§ 125.4301 Definitions
§ 125.4301a Short title of part
§ 125.4302 Authority; establishment; public body corporate; powers generally
§ 125.4303 Resolution of intent to create and provide operation of authority; determinations; notice of public hearing; adoption, filing, and publication of resolution establishing authority and designating
§ 125.4304 Board; composition; chairperson; oath of member; rules governing procedure and meetings; meetings open to public; removal of member; publicizing expense items; financial records open to public
§ 125.4305 Board; employment, compensation, term, oath, and bond of director; chief executive office; duties of director; absence or disability of director; reports; employment, compensation, and duties of
§ 125.4307 Board; powers generally
§ 125.4308 Board serving as planning commission; agenda
§ 125.4309 Authority as instrumentality of political subdivision
§ 125.4310 Taking, transfer, and use of private property by municipality
§ 125.4311 Financing activities of authority; sources
§ 125.4312 Borrowing money; issuing negotiable revenue bonds; full faith and credit
§ 125.4312a Insufficient tax increment revenues for repayment of advance or payment of obligation; appropriation and distribution to authority; filing, time, and contents of claim; distribution of amounts in
§ 125.4312b Retention and payment of taxes levied under state education tax act; conditions; application by authority for approval; information to be included; approval, modification, or denial of applicatio
§ 125.4313 Preparation and submission of tax increment financing plan; contents and approval of plan; public hearing; taxing jurisdictions
§ 125.4314 Transmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan
§ 125.4315 Tax increment bonds; qualified refunding obligation
§ 125.4316 Development plan; preparation; contents
§ 125.4317 Public hearing on development plan; publication, mailing, and contents of notice; presentation of data; record
§ 125.4318 Development plan or tax increment plan as public purpose; determination; approval or rejection of plan; notice and hearing; conclusiveness of procedure, adequacy of notice, and certain findings;
§ 125.4319 Notice to vacate
§ 125.4320 Development area citizens council; establishment; advisory body; appointment and qualifications of members
§ 125.4321 Consultation representative of authority and council
§ 125.4322 Meetings of council; open to public; notice; hearing persons present at meeting; record; information and technical assistance; failures not precluding adoption of development plan
§ 125.4323 Development or tax increment financing plan; notice of findings and recommendations
§ 125.4324 Development area citizens council; dissolution
§ 125.4325 Budget; cost of handling and auditing funds
§ 125.4326 Preservation of public facility, building, or structure having significant historical interest; review of proposed changes to exterior of historic site
§ 125.4327 Dissolution of authority; resolution; disposition of property and assets
§ 125.4328 Authority district part of area annexed to or consolidated with another municipality; authority of annexing or consolidated municipality; effect of obligations, agreements, and bonds
§ 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 > Chapter 125 > Act 57 of 2018 > Part 3 - Tax Increment Finance Authorities

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority. See Michigan Laws 125.4301
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assessed value: means 1 of the following:
    (i) For valuations made before January 1, 1995, the state equalized valuation as determined under the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.4301
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Bankruptcy trust: means a trust created by a court order, including a plan for adjustment. See Michigan Laws 38.1212
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • board: means the governing board of a bankruptcy trust. See Michigan Laws 38.1212
  • Board: means the governing body of an authority. See Michigan Laws 125.4301
  • Captured assessed value: means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (w), exceeds the initial assessed value. See Michigan Laws 125.4301
  • Chief executive officer: means the mayor or city manager of a city, the president of a village, or the supervisor of a township. See Michigan Laws 125.4301
  • citation: means a complaint or notice upon which a police officer shall record an occurrence involving 1 or more vehicle law violations by the person cited. See Michigan Laws 257.727c
  • Collector plate: means a collector plate that matches any registration plate developed and issued under this act. See Michigan Laws 257.811d
  • Commission: means the commission of natural resources. See Michigan Laws 324.301
  • Commission: means the Mackinac Island state park commission created in section 76503. See Michigan Laws 324.76501
  • commission: means the Mackinac Island state park commission. See Michigan Laws 324.76701
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Conviction: means a plea of guilty, guilty but mentally ill, or nolo contendere if accepted by the court, or a jury verdict or court finding that a defendant is guilty or guilty but mentally ill for a criminal law violation, or a juvenile adjudication or disposition for a criminal law violation that if committed by an adult would be a crime. See Michigan Laws 28.172
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • council: means that advisory body established pursuant to section 20. See Michigan Laws 125.4301
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the department of state police. See Michigan Laws 28.122
  • Department: means the department of state police. See Michigan Laws 28.172
  • department: means the department of state police. See Michigan Laws 28.196
  • Department: means the department of management and budget. See Michigan Laws 38.1161
  • Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
  • Dependent: A person dependent for support upon another.
  • 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
  • Development program: means the implementation of the development plan. See Michigan Laws 125.4301
  • Devise: To gift property by will.
