This bill amends the Brownfield Redevelopment Financing Act, specifically section 8a, to enhance the management and utilization of the state brownfield redevelopment fund. It establishes the fund as a revolving fund within the Department of Treasury, ensuring that money at the end of the fiscal year does not lapse into the general fund. The bill outlines the sources of funding for the state brownfield redevelopment fund, including repayments of loans, interest, and other authorized sources. It also specifies that up to 15% of the fund can be used for administrative costs related to the implementation of the act and the natural resources and environmental protection act.

Additionally, the bill modifies the purposes for which the state brownfield redevelopment fund can be used, including providing grants and loans for eligible activities on eligible properties, distributing tax capture revenues according to transformational brownfield plans, and ensuring that funds are accounted for separately based on specific plans. The amendments also clarify the application process for grants and loans, stipulating that the Michigan Strategic Fund must approve or deny applications within 60 days and enter into written agreements with applicants. The bill will only take effect if Senate Bill No. 898 is enacted into law.

Statutes affected:
Senate Introduced Bill: 125.2658
As Passed by the Senate: 125.2658