Michigan Laws 125.990k – Expiration of qualifying period; special meeting to approve new zone plan; notice
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Terms Used In Michigan Laws 125.990k
- Assessable property: means real property in a zone area other than property classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.990
- Assessment: means an assessment imposed under this chapter against assessable property for the benefit of the property owners. See Michigan Laws 125.990
- Board: means the board of directors of a business improvement zone. See Michigan Laws 125.990
- Business improvement zone: means a business improvement zone created under this chapter. See Michigan Laws 125.990
- Proportional voting: means voting with an allocation of votes under section 10f(7) if provided for in a zone plan or a proposed zone plan. See Michigan Laws 125.990
- Qualifying period: means the period in which a business improvement zone is authorized to operate and impose and collect assessments, beginning on the date that the business improvement zone is approved by the property owners voting on the question as provided in section 10f and ending 7 to 10 calendar years after that date as determined in the petition described in section 10c. See Michigan Laws 125.990
- Zone plan: means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone. See Michigan Laws 125.990
(1) Before the expiration of any qualifying period, the board shall notify the property owners within the business improvement zone of a special meeting by first-class mail not less than 14 days before the scheduled date of the meeting to approve a new zone plan for the next qualifying period. Notice under this section must include the specific location, scheduled date, and time of the meeting.
(2) Approval of the new zone plan at the special meeting by more than 60% of the property owners of assessable property voting at that meeting, using proportional voting if applicable under the zone plan, constitutes reauthorization of the business improvement zone for an additional qualifying period, commencing as of the expiration of the qualifying period then in effect. If the new zone plan reflects any new assessment, or reflects an extension of any assessment beyond the period previously approved by the city or village in which the business improvement zone is located, the new or extended assessment is effective only with the approval of the governing body of the city or village.