This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Michigan Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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The Address Confidentiality Program Act, 2020 PA 301, MCL 780.851, et seq was created to conceal victims' addresses. ACP is for victims of domestic violence, sexual assault, stalking, human trafficking, or anyone who fears that disclosure of their address increases their risk of threat or physical harm.
Under the Brownfield Redevelopment Act PA 381 of 1996, as amended, a municipality may create a brownfield Redevelopment Authority (BRA) to develop and implement brownfield projects. A BRA is a resource that may use Tax Increment Financing (TIF) as a tool for property redevelopment.
AN ACT creating the state building authority with power to acquire, construct, furnish, equip, own, improve, enlarge, operate, mortgage, and maintain facilities for the use of the state or any of its agencies; to act as a developer or co-owner of facilities as a condominium project for the use of the state or any of ...
Act 381 authorizes Brownfield Redevelopment Authorities to recommend approval of local Brownfield Plans and submit work plans for approval to the state that help revitalize, redevelop, and reuse contaminated, blighted, functionally obsolete, or historic resources.
The premise of brownfield TIF is simple: When a vacant, blighted, contaminated, or otherwise challenged property is redeveloped it becomes more valuable. The increase in value results in an increase in property taxes paid to the municipality, school district or other taxing authorities for that property.
Act 381 prescribes the powers and duties of BRAs and certain powers and duties of the Michigan Department of Environment, Great Lakes, and Energy (EGLE) and the Michigan Strategic Fund (MSF). The Michigan Economic Development Corporation (MEDC) serves as staff support to the MSF.