MI SB1181

Extends the deadline for completing multiphase brownfield redevelopment projects from 10 years to 15 years after the preapproval letter is issued.

Applies the 15-year deadline to projects that are multiphase, while single-phase projects remain subject to a 5-year completion deadline.

Modifies reference from 1975 PA 197 to the recodified tax increment financing act (2018 PA 57, MCL 125.4201 to 125.4230) for downtown development districts.

Maintains penalty provisions requiring repayment of all claimed and assigned credits if multiphase projects are not completed within the extended 15-year timeframe, with interest charges.