Michigan Laws 125.4329 – New authority or authority district and boundaries of authority district; prohibitions; validity of tax increment finance authority, authority district, development area, development plan, or tax
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Terms Used In Michigan Laws 125.4329
- Authority: means a tax increment finance authority created under this part. See Michigan Laws 125.4301
- Authority district: means that area within which an authority exercises its powers and within which 1 or more development areas may exist. See Michigan Laws 125.4301
- Development area: means that area to which a development plan is applicable. See Michigan Laws 125.4301
- Development plan: means that information and those requirements for a development set forth in section 16. See Michigan Laws 125.4301
- district: means that area to which the tax increment finance plan pertains. See Michigan Laws 125.4301
- Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4301
- Tax increment financing plan: means that information and those requirements set forth in section 313 to 315. See Michigan Laws 125.4301
(1) Beginning January 1, 1987, a new authority or authority district shall not be created and the boundaries of an authority district shall not be expanded to include additional land.
(2) A tax increment finance authority, authority district, development area, development plan, or tax increment financing plan established under this part before December 30, 1986 shall not be invalidated pursuant to a claim that based on the standards set forth in section 303(1), a governing body improperly determined that the necessary conditions existed for the establishment of a tax increment financing authority under this part, if, at the time the governing body established the authority, the governing body could have determined that establishment of an authority under this part would serve to create jobs or promote economic development growth.
(3) A development area created or expanded after December 29, 1986 shall be subject to the requirements of section 303(1).