324.19613 Grants and loans under MCL 324.19608; conditions.
191 words·~1 min read·
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324.19613 Grants and loans under MCL 324.19608; conditions.
Sec. 19613.
Of the funds to be used to provide grants and loans under section 19608(1)(a)(iv), all of the following conditions apply:
(a)A recipient of a grant shall receive not more than 1 grant per year not to exceed $1,000,000.00 per grant.
(b)A recipient of a loan shall receive a maximum of 1 loan per year not to exceed $1,000,000.00 per loan.
(c)A grant shall be awarded only if the department determines that both of the following apply:
(i)The property is a facility as defined in section 20101.
(ii)The proposed development of the property will result in measurable economic benefit in excess of the grant amount requested by the applicant.
(d)A loan shall be awarded only if the department determines that both of the following apply:
(i)The property is a facility as defined in section 20101 or is suspected of being a facility.
(ii)The property has economic development potential based on the applicant's planned use of the property.
History: Add. 1998, Act 288 , Eff. Dec. 1, 1998
Popular Name: Act 451
Popular Name: NREPA