MI HB5851

Requires municipalities operating downtown development authorities to maintain websites with authority records and documents for the preceding 5 fiscal years, including meeting minutes, budgets, audits, development plans, tax increment finance plans, and financial information.

Mandates authorities hold at least one annual informational meeting to highlight key information and requires 20-day advance notice to the governing body of each taxing jurisdiction levying taxes subject to capture by the authority.

Modifies annual reporting requirements to include total new public investment in development areas, sponsorship and in-kind contributions, and amounts of non-tax increment funds used for projects, while removing the jobs created reporting requirement.

Transfers enforcement authority from the state tax commission to the department of treasury, which must notify authorities of violations and can restrict tax increment revenue capture if compliance is not achieved within 60 days.

Repeals the Historic Neighborhood Tax Increment Finance Authority Act (2004 PA 530) and the Private Investment Infrastructure Funding Act (2010 PA 250).