MI HB4487

Adds new authority for downtown development boards to create, operate, and fund marketing initiatives, infrastructure improvements, billing systems, and technology updates that promote local agriculture, agricultural products, and farmers markets.

Authorizes boards to create, operate, and fund loan programs for improvements to existing downtown buildings to make them marketable for sale or lease, with interest rates at market or below-market rates as determined by the board.

Permits boards to create, operate, and fund retail business incubators in downtown districts, with preference given to tenants providing goods or services not available or underserved in the downtown area.

Requires written contracts between the board and retail business incubator tenants that include below-market lease rates, maximum 18-month lease terms, joint operating plans with other downtown businesses, business plans with measurable goals, and mandatory participation in business education programs.

Expands board powers to include contracting for broadband and wireless technology services in the downtown district and operating in qualified townships under existing municipal agreements.