2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 281 of 1986 - THE LOCAL DEVELOPMENT FINANCING ACT (125.2151 - 125.2174)

THE LOCAL DEVELOPMENT FINANCING ACT
Act 281 of 1986
AN ACT to encourage local development to prevent conditions of unemployment and promote economic growth; to provide for the establishment of local development finance authorities and to prescribe their powers and duties; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to provide for the creation and implementation of development plans; to authorize the acquisition and disposal of interests in real and personal property; to permit the issuance of bonds and other evidences of indebtedness by an authority; to prescribe powers and duties of certain public entities and state officers and agencies; to reimburse authorities for certain losses of tax increment revenues; and to authorize and permit the use of tax increment financing.

History: 1986, Act 281, Eff. Feb. 1, 1987 ;-- Am. 1993, Act 333, Eff. Mar. 15, 1994 ;-- Am. 2000, Act 248, Imd. Eff. June 29, 2000

• Section 125.2151 - Legislative findings; short title.
• Section 125.2152 - Definitions.
• Section 125.2153 - Authority; establishment; 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.
• Section 125.2155 - Board; appointment, qualification, and terms of members; vancancy; reimbursement for expenses; chairperson; oath of office; rules; procedure; meetings; removal of member; publicizing expense items; financial records open to public.
• 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 generally.
• 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 125.2163 - 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.