Bill Text: MI HB5495 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Economic development; neighborhood enterprise zones; qualifications for neighborhood enterprise zone certificate; modify duration of certificate under certain circumstances. Amends sec. 12 of 1992 PA 147 (MCL 207.782).
Spectrum: Bipartisan Bill
Status: (Passed) 2010-05-06 - Assigned Pa 65'10 With Immediate Effect [HB5495 Detail]
Download: Michigan-2009-HB5495-Engrossed.html
HB-5495, As Passed Senate, April 28, 2010
SUBSTITUTE FOR
HOUSE BILL NO. 5495
A bill to amend 1992 PA 147, entitled
"Neighborhood enterprise zone act,"
by amending section 12 (MCL 207.782), as amended by 2006 PA 661.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 12. (1) Except as otherwise provided in this section,
unless earlier revoked as provided in section 11, a neighborhood
enterprise zone certificate issued before January 1, 2006 shall
remain in effect for 6 to 12 years and a neighborhood enterprise
zone certificate issued after December 31, 2005 shall remain in
effect for 6 to 15 years from the effective date of the certificate
as determined by the governing body of the local governmental unit.
The governing body of a local governmental unit that issued a
neighborhood enterprise zone certificate for a new facility or a
rehabilitated facility before January 1, 2006 may extend the
certificate for an additional 3 years if the extension is approved
by resolution before the original neighborhood enterprise zone
certificate expires or after the original certificate expires if
the certificate expired on or after January 1, 2004 and on or
before January 3, 2006. If the homestead facility, new facility, or
rehabilitated facility is sold or transferred to another owner who
otherwise complies with this act and, for a homestead facility or a
new facility, uses the homestead facility or the new facility as a
principal residence, the certificate shall remain in effect.
(2) If a rehabilitated facility was sold before December 29,
1994 and a certificate was in effect for that facility at the time
of the sale, and the new owner of the rehabilitated facility
otherwise complies with this act, the certificate shall be
reinstated and remain in effect for the remainder of the original
period described in subsection (1), unless earlier revoked under
section 11.
(3) Except as provided in subsection (4), a change in
ownership of a rehabilitated facility constituting all or a portion
of a qualified historic building, occurring after the effective
date of a neighborhood enterprise zone certificate for that
rehabilitated facility, shall not affect the validity of that
neighborhood enterprise zone certificate, and the certificate shall
remain in effect for the period specified in this section as long
as the rehabilitated facility has as its primary purpose
residential housing.
(4) Unless revoked earlier as provided in section 11, a
neighborhood enterprise zone certificate in effect for a
rehabilitated facility constituting all or a portion of a qualified
historic building shall remain in effect for 11 to 17 years from
the effective date of the certificate as determined by the
governing body of the local governmental unit. However, if a
rehabilitated facility constituting all or a portion of a qualified
historic building is not transferred or sold to a person who will
own and occupy the rehabilitated facility as his or her principal
residence
within 6 12 years of the effective date of the
neighborhood enterprise zone certificate, the neighborhood
enterprise zone certificate is revoked.
