Introduced
by
To require development authorities considering a new tax increment financing plan to notify the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail. Tax increment financing allows an authority or local government to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result from the provision of new public facilities. Money is borrowed to provide these new facilities, and the “captured” tax revenue is used to pay off the debt.
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 102 to 1 (details)
To require a downtown development authority considering a new tax increment financing plan to notify the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail.
Referred to the Committee on Economic Development, Small Business, and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
To replace the previous version of the bill with one that also allows the Detroit DDA to use $8 million of captured education mills to pay for the demolition of derelict downtown buildings.
The substitute passed by voice vote
Amendment offered
by
To require notifications from the DDA considering the tax increment financing plan to be sent to the "governing body" of the affected governments, rather than just those in certain positions, to ensure that the notice is brought to the attention of the full governing body.
The amendment passed by voice vote
Passed in the Senate 38 to 0 (details)
To require a downtown development authority considering a new tax increment financing plan to notify the governing bodies of the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail. Also, to allow the Detroit DDA to use $8 million in captured education mills to demolish derelict downtown buildings in 2005. This relates to efforts to improve the appearance of the downtown area before the 2006 Super Bowl.
Passed in the House 104 to 3 (details)
To concur with the Senate-passed version of the bill.
