Sec. 19613.
Of the funds to be used to provide grants and loans under section 19608(1)(a)(iv), all of the following conditions apply:
(a) A recipient of a grant shall receive not more than 1 grant per year not to exceed $1,000,000.00 per grant.
(b) A recipient of a loan shall receive a maximum of 1 loan per year not to exceed $1,000,000.00 per loan.
(c) A grant shall be awarded only if the department determines that both of the following apply:
(i) The property is a facility as defined in section 20101.
(ii) The proposed development of the property will result in measurable economic benefit in excess of the grant amount requested by the applicant.
(d) A loan shall be awarded only if the department determines that both of the following apply:
(i) The property is a facility as defined in section 20101 or is suspected of being a facility.
(ii) The property has economic development potential based on the applicant's planned use of the property.
History: Add. 1998, Act 288, Eff. Dec. 1, 1998
Popular Name: Act 451
Popular Name: NREPA
Last modified: October 10, 2016