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MI SB1233
Bill
AI Summary
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Amends the brownfield redevelopment authority law to add definitions for "transit-oriented development" and "transit-oriented facility" as eligible property types for brownfield redevelopment plans.
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Defines transit-oriented development as infrastructure improvements located within 1/2 mile of a transit station that promote transit ridership or passenger rail use, as determined by the authority board and approved by the municipality.
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Defines transit-oriented facility as a facility that houses a transit station in a manner that promotes transit ridership or passenger rail use.
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Expands eligible property categories to include transit-oriented developments and transit-oriented facilities, making them eligible for tax increment financing and brownfield redevelopment incentives.
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Effective immediately upon Governor's approval on December 14, 2010.
Legislative Description
Economic development; brownfield redevelopment authority; incentives to invest in transit-oriented facilities and transit-oriented development; provide for. Amends sec. 2 of 1996 PA 381 (MCL 125.2652).
Economic development, brownfield redevelopment authority
Last Action
Assigned Pa 0241'10 With Immediate Effect
12/29/2010