Michigan Laws 460.935 – Property assessed clean energy program; establishment by local unit of government; contract with record owner of property; financing
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Terms Used In Michigan Laws 460.935
- Contract: A legal written agreement that becomes binding when signed.
- District: means a district that is created by a local unit of government under a property assessed clean energy program and that lies within the local unit of government's jurisdictional boundaries. See Michigan Laws 460.933
- Local unit of government: means a county, township, city, or village. See Michigan Laws 460.933
- program: means a program as described in section 5(2). See Michigan Laws 460.933
- Project: means an environmental hazard project or energy project. See Michigan Laws 460.933
- Property: means any of the following privately owned real property located within the local unit of government:
(i) Commercial property. See Michigan Laws 460.933Record owner: means the person or persons possessed of the most recent fee title or land contract vendee's interest in property as shown by the records of the county register of deeds. See Michigan Laws 460.933
(1) Pursuant to section 7, a local unit of government may establish a property assessed clean energy program and may create a district or districts under the program.
(2) Under a property assessed clean energy program, the local unit of government may enter into a contract with the record owner of property within a district to finance or refinance 1 or more projects on the property. The contract may provide for the repayment of the cost of a project through assessments on the property benefited. The financing or refinancing may include the cost of materials and labor necessary for the project and the amount of permit fees, inspection fees, application and administrative fees, bank fees, or any other fees that may be incurred by the record owner for the installation on a specific or pro rata basis, as determined by the local unit of government.