MI SB0199

Expands the definition of "other protected obligation" under the Tax Increment Financing Act to include new obligations for municipalities with populations between 111,000 and 114,000 (based on the most recent federal census)

Allows these municipalities to use tax increment financing for downtown area projects including repurposing office buildings, constructing or redeveloping residential housing, and building public infrastructure and placemaking elements that support economic development

Extends the maximum term for certain existing lease obligations from 30 years (through 2039) to 50 years (through 2059), with corresponding extension of development and tax increment financing plan durations

Sets a 2059 deadline for any new obligations issued under the expanded "other protected obligation" provisions for qualifying municipalities

Makes technical and clarifying amendments throughout the definitions section, including updating cross-references and modernizing language