Terms Used In Michigan Laws 125.4318

  • Assessed value: means 1 of the following:
  (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 125.4301
  • Authority: means a tax increment finance authority created under this part. See Michigan Laws 125.4301
  • Captured assessed value: means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (w), exceeds the initial assessed value. See Michigan Laws 125.4301
  • council: means that advisory body established pursuant to section 20. See Michigan Laws 125.4301
  • Dependent: A person dependent for support upon another.
  • Development area: means that area to which a development plan is applicable. See Michigan Laws 125.4301
  • Development plan: means that information and those requirements for a development set forth in section 16. See Michigan Laws 125.4301
  • Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4301
  • 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.
  • Municipality: means a city. See Michigan Laws 125.4301
  • Tax increment financing plan: means that information and those requirements set forth in section 313 to 315. See Michigan Laws 125.4301
  • 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 125.4301
      (1) The governing body, after a public hearing on the development plan or the tax increment financing plan, or both, with notice of the hearing given pursuant to section 317, shall determine whether the development plan or tax increment financing plan constitutes a public purpose. If the governing body determines that the development plan or tax increment financing plan constitutes a public purpose, the governing body shall then approve or reject the plan, or approve it with modification, by resolution based on the following considerations:
      (a) The findings and recommendations of a development area citizens council, if a development area citizens council was formed.
      (b) Whether the development plan meets the requirements set forth in section 316(2) and the tax increment financing plan meets the requirements set forth in section 313(1).
      (c) Whether the proposed method of financing the development is feasible and the authority has the ability to arrange the financing.
      (d) Whether the development is reasonable and necessary to carry out the purposes of this part.
      (e) Whether the amount of captured assessed value estimated to result from adoption of the plan is reasonable.
      (f) Whether the land to be acquired within the development area is reasonably necessary to carry out the purposes of the plan and the purposes of this part.
      (g) Whether the development plan is in reasonable accord with the approved master plan of the municipality, if an approved master plan exists.
      (h) Whether public services, such as fire and police protection and utilities, are or will be adequate to service the development area.
      (i) Whether changes in zoning, streets, street levels, intersections, and utilities are reasonably necessary for the project and for the municipality.
      (2) Except as provided in this subsection, amendments to an approved development plan or tax increment plan must be submitted by the authority to the governing body for approval or rejection following the same notice and public hearing provisions that are necessary for approval or rejection of the original plan. Notice and hearing shall not be necessary for revisions in the estimates of captured assessed value and tax increment revenues.
      (3) The procedure, adequacy of notice, and findings with respect to purpose and captured assessed value shall be conclusive unless contested in a court of competent jurisdiction within 60 days after adoption of the resolution adopting the plan. A plan adopted before July 18, 1983 is validated and shall be conclusive unless contested in a court of competent jurisdiction within 60 days after July 18, 1983. A plan in effect before July 18, 1983 shall not be contested to the extent that tax increment revenues are necessary for the payment of principal and interest on outstanding bonds issued pursuant to the plan and payable from the tax increment revenues or to the extent the authority or municipality has incurred other obligations or made commitments dependent upon tax increment revenues.

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