Introduced
by
To expand the scope of activities on which downtown development authorities may spend “captured” tax increment finance revenue. The bill would allow DDA’s to seek permission from the Michigan Economic Development Corporation to undertake projects in a “downtown expansion zone” outside of a DDA’s jurisdiction, and to “capture” incremental increases in state or local school property taxes, for uses approved by MEDC, based on its assessment that these will increase economic activity in the area. The bill authorizes up to $100 million for projects that it would allow, if the agreements are signed by the end of 2006. This is part of Gov. Jennifer Granholm’s “Jobs Today” public works proposal.
Referred to the Committee on Commerce
