Michigan Laws 125.2658 – Local brownfield revolving fund
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Terms Used In Michigan Laws 125.2658
- Authority: means a brownfield redevelopment authority created under this act. See Michigan Laws 125.2652
- Brownfield plan: means a plan that meets the requirements of section 13 and 13b and is adopted under section 14. See Michigan Laws 125.2652
- Combined brownfield plan: means a brownfield plan that also includes the information necessary to submit the plan to the department, Michigan state housing development authority, or Michigan strategic fund under section 15(20). See Michigan Laws 125.2652
- Department: means the department of environment, Great Lakes, and energy. See Michigan Laws 125.2652
- Eligible property: means either of the following:
(i) Except as otherwise provided in sub-subparagraph (G), property for which eligible activities are identified under a brownfield plan that was used or is currently used for commercial, industrial, public, or residential purposes, including personal property located on the property, or former dumps, landfills, and other areas filled with nonnative material, to the extent included in the brownfield plan, and that meets 1 or more of the following conditions listed in sub-subparagraphs (A) to (F):
(A) Is in a qualified local governmental unit and is a facility or a site or property as those terms are defined in part 213, historic resource, functionally obsolete, or blighted and includes parcels that are adjacent or contiguous to that property if the development of the adjacent and contiguous parcels is estimated to increase the captured taxable value of that property. See Michigan Laws 125.2652Michigan state housing development authority: means the Michigan state housing development authority created in section 21 of the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 125.2652 Michigan strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2652 Municipality: means all of the following:
(i) A city. See Michigan Laws 125.2652Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Tax increment revenues: means the amount of ad valorem property taxes and specific taxes attributable to the application of the levy of all taxing jurisdictions on the captured taxable value of each parcel of eligible property subject to a brownfield plan and personal property located on that property, regardless of whether those taxes began to be levied after the brownfield plan was adopted. See Michigan Laws 125.2652 Taxes levied for school operating purposes: means all of the following:
(i) The taxes levied by a local school district for operating purposes. See Michigan Laws 125.2652Work plan: means a plan that describes each individual activity to be conducted to complete eligible activities and the associated costs of each individual activity. See Michigan Laws 125.2652
(1) An authority may establish a local brownfield revolving fund. A local brownfield revolving fund may consist of funds deposited from the following sources:
(a) Funds appropriated or otherwise made available from public or private sources.
(b) Local tax and school operating tax increment revenue captured in excess of the amount authorized for eligible expenses under section 13(4) only if all of the following conditions are met:
(i) The excess capture occurs during the time of capture for the purpose of paying the costs permitted under section 13(4), or for not more than 5 years after the time that capture is required for the purpose of paying the costs permitted under section 13(4), or both.
(ii) The excess local tax capture does not exceed the total of the cost of eligible activities approved in the brownfield plan.
(iii) The excess capture of taxes for school operating purposes does not exceed the total of the cost of eligible department specific activities approved in the applicable brownfield plan, combined brownfield plan, or work plan, and the total excess tax capture does not exceed the total of the cost of eligible activities approved in the brownfield plan.
(iv) Excess tax increment revenues from taxes levied for school operating purposes for eligible activities authorized under section 13b(4) by the Michigan strategic fund or the Michigan state housing development authority are not captured for deposit in the local brownfield revolving fund.
(2) The capture of school operating tax increment revenue described in subsection (1)(b) is subject to the 50% capture specified in section 13b(14).
(3) The tax increment revenues from eligible property for deposit in the local brownfield revolving fund may include tax increment revenues attributable to taxes levied for school operating purposes in an amount not greater than the tax increment revenues levied for school operating purposes captured from the eligible property pursuant to section 13(4).
(4) The local brownfield revolving fund may be used only to pay the costs of eligible activities on property that is located within the municipality and meets at least 1 of the conditions under section 2(p), regardless of whether or not the property is included in a brownfield plan. However, activities outlined in section 13b(8) may be conducted and funded on prospective properties.
(5) An authority or a municipality on behalf of an authority may incur an obligation for the purpose of funding a local brownfield revolving fund.