Sec. 401.
(1) The legislature finds all of the following:
(a) That there exists in this state conditions of unemployment, underemployment, and joblessness detrimental to the state economy and the economic growth of the state economy.
(b) That government programs are desirable and necessary to eliminate the causes of unemployment, underemployment, and joblessness therefore benefiting the economic growth of the state.
(c) That it is appropriate to finance these government programs by means available to the state and local units of government, including tax increment financing.
(d) That tax increment financing is a government financing program which contributes to economic growth and development by dedicating a portion of the tax base resulting from the economic growth and development to certain public facilities and structures or improvements of the type designed and dedicated to public use and thereby facilitate certain projects which create economic growth and development.
(e) That it is necessary for the legislature to exercise the sovereign power to legislate tax increment financing as authorized in this part and in the exercise of this sovereign power to mandate the transfer of tax increment revenues by city, village, township, school district, and county treasurers to authorities created under this part in order to effectuate the legislated government programs to eliminate the conditions of unemployment, underemployment, and joblessness and to promote state economic growth.
(f) That the creation of jobs and the promotion of economic growth in the state are essential governmental functions and constitute essential public purposes.
(g) 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.
(h) That the provisions of this part are enacted to provide a means for local units of government to eliminate the conditions of unemployment, underemployment, and joblessness and to promote economic growth in the communities served by these local units of government.
(2) This part shall be known and may be cited as "the local development financing part".
History: 2018, Act 57, Eff. Jan. 1, 2019