125.990k Expiration of qualifying period; special meeting to approve new zone plan; notice.
253 words·~1 min read·
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125.990k Expiration of qualifying period; special meeting to approve new zone plan; notice.
Sec. 10k.
(1)Before 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 not less than 14 days before the scheduled date of the meeting to approve a new zone plan for the next qualifying period. Notice under this section must include the specific location, scheduled date, and time of the meeting.
(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, using proportional voting if applicable under the zone plan, 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 is 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 ;-- Am. 2023, Act 80 , Eff. Feb. 13, 2024
Popular Name: Shopping Areas Redevelopment Act