Economic development: other; land bank fast track act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 3, 16 & 23 of 2003 PA 258 (MCL 124.753 et seq.). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Land Bank Fast Track Act to eliminate the Michigan Strategic Fund’s involvement. It clarifies definitions related to land banks, authorities, and related entities, and streamlines the process for intergovernmental agreements between local governments and land banks. Specifically, it removes the Michigan Strategic Fund’s role in the act and establishes a framework for transferring property and responsibilities between local and state entities.
Key provisions
- Eliminates the Michigan Strategic Fund’s role in the Land Bank Fast Track Act.
- Clarifies definitions related to ‘Authority,’ ‘Authority Board,’ ‘Casino,’ ‘County Authority,’ and other key terms.
- Establishes procedures for intergovernmental agreements between local governments and land banks, including requirements for formal agreements and county involvement.
- Details the criteria for a ‘Qualified City’ to establish a local land bank authority.
- Outlines the process for transferring tax reverted property from local governments to land banks.
- Specifies how the Michigan Economic Development Corporation’s duties will be handled after the Economic Development Fair Competition and Free Enterprise Act takes effect.
- Addresses the role of the county treasurer in collecting property taxes for transferred properties.
- Requires the bill to be enacted alongside Senate Bill 631 for the amendment to take effect.
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