SB 0108
Economic development: downtown development authorities; certain requirements for initial assessed value; modify. Amends sec. 201 of 2018 PA 57 (MCL 125.4201).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the requirements for downtown development authorities in Michigan. Specifically, it adjusts how the initial assessed value of property within a development area is determined, aiming to provide more clarity and consistency in calculating captured assessed value. The bill also clarifies definitions related to advances, obligations, and other key terms used in tax increment financing, and updates provisions regarding catalyst development projects and qualified refunding obligations.
Sponsors
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Primary sponsor
Joseph N. Bellino Jr.
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