Skip to main content
Find a Lawyer

Michigan Compiled Laws, Chapter 125. Planning, Housing and Zoning § 125.1573

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 3. (1) Upon receipt of a petition from a community board pursuant to section 5,  1 the department shall designate, in whole or in part, not more than 10 vacant or nearly vacant buildings as business incubation centers for the purpose of encouraging and assisting, as described in this act, the establishment and expansion of small businesses within this state. A community board described in section 4,  2 a local governmental unit, or an educational institution may hold title to the building or may lease the building from the title holder.

(2) In designating business incubation centers, priority shall be given to those proposals that the department determines conform with all of the following:

(a) Will generate a significant number of jobs.

(b) Are supported by 2 or more proximate local governmental units, or 1 local governmental unit and at least 1 educational unit, each of which agrees to contribute monetarily or in kind to the center.

(c) Are supported by local representatives of business, labor, and education.

(d) Have financial commitment of at least 50% of the projected unreimbursed costs of the establishment and maintenance of the center for a 3-year period. As used in this subdivision:

(i) “Costs of the establishment” includes the fair market rental value of the center.

(ii) “Unreimbursed costs” means total costs less rental receipts.

1 M.C.L.A. § 125.1575.
2 M.C.L.A. § 125.1574.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 125. Planning, Housing and Zoning § 125.1573 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-125-planning-housing-and-zoning/mi-comp-laws-125-1573/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard