Title
Request to authorize application for an Urban Land Assembly Loan through the Michigan Economic Development Corp. for the Devondale Property
Body
Whereas, Public Act 281 of 1986, as amended, 125.2151, Section 1 (g) states that "the creation of jobs and the promotion of economic growth stabilize and strengthen the tax bases upon which local units of government rely and that government programs to eliminate causes of unemployment, underemployment, and joblessness benefit local units of government and are for the use of those local units of government," and
Whereas, Public Act 281 of 1986, as amended, 125.2151, Section 1 (f) states "that the creation of jobs and the promotion of economic growth in the state are essential governmental functions and constitute essential public purposes," and
Whereas, Public Act 281 of 1986, as amended, 125.2152, Section 2 (aa)(ii) defines a "Public Facility" to mean 1 or more of the following: "the acquisition and disposal of land that is proposed or intended to be used in the development of eligible property or an interest in that land, demolition of structures, site preparation, and relocation costs," and
Whereas, Public Act 281 of 1986, as amended, 125.2152, Section 2 (p)(i), as summarized, defines eligible property as that real and personal property located within an authority district, of which the primary purpose and use is "the manufacture of goods or materials or the processing of goods or materials by physical or chemical change," and
Whereas, the Michigan Economic Development Corp. may provide to the City of Rochester Hills and the Rochester Hills Local Development Finance Authority a loan through the Urban Land Assembly Loan Program, and
Whereas, tax increment revenue from within the Rochester Hills Local Development Finance Authority district may be used as a mechanism to repay the loan, subject to a negotiated agreement between the City of Rochester Hills, the Rochester Hills Local Development Fi...
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