2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 450 of 1980 - THE TAX INCREMENT FINANCE AUTHORITY ACT (125.1801 - 125.1830)

THE TAX INCREMENT FINANCE AUTHORITY ACT
Act 450 of 1980
AN ACT to prevent urban deterioration and encourage economic development and activity and to encourage neighborhood revitalization and historic preservation; to provide for the establishment of tax increment finance authorities and to prescribe their powers and duties; to authorize the acquisition and disposal of interests in real and personal property; to provide for the creation and implementation of development plans; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to permit the issuance of bonds and other evidences of indebtedness by an authority; to permit the use of tax increment financing; to reimburse authorities for certain losses of tax increment revenues; and to prescribe the powers and duties of certain state agencies and officers.


History: 1980, Act 450, Imd. Eff. Jan. 15, 1981 ;-- Am. 1988, Act 420, Imd. Eff. Dec. 27, 1988 ;-- Am. 1993, Act 322, Eff. Mar. 15, 1994
Popular Name: TIFA

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