The bill amends the Brownfield Redevelopment Financing Act to clarify definitions and expand the scope of eligible activities and properties for redevelopment. It introduces key definitions such as "blighted" properties and "economic opportunity zones," and outlines criteria for properties to be considered "eligible" for redevelopment, including those that are functionally obsolete. The bill broadens the range of eligible activities under brownfield plans to include various environmental assessments, infrastructure improvements, and housing development, emphasizing the need to address housing in communities. It also allows for costs related to environmental insurance and site preparation to be included, aiming to enhance the effectiveness of brownfield redevelopment efforts in Michigan.

Additionally, the bill modifies the approval process for transformational brownfield plans, establishing minimum capital investment thresholds based on municipality population and requiring financial analyses to ensure project viability. It limits the Michigan Strategic Fund to approving no more than five transformational brownfield plans per year and increases the total annual tax capture limit from $80 million to $120 million. The bill also introduces new reporting requirements for transparency in tax increment revenues and sets a deadline for the approval of new plans by December 31, 2027, while allowing amendments to existing plans. Overall, the amendments aim to streamline the approval process while ensuring accountability and financial feasibility in brownfield redevelopment.