Michigan Laws 125.990n – Merger agreement
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 125.990n
- 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
- 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) Two or more business improvement zones within the same city or village may merge into a single business improvement zone if the board of each business improvement zone approves a merger agreement among the merging zones and the merger agreement also is approved by the governing body of the city or village in which the zones are located.
(2) The merger agreement shall include, without limitation, a manner of selecting the board of directors of the merged business improvement zone, a zone plan for the merged business improvement zone, and a plan for establishing and collecting assessments under the merged business improvement zone.