Bill > SB0723

This bill modifies Michigan's brownfield redevelopment laws to enhance the "transformational brownfield plan" program, which aims to revitalize large-scale development projects. Key provisions include allowing for the capture of various tax revenues, such as income tax from employees and residents, sales and use taxes, and construction period taxes, to fund eligible activities like demolition, environmental cleanup, and infrastructure improvements. The bill also introduces new transparency requirements, mandating a dedicated public webpage for the transformational brownfield program that will display meeting notices, project details, financial analyses, and progress on project milestones. Additionally, it clarifies the approval process for these plans, requiring both local government and the Michigan Strategic Fund (MSF) approval, and sets specific criteria for what constitutes a "transformational" project based on capital investment levels and potential economic impact. The legislation also allows for waivers of certain requirements, such as minimum investment thresholds, under specific circumstances, and introduces provisions for affordable housing components in residential developments. Finally, it mandates livestreaming and recording of MSF board meetings where transformational brownfield plans are considered.