Exemption of qualified facility from tax; duration of force and effect of certificate; commencement; date of issuance; extension.

Sec. 7. (1) A qualified facility for which a commercial rehabilitation exemption certificate is in effect, but not the land on which the rehabilitated facility is located, or personal property other than personal property assessed under sections 8(d) and 14(6) of the general property tax act, 1893 PA 206, MCL 211.8 and 211.14, for the period on and after the effective date of the certificate and continuing so long as the commercial rehabilitation exemption certificate is in force, is exempt from ad valorem property taxes collected under the general property tax act, 1893 PA 206, MCL 211.1 to 211.155. (2) Unless earlier revoked as provided in section 12, a commercial rehabilitation exemption certificate remains in force and effect for a period to be determined by the legislative body of the qualified local governmental unit. The certificate may be issued for a period of at least 1 year, but not to exceed 12 years. If the number of years determined is less than 12, subject to subsection (3), the certificate may be reviewed by the legislative body of the qualified local governmental unit and extended. The total amount of time determined for the certificate including any extensions must not exceed 12 years after the completion of the qualified facility. The certificate commences on its effective date and ends on December 30 of the last year of the number of years determined. The date of issuance of a certificate of occupancy, if required by appropriate authority, is considered the date of completion of the qualified facility. (3) If the number of years determined by the legislative body of the qualified local governmental unit for the period a certificate remains in force is less than 12 years, the review of the certificate for the purpose of determining an extension under subsection (2) must be based on factors, criteria, and objectives that are placed in writing, determined and approved when the certificate is approved by resolution of the legislative body of the qualified local governmental unit and sent, by certified mail, to the applicant, the assessor of the local tax collecting unit in which the qualified facility is located, and the commission.