MI HB4462

Amends the Corridor Improvement Authority Act to add definitions for "operations," "parcel," "public facility," "qualified development area," "specific local tax," "state fiscal year," "tax increment revenues," "transit-oriented development," "transit-oriented facility," and "distressed area."

Defines "qualified development area" to include areas of 30+ contiguous acres in cities with 700,000+ population that were state-owned on December 31, 2003 and conveyed to private owners before June 30, 2004, or areas containing transit-oriented development or facilities.

Specifies that "public facility" includes streets, plazas, pedestrian malls, sidewalks, trails, lighting, parks, parking facilities, recreational facilities, bridges, utilities, and transit-oriented development, provided roads and streets remain continuously open to public access.

Defines "tax increment revenues" to exclude state education taxes, school district taxes, certain portions of captured assessed value, and taxes for voter-approved obligations or specific millages for zoological and art institute authorities.

Establishes criteria for "distressed area" designation based on population of 700,000+, negative population change since 1970, below-average property value increases since 1972, above-average poverty rate, and history of above-average unemployment.