HB 6345 Summary

• Amends the Local Development Financing Act (1986 PA 281) to expand certified technology park designations by allowing 2 additional parks to be designated between June 1, 2010 and April 1, 2011.

• Establishes provisions for certified alternative energy parks, defining alternative energy technology businesses and eligible property including research, development, and manufacturing of alternative energy systems.

• Authorizes municipalities to apply to the Michigan Economic Development Corporation for designation of authority districts as certified technology parks or certified alternative energy parks under written agreements.

• Permits authority and municipality participation in certified technology parks with specific evaluation criteria including institutional support, business incubators, business plans, and infrastructure development requirements.

• Requires state reimbursement to intermediate and local school districts for tax revenue lost through tax increment capture in newly designated certified technology parks, with foundation allowances protected from reduction.