Michigan Laws 125.1576 – Feasibility study; factors; notice of decision; reapplication or designation
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(1) After filing a petition pursuant to section 5, the community board, in cooperation with the department, shall conduct and complete within 180 calendar days an in-depth center feasibility study. The study shall include, but not be limited to, all of the following factors:
(a) Necessary lease, purchase, renovation, or construction costs.
Terms Used In Michigan Laws 125.1576
- 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
- board: means a board created pursuant to section 4. See Michigan Laws 125.1572
- center: means a building described in section 3. See Michigan Laws 125.1572
- Department: means the department of commerce. See Michigan Laws 125.1572
- 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
- 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
(b) Estimated rental costs for lessees of the center.
(c) Estimated utility costs.
(d) Estimated wage or salary rates of future employees of the center, including a building manager, receptionist, typist, and security guard.
(e) Estimated income for the center, including the estimated annual local subsidies and state appropriation, and, if necessary, the cost of financing.
(f) Prospects of attracting suitable businesses to the center.
(g) The ability of the community to provide necessary support for the center, including but not limited to, technical assistance and training, assistance in attracting employees, assistance in relocating a business, assistance in business start-up, and library facilities.
(2) Within 30 calendar days after completion of the feasibility study, the department, based upon the study and the criteria set forth in section 3, shall notify the board of its decision. If the department does not designate the building as a business incubation center, the department shall set forth the reasons for its decision in its notification letter to the board. A board receiving a negative response may reapply for designation of the building when circumstances which led to its initial rejection have been remedied.