Economic development: downtown development authorities; definition of downtown district; modify. Amends sec. 201 of 2018 PA 57 (MCL 125.4201). TIE BAR WITH: HB 5455'26
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the definition of a ‘downtown district’ under the Michigan Tax Increment Financing Act. It allows municipalities to designate downtown districts that may include multiple separate geographic areas within a business district, provided they meet specific criteria such as entering into an agreement with a qualified township or having a unique geographic relationship with an adjacent city. The bill also clarifies definitions related to advances, assessed value, and other key terms used in the act, aiming to provide greater flexibility and clarity in downtown development projects.
Key provisions
- Allows downtown districts to encompass multiple geographic areas within a business district if specific requirements are met.
- Clarifies the definition of ‘downtown district’ and outlines conditions for its designation.
- Defines ‘captured assessed value’ and establishes the method for its calculation.
- Defines ‘catalyst development project’ and sets a limit on the number of such projects per authority.
- Revises definitions related to ‘advance,’ ‘eligible advance,’ ‘eligible obligation,’ and ‘qualified refunding obligation’ to align with current practices.
- Specifies requirements for ‘specific local tax’ and its application in calculating tax increment revenues.
- Clarifies the process for determining ‘initial assessed value’ for development areas.
- Defines ‘qualified township’ – a township that meets specific criteria to participate in downtown district designations.
Bill text
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