MI SB0621

Adds definitions for "transit-oriented development," "transit-oriented facility," and "distressed area" to the Corridor Improvement Authority Act, expanding eligible development areas to include infrastructure improvements within 1/2 mile of transit stations.

Expands "qualified development area" definition to include areas with transit-oriented development or transit-oriented facilities, in addition to existing criteria for large contiguous parcels in cities with 700,000+ population.

Exempts ad valorem property taxes levied for public library purposes approved after December 31, 2016 from automatic tax capture, allowing libraries to opt-in to tax increment financing through written agreements.

Allows library boards or commissions to opt-out of tax capture within 60 days when authority boundaries are altered, amended, or the finance plan is extended.

Requires authorities to fully inform taxing jurisdictions of fiscal and economic implications before public hearings and permits taxing jurisdictions to negotiate agreements to share a portion of captured assessed value.