HB-5856 Summary

• Amends the Brownfield Redevelopment Financing Act to expand the definition of "tax increment revenues" that brownfield authorities can capture from eligible properties.

• Excludes ad valorem property taxes levied for new millages approved by voters after December 31, 2016, from tax increment revenue capture, with exceptions for renewal millages and certain specified voter-approved millages.

• Adds new eligible property categories including transit-oriented developments, transit-oriented facilities, and targeted redevelopment areas designated by municipalities and approved by the Michigan Strategic Fund.

• Defines new terms including "transit-oriented development," "transit-oriented facility," and clarifies provisions related to land bank fast track authorities and qualified facilities.

• Establishes limitations on designated targeted redevelopment areas, allowing municipalities to designate no more than 2 per calendar year and the Michigan Strategic Fund to approve no more than 5 per calendar year.