The bill amends the Recodified Tax Increment Financing Act (2018 PA 57) by updating definitions and provisions related to water resource improvements and access to inland lakes and rivers. Key insertions include the definition of "water resource improvement district," which encompasses areas around inland lakes and rivers, and the expansion of the term "public facility" to include improvements related to inland river systems. Additionally, the bill clarifies the responsibilities of the governing body of a municipality in establishing an authority for water resource improvements, including the requirement for public hearings and the publication of notices.

Furthermore, the bill modifies the language regarding tax increment revenues and the calculation of assessed values, ensuring clarity in the financial aspects of the authority's operations. It also emphasizes the need for long-range planning and the implementation of improvements to public facilities that comply with state construction codes. The amendments aim to enhance the management and protection of water resources while facilitating public access to these areas, thereby promoting environmental sustainability and community engagement.

Statutes affected:
Senate Introduced Bill: 125.4703