SB 0581
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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Bill overview
This bill modifies the definition of a ‘downtown district’ within the state’s tax increment financing act. Specifically, it expands the criteria for designating a downtown district to include areas meeting certain geographic requirements, such as agreements with townships or proximity to another city. The bill also clarifies definitions related to advances, assessed values, and other key terms used in the context of downtown development authorities, aiming to provide greater flexibility and clarity in the use of tax increment financing for urban revitalization projects.
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