MI HB5325

Amends the Principal Shopping District Act to define "assessable property" as real property in a district area, excluding federal, state, and local government property exempt from general property taxes, and certain tax-exempt property classes determined by the local legislative body to not benefit from special assessment projects.

Authorizes local governmental units to establish business improvement districts and principal shopping districts with powers to improve highways, regulate traffic and parking, acquire and operate properties, provide off-street parking, construct malls with public amenities, and promote economic activity through market research, public relations campaigns, and special events.

Requires creation of a board to manage ongoing district activities, with principal shopping district boards consisting of one residential area representative, one local government representative, and a majority of business nominees, with provisions allowing certain large businesses to appoint board members if specific conditions are met.

Establishes business improvement district boards composed of local government representatives and business/property owner nominees, with additional provisions granting majority board control to classes of businesses or property owners projected to pay more than 50% of special assessments.

Takes effect immediately upon enactment.