The bill amends the Land Bank Fast Track Act in Michigan by updating definitions and clarifying the roles of various authorities involved in land bank operations. Key changes include redefining the "Michigan economic development corporation" and establishing the "bureau of fair competition and free enterprise," which will assume certain responsibilities from the Michigan economic development corporation upon the effective date of the economic development fair competition and free enterprise act. The bill also modifies the definition of "qualified city" to include townships with populations over 50,000 and specifies that the "Michigan strategic fund" will now be referred to as "former 1984 PA 270."

Additionally, the bill outlines procedures for intergovernmental agreements related to economic development, allowing collaboration between authorities and the newly established bureau, as well as the Michigan state housing development authority. It emphasizes the need for agreements that define governance structures and operational responsibilities for local and county authorities when transferring tax reverted properties. The amendments aim to streamline the land bank process and enhance cooperation among governmental entities. The bill also specifies that local authorities in qualified cities can exercise their powers without needing approval from the governing body unless explicitly reserved, and it requires intergovernmental agreements to be filed with the county clerk and the secretary of state before becoming effective. The enactment of this bill is contingent upon the passage of Senate Bill No. 631 from the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 124.753