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2022 Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 338 of 1974 - Economic Development Corporations Act (125.1601 - 125.1636)
AN ACT to provide for the creation of public economic development corporations; to prescribe their powers and duties; to provide for their dissolution; to provide for the issuance of notes and other evidence of indebtedness; to provide for the issuance of bonds; to validate bonds, notes, and other evidence of indebtedness; to provide for condemnation of property; to provide for the undertaking of projects relative to the economic development of municipalities; to provide for loans, grants, transfers, and conveyances of funds and property by municipalities, and disbursement of certain funds to public economic development corporations; to provide for the creation of subsidiary neighborhood development corporations by certain economic development corporations; to provide for the receipt by public economic development corporations of funds and property; to provide for industrial and commercial enterprises and for enterprises involved in housing or neighborhood improvement, and furnishings, equipment, and machinery for the industrial and commercial enterprises and housing; to validate the incorporation of de facto economic development corporations and all actions of the de facto corporations; and to provide savings provisions.
History: 1974, Act 338, Imd. Eff. Dec. 18, 1974 ;-- Am. 1976, Act 175, Imd. Eff. June 29, 1976 ;-- Am. 1980, Act 501, Imd. Eff. Jan. 22, 1981
- Section 125.1601 - Short Title.
- Section 125.1602 - Legislative Finding.
- Section 125.1603 - Definitions.
- Section 125.1604 - Economic Development Corporation; Incorporation; Application; Notice; Hearing; Approval; Board of Directors; Appointment, Qualifications, Terms, and Compensation of Directors; Public Meetings; Directors as Public Officers; Expiration; Vacancy; Removal; Disclosure of Interest; Planning Commission of Certain Municipalities Serving as Board of Directors.
- Section 125.1605 - Approval of Application to Incorporate and Articles of Incorporation by Resolution; Incorporation Pursuant to MCL 125.1628 to 125.1636.
- Section 125.1606 - Organization of Corporation at Municipal and County Levels; Limitation.
- Section 125.1606a - Subsidiary Neighborhood Development Corporation; Creation; Powers; Exemption From Prevailing Wage and Fringe Benefit Rate Requirements; Disposition of Surplus From Sale of Property; Repayment of Bonds or Notes.
- Section 125.1607 - Powers of Corporation Generally.
- Section 125.1607a - Pledge by Corporation; Validity; Lien; Filing or Recording Instruments Not Required.
- Section 125.1607b - Board of Directors Serving as Planning Commission; Agenda.
- Section 125.1608 - Designation of Project Area; Certification of Approval; Preparation and Approval of Project Plan; Transfer of Employment; Contents of Project Plan; Corporation as Instrumentality of Political Subdivision; Notice to Vacate; Corporation to Operate Project as Lessor; Issuance of Obligations; Project Plans for Agricultural and Forestry Enterprises.
- Section 125.1609 - Project Plan; Findings and Recommendations of Local Public Agency; Determinations; Publication of General Standards for Project Plans; Local Public Agency Recommendations Concerning Project Plan Not Required.
- Section 125.1610 - Project Plan; Submission of Findings and Recommendations; Determination of Public Purpose; Considerations.
- Section 125.1611 - Amendments to Project Plan; Compliance With Local Ordinances and Resolutions.
- Section 125.1612 - Establishment of Project District Area Boundaries; Project Citizens District Council; Establishment; Appointment and Qualifications of Members; Council as Representative of Project Area.
- Section 125.1613 - Project Citizens District Council as Advisory Body.
- Section 125.1614 - Consultation Between Representative of Corporation and Project Citizens District Council.
- Section 125.1615 - Project Citizens District Council; Meetings; Notice; Right of Person to Be Heard; Record of Meeting; Information and Technical Assistance; Conditions to Adoption of Project Plan.
- Section 125.1616 - Existing Citizens District Council as Authorized Projects Citizens District Council.
- Section 125.1617 - Public Hearing Before Adoption of Resolution Approving Project Plan; Notice; Record of Public Hearing; Availability of Record to Public.
- Section 125.1618 - Finding and Recommendations of Project Citizens District Council; Notice.
- Section 125.1619 - Revision of Boundaries of Project District Area.
- Section 125.1620 - Situations Not Requiring Project Citizens District Council; Dissolution of Council.
- Section 125.1621 - Injunction, Mandamus, or Other Appropriate Remedy at Law; Equitable Relief.
- Section 125.1622 - Condemnation.
- Section 125.1623 - Borrowing Money and Issuing Revenue Bonds or Revenue Notes; Issuing Refunding Bonds; Bonds or Notes and Interest Exempt From Taxation; Exceptions; Liability of Municipality on Notes or Bonds; Statement; Investment in Bonds and Notes; Deposit of Bonds and Notes; Report; Inspection of Records and Reports; Publication and Distribution of Statement of Revenues and Expenditures.
- Section 125.1624 - Disposition of Net Earnings and Property Upon Dissolution of Corporation.
- Section 125.1625 - Exemption of Corporation and Instruments of Conveyance From Taxation.
- Section 125.1626 - Repealed. 1976, Act 175, Imd. Eff. June 29, 1976.
- Section 125.1627 - Powers of Public Bodies.
- Section 125.1628 - Incorporation of Economic Development Corporation; Name of Corporation.
- Section 125.1629 - Articles of Incorporation; Approval by Resolution; Contents.
- Section 125.1630 - Amendment of Articles of Incorporation.
- Section 125.1631 - Articles of Incorporation; Execution; Delivery; Filing; Publication; Statement of Right to Question Incorporation; Certificate; Effective Date and Validity of Incorporation.
- Section 125.1632 - Corporation as Body Corporate; Powers.
- Section 125.1632a - Personal Liability of Board Members; Insurance.
- Section 125.1633 - Dissolution of Corporation; Referendum on Continued Existence of Corporation.
- Section 125.1634 - Corporations Organized and Incorporated Pursuant to MCL 450.62 to 450.192; Validation, Force, and Effect of Prior Actions.
- Section 125.1634a - Corporation Deemed Validly Incorporated; Validity of Action Taken by Corporation Under Act; Validity and Legality of Evidences of Indebtedness and Related Instruments.
- Section 125.1635 - Liberal Construction.
- Section 125.1636 - Authority Cumulative.
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