The bill amends the Brownfield Redevelopment Financing Act to clarify definitions and expand the scope of eligible activities and properties. Key insertions include a new definition of "blighted" properties, which now includes criteria such as being a public nuisance or a fire hazard, and the introduction of "economic opportunity zones" with specific eligible activities for housing development and environmental assessments. The bill also specifies that eligible properties can be functionally obsolete or located in qualified local governmental units, while establishing criteria for housing properties under transformational brownfield plans. Notably, it clarifies that certain housing properties are excluded from specific provisions, aiming to enhance brownfield redevelopment efforts in Michigan.

Additionally, the bill introduces significant amendments regarding the financial mechanisms of transformational brownfield plans, including a redefinition of "household income" and the establishment of a safe harbor method for calculating income tax capture revenues. It sets a limit on the number of plans the Michigan Strategic Fund can approve annually and increases the total annual tax capture limit from $80 million to $120 million. The bill also mandates independent third-party analyses for plans exceeding financial thresholds and introduces new reporting requirements for the Michigan Strategic Fund. Overall, these amendments aim to improve the effectiveness, accountability, and oversight of transformational brownfield redevelopment initiatives while promoting economic growth and community revitalization in Michigan.

Statutes affected:
House Introduced Bill: 125.2652