This bill amends the Brownfield Redevelopment Financing Act by updating Section 8a, which pertains to the state brownfield redevelopment fund. The fund is established as a revolving fund within the Department of Treasury, with the state treasurer responsible for its investment and management. Notably, the bill specifies that funds in the state brownfield redevelopment fund at the end of the fiscal year will not lapse to the general fund. It also outlines the sources of funding for the state brownfield redevelopment fund, including loan repayments and interest, and details the permissible uses of the fund, such as administrative costs and grants for eligible activities.

Key changes include the replacement of references to "part 196" with "part 192" of the Natural Resources and Environmental Protection Act, as well as the establishment of a grant and loan program managed by the Michigan Strategic Fund. The program will have a structured application and approval process, with specific timelines for decision-making on applications. Additionally, the bill mandates that any proceeds from loan repayments be directed back into the state brownfield redevelopment fund or the originating fund. The enactment of this bill is contingent upon the passage of related legislation in the 103rd Legislature.

Statutes affected:
House Introduced Bill: 125.2658