Economic development: other; 1961 PA 120; amend to reflect elimination of the Michigan strategic fund. Amends sec. 10f of 1961 PA 120 (MCL 125.990f). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan Strategic Fund Act to eliminate the Michigan Strategic Fund. Specifically, it modifies section 10f of 1961 PA 120, which governs the creation and operation of business improvement zones. The amendment clarifies procedures for property owner elections, proportional voting, and the reimbursement of local governments for compliance costs related to establishing these zones.
Key provisions
- Eliminates the Michigan Strategic Fund.
- Updates procedures for property owner elections within business improvement zones.
- Specifies how proportional voting should be calculated based on property values.
- Limits the proportional vote of any single property owner to 25%.
- Defines ‘affiliate’ for purposes of proportional voting.
- Outlines the process for city or village reimbursement for compliance expenses.
- Requires business improvement zones to comply with all applicable state and federal laws.
- Establishes immunity for cities and villages approving business improvement zones.
Who is affected
- Property owners in designated business improvement zones
- Cities and villages with business improvement zones
- Local governmental units involved in business improvement zone operations
Notable changes
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