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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 5. (1) Upon appointment, the community board shall do all of the following:
(a) Identify the building or part of the building under consideration for designation as a business incubation center.
(b) Advertise the concept of a business incubation center in the surrounding area.
(c) Solicit the views of the community concerning the designation of the building or part of the building under consideration as a business incubation center.
(d) Identify possible tenants for the center.
(e) Obtain commitments from persons, organizations, businesses, local governmental units, or other sources amounting to at least 50% of those costs not covered by rental fees that the board estimates will be needed for the establishment and operation of the business incubation center for 3 years.
(2) If, after performing the duties required by subsection (1), the board determines that a designation of the building under consideration as a business incubation center is desirable and possible, the board shall petition the department for the designation.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 125. Planning, Housing and Zoning § 125.1575 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-125-planning-housing-and-zoning/mi-comp-laws-125-1575/
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.
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