Terms Used In Michigan Laws 125.990

  • Assessable property: means real property in a zone area other than real property exempt from the collection of taxes under the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.990
  • Assessment: means an assessment imposed under this chapter against assessable property for the benefit of the property owners. See Michigan Laws 125.990
  • Board: means the board of directors of a business improvement zone. See Michigan Laws 125.990
  • Business improvement zone: means a business improvement zone created under this chapter. See Michigan Laws 125.990
  • 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.
  • 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
  • Nonprofit corporation: means a nonprofit corporation organized under the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 125.990
  • 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: means an individual, partnership, corporation, limited liability company, association, or other legal entity. See Michigan Laws 125.990
  • Qualifying period: means the period in which a business improvement zone is authorized to operate and impose and collect assessments, beginning on the date that the business improvement zone is approved by the property owners voting on the question as provided in section 10f and ending 7 to 10 calendar years after that date as determined in the petition described in section 10c. See Michigan Laws 125.990
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Zone area: means the area designated in the zone plan as the area to be served by the business improvement zone. See Michigan Laws 125.990
  • Zone plan: means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone. See Michigan Laws 125.990
  As used in this chapter:
  (a) “Assessable property” means real property in a zone area other than real property exempt from the collection of taxes under the general property tax act, 1893 PA 206, MCL 211.1 to 211.155. However, assessable property may include real property in a zone area classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211.34c, only if the plan for the zone area designates property classified as residential real property in the zone area as assessable property as part of its assessment proceeding.
  (b) “Assessment” means an assessment imposed under this chapter against assessable property for the benefit of the property owners.
  (c) “Assessment revenues” means the money collected by a business improvement zone from any assessments, including any interest on the assessments.
  (d) “Board” means the board of directors of a business improvement zone.
  (e) “Business improvement zone” means a business improvement zone created under this chapter.
  (f) “Nonprofit corporation” means a nonprofit corporation organized under the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, and that complies with all of the following:
  (i) The articles of incorporation of the nonprofit corporation provide that the nonprofit corporation may promote a business improvement zone and may also provide management services related to the implementation of a zone plan.
  (ii) The nonprofit corporation is exempt from federal income tax under section 501(c)(4) or (6) of the internal revenue code, 28 USC 501.
  (g) “Person” means an individual, partnership, corporation, limited liability company, association, or other legal entity.
  (h) “Project” means any activity for the benefit of property owners authorized by section 10a to enhance the business environment within a zone area.
  (i) “Property owner” means a person who owns, or an agent authorized in writing by a person who owns, assessable property according to the records of the treasurer of the city or village in which the business improvement zone is located.
  (j) “Qualifying period” means the period in which a business improvement zone is authorized to operate and impose and collect assessments, beginning on the date that the business improvement zone is approved by the property owners voting on the question as provided in section 10f and ending 7 to 10 calendar years after that date as determined in the petition described in section 10c. The 10-year period or qualifying period of a business improvement zone that was created before June 28, 2018 begins on the date that the business improvement zone was approved by the property owners voting on the question as provided in section 10f.
  (k) “Zone area” means the area designated in the zone plan as the area to be served by the business improvement zone.
  (l) “Zone plan” means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone.
  
  

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