.2871 - Short title.
• Section 125.2872 - Definitions; A to M.
• Section 125.2873 - Definitions.
• Section 125.2874 - Authority; establishment; public body corporate; powers.
• Section 125.2875 - Development area; establishment in municipality; exception; criteria; compliance.
• Section 125.2876 - Creation of authority; resolution by governing body; notice of public hearing; adoption of resolution 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.
• Section 125.2899 - Tax increment revenues; definition; condition.