Michigan Compiled Laws Act 171 Of 1981 Michigan Urban Land Assembly Act (125.1851 - 125.1861)

AN ACT to provide for the creation of an urban land assembly fund to assist eligible municipalities in the acquisition of certain real property for economic development purposes; to prescribe procedures and criteria for loan eligibility and for the issuance and repayment of loans; to transfer certain revenues, records, and the authority to receive certain loan repayments to the urban land assembly fund; and to prescribe the powers and duties of the department of commerce and of municipalities and certain administering agencies.

History: 1981, Act 171, Imd. Eff. Dec. 3, 1981

Section 125.1851 Short Title.
This act shall be known and may be cited as the “Michigan urban land assembly act”. History: 1981, Act 171, Imd. Eff. Dec. 3,...
Section 125.1852 Definitions.
As used in this act: (a) “Administering agency” means a municipality or nonprofit development organization designated by a municipality and authorized by the municipality...
Section 125.1853 Urban Land Assembly Loan Fund; Creation; Administration; Use; Operation On Revolving Basis; Total Amount Of Loans.
(1) An urban land assembly loan fund is created within the state treasury and shall be administered by the department. (2) The fund shall...
Section 125.1854 Disbursement Of Money From Fund.
The disbursement of money from the fund shall be determined by the department and provided to municipalities which file an application pursuant to section...
Section 125.1855 Eligibility; Primary Consideration To Municipalities With High Unemployment.
To be eligible under this act for a loan for a project, a municipality shall meet eligibility criteria established by the department. The department...
Section 125.1856 Application For Loan; Contents; Guidelines For Evaluating Economic Impact Of Proposed Projects; System For Ordering Priority Of Projects.
(1) An administering agency requesting a loan shall file an application with the department. The application shall include the following: (a) Proof and certification...
Section 125.1857 Loan Document; Contents; Execution; Changes To Project; Annual Report.
(1) A loan document shall be executed between the department and the applicant which shall include a description of the project, and provisions for...
Section 125.1858 Repayment Into Fund Of Proceeds From Sale Or Lease Of Land And Improvements To Industrial Or Commercial User; Amount Repaid; Repayment Of Remainder Of Loan; Sale Of Real Property At Less Than Cost Of Acquisition.
(1) Upon sale or lease of the real property, the administering agency shall repay into the fund a portion of the proceeds from the...
Section 125.1859 Annual Report.
The department shall annually report to the legislature on the use of the fund. The report shall include the following: (a) A list and...
Section 125.1860 Transfer Of Funds For Urban Land Banking Purposes, Loan Interest, Authority To Receive Repayments, And Related Records To Fund.
All funds for urban land banking purposes, including unexpended appropriations made under Act No. 401 of the Public Acts of 1978, interest earned on...
Section 125.1861 Rules.
The agency shall promulgate rules to implement this act. The rules shall be promulgated pursuant to Act No. 306 of the Public Acts of...

Last modified: October 10, 2016