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Tax Increment Financing
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How do we form an authority? How do we amend a plan? Etc?
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Answer:
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Some property tax division suggestions for TIF activities:
1. Involve your attorney for all legal matters.
2. Obtain a copy of the latest public act from the State Law Library, 525
W. Ottawa, PO Box 30007, Lansing, MI 48909, phone (517) 373-0630, fax (517)
373-3915, Email: lmlawlib@libofmich.lib.mi.us.
There is a small charge for this service.
- Downtown
Development Authorities (P.A. 197 of 1975)
- Tax Increment
Finance Authorities (P.A. 450 of 1980)
- Local Development
Financing Authorities (P.A. 281 of 1986)
Thoroughly read the applicable act.
3. All agreements should be in writing. If an agreement or resolution is
not clear, make it clear. If you're not sure whether you need to meet a
given requirement in the law, you probably need to meet it. Cover yourselves
legally. Do business in a businesslike manner, in writing. If the authority
agrees to do something, be sure the DDA, LDFA, or TIFA authority passes the
resolution or signs the agreement, not just the municipality. Remember that
the DDA, LDFA, or TIFA authority and the municipality are two separate legal
entities.
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