MI SB0492

Expands the definition of "blighted property" to include property owned or under control of a land bank fast track authority, maintaining blighted status even after sale or transfer by the authority.

Adds new eligible activities for brownfield redevelopment including infrastructure improvements, demolition, lead/asbestos abatement, and site preparation for properties in qualified local governmental units, economic opportunity zones, or owned by land bank fast track authorities.

Permits capture of school operating purpose taxes for specific infrastructure and demolition activities when approved by the Michigan economic growth authority, subject to limitations on the percentage of school taxes captured across multiple tax increment finance programs.

Establishes authority approval procedures for work plans using school operating purpose tax revenues, with the Michigan economic growth authority (rather than the Department of Environmental Quality) having approval authority for certain eligible activities.

Increases annual allowable administrative expense amounts for brownfield authorities based on number of active projects, ranging from $100,000 for 5 or fewer projects to $300,000 for 26 or more projects.