Mich. Comp. Laws § 124.751
Short title.
This act shall be known and may be cited as the "land bank fast track act".
Michigan Compiled Laws — LAND BANK FAST TRACK ACT (Act 258 of 2003)
Michigan · statute · 258 of 2003, Mich. Comp. Laws · 24 active provisions
Provisions
Mich. Comp. Laws § 124.752
Legislative findings.
The legislature finds that there exists in this state a continuing need to strengthen and revitalize the economy of this state and local units of government in this state and that it is in the best interests of this state and local units of government in this state to assemble or dispose of public property, including t…
Mich. Comp. Laws § 124.753
Definitions.
As used in this act: (a) "Authority" means a land bank fast track authority created under section 15, section 23(4), or section 23(5). (b) "Authority board" means the board of directors of the state authority appointed under section 16. (c) "Casino" means a casino regulated by this state under the Michigan Gaming Contr…
Mich. Comp. Laws § 124.754
Powers.
(1) Except as otherwise provided in this act, an authority may do all things necessary or convenient to implement the purposes, objectives, and provisions of this act, and the purposes, objectives, and powers delegated to the board of directors of an authority by other laws or executive orders, including, but not limit…
Mich. Comp. Laws § 124.755
Acquisition of property; accepting deed in lieu of foreclosure or sale; release of tax lien.
(1) Except as provided in section 4(8), an authority may acquire by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper, real or personal property, or rights or interests in real or personal property. (2) Real property acquired by…
Mich. Comp. Laws § 124.756
Preservation of property value.
(1) An authority may, without the approval of a local unit of government in which property held by the authority is located, control, hold, manage, maintain, operate, repair, lease as lessor, secure, prevent the waste or deterioration of, demolish, and take all other actions necessary to preserve the value of the prope…
Mich. Comp. Laws § 124.757
Disposition of property by authority; inventory and classification of property; title status and suitability for use; recording property transfer.
(1) Except as an authority otherwise agrees by intergovernmental agreement or otherwise, on terms and conditions, and in a manner and for an amount of consideration an authority considers proper, fair, and valuable, including for no monetary consideration, the authority may convey, sell, transfer, exchange, lease as le…
Mich. Comp. Laws § 124.758
Receipt of tax, penalty, or interest payments; return to local tax collecting unit; retention of proceeds.
(1) Money received by an authority as payment of taxes, penalties, or interest, or from the redemption or sale of property subject to a tax lien of any taxing unit shall be returned to the local tax collecting unit in which the property is located for distribution on a pro rata basis to the appropriate taxing units in…
Mich. Comp. Laws § 124.759
Expedited quiet title and foreclosure action; procedure.
(1) An authority may initiate an expedited quiet title and foreclosure action under this section to quiet title to real property held by the authority or interests in tax reverted property held by the authority by recording with the register of deeds in the county in which the property subject to expedited quiet title…
Mich. Comp. Laws § 124.760
Property as site of environmental contamination; information to be provided to department of environmental quality; property subject to certain conditions; liability.
(1) If an authority has reason to believe that property held by the authority may be the site of environmental contamination, the authority shall provide the department of environmental quality with any information in the possession of the authority that suggests that the property may be the site of environmental conta…
Mich. Comp. Laws § 124.761
Waste of or unlawful removal of property; restraining order.
(1) An authority may institute a civil action to prevent, restrain, or enjoin the waste of or unlawful removal of any property from tax reverted property or other real property held by the authority. (2) A circuit court may, on application, order the purchaser of any real property sold by an authority under this act in…
Mich. Comp. Laws § 124.762
Authority as party to civil action.
An authority shall be made a party to any action or proceeding instituted for the purpose of setting aside title to property held by the authority, the sale of property by the authority, or an expedited foreclosure under section 9. A hearing in any such proceeding shall not be held until the authority is served with pr…
Mich. Comp. Laws § 124.763
Property of authority as public property; exemption from taxes, special assessments, and user fees.
(1) Property of an authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public and governmental purpose. (2) The property of the authority and its income and operation are exempt from all taxes and special assessments of thi…
Mich. Comp. Laws § 124.764
Construction, intent, and scope of act.
(1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of each and every act and thing authorized by this act, and all powers granted shall be broadly interpreted to effectuate the intent and purposes and not as a lim…
Mich. Comp. Laws § 124.765
Land bank fast track authority; creation; powers and duties; staffing; cooperation with state departments and agencies.
(1) The land bank fast track authority is created as a public body corporate and politic within the department. (2) The state authority shall exercise its powers, duties, functions, and responsibilities independently of the director of the department. The budgeting, procurement, and related administrative or management…
Mich. Comp. Laws § 124.766
Board of directors; membership; appointment; terms; oath; removal; vacancy; election of chairperson and vice-chairperson; designation of representative; discharge of duties.
(1) The purposes, powers, and duties of the state authority are vested in and shall be exercised by a board of directors. The authority board shall consist of 7 members. The governor shall appoint 4 residents of this state as members of the authority board. The members of the authority board shall serve terms of 4 year…
Mich. Comp. Laws § 124.767
Executive director; appointment; eligibility; oath; duties.
The governor shall appoint a person to serve as the executive director of the state authority. A member of the authority board is not eligible to hold the position of executive director. Before entering upon the duties of his or her office, the executive director shall take and file the constitutional oath of office pr…
Mich. Comp. Laws § 124.768
Land bank fast track fund; creation; receipt of money or other assets; transfer of money in urban land assembly loan fund; loan repayments; money remaining in fund; expenditures; disposition of proceeds.
(1) The land bank fast track fund is created under the jurisdiction and control of the state authority and may be administered to secure any notes and bonds of the state authority. (2) The state authority may receive money or other assets from any source for deposit into the fund. The state treasurer shall transfer all…
Mich. Comp. Laws § 124.769
Borrowing money and issuing bonds or notes.
(1) The state authority may borrow money and issue bonds or notes for the following purposes: (a) To provide sufficient funds for achieving the state authority's purposes and objectives or incident to and necessary or convenient to carry out the state authority's purposes and objectives, including necessary administrat…
Mich. Comp. Laws § 124.770
Transfer of property from state administrative board.
(1) The state administrative board may transfer to the state authority tax reverted property owned or under control of this state, on terms and conditions the state administrative board considers appropriate and consistent with the provisions of this act. A transfer of property by the state administrative board under t…
Mich. Comp. Laws § 124.771
Dissolution of authority.
If the state authority has completed the purposes for which it was organized, the authority board, by vote of at least 5 directors and with the written consent of the governor, may provide for the dissolution of the state authority and may provide for the transfer of any property held by the state authority to another…
Mich. Comp. Laws § 124.772
Biennial report.
The state authority shall report biennially to the legislature on the activities of the state authority.
Mich. Comp. Laws § 124.773
Intergovernmental agreements.
(1) An authority may enter into an intergovernmental agreement with the Michigan economic development corporation for the joint exercise of powers and duties under this act, of the powers and duties of the authority and the Michigan economic development corporation, and for the provision of economic development service…
Mich. Comp. Laws § 124.774
Authority created under MCL 124.773; borrowing money and issuing bonds or notes.
(1) By resolution of its board, an authority created under section 23 may borrow money and issue bonds and notes, subject to limitations set forth in this section, for the purpose of achieving the purposes of and objectives incident to and necessary or convenient to carry out the purposes and objectives of the authorit…