MI HB5854

Expands definition of "qualified development area" to include areas with transit-oriented development or transit-oriented facilities, in addition to existing criteria for large distressed cities.

Requires corridor improvement authorities to maintain websites with 5 years of records including board minutes, budgets, audits, development plans, tax increment finance plans, event lists, and financial reports about tax increment revenues captured from each taxing jurisdiction.

Mandates authorities hold at least one annual informational meeting with 20+ days' notice to the public and all affected taxing jurisdictions to present financial and operational information.

Expands annual reporting requirements to include additional details such as total new public investment by authority, sponsorship contributions, non-tax increment funds used, and captured assessed value retained for each taxing jurisdiction.

Transfers oversight authority from State Tax Commission to Department of Treasury, which may withhold tax increment revenues from non-compliant authorities after 60-day notice period until they achieve compliance.