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 creating an authority for water resource improvements, specifying that they may promote water resource improvement, access to inland lakes, and access to inland river systems.

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 public hearings and notifications to property taxpayers regarding the establishment of the authority and its boundaries. The board's powers are expanded to include planning and implementing improvements related to water resource management, with a focus on ecological assessments and community events. Overall, the bill aims to enhance the management and accessibility of water resources in Michigan while ensuring compliance with state construction codes.

Statutes affected:
Senate Introduced Bill: 125.4703