MI HB4248

Amends the Downtown Development Authority Act to refine definitions and expand financial mechanisms for downtown districts in Michigan municipalities.

Defines "advance" as transfers of funds by a municipality to an authority with intent to repay, evidenced by executed agreements, tax increment financing plans, or authority resolutions.

Establishes definitions for captured assessed value, tax increment revenues, and eligible obligations to clarify which debts and revenues qualify for tax increment financing district purposes.

Allows qualified refunding obligations to refinance certain prior obligations, including capital appreciation bonds, with extended maturity dates through 2025 and limitations on total revenues of $750,000.00.

Authorizes authorities in cities with populations of 750,000 or more to use up to $8,000,000 in tax increment revenues from state education taxes and school districts for demolition of buildings or structures within development areas commencing in 2005.