MI SB0912

Establishes application requirements for brownfield project grants and loans, including project descriptions, itemized budgets, property ownership history, zoning information, and proof of local government support.

Requires the department to make final decisions on complete applications within 90 days and review projects based on environmental benefit, economic benefit, consistency with local planning, and viability of redevelopment plans.

Creates grant and loan agreement requirements including implementation schedules, progress reporting, and for loans, financial assurance mechanisms such as revenue pledges or letters of credit (excluding real property as collateral).

Sets loan terms at an interest rate not exceeding 50% of prime rate, with repayment in equal annual installments beginning no later than 5 years after first draw and concluding no later than 15 years after first draw.

Permits the department to withhold 10% of grant or loan funds until project completion, revoke funding for non-compliance, and allows loan renegotiation upon showing of financial hardship related to the financed project.