MI SB0428

Amends the Local Development Finance Authority Act to add "certified alternative energy parks" as a new designation alongside existing certified technology parks for tax increment financing purposes.

Expands the definition of "eligible property" to include alternative energy technology businesses engaged in research, development, and manufacturing of alternative energy systems, anaerobic digesters, and hydroelectric systems.

Establishes procedures for municipalities to apply to the Michigan Economic Development Corporation for designation of certified alternative energy parks, with limits of up to 10 parks total (counting parks in the same county as one).

Allows authorities in certified alternative energy parks to use tax increment revenues for public facilities benefiting eligible property and permits below-market sale or lease of public facilities if determined to increase employment or private investment.

Takes effect only upon enactment of three related bills: Senate Bill 358, Senate Bill 493, and House Bill 4674.