MI HB5718

Expands downtown development authority board powers to include creating and operating loan programs for building improvements, retail business incubators, broadband and wireless technology contracting, and marketing initiatives.

Requires retail business incubator tenants to lease space for no more than 18 months, participate in business education programs, and maintain written contracts including business plans with measurable goals.

Mandates downtown development authorities create and maintain a user-friendly website with public access to board meeting minutes, budgets, audits, development plans, and tax increment finance plans.

Requires website disclosure of tax increment revenues captured from each taxing jurisdiction and listing of all authority-sponsored events, staff contacts, and promotional materials.

Allows authority boards to provide below-market-rate loans and rental rates for qualifying businesses, with preference given to incubator tenants offering goods or services unavailable or underserved in the downtown area.