  • Director: means the director of the Mackinac Island state park commission. See Michigan Laws 324.76501
  • district: means that area to which the tax increment finance plan pertains. See Michigan Laws 125.4301
  • DNA identification profiling: means a validated scientific method of analyzing components of deoxyribonucleic acid molecules in a biological specimen to determine a match or a nonmatch between a reference sample and an evidentiary sample. See Michigan Laws 28.172
  • Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 125.4301
  • Eligible obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority before August 19, 1993 and its subsequent refunding by a qualified refunding obligation. See Michigan Laws 125.4301
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Felony: means a violation of a penal law of this state for which the offender may be punished by imprisonment for more than 1 year or an offense expressly designated by law to be a felony. See Michigan Laws 28.172
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.4301
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation. See Michigan Laws 38.1212
  • Fund-raising plate: means a registration plate authorized to raise funds for a specified goal. See Michigan Laws 257.811d
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4301
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Initial assessed value: means the assessed value, as equalized, of all the taxable property within the boundaries of the development area at the time the resolution establishing the tax increment financing plan is approved as shown by the most recent assessment roll of the municipality for which equalization has been completed at the time the resolution is adopted. See Michigan Laws 125.4301
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Investigating law enforcement agency: means the law enforcement agency responsible for the investigation of the offense for which the individual is arrested or convicted. See Michigan Laws 28.172
  • Investment fiduciary: means a person who does any of the following:
  •     (i) Exercises any discretionary authority or control in the investment of the fund's or trust's assets. See Michigan Laws 38.1212
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local unit of government: means a village, city, township, or county. See Michigan Laws 28.117
  • Methamphetamine-related offense: means 1 or more of the following offenses under Michigan law:
  •     (i) A violation or attempted violation of article 7 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 28.122
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Motor vehicle: means any device that is self-propelled, or partially self-propelled, by which a person or property may be transported or drawn. See Michigan Laws 324.76501
  • Municipality: means a city. See Michigan Laws 125.4301
  • NADDI: means the national association of drug diversion investigators. See Michigan Laws 28.122
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Nonprofit: means that which is exempt from taxation under section 501(c)(3) of the internal revenue code, 26 USC 501. See Michigan Laws 257.811d
  • NPLEx: means the national precursor log exchange. See Michigan Laws 28.122
  • Oath: A promise to tell the truth.
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
  • Obligation: 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.
  • Obligation: means a written promise to pay, whether evidenced by a contract, agreement, lease, sublease, bond, or note, or a requirement to pay imposed by law. See Michigan Laws 125.4301
  • Other protected obligation: means :
  •     (i) A qualified refunding obligation issued to refund an obligation described in subparagraph (ii) or (iii), an obligation that is not a qualified refunding obligation that is issued to refund an eligible obligation, or a qualified refunding obligation issued to refund an obligation described in this subparagraph. See Michigan Laws 125.4301
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plan for adjustment: means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation. See Michigan Laws 38.1212
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • profile: means the results of the DNA identification profiling of a sample, including a paper, electronic, or digital record. See Michigan Laws 28.172
  • Public corporation: means a county, city, village, township, authority, district, board, or commission in this state. See Michigan Laws 38.1212
  • Public facility: means 1 or more of the following:
  •     (i) A street, plaza, or pedestrian mall, and any improvements to a street, plaza, boulevard, alley, or pedestrian mall, including street furniture and beautification, park, parking facility, recreation facility, playground, school, library, public institution or administration building, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipeline, transit-oriented development, transit-oriented facility, and other similar facilities and necessary easements of these facilities designed and dedicated to use by the public generally or used by a public agency. See Michigan Laws 125.4301
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified person: means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation. See Michigan Laws 38.1212
  • Qualified refunding obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority to refund an obligation if 1 of the following applies:
  •     (i) The refunding obligation meets both of the following:
        (A) The net present value of the principal and interest to be paid on the refunding obligation, including the cost of issuance, will be less than the net present value of the principal and interest to be paid on the obligation being refunded, as calculated using a method approved by the department of treasury. See Michigan Laws 125.4301
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • recognition board: means the recognition board established in section 2. See Michigan Laws 38.1161
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Retired state employee: means an individual who has retired from state service and is receiving a retirement benefit from either the defined benefits or defined contributions retirement plans sponsored by this state. See Michigan Laws 38.1161
  • Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301
  • Sample: means a portion of an individual's blood, saliva, or tissue collected from the individual. See Michigan Laws 28.172
  • seal: shall be construed to include any of the following:
  •     (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Specific local tax: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 125.4301
  • 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
  • State employee: means a classified member of the state civil service or an unclassified employee of the executive, legislative, or judicial branch of state government. See Michigan Laws 38.1161
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Tax increment financing plan: means that information and those requirements set forth in section 313 to 315. See Michigan Laws 125.4301
  • Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements:
  •     (i) Tax increment revenues include ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions other than the state pursuant to the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 125.4301
  • Transit-oriented development: means infrastructure improvements that are located within 1/2 mile of a transit station or transit-oriented facility that promotes transit ridership or passenger rail use as determined by the board and approved by the municipality in which it is located. See Michigan Laws 125.4301
  • Transit-oriented facility: means a facility that houses a transit station in a manner that promotes transit ridership or passenger rail use. See Michigan Laws 125.4301
  • Transportation administration collection fund: means the fund created under section 810b. See Michigan Laws 257.811d
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust: means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits. See Michigan Laws 38.1212
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.