Michigan Laws 324.79112 – Lease agreements with 1 or more local units of government; apportionment of revenue
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Terms Used In Michigan Laws 324.79112
- Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
- Harbor: means a portion of a lake or other body of water either naturally or artificially protected in order to be a place of safety for watercraft. See Michigan Laws 324.79101
- 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
- local unit: means a municipality or county. See Michigan Laws 324.301
The department may enter into lease agreements for purposes of this part with 1 or more local units of government or public colleges or universities acting jointly with the department as a lessor. Revenue from each lease shall be apportioned according to the proportional share of the investments made by the department and the local unit or units of government or public colleges or universities in the construction of nonrevenue-producing harbor facilities and in consideration of the relative land investments of the entities.