Michigan Laws 460.935 – Property assessed clean energy program; establishment by local unit of government; contract with record owner of property; financing
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 460.935
- Contract: A legal written agreement that becomes binding when signed.
- District: means a district created under a property assessed clean energy program by a local unit of government that lies within the local unit of government's jurisdictional boundaries. See Michigan Laws 460.933
- Energy project: means the installation or modification of an energy efficiency improvement or the acquisition, installation, or improvement of a renewable energy system or anaerobic digester energy system. See Michigan Laws 460.933
- Local unit of government: means a county, township, city, or village. See Michigan Laws 460.933
- program: means a program as described in section 5(2). See Michigan Laws 460.933
- Property: means privately owned commercial or industrial real property located within the local unit of government. See Michigan Laws 460.933
- Record owner: means the person or persons possessed of the most recent fee title or land contract vendee's interest in property as shown by the records of the county register of deeds. See Michigan Laws 460.933
(1) Pursuant to the procedures provided in section 7, a local unit of government may establish a property assessed clean energy program and may, from time to time, create a district or districts under the program.
(2) Under a program, the local unit of government may enter into a contract with the record owner of property within a district to finance or refinance 1 or more energy projects on the property. The contract may provide for the repayment of the cost of an energy project through assessments upon the property benefited. The financing or refinancing may include the cost of materials and labor necessary for installation, permit fees, inspection fees, application and administrative fees, bank fees, and all other fees that may be incurred by the record owner pursuant to the installation on a specific or pro rata basis, as determined by the local unit of government.