Bill > SB0899

This bill modifies the Economic Development: Brownfield Redevelopment Authority and Environmental Brownfield Redevelopment Program by amending Section 8a of 1996 Public Act 381, which governs the state brownfield redevelopment fund. The changes primarily involve updating references to specific sections of the Natural Resources and Environmental Protection Act, changing "part 196" to "part 192" and adjusting the associated Michigan Compiled Laws (MCL) citations, which are legal references to statutes. The bill also clarifies that funds from loan repayments must be returned to the state brownfield redevelopment fund or the specific fund from which the loan originated. Additionally, it refines the process for the Michigan Strategic Fund's grant and loan program for eligible brownfield redevelopment activities, including a 60-day timeframe for approving or denying applications and specifying that unapproved applications must be considered at the next board meeting. The bill also addresses the distribution of tax capture revenues for transformational brownfield plans, ensuring that revenues attributable to a specific plan are accounted for separately and used only for that plan. This legislation is tied to Senate Bill 898 of the 103rd Legislature, meaning it will only take effect if that bill is also enacted.