The bill amends the Brownfield Redevelopment Financing Act by updating several sections and introducing new definitions and provisions aimed at enhancing brownfield redevelopment efforts in Michigan. Key changes include an expanded definition of "blighted" properties to include those declared public nuisances or with disconnected utilities, and the ability for properties owned by land bank fast track authorities to retain their blighted status even when included in a brownfield plan. The bill also outlines eligible activities for brownfield sites, such as environmental assessments and infrastructure improvements, while establishing the responsibilities of the state treasurer in calculating tax capture revenues related to these activities.

Additionally, the bill introduces the concept of a "transformational brownfield plan," which requires a minimum capital investment based on municipal population, and specifies the duration for capturing tax increment revenues from eligible properties. It allows authorities to enter reimbursement agreements exempt from certain municipal finance act sections and mandates payments to the Department of Treasury from captured taxes for school operating purposes. Overall, the amendments aim to facilitate economic development, clarify financial mechanisms for tax revenue capture, and ensure comprehensive planning for the redevelopment of underutilized properties.

Statutes affected:
House Introduced Bill: 125.2652