Part 4 - LOCAL DEVELOPMENT FINANCE AUTHORITIES
- Section 125.4401 - Legislative findings; short title of part
- Section 125.4402 - Definitions
- Section 125.4403 - Authority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers
- Section 125.4404 - Resolution of intent to create and provide for operation of authority; notice of public hearing; hearing; resolution exempting taxes from capture; action of library board or commission; 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; procedures to be followed by Next Michigan development corporation
- Section 125.4405 - Board; appointment, qualification, and terms of members; vacancy; reimbursement for expenses; chairperson; oath of office; rules; procedure; meetings; removal of member; publicizing expense items; financial records open to public; subsections (1) and (5) inapplicable to certain authority
- Section 125.4406 - Director; employment; compensation; 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 125.4407 - Powers of board generally
- Section 125.4408 - Authority as instrumentality of political subdivision
- Section 125.4409 - Taking, transfer, and use of private property
- Section 125.4410 - Financing activities of authority
- Section 125.4411 - Revenue bonds
- Section 125.4411a - 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 125.4411b - 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 125.4412 - Tax increment financing plan
- Section 125.4412a - 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 125.4412b - Creation of authority in which certified technology park designated; agreement with another authority; designation of distinct geographic area; consideration of advantages and benefits; capture of amounts levied by state and local and intermediate school districts; application for approval of distinct geographic area; competitive application process; requirements
- Section 125.4412c - 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 125.4412d - Conveyance or lease of public facilities at less than fair market value or below market rates
- Section 125.4412e - Notice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds
- Section 125.4413 - Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan
- Section 125.4414 - Tax increment bonds; qualified refunding obligation
- Section 125.4415 - Development plan generally
- Section 125.4416 - Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record
- Section 125.4417 - 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 125.4418 - Relocation of person; notice to vacate
- Section 125.4419 - Preparation and submission of budget; manner; approval; cost of handling and auditing funds
- Section 125.4420 - Dissolution of authority; resolution; disposition of property and assets