May 24, 2007, Introduced by Senators SANBORN, RICHARDVILLE, PATTERSON, GILBERT, JANSEN, PAPPAGEORGE, BIRKHOLZ, ALLEN, BROWN, GARCIA, THOMAS, JACOBS and HUNTER and referred to the Committee on Economic Development and Regulatory Reform.
A bill to amend 1996 PA 381, entitled
"Brownfield redevelopment financing act,"
by amending section 16 (MCL 125.2666), as amended by 2000 PA 145.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 16. (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 site remediation revolving fund of
the authority under section 13(5) shall revert proportionately to
the respective taxing bodies, except as provided in section 15(20).
The governing body may abolish the plan when it finds that the
purposes for which the plan was established are accomplished.
However, the plan shall not be abolished until the principal and
interest on bonds issued under section 17 and all other obligations
to which the tax increment revenues are pledged have been paid or
funds sufficient to make the payment have been segregated.
(3) The authority shall submit annually to the governing body
and the state tax commission a financial report on the status of
the activities of the authority. 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.
(f) Information concerning any transfer of ownership of or
interest in each eligible property.
(g) All additional information that the governing body or the
state tax commission considers necessary.
(4) The state tax commission shall collect the financial
reports submitted under subsection (3), compile and analyze the
information contained in those reports, and submit annually a
report based on that information to all of the following standing
committees of the legislature:
(a) In the house of representatives, the committees
responsible for natural resource management, conservation,
environmental protection, and taxation.
(b) In the senate, the committees responsible for natural
resource management, conservation, environmental protection,
economic development, and taxation.