The bill amends the 1974 PA 198, which governs the establishment of plant rehabilitation and industrial development districts in Michigan. It introduces new definitions and clarifications regarding terms such as "facility," "replacement facility," "new facility," and "industrial property." Notably, the bill specifies that "industrial property" now includes various types of facilities, such as high-technology activities, logistical optimization centers, and agricultural processing facilities, while also detailing the conditions under which certain electric generating plants may qualify as industrial property.

Additionally, the bill modifies existing definitions by removing outdated language and inserting more precise terms, such as changing "land" to "improvements, buildings, structures, and other real property." It also clarifies the role of the next Michigan development corporation in establishing and operating these districts. The amendments aim to enhance the clarity and effectiveness of the law in promoting industrial development and rehabilitation in local governmental units across Michigan.

Statutes affected:
House Introduced Bill: 207.552