MI SB0908

Expands eligible property definitions to include transit-oriented development, targeted redevelopment areas, and property owned by land bank fast track authorities, broadening the scope of brownfield redevelopment programs.

Establishes a state brownfield redevelopment fund administered by the Department of Treasury, funded by 50% of state education tax revenues captured from eligible properties after January 1, 2013, to support grants and loans for eligible activities.

Adds cost recovery mechanisms allowing the state or authorities to recover response activity costs from responsible parties, with recovered funds distributed to local taxing jurisdictions or deposited into state revitalization funds.

Requires Michigan Strategic Fund approval for use of school operating tax revenues on non-environmental eligible activities including infrastructure improvements, demolition, site preparation, and property acquisition by land bank authorities.

Modifies tax increment revenue capture limits, administrative cost allowances based on number of active projects (ranging from $100,000 to $500,000 annually), and requires detailed annual reporting by authorities to the legislature on tax revenues and project outcomes.