Economic development: other; brownfield redevelopment financing act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 2, 8a, 14a & 15b of 1996 PA 381 (MCL 125.2652 et seq.). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Brownfield Redevelopment Financing Act to eliminate the Michigan Strategic Fund’s involvement. It changes key sections of the 1996 act (MCL 125.2652 et seq.) to reflect this change, particularly regarding how funds are allocated and eligibility criteria for brownfield redevelopment projects. The bill aims to streamline the process and potentially shift responsibilities related to financing and oversight of brownfield projects.
Key provisions
- Eliminates the Michigan Strategic Fund’s role in brownfield redevelopment financing.
- Defines key terms related to brownfield redevelopment, including ‘eligible property,’ ‘eligible activities,’ and ‘transformational brownfield plan.’
- Establishes a process for calculating ‘captured taxable value’ and ‘income tax capture revenues’ related to brownfield projects.
- Clarifies the criteria for determining whether a property is considered a ‘blighted’ property.
- Specifies eligible activities that can be funded through the state brownfield redevelopment fund.
- Details the requirements for reporting and tracking income tax capture revenues.
- Addresses the definition of ‘infrastructure improvements’ related to brownfield projects.
- Outlines the process for approving and distributing funds for brownfield redevelopment projects.
Who is affected
- Developers of brownfield properties
Bill text
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