The bill amends the Brownfield Redevelopment Financing Act to introduce provisions for a "transformational brownfield plan," which can encompass either a single development or a series of related developments on eligible properties. The plan requires approval from both the governing body and the Michigan Strategic Fund and can be amended to include additional parcels. It allows for the use of various tax capture revenues, including construction period, withholding, income, and sales and use tax revenues, specifically for eligible activities outlined in the act. The bill also stipulates that any amendments to the plan must be approved by the governing body and the Michigan Strategic Fund, ensuring compliance with existing approval requirements.

Additionally, the bill includes new provisions regarding the capture and use of tax increment revenues, emphasizing that these revenues must be utilized solely for costs associated with the eligible activities in the transformational brownfield plan. It establishes guidelines for the duration of tax capture, reimbursement agreements, and the conditions under which eligible activities conducted prior to plan approval can be reimbursed. Notably, the bill introduces the concept of a "related program of investment," which allows for non-contiguous developments to be considered as part of a single investment initiative, provided they meet specific criteria. The bill also clarifies the responsibilities of the authority and governing body in seeking approval for transformational brownfield plans and outlines the process for calculating and distributing revenues related to these plans.

Statutes affected:
House Introduced Bill: 125.2663