Sec. 10k.
(1) Prior to the expiration of any qualifying period, the board shall notify the property owners within the business improvement zone of a special meeting by first-class mail at least 14 days prior to the scheduled date of the meeting to approve a new zone plan for the next qualifying period. Notice under this section shall include the specific location, scheduled date, and time of the meeting and shall include a statement that a property owner of residential real property within a business improvement zone may seek a homestead deferment for an assessment under this act in the same manner as provided in section 4 of 1976 PA 225, MCL 211.764.
(2) Approval of the new zone plan at the special meeting by more than 60% of the property owners of assessable property voting at that meeting constitutes reauthorization of the business improvement zone for an additional qualifying period, commencing as of the expiration of the qualifying period then in effect. If the new zone plan reflects any new assessment, or reflects an extension of any assessment beyond the period previously approved by the city or village in which the business improvement zone is located, the new or extended assessment shall be effective only with the approval of the governing body of the city or village.
History: Add. 2001, Act 260, Eff. Mar. 1, 2002 ;-- Am. 2013, Act 126, Imd. Eff. Oct. 9, 2013 ;-- Am. 2018, Act 262, Imd. Eff. June 28, 2018 ;-- Am. 2020, Act 91, Imd. Eff. June 16, 2020
Popular Name: Shopping Areas Redevelopment Act