House Bill 6303 Summary

• Amends Section 7 of the Downtown Development Authority Act (1975 PA 197) to add new powers and duties for downtown development authority boards.

• Authorizes boards to create, operate, and fund loan programs for building improvements in downtown districts, with interest rates set at market or below-market rates as determined by the board.

• Allows boards to create, operate, and fund retail business incubators in downtown districts, with preference given to tenants providing goods or services that are unavailable or underserved in the area.

• Adds authorization for boards to fund marketing initiatives, infrastructure improvements, billing systems, and technology updates that promote local agriculture, agricultural products, and farmers markets in downtown districts.

• Requires written contracts between boards and retail incubator tenants that include lease rates below fair market value, maximum 18-month lease periods, joint operating plans, business plans with measurable goals, and participation in business education programs.