Michigan Compiled Laws
57-2018-7 - Part 7 Water Resource Improvement Authorities (125.4702...125.4722)
Section 125.4718 - Development Plan; Contents.

Sec. 718.
(1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 713 or tax increment financing as authorized in sections 715, 716, and 717, it shall prepare a development plan.
(2) The development plan shall contain all of the following:
(a) The designation of boundaries of the development area in relation to highways, streets, streams, lakes, other bodies of water, or otherwise.
(b) The location and extent of existing streets and other public facilities within the development area, designating the location, character, and extent of the categories of public and private land uses then existing and proposed for the development area, including residential, recreational, commercial, industrial, educational, and other uses, and including a legal description of the development area.
(c) A description of existing improvements in the development area to be demolished, repaired, or altered, a description of any repairs and alterations, and an estimate of the time required for completion.
(d) The location, extent, character, and estimated cost of the improvements including rehabilitation contemplated for the development area and an estimate of the time required for completion.
(e) A statement of the construction or stages of construction planned, and the estimated time of completion of each stage.
(f) A description of any parts of the development area to be left as open space and the use contemplated for the space.
(g) A description of any portions of the development area that the authority desires to sell, donate, exchange, or lease to or from the municipality and the proposed terms.
(h) A description of desired zoning changes and changes in streets, street levels, intersections, or utilities.
(i) An estimate of the cost of the development, a statement of the proposed method of financing the development, and the ability of the authority to arrange the financing.
(j) Designation of the person or persons, natural or corporate, to whom all or a portion of the development is to be leased, sold, or conveyed in any manner and for whose benefit the project is being undertaken if that information is available to the authority.
(k) The procedures for bidding for the leasing, purchasing, or conveying in any manner of all or a portion of the development upon its completion, if there is no express or implied agreement between the authority and persons, natural or corporate, that all or a portion of the development will be leased, sold, or conveyed in any manner to those persons.
(l) The requirement that amendments to an approved development plan or tax increment plan must be submitted by the authority to the governing body for approval or rejection.
(m) The water resource improvements that will be made in the development area.
(n) Other material that the authority, local public agency, or governing body considers pertinent.
(o) Based on consultation with the affected state and federal authorities, an identification of the permits the board believes necessary to complete the proposed public facility and an explanation of how the proposed public facility will meet the requirements necessary for issuance of each permit.
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)

57-2018-7 - Part 7 Water Resource Improvement Authorities (125.4702...125.4722)

Section 125.4702 - Definitions; a to M.

Section 125.4703 - Definitions; O to W.

Section 125.4704 - Establishment of Multiple Authorities; Powers.

Section 125.4705 - Intent to Create and Provide for Operation of Authority Within Water Resource Improvement District; Resolution of Intent; Notice of Public Hearing; Adoption of Ordinance; Filing; Publication; Alteration or Amendment of Boundaries;...

Section 125.4706 - Annexation or Consolidation.

Section 125.4707 - Board; Membership; Qualifications; Terms; Appointment to Fill Vacancy; Compensation; Oath of Office; Proceedings and Rules Subject to Open Meetings Act; Meetings; Removal of Board Member; Publication of Expense Items; Availability...

Section 125.4708 - Director; Compensation; Service; Oath; Bond; Duties; Acting Director; Treasurer; Secretary; Legal Counsel; Duties; Other Personnel.

Section 125.4709 - Participation of Employees in Municipal Retirement and Insurance Programs; Employees Not Civil Service Employees.

Section 125.4710 - Board; Powers; Duties; Preparation of Water Resource Management Plan; Consultation With Certain Entities; Application for State and Federal Permits.

Section 125.4711 - Authority as Instrumentality of Political Subdivision.

Section 125.4712 - Financing Sources; Disposition of Money Received.

Section 125.4713 - Borrowing Money and Issuing Bonds.

Section 125.4714 - Borrowing Money and Issuing Bonds or Notes; Security; Pledge; Lien; Exemption of Bonds or Notes From Taxation; Municipality Not Liable on Bonds and Notes of Authority; Statement; Investment; Deposit.

Section 125.4715 - Tax Increment Financing Plan; Preparation and Submission; Development Plan; Statement of Estimated Impact; Approval; Notice, Hearing, and Disclosure Provisions; Modification; Exempting Taxes From Capture; Resolution; Action of Libr...

Section 125.4716 - Transmission of Tax Increment Revenues to Authority; Expenditures; Terms; Reversion of Unused Funds; Abolishment of Plan; Conditions.

Section 125.4717 - Authorization, Issuance, and Sale of Tax Increment Bonds.

Section 125.4718 - Development Plan; Contents.

Section 125.4719 - Development Plan or Tax Increment Financing Plan; Adoption of Ordinance; Notice of Public Hearing; Purpose of Public Hearing.

Section 125.4720 - Determination of Public Purpose; Approval or Rejection of Plan; Modification; Considerations.

Section 125.4721 - Operation of Authority; Budget; Review by Board; Submission to Governing Body; Adoption; Cost of Handling and Auditing Funds.

Section 125.4722 - Dissolution of Authority.