Application for Loan; Contents; Guidelines for Evaluating Economic Impact of Proposed Projects; System for Ordering Priority of Projects - Mich. Comp. Laws Section 125.1856
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(1) An administering agency requesting a loan shall file an application with the department. The application shall include the following:
(a) Proof and certification that at least 1 of the funding eligibility requirements set forth by the department has been met.
(b) A demonstration that within the municipality a severe shortage of industrial real property parcels exists for new or expanded industrial development, or a demonstration that within the municipality a shortage of commercial real property parcels exists in the area under the jurisdiction of a downtown development authority pursuant to Act No. 197 of the Public Acts of 1975, as amended, being sections 125.1651 to 125.1680 of the Michigan Compiled Laws.
(c) A project plan.
(d) A description of the project's consistency with the municipality's plans for economic development and the municipality's master plan, if a master plan has been adopted.
(e) A description of the planned real property acquisition for industrial use of at least 10 contiguous acres, or a planned acquisition for industrial use of a critical parcel of less than 10 acres, if the department determines that the municipality making the application has presented sufficient documentation demonstrating the critical nature of obtaining the parcel for industrial development purposes, or in a downtown development authority area.
(f) A description of the planned industrial or commercial reuse of the project area and, if displacement is to occur, a plan for providing for the persons to be displaced.
(g) A description of the economic impact of the proposed project, including but not limited to the types of impact described in subsection (2).
(h) The administering agency shall certify to the department that at the time the project plan is approved by the department, the project shall not have the effect of transferring employment from a city of this state to the city in which the project is to be located. This restriction shall not prevent the approval of a project if the governing body of each city from which employment is to be transferred consents by resolution to the transfer.
(2) The department shall develop guidelines for evaluating the economic impact of the proposed projects and a system for ordering the priority of projects shall be implemented. The department shall give priority to those projects which:
(a) Yield the highest number of new jobs per loan fund dollar invested.
(b) Receive contributions equal to 1/2 of the project cost from the private sector, or from local or federal governments, or from both.
(c) Make long term contributions to the local tax base.
(d) Contribute significantly to neighborhood revitalization.
(e) Identify a potential immediate user for the property to be purchased.
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Last modified: March 17, 2013