Introduced
by
To revise the eligibility standards in the 2005 <a href="http://www.michiganvotes.org/2005-SB-34">Corridor Improvement Authority”</a> law that authorized the creation of local authorities that could levy special assessments (property taxes), borrow, or use tax increment financing to pay for economic development and improvement projects in a commercial district along a road classified as an arterial or collector road. The bill would allow Detroit to create one of these authorities to subsidize a new shopping center along Eight Mile Road, adjacent to the State Fair Grounds. The bill would also authorize the “capture” of school tax revenue increases, in addition to other taxes.
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one amended to more narrowly limit its application to just Detroit by specifying that the proposed tax break would only apply in a city that “has a population of 700,000 or more, shows a negative population change from 1970 to the most recent decennial census, shows an overall increase in the value of real and personal property less than the statewide average since 1972, has a poverty rate, greater than the statewide average, and has had an unemployment rate higher than the statewide average".
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 108 to 0 (details)
To revise the eligibility standards in the 2005 <a href="http://www.michiganvotes.org/2005-SB-34">Corridor Improvement Authority”</a> law that authorized the creation of local authorities that could levy special assessments (property taxes), borrow, or use tax increment financing to pay for economic development and improvement projects in a commercial district along a road classified as an arterial or collector road. The bill would allow Detroit to create one of these authorities to subsidize a new shopping center along Eight Mile Road, adjacent to the State Fair Grounds. The bill would also authorize the “capture” of school tax revenue increases, in addition to other taxes.
