Bill > HB5073

This bill amends the Brownfield Redevelopment Financing Act to modify several key provisions related to brownfield redevelopment and tax capture revenues. The bill increases the annual tax capture limit from $80 million to $120 million and raises the total lifetime tax capture limit from $1.6 billion to $2.4 billion for transformational brownfield plans. It clarifies definitions of housing property, specifying that housing property cannot be part of a transformational brownfield plan, and introduces new provisions for calculating tax capture revenues, including a "safe harbor" method for estimating revenues. The bill also adjusts reporting requirements, extends the program's authorization until December 31, 2027, and provides more flexibility for approving plans in smaller municipalities. The legislation aims to encourage economic development by making it easier to redevelop blighted or underutilized properties, with a particular focus on mixed-use developments and projects in communities of various sizes. The bill includes provisions to ensure geographic equity in plan approvals and requires detailed reporting on the economic and community impacts of brownfield redevelopment projects, including information on housing units, job creation, and capital investment.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5073