PA 57 Reporting Requirements

RECODIFIED TAX INCREMENT FINANCING ACT (EXCERPT)
Act 57 of 2018125.4910 Website; requirements.

Sec. 910.

  (1) Subject to subsection (5), each municipality that has created an authority or that creates an authority shall create a website or utilize the existing website of the municipality that is operated and regularly maintained with access to authority records and documents for the fiscal year beginning on the effective date of this act, including all of the following:

•   (a) Agenda’s and minutes of all board meetings.

•   (b) Annual budget, including encumbered and unencumbered fund balances.

•   (c) Annual audits.

•   (d) Currently adopted development plan, if not included in a tax increment financing plan.

•   (e) Currently adopted tax increment finance plan, if currently capturing tax increment revenues.

•   (f) Current authority staff contact information.

•   (g) A listing of current contracts with a description of those contracts and other documents related to management of the authority and services provided to the authority.

•   (h) An updated synopsis of the activities of the authority includes all of the following, if any:

  •   (i) Any fund balance remaining will be used on future projects in Marquette’s downtown district. As the 2011 Marquette DDA TIF plan indicates, the DDA anticipates assisting the City of Marquette with future infrastructure projects that include, but are not limited to: Sidewalk and streetscape improvements, a redevelopment of the 100 block of W. Baraga Avenue, wayfinding, maintaining the Bluff Street Parking Ramp, and expanding the available parking supply. This fund balance is expected to be expended in the next 4-5 years:

    •   (A) The reasons for accumulating those funds and the uses for which those funds will be expended.

    •   (B) A time frame when the fund will be expended.

    •   (C) If any funds have not been expended within 10 years of their receipt, both of the following:

      •   (I) The amount of those funds.

      •   (II) A written explanation of why those funds have not been expended.

  •   (ii) List of authority accomplishments, including progress made on development plan and tax increment finance plan goals and objectives for the immediately preceding fiscal year.

  •   (iii) List of authority projects and investments, including active and completed projects for the immediately preceding fiscal year.

  •   (iv) List of authority Events and promotional campaigns for the immediately preceding fiscal year.