MI HB5989

Amends the Local Development Finance Authority Act to add definitions for transit-oriented facilities and transit-oriented developments as eligible property types for tax increment financing.

Defines "transit-oriented facility" as a facility housing a transit station that promotes transit ridership or passenger rail use.

Defines "transit-oriented development" as infrastructure improvements within 1/2 mile of a transit station or transit-oriented facility that promote transit ridership or passenger rail use, as determined by the authority board and approved by the municipality.

Establishes that both transit-oriented facilities and transit-oriented developments qualify as eligible property under the act, allowing them to benefit from tax increment financing and public facility funding mechanisms.

Effective immediately upon Governor approval on December 14, 2010.