Michigan Compiled Laws
57-2018-6 - Part 6 Corridor Improvement Authorities (125.4602...125.4629)
Section 125.4623 - Approval, Rejection, or Approval With Modification; Considerations.

Sec. 623.
The governing body after a public hearing on the development plan or the tax increment financing plan, or both, with notice given under section 622, shall determine whether the development plan or tax increment financing plan constitutes a public purpose. If it determines that the development plan or tax increment financing plan constitutes a public purpose, it shall by resolution approve or reject the plan, or approve it with modification, based on the following considerations:
(a) The plan meets the requirements under section 620(2).
(b) The proposed method of financing the development is feasible and the authority has the ability to arrange the financing.
(c) The development is reasonable and necessary to carry out the purposes of this part.
(d) The land included within the development area to be acquired is reasonably necessary to carry out the purposes of the plan and of this part in an efficient and economically satisfactory manner.
(e) The development plan is in reasonable accord with the land use plan of the municipality.
(f) Public services, such as fire and police protection and utilities, are or will be adequate to service the project area.
(g) Changes in zoning, streets, street levels, intersections, and utilities are reasonably necessary for the project and for the municipality.
History: 2018, Act 57, Eff. Jan. 1, 2019

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 57 of 2018 - Recodified Tax Increment Financing Act (125.4101 - 125.4915)

57-2018-6 - Part 6 Corridor Improvement Authorities (125.4602...125.4629)

Section 125.4602 - Definitions; a to M.

Section 125.4603 - Definitions.

Section 125.4604 - Multiple Authorities; Establishment; Public Body Corporate; Powers.

Section 125.4605 - Development Area; Establishment in Municipality; Exception; Criteria; Compliance.

Section 125.4606 - Creation of Authority; Resolution by Governing Body; Notice of Public Hearing; Adoption of Resolution Designating Boundaries; Alteration or Amendment; Interlocal Agreement.

Section 125.4607 - Annexation or Consolidation; Effect.

Section 125.4608 - Authority Under Supervision and Control of Board; Membership; Appointment; Terms; Vacancy; Expenses; Chairperson; Oath; Proceedings and Rules Subject to Open Meetings Act; Removal of Board Member; Financial Records; Writings Subjec...

Section 125.4609 - Director, Treasurer, Secretary, Legal Counsel, Other Personnel; Compensation; Duties.

Section 125.4610 - Retirement and Insurance Programs.

Section 125.4611 - Board; Powers.

Section 125.4612 - Authority as Instrument of Political Subdivision.

Section 125.4613 - Acquisition of Private Property; Transfer to Authority; Use.

Section 125.4614 - Financing Sources; Disposition.

Section 125.4615 - Special Assessment; Levy; Borrowing Money and Issuing Notes.

Section 125.4616 - Revenue Bonds.

Section 125.4617 - Acquisition or Construction of Property; Financing; Bonds or Notes.

Section 125.4618 - Tax Increment Financing Plan.

Section 125.4619 - Tax Increment Revenues; Transmission; Expenditures; Use.

Section 125.4620 - Financing Development Program of Tax Increment Financing Plan; Authorization, Issuance, and Sale of General Obligation Bonds; Estimate of Anticipated Tax Increment Revenues; Resolution; Security; Lien.

Section 125.4621 - Development Plan; Preparation; Contents.

Section 125.4622 - Development Plan; Public Hearing; Notice; Contents; Opportunity to Speak; Hearing Record.

Section 125.4623 - Approval, Rejection, or Approval With Modification; Considerations.

Section 125.4624 - Notice to Vacate.

Section 125.4625 - Budget; Submission to Board; Preparation; Approval; Adoption; Cost of Handling and Auditing Funds.

Section 125.4626 - Preservation of Historical Sites.

Section 125.4627 - Dissolution.

Section 125.4629 - Tax Increment Revenues; Definition; Condition.