The bill amends the Brownfield Redevelopment Financing Act to enhance and clarify definitions related to brownfield redevelopment, particularly focusing on properties deemed "blighted." It introduces the concept of "economic opportunity zones" and specifies eligible activities and properties for brownfield plans, including those owned by land bank fast track authorities and properties that are functionally obsolete or blighted. The bill emphasizes the necessity of environmental assessments and corrective actions in the redevelopment process and outlines the responsibilities of the state treasurer in calculating captured taxable value and construction period tax capture revenues, which are crucial for financing eligible activities.

Additionally, the bill establishes definitions and provisions for income-qualified households, detailing criteria for "income qualified purchaser household" and "income qualified renting household." It sets limits on the number of targeted redevelopment areas that can be designated by local governmental units and the Michigan strategic fund in a calendar year, while also clarifying the types of tax increment revenues that can be captured under a brownfield plan. The bill introduces new requirements for "transformational brownfield plans," mandating mixed-use development and establishing minimum capital investment thresholds based on municipal population. It also includes provisions for the Michigan strategic fund to develop reporting methods for employers and outlines compliance requirements for development agreements, with a "safe harbor" method for calculating withholding tax capture revenues. The bill will only take effect if two other specified bills are enacted into law.

Statutes affected:
Substitute (S-1): 125.2652
Senate Introduced Bill: 125.2652
As Passed by the Senate: 125.2652