Sec. 412d.
(1) If an authority determines that a sale price or rental value at below market rate will assist in increasing employment or private investment in a development area, the authority may determine a sale price or rental value for public facilities owned or developed by the authority at below market rate.
(2) If public facilities are conveyed or leased at less than fair market value or at below market rates, the terms of the conveyance or lease shall include legal and equitable remedies and rights to assure that the public facilities are used as eligible property. Legal and equitable remedies and rights may include penalties and actual or liquidated damages. If public facilities for public benefit are provided to private owners or users of eligible property, the terms of the conveyance or lease shall include a benefit to the private owner or user.
History: 2018, Act 57, Eff. Jan. 1, 2019
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 57 of 2018 - Recodified Tax Increment Financing Act (125.4101 - 125.4915)
57-2018-4 - Part 4 Local Development Finance Authorities (125.4401...125.4420)
Section 125.4401 - Legislative Findings; Short Title of Part.
Section 125.4402 - Definitions.
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 125.4412 - Tax Increment Financing Plan.
Section 125.4414 - Tax Increment Bonds; Qualified Refunding Obligation.
Section 125.4415 - Development Plan Generally.
Section 125.4418 - Relocation of Person; Notice to Vacate.
Section 125.4420 - Dissolution of Authority; Resolution; Disposition of Property and Assets.