MI SB0875

Establishes the "Neighborhood Improvement District Act" to allow creation of public improvement districts within Michigan cities or villages through petition and property owner approval.

Authorizes districts to undertake projects including park improvements, sidewalk and street enhancements, vegetation and landscaping, security services, cultural activities, and building demolition to enhance neighborhood economic prosperity and safety.

Allows districts to impose annual assessments on residential real property (capped at $300 in cities with 100,000+ population) and borrow up to 50% of annual assessment revenue, with revenues collected by municipal treasurers and deposited in district accounts.

Requires districts to operate for 7-year terms under a board of directors (5-15 members), undergo annual certified public accountant audits, and dissolve if material audit exceptions aren't corrected within 90 days or upon petition by 20% of property owners with majority vote approval.

Grants district creation authority to property owners through majority vote (60%+ approval threshold) at elections held after city/village governing body approval of the district plan.