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MICHIGAN STATUTES AND CODES
Section 125.990d - Public meeting of property owners; adoption of zone plan; contents; adoption by majority vote; presentment to city or village clerk.
Act 120 of 1961
125.990d Public meeting of property owners; adoption of zone plan; contents; adoption by majority vote; presentment to city or village clerk.
Sec. 10d.
(1) At the meeting required by section 10c, the property owners may adopt a zone plan for submission to and approval by the governing body of the city or village in which the business improvement zone is located.
(2) A zone plan shall include all of the following:
(a) A description of the boundaries of the zone area sufficient to identify each assessable property included.
(b) The proposed initial board of directors, except for a director of the board who may be appointed by the city or village under section 10g(2).
(c) The method for removal, appointment, and replacement of the board.
(d) A description of projects planned during the 7-year period, including the scope, nature, and duration of the projects.
(e) An estimate of the total amount of expenditures for projects planned during the 7-year period.
(f) The proposed source or sources of financing for the projects.
(g) If the proposed financing includes assessments, the projected amount or rate of the assessments for each year and the basis upon which the assessments are to be imposed on assessable property.
(h) A listing, by tax parcel identification number, of all parcels within the zone area, separately identifying assessable property.
(i) A plan of dissolution for the business improvement zone.
(3) A zone plan shall be considered adopted by the property owners if a majority of the property owners voting at the meeting approve the zone plan. The votes of the property owners at the meeting shall be weighted in the manner indicated in section 10f(2).
(4) Any zone plan adopted under this section shall be presented to the clerk of the city or village in which the zone area is located.
History: Add. 2001, Act 260, Eff. Mar. 1, 2002
Popular Name: Shopping Areas Redevelopment Act