Act No. 57 - Recodified Tax Increment Financing Act (SB 0393)

• Consolidates tax increment financing law by recodifying seven separate acts into a single comprehensive "Recodified Tax Increment Financing Act" effective January 1, 2019, covering downtown development authorities, tax increment finance authorities, local development finance authorities, corridor improvement authorities, water resource improvement authorities, and neighborhood improvement authorities.

• Authorizes municipalities to establish authorities to eliminate property deterioration, increase tax valuations, and promote economic growth through tax increment financing mechanisms that dedicate a portion of increased tax revenue from development areas to finance public improvements.

• Establishes detailed procedural requirements including public hearing and notice provisions, board composition and appointment procedures, development plan and tax increment financing plan approval processes, and bond issuance authority for implementing development programs.

• Creates reporting and compliance requirements mandating authorities to maintain publicly accessible websites with meeting minutes, budgets, audits, development plans, and annual activity summaries; file annual status reports with the state; and submit development plans to the Department of Treasury.

• Repeals seven predecessor acts (1975 PA 197, 1980 PA 450, 1986 PA 281, 2004 PA 530, 2005 PA 280, 2007 PA 61, 2008 PA 94, and 1867 PA 35) while preserving existing obligations, bonds, and agreements under transitional provisions.