Sec. 14.
(1) The department shall administer state funding for the centers it designates.
(2) During the first 3 years of operation, the department shall provide funding for any designated center up to 50% of the costs of establishment and maintenance that are not covered by rental fees. The department shall not provide any state funding to a center after the center's first 3 years of operation. As used in this subsection, "costs of establishment" means the actual cost of leasing the center or the actual cost of acquisition of the center prorated over a period of not less than 15 years.
History: 1984, Act 198, Imd. Eff. July 3, 1984
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 198 of 1984 - Michigan Business Incubation Act (125.1571 - 125.1586)
Section 125.1571 - Short Title.
Section 125.1572 - Definitions.
Section 125.1575 - Community Board; Duties; Petition for Designation.
Section 125.1576 - Feasibility Study; Factors; Notice of Decision; Reapplication or Designation.
Section 125.1581 - Lessee of Business Incubation Center; Duties.
Section 125.1582 - Lessee Benefits.
Section 125.1583 - Powers and Duties of Department Generally.
Section 125.1584 - Administration of State Funding.