HB 5403 Summary

• Amends the Corridor Improvement Authority Act (2005 PA 280) to expand the board's powers in development areas.

• Adds new authority for boards to create, operate, and fund marketing initiatives, infrastructure improvements, and technology updates that promote local agriculture, agricultural products, farmers markets, and value-added agricultural products.

• Grants qualified development areas additional powers to perform site improvements including utilities, roads, drainage systems, broadband and high-speed internet, and related infrastructure.

• Authorizes boards in qualified development areas to incur expenses and reimburse public or private entities for costs associated with site improvements.

• Permits boards to enter into financing arrangements including lease purchase agreements, land contracts, installment sales agreements, and loan agreements to implement development powers.