MI HB5347

Expands local development finance authority powers to include next Michigan development areas and certified technology parks, allowing authorities created by multiple municipalities or next Michigan development corporations to capture tax increment revenues within these designated areas.

Modifies tax increment revenue capture to permit up to 50% of state education tax and local/intermediate school district taxes for up to 15 years in certified technology parks and next Michigan development areas, subject to state treasurer approval.

Adds definitions and procedures for business development areas, business incubators, and certified technology parks, including requirements for written agreements between authorities, municipalities, and the Michigan economic development corporation.

Allows authorities to sell or lease public facilities at below fair market value if determined to increase employment or private investment, with lease/conveyance terms including legal remedies to ensure proper use as eligible property.

Establishes requirements for next Michigan development corporations to notify the Michigan economic development corporation of designated development areas and allows municipalities and counties to pledge limited taxes or full faith and credit to support authority tax increment bonds.