MI SB1155

Establishes a wetland mitigation bank funding program providing grants and loans totaling not more than $10,000,000.00 to eligible municipalities, with up to $500,000.00 available for grants.

Grants may cover up to 90% of costs for municipalities to complete loan applications, including developing wetland mitigation proposals, notifying affected parties, planning and design, and application completion; municipalities must provide 10% local match.

Loans fund activities to establish wetland mitigation banks including completing banking agreements, engineering and design, land purchase, construction, and monitoring; other activities may be approved upon demonstrated need.

Grant recipients must repay grants with 8% annual interest if they fail to submit a complete loan application within 1 year, decline loan assistance for 2 consecutive years, cannot enter a banking agreement within 2 years, or decide not to proceed with construction.

Department must report annually by October 1 to relevant legislative committees on grant and loan applications received, municipalities applying, local match amounts, and funds awarded with identified purposes.