MI HB4871

Establishes qualifying period for business improvement zones (BIZs) between 7 to 10 calendar years, determined in the petition for zone creation, with retroactive application to previously created zones beginning on their approval date.

Defines assessable property as non-residential real property and non-tax-exempt real property within a zone area, excluding residential property classified under the general property tax act.

Authorizes BIZs to borrow money anticipating assessment revenue up to 50% of annual average revenue (or 25% of projected revenue for zones less than 1 year old), with repayment required before qualifying period expiration.

Requires BIZ board of directors to consist of 5 to 15 members with odd numbers, allows municipalities to appoint 1 director with automatic confirmation if not disapproved within 60 days, and serves without compensation.

Allows reauthorization of BIZs for additional qualifying periods upon approval by more than 60% of property owners voting on new zone plan, with municipal approval required for any new or extended assessments.