SB-1061 Summary

• Establishes "transformational brownfield plans" as a new category of brownfield redevelopment that requires approval by the Michigan Strategic Fund and allows capture of sales and use tax revenues and income tax revenues in addition to property tax increment revenues.

• Creates the state brownfield redevelopment fund to receive deposits from sales and use tax capture revenues and income tax capture revenues, with funds distributed to authorities and owners/developers of eligible properties under approved transformational plans.

• Sets minimum capital investment requirements for transformational brownfield plans based on municipality population, ranging from $15,000,000 for municipalities under 25,000 people to $500,000,000 for those with 600,000+ population.

• Limits the Michigan Strategic Fund to approving no more than 5 transformational brownfield plans annually and requires independent third-party underwriting and fiscal impact analyses for plans proposing over $1,500,000 in annual tax capture.

• Requires annual reporting by authorities to the Michigan Strategic Fund and Department of Environmental Quality on captured taxable values, capital investments, jobs created, residential and commercial space developed, and use of school operating purpose taxes.