The 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 funds do not lapse to the general fund at the end of the fiscal year. The state treasurer is tasked with directing the investment of the fund and is required to credit it with various sources of revenue, including loan repayments and interest. The bill also outlines specific purposes for which the fund can be used, including administrative costs for implementing the act and funding a grant and loan program for eligible activities on designated properties.

Key changes in the bill include the replacement of references to "part 196" with "part 192" of the Natural Resources and Environmental Protection Act, as well as the removal of provisions related to the Clean Michigan Initiative bond fund. The bill mandates that the Michigan Strategic Fund create and operate a grant and loan program, detailing the application and approval process, and stipulates that the fund must distribute various tax capture revenues according to transformational brownfield plans. Additionally, it specifies that amounts transferred into the state brownfield redevelopment fund must be accounted for separately and used only for their intended purposes. The enactment of this bill is contingent upon the passage of Senate Bill No. 898.

Statutes affected:
Senate Introduced Bill: 125.2658