Michigan Compiled Laws Act 250 Of 1941 Urban Redevelopment Corporations Law (125.901 - 125.922)

AN ACT to provide for the creation of urban redevelopment corporations for the purpose of clearing, replanning, rehabilitating, modernizing, beautifying, and reconstructing substandard and insanitary areas; to provide for the powers and duties of urban redevelopment corporations and certain local units of government; to grant limited tax exemptions and powers of condemnation; and to provide for certain regulations and control by public agencies.

History: 1941, Act 250, Imd. Eff. June 16, 1941 ;-- Am. 1945, Act 102, Eff. Sept. 6, 1945 ;-- Am. 1968, Act 325, Imd. Eff. July 3, 1968 ;-- Am. 1992, Act 138, Imd. Eff. July 15, 1992

Section 125.901 Urban Redevelopment Corporations Law; Short Title; Applicability To Townships.
(1) This act shall be known and may be cited as the “urban redevelopment corporations law.” (2) This act applies to townships in the...
Section 125.902 Legislative Findings; Policy Of State; Purpose Of Act.
It is declared that in the cities of the state substandard and insanitary areas exist which have resulted from inadequate planning, excessive land coverage,...
Section 125.903 Urban Redevelopment Corporations Law; Definitions.
The following terms, whenever used or referred to in this act, shall, unless a different intent clearly appears from the context, be construed as...
Section 125.904 Development Plans; Contents; Approval; Requirements; Amendments; Fees.
Development plans and approval thereof. 1. A development plan shall contain: (a) A metes and bounds or a statement of the boundaries by streets,...
Section 125.905 Supervising Agency; Appointment.
The local legislative body of a city is hereby authorized by general ordinance or local law to appoint, establish or designate the chief financial...
Section 125.906 Redevelopment Corporation; Organization; Articles; Forfeiture Of Rights; Name.
1. At any time 1 or more natural persons, corporations or partnerships may incorporate a redevelopment corporation on making, subscribing, acknowledging and filing in...
Section 125.907 Limitations Imposed Upon Redevelopment Corporations; Limitations.
Limitation of redevelopment corporations. No redevelopment corporation shall: 1. Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the...
Section 125.908 Corporation Code; Application To Redevelopment Corporations.
Application of other corporation laws to redevelopment corporations. The provisions of the general corporation law as presently in effect and as hereafter from time...
Section 125.909 Consideration For Issuance Of Stock, Bond Or Debentures.
Consideration for issuance of stock, bonds, or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property...
Section 125.910 Determination Of Development Cost; Procedure.
1. Upon the completion of a development, a redevelopment corporation shall, or upon the completion of a principal part of a development, a redevelopment...
Section 125.911 Regulation Of Corporation By Supervising Agency.
Regulation of redevelopment corporations by supervising agency. A redevelopment corporation shall: 1. Furnish to the supervising agency from time to time, as required by...
Section 125.912 Exemption From Increase In Assessed Value; Limitations; Development Plan; “qualified Entity” Defined.
(1) A local legislative body is authorized by the adoption or enactment of an ordinance or local law to exempt real property located within...
Section 125.912a Redevelopment Corporation; Powers And Authority.
Except as otherwise provided in this act, a redevelopment corporation may do all of the following: (a) Form or incorporate nonprofit corporations under the...
Section 125.912b Redevelopment Corporation; Funds, Grants, Agreements.
(1) Funds for the operation of a redevelopment corporation may be loaned or granted by the city or township, this state, the federal government,...
Section 125.913 Return On Income Debentures And Stock; Limitations.
Limited return on income debentures and stock. 1. No redevelopment corporation shall pay any interest on its income debentures or dividends on its stock...
Section 125.914 Proceedings Against Redevelopment Corporations; Parties.
Enforcement proceedings against redevelopment corporations. Whenever a redevelopment corporation shall not have obtained the certificates of approval of its development plan required by section...
Section 125.915 Real Estate; Transfer To Redevelopment Corporations.
Transfer of real property to redevelopment corporation. Notwithstanding any requirement of law to the contrary or the absence of direct provision therefor in the...
Section 125.916 Acquisition Of Real Estate; Methods; Condemnation.
1. A redevelopment corporation may, whether before or after the certificates of approval of its development plan required by section 4 have been issued,...
Section 125.917 Condemnation; Proceedings; Damages; Compensation.
1. When it is desired that any real property in a development area be acquired by condemnation, there shall be presented to the supervising...
Section 125.917a Condemnation, Law Applicable.
Notwithstanding the provisions of section 17, condemnation proceedings under this act shall be pursuant to Act No. 149 of the Public Acts of 1911,...
Section 125.918 Leasing Of Property Of Corporation; Termination Of Tenancy.
Temporary use or occupation of real property taken by condemnation. When title to real property has vested in a redevelopment corporation or city by...
Section 125.919 Mortgages Of Corporation; Provisions Governing.
Mortgages. 1. Any redevelopment corporation may borrow funds and secure the repayment thereof by mortgage. Every such mortgage shall contain reasonable amortization provisions and...
Section 125.920 Sale Or Lease Of Real Estate By A City To Corporation.
Sale or lease of real property by a city to a redevelopment corporation. 1. The local legislative body may by resolution determine that real...
Section 125.921 Provisions Of Lease.
Provisions of lease. If real property of a city be leased to a redevelopment corporation: (1) The lease may provide that all improvements shall...
Section 125.922 Construction Of Act.
Construction. This act shall be construed liberally to effectuate the purposes hereof, and the enumeration of specific powers in this act shall not operate...

Last modified: October 10, 2016