Sec. 2.
(1) Two or more local units may conditionally transfer property for a period of not more than 50 years for the purpose of an economic development project. A conditional transfer of property shall be controlled by a written contract agreed to by the affected local units.
(2) A contract under this act may be renewed for additional periods of not to exceed 50 years upon approval of each legislative body of the affected local units.
History: 1984, Act 425, Eff. Mar. 29, 1985
Structure Michigan Compiled Laws
Act 425 of 1984 - Intergovernmental Conditional Transfer of Property by Contract (124.21 - 124.30)
Section 124.22 - Conditional Transfer of Property; Period; Written Contract; Renewal.
Section 124.23 - Formulation of Contract; Factors.
Section 124.24 - Public Hearing; Notice; Majority Vote Required.
Section 124.25a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 124.26 - Contract; Provisions.
Section 124.27 - Contract; Additional Provisions.
Section 124.28 - Conditionally Transferred Property; Jurisdiction.
Section 124.29 - Other Method of Annexation or Transfer Prohibited.