SB3402 - Technology Development District Act

• Authorizes municipalities (cities, villages, townships) to establish technology development districts by ordinance to modernize technology infrastructure and support community redevelopment

• Districts may consist of noncontiguous parcels within 3 miles of each other and can span multiple municipalities; requires a development plan detailing proposed services, financing, debt schedule, engineering surveys, and facility standards

• Municipalities may install infrastructure, accept grants and donations, incur development costs, issue bonds (up to 50% of annual revenue), and jointly undertake projects with contiguous districts

• Requires public hearing within 90 days of development plan submission with written notice to residents, property owners, and nearby political subdivisions; allows plan amendments with additional hearings

• Development projects may be financed through bonds, property taxes, special assessments, state/federal grants, private contributions, fees, and other available funds; revenues from one district cannot be transferred to another