The bill amends the Natural Resources and Environmental Protection Act to create a new section dedicated to Brownfield Redevelopment, introducing definitions for key terms such as "baseline environmental assessment," "brownfield project," and "eligible activities." It establishes a brownfield redevelopment grant and revolving loan program to provide financial assistance to local governments for eligible activities at contaminated properties with redevelopment potential. Funding for this program will come from sources including the Clean Michigan Initiative Bond Fund and the State Brownfield Redevelopment Fund. The bill outlines specific eligibility criteria for applicants, requiring them to be local government entities capable of managing the funding, and emphasizes the need for measurable economic and environmental benefits from the proposed projects.

Additionally, the bill sets forth requirements for work plans detailing eligible activities, specifies that grant funds will be disbursed on a reimbursement basis, and allows for the renegotiation of loan terms in cases of financial hardship. It limits the number of grants and loans a recipient can receive annually to $1,000,000 each, while allowing exceptions for projects with significant benefits. The department is tasked with ensuring compliance with state laws, maintaining proper accounting, and reporting on financed projects annually. The legislation aims to facilitate the cleanup and redevelopment of brownfield sites, promoting both economic development and environmental protection while ensuring accountability and compliance with environmental standards.

Statutes affected:
Substitute (S-1): 324.19608
Senate Introduced Bill: 324.19608
As Passed by the Senate: 324.19608