The bill amends the Brownfield Redevelopment Financing Act by updating sections 8a and 16, which govern the state brownfield redevelopment fund and its administration. Key changes include the establishment of a revolving fund within the Department of Treasury, which will not lapse to the general fund at the end of the fiscal year. The state treasurer is tasked with directing investments and ensuring that funds are credited from various sources, including loan repayments and interest. The bill also specifies that the fund can only be used for certain purposes, such as administrative costs, grants, and loans for eligible activities, and outlines a detailed application and approval process for funding.

Additionally, the bill introduces new reporting requirements for the Michigan strategic fund and other authorities involved in brownfield redevelopment. It mandates that financial reports be submitted annually to various governing bodies and that specific information regarding tax increment revenues and project statuses be made publicly available. The bill also stipulates that funds must be transmitted to the appropriate authorities within 30 days and includes provisions to ensure compliance with reporting obligations before disbursements can occur. Overall, these amendments aim to enhance the efficiency and accountability of brownfield redevelopment efforts in Michigan.

Statutes affected:
House Introduced Bill: 125.2658, 125.2666