Bill Text: MI SB0723 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Economic development; tax increment financing; approval by local unit of government for certain plan extensions; provide for. Amends sec. 219 of 2018 PA 57 (MCL 125.4219).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-01-15 - Referred To Committee On Economic And Small Business Development [SB0723 Detail]
Download: Michigan-2019-SB0723-Introduced.html
SENATE BILL NO. 723
January 15, 2020, Introduced by Senator OUTMAN
and referred to the Committee on Economic and Small Business Development.
A bill to amend 2018 PA 57, entitled
"Recodified tax increment financing act,"
by amending section 219 (MCL 125.4219).
the people of the state of michigan enact:
Sec. 219. (1) The governing body after a public
hearing on the development plan or the tax increment financing plan, or both,
with notice of the hearing given in accordance with section 218, shall
determine whether the development plan or tax increment financing plan
constitutes a public purpose. If it determines that the development plan or tax
increment financing plan constitutes a public purpose, it shall then approve or
reject the plan, or approve it with modification, by ordinance based on the
following considerations:
(a) The findings and
recommendations of a development area citizens council, if a development area
citizens council was formed.
(b) The plan meets the
requirements set forth in section 217(2).
(c) The proposed method
of financing the development is feasible and the authority has the ability to
arrange the financing.
(d) The development is
reasonable and necessary to carry out the purposes of this part.
(e) The land included
within the development area to be acquired is reasonably necessary to carry out
the purposes of the plan and of this part in an efficient and economically
satisfactory manner.
(f) The development plan
is in reasonable accord with the master plan of the municipality.
(g) Public services, such
as fire and police protection and utilities, are or will be adequate to service
the project area.
(h) Changes in zoning,
streets, street levels, intersections, and utilities are reasonably necessary
for the project and for the municipality.
(2) Amendments to an
approved development plan or tax increment plan must be submitted by the
authority to the governing body for approval or rejection.
(3) Proposed amendments
made to an approved development plan to incorporate a catalyst development
project plan shall be submitted by the authority to the Michigan strategic fund
for approval or rejection of that part of the plan relating to the catalyst
development project. Amendments not approved or rejected under this subsection
by the Michigan strategic fund within 45 days of submission for approval shall
be considered approved.
(4) Beginning on the effective date of the amendatory act that added this subsection, any amendment to an approved development plan or tax increment financing plan, or both, which extends the plan beyond the years specified in the original plan must be approved by the governing body of any unit of government which has taxes captured or to be captured under the amended plan if the amended plan involves a project that generates revenue and less than 1/2 of that revenue is to be pledged to retire any debt issued to construct or equip that project.
