Section 125.4602 - Definitions; A to MAs used in this part:
(a) "Advance" means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. Evidence of the intent to repay an advance may include, but is not limited to, an executed agreement to repay, provisions contained in a tax increment financing plan approved prior to the advance, or a resolution of the authority or the municipality.(b) "Assessed value" means the taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211.27a.(c) "Authority" means a corridor improvement authority created under section 604(1) or a joint authority created under section 604(2).(d) "Board" means the governing body of an authority.(e) "Business district" means an area of a municipality zoned and used principally for business.(f) "Captured assessed value" means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in section 603(e), exceeds the initial assessed value. The state tax commission shall prescribe the method for calculating captured assessed value.(g) "Chief executive officer" means the mayor of a city, the president of a village, or the supervisor of a township.(h) "Development area" means that area described in section 605 to which a development plan is applicable.(i) "Development plan" means that information and those requirements for a development area set forth in section 621.(j) "Development program" means the implementation of the development plan.(k) "Fiscal year" means the fiscal year of the authority. (l) "Governing body" or "governing body of a municipality" means the elected body of a municipality having legislative powers or, for a joint authority created under section 604(2), the elected body of each municipality having legislative powers that is a member of the joint authority.(m) "Initial assessed value" means the assessed value, as equalized, of all the taxable property within the boundaries of the development area at the time the resolution establishing or amending the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality for which equalization has been completed at the time the resolution is adopted. The initial assessed value may be modified once during the term of the tax increment financing plan through an amendment as provided in section 618(4) after the tax increment financing plan fails to generate captured assessed value for 3 consecutive years due to declines in assessed value. Property exempt from taxation at the time of the determination of the initial or amended assessed value shall be included as zero. For the purpose of determining initial or amended assessed value, property for which a specific local tax is paid in lieu of a property tax shall not be considered to be property that is exempt from taxation. The initial assessed value of property for which a specific local tax was paid in lieu of a property tax shall be determined as provided in section 603(e).(n) "Land use plan" means a plan prepared under former 1921 PA 207, former 1943 PA 184, or a site plan under the Michigan zoning enabling act, 2006 PA 110, MCL 125.3101 to 125.3702.(o) "Municipality" means 1 of the following: (iv) A combination of 2 or more cities, villages, or townships acting jointly under a joint authority created under section 604(2).Added by 2018, Act 57,s 6-1, eff. 1/1/2019.