Introduced
by
To authorize a tax increment financing authority in Grayling Township to subsidize the construction of an amusement park project. A tax increment finance authority (TIFA) "captures" the increment of extra local property tax revenue that would supposedly result from the economic growth which might be generated by the amusement park. The “captured” tax revenue is used to pay off the debt incurred by borrowing to subsidize the project, and is thus diverted from funding other local government services.
Referred to the Committee on Commerce
