BROWNFIELD REDEVELOPMENT FINANCING ACT (EXCERPT)
Act 381 of 1996
***** 125.2666 THIS SECTION IS AMENDED EFFECTIVE JULY 24, 2017: See 125.2666.amended *****
125.2666 Tax increment revenues; transmission to authority; expenditure; reversion of surplus funds; financial status report; collection and compilation of financial reports by department and Michigan strategic fund; reporting obligations; performance postaudit report by auditor general; report by owner or developer for active project within brownfield plan.
(1) The municipal and county treasurers shall transmit tax increment revenues to the authority not more than 30 days after tax increment revenues are collected.
(2) The authority shall expend the tax increment revenues received only in accordance with the brownfield plan. All surplus funds not deposited in the local brownfield revolving fund of the authority under section 8 shall revert proportionately to the respective taxing bodies, except as provided in section 15(16).
(3) The authority shall submit annually to the governing body, the department, and the Michigan strategic fund a financial report on the status of the activities of the authority for each calendar year. The report shall include all of the following:
(a) The amount and source of tax increment revenues received.
(b) The amount and purpose of expenditures of tax increment revenues.
(c) The amount of principal and interest on all outstanding indebtedness.
(d) The initial taxable value of all eligible property subject to the brownfield plan.
(e) The captured taxable value realized by the authority for each eligible property subject to the brownfield plan.
(f) The amount of actual capital investment made for each project.
(g) The amount of tax increment revenues attributable to taxes levied for school operating purposes used for activities described in section 13b(6)(c), section 2(n)(i)(H), and section 2(n)(ii)(B) and (C).
(h) The number of residential units constructed or rehabilitated for each project.
(i) The amount, by square foot, of new or rehabilitated residential, retail, commercial, or industrial space for each project.
(j) The number of new jobs created at the project.
(k) All additional information that the governing body, the department, or the Michigan strategic fund considers necessary.
(4) The department and the Michigan strategic fund shall collect the financial reports submitted under subsection (3), compile a combined report, which includes the use of local taxes, taxes levied for school operating purposes, and the state brownfield redevelopment fund, based on the information contained in those reports and any additional information considered necessary, and submit annually a report based on that information to each member of the legislature.
(5) Beginning on January 1, 2013, all of the following reporting obligations apply:
(a) The department shall on a quarterly basis post on its website the name, location, and amount of tax increment revenues, including taxes levied for school operating purposes, for each project approved by the department under this act during the immediately preceding quarter.
(b) The Michigan strategic fund shall on a quarterly basis post on its website the name, location, and amount of tax increment revenues, including taxes levied for school operating purposes, for each project approved by the Michigan strategic fund under this act during the immediately preceding quarter.
(6) In addition to any other requirements under this act, not less than once every 3 years beginning not later than June 30, 2008, the auditor general shall conduct and report a performance postaudit on the effectiveness of the program established under this act. As part of the performance postaudit, the auditor general shall assess the extent to which the implementation of the program by the department and the Michigan strategic fund facilitate and affect the redevelopment or reuse of eligible property and identify any factors that inhibit the program's effectiveness. The performance postaudit shall also assess the extent to which the interpretation of statutory language, the development of guidance or administrative rules, and the implementation of the program by the department and the Michigan strategic fund is consistent with the fundamental objective of facilitating and supporting timely and efficient brownfield redevelopment of eligible properties.
(7) The owner or developer for an active project included within a brownfield plan must annually submit to the authority a report on the status of the project. The report shall be in a form developed by the authority and must contain information necessary for the authority to report under subsection (3)(f), (h), (i), (j), and (k). The authority may waive the requirement to submit a report under this subsection. As used in this subsection, "active project" means a project for which the authority is currently capturing taxes under this act.
History: 1996, Act 381, Eff. Sept. 16, 1996
Am. 2000, Act 145, Imd. Eff. June 6, 2000
Am. 2007, Act 203, Imd. Eff. Dec. 27, 2007
Am. 2012, Act 502, Imd. Eff. Dec. 28, 2012
Am. 2016, Act 471, Eff. Apr. 5, 2017
© 2015 Legislative Council, State of Michigan