Michigan Laws 125.2661 – Financing sources of authority activities
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Terms Used In Michigan Laws 125.2661
- Authority: means a brownfield redevelopment authority created under this act. See Michigan Laws 125.2652
- Brownfield plan: means a plan that meets the requirements of section 13 and 13b and is adopted under section 14. See Michigan Laws 125.2652
- Construction period tax capture revenues: means funds equal to the amount of income tax levied and imposed in a calendar year on wages paid to individuals physically present and working within the eligible property for the construction, renovation, or other improvement of eligible property that is an eligible activity within a transformational brownfield plan. See Michigan Laws 125.2652
- Facility: means that term as defined in part 201. See Michigan Laws 125.2652
- Governing body: means the elected body having legislative powers of a municipality creating an authority under this act. See Michigan Laws 125.2652
- Income tax: means the tax levied and imposed under part 1 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652
- Municipality: means all of the following:
(i) A city. See Michigan Laws 125.2652Sales and use tax capture revenues: means , with respect to each eligible property subject to a transformational brownfield plan, the amount for each calendar year by which the sales tax and use tax collected from persons within the eligible property exceeds the initial sales and use tax value. See Michigan Laws 125.2652 Tax increment revenues: means the amount of ad valorem property taxes and specific taxes attributable to the application of the levy of all taxing jurisdictions on the captured taxable value of each parcel of eligible property subject to a brownfield plan and personal property located on that property, regardless of whether those taxes began to be levied after the brownfield plan was adopted. See Michigan Laws 125.2652 Transformational brownfield plan: means a brownfield plan that meets the requirements of section 13c and is adopted under section 14a and, as designated by resolution of the governing body and approved by the Michigan strategic fund, will have a transformational impact on local economic development and community revitalization based on the extent of brownfield redevelopment and growth in population, commercial activity, and employment that will result from the plan. See Michigan Laws 125.2652 Use tax: means the tax levied under the use tax act, 1937 PA 94, MCL 205. See Michigan Laws 125.2652 Withholding tax capture revenues: means , with respect to each eligible property subject to a transformational brownfield plan, the amount for each calendar year by which the income tax withheld under chapter 17 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652
The activities of the authority must be financed from 1 or more of the following sources:
(a) Contributions, contractual payments, or appropriations to the authority for the performance of its functions or to pay the costs of a brownfield plan of the authority.
(b) Revenues from a property, building, or facility owned, leased, licensed, or operated by the authority or under its control, subject to the limitations imposed on the authority by trusts or other agreements.
(c) Subject to the limitations imposed under sections 8, 13, 13b, and 15, 1 or both of the following:
(i) Tax increment revenues received under a brownfield plan established under section 13 and 14.
(ii) Proceeds of tax increment bonds and notes issued under section 17.
(d) Proceeds of revenue bonds and notes issued under section 12.
(e) Revenue available in the local brownfield revolving fund for the costs described in section 8.
(f) Construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues received under a transformational brownfield plan established under section 13c and 14a.
(g) Money obtained from all other sources approved by the governing body of the municipality or otherwise authorized by law for use by the authority or the municipality to finance activities authorized under this act.