MI HB5286

Creates Part 192 establishing a consolidated Brownfield Redevelopment Grant and Revolving Loan Program administered by the Department of Environment, Great Lakes, and Energy to fund environmental remediation at contaminated properties with redevelopment potential

Limits grants and loans to local units of government, with a maximum of $2,000,000 per grant and $2,000,000 per loan per project, though projects with significant economic and environmental benefits may receive additional funding in subsequent fiscal years

Defines eligible activities to include baseline environmental assessments, investigations, response activities, underground storage tank removal, hazardous materials removal, industrial cleaning, contaminated sediment disposal, demolition, and lead/asbestos/mold abatement

Requires loan recipients to repay loans at interest rates not exceeding 50% of prime rate, with repayment beginning within 5 years of first draw and concluding within 15 years

Mandates the department submit annual reports to the governor and legislature by December 31 detailing projects financed, including project names, locations, nature, funding amounts, and counties