(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 125.4201

Authority: means a downtown development authority created pursuant to this part. See Michigan Laws 125.4201

Balanced budget: A budget in which receipts equal outlays.

Board: means the governing body of an authority. See Michigan Laws 125.4201

Captured assessed value: means the amount in any 1 year by which the current assessed value of the project area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (aa), exceeds the initial assessed value. See Michigan Laws 125.4201

Catalyst development project: means a project that is located in a municipality with a population greater than 600,000, is designated by the authority as a catalyst development project, and is expected to result in at least $300,000,000. See Michigan Laws 125.4201

Contract: A legal written agreement that becomes binding when signed.

conveyance: as used in this chapter , shall be construed to embrace every instrument in writing, by which any estate or interest in real estate is created, aliened, mortgaged or assigned; or by which the title to any real estate may be affected in law or equity, except wills, leases for a term not exceeding 3 years, and executory contracts for the sale or purchase of lands. See Michigan Laws 565.35

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.

Deed: The legal instrument used to transfer title in real property from one person to another.

Department: means the department of management and budget. See Michigan Laws 38.1161

Development area: means that area to which a development plan is applicable. See Michigan Laws 125.4201

Development plan: means that information and those requirements for a development plan set forth in section 217. See Michigan Laws 125.4201

Development program: means the implementation of the development plan. See Michigan Laws 125.4201

Director: means the director of the department or his or her designee. See Michigan Laws 38.1161

Downtown district: means that part of an area in a business district that is specifically designated by ordinance of the governing body of the municipality pursuant to this part. See Michigan Laws 125.4201

Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 125.4201

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 125.4201

Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}

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.

Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.4201

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.

Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}

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

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}

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.

Majority leader: see Floor Leaders

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Mortgagee: The person to whom property is mortgaged and who has loaned the money.

Municipality: means a city, village, or township. See Michigan Laws 125.4201

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 125.4201

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.

Other protected obligation: means :

  (i) A qualified refunding obligation issued to refund an obligation described in subparagraph (ii), (iii), or (iv), 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 125.4201

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: 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.

Process improvement: is a recommended improvement that is concisely written and identifies a problem, situation, or opportunity for improvement, together with a recommendation for a remedy. See Michigan Laws 38.1161

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 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 or more of the following apply:

  (i) The obligation is issued to refund a qualified refunding obligation issued in November 1997 and any subsequent refundings of that obligation issued before January 1, 2010 or the obligation is issued to refund a qualified refunding obligation issued on May 15, 1997 and any subsequent refundings of that obligation issued before January 1, 2010 in an authority in which 1 parcel or group of parcels under common ownership represents 50% or more of the taxable value captured within the tax increment finance district and that will ultimately provide for at least a 40% reduction in the taxable value of the property as part of a negotiated settlement as a result of an appeal filed with the state tax tribunal. See Michigan Laws 125.4201

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

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

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.

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 125.4201

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Value added behavior: means a positive contribution by a person that advances the implementation of a process improvement or otherwise assists in the advancement of overall organizational success. See Michigan Laws 38.1161