MI SB1487

Amends the brownfield redevelopment authority law to clarify requirements for brownfield plans, including detailed content requirements for plan descriptions, cost estimates, financing methods, and property legal descriptions.

Establishes that brownfield plans may apply to multiple parcels of eligible property and may be amended to include additional parcels, with tax increment revenues determined individually for each property.

Limits capture of school operating tax revenues so combined capture across all tax increment finance plans does not exceed the percentage capture of non-school local taxes, when school taxes are subject to capture.

Authorizes authorities to use tax increment revenues for eligible activities, response activities related to environmental releases, and reasonable administrative and operating expenses, with specific dollar limits based on number of active projects ($100,000 to $300,000 annually).

Requires approval of work plans by the Michigan Economic Growth Authority when brownfield plans include capture of school operating taxes for infrastructure improvements, demolition, environmental remediation, or property acquisition by land bank fast track authorities.