The bill amends the Brownfield Redevelopment Financing Act by updating several sections and introducing new definitions and provisions aimed at enhancing local economic development through transformational brownfield plans. Key changes include the revised definition of "historic resource" to encompass publicly or privately owned historic buildings and sites, while deleting the previous reference to the Michigan strategic fund act. The bill expands the scope of eligible activities to include a broader range of environmental assessments, infrastructure improvements, and housing development activities, particularly for income-qualified households. It also establishes criteria for classifying properties as "eligible property" and outlines the process for calculating income tax capture revenues, including the introduction of a "safe harbor method" for property owners or developers.

Additionally, the bill sets forth new criteria for evaluating and approving transformational brownfield plans, emphasizing sustainable development, job creation, and community support. It establishes limits on the number of plans that can be approved annually and within specific municipalities, while also capping total annual tax capture. The Michigan Strategic Fund is tasked with conducting financial analyses to ensure the economic viability of plans and is restricted from approving plans that exceed certain tax capture thresholds without independent analysis. The bill also allows for the continuation and amendment of previously approved plans and mandates state reimbursements to intermediate school districts for tax increment revenues captured under this act, while removing references to the Michigan economic development corporation. The enactment of this bill is contingent upon the passage of Senate Bill No. 631.

Statutes affected:
Senate Introduced Bill: 125.2652