SENATE BILL NO. 723
January 15, 2020, Introduced by Senator OUTMAN
and referred to the Committee on Economic and Small Business Development.
January 15, 2020, Introduced by Senator OUTMAN and referred to the Committee on Economic and Small Business Development.
"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.