Michigan Laws 125.4215 – Transmitting and expending tax increments revenues; reversion of surplus funds; abolishment of tax increment financing plan; conditions
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Terms Used In Michigan Laws 125.4215
- Authority: means a downtown development authority created pursuant to this part. See Michigan Laws 125.4201
- Development program: means the implementation of the development plan. See Michigan Laws 125.4201
- Municipality: means a city, village, or township. See Michigan Laws 125.4201
- 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
(1) The municipal and county treasurers shall transmit to the authority tax increment revenues.
(2) The authority shall expend the tax increment revenues received for the development program only pursuant to the tax increment financing plan. Surplus funds shall revert proportionately to the respective taxing bodies. These revenues shall not be used to circumvent existing property tax limitations. The governing body of the municipality may abolish the tax increment financing plan when it finds that the purposes for which it was established are accomplished. However, the tax increment financing plan shall not be abolished, allowed to expire, or otherwise terminate until the principal of, and interest on, bonds issued pursuant to section 216 have been paid or funds sufficient to make the payment have been segregated.