Introduced
by
To allow the downtown development authority of the City of Houghton to extend the duration of debt it incurred to pay for certain past spending, thereby reducing its current payments at the expense of imposing greater overall interest costs on city taxpayers over time. Essentially, the bill exempts the city from a 2001 law that only allowed such debt extensions when they leave taxpayers in a better position, not a worse one. Houghton's DDA says it needs the exception because lower tax "captures" due to declining property values and tax collections make it unable to make its current loan payments.
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 7 (details)
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 1 (details)
To allow the downtown development authority of the City of Houghton to extend the duration of debt it incurred to pay for certain past spending, thereby reducing its current payments at the expense of imposing greater overall interest costs on city taxpayers over time. Essentially, the bill exempts the city from a 2001 law that only allowed such debt extensions when they leave taxpayers in a better position, not a worse one. Houghton's DDA says it needs the exception because lower tax "captures" due to declining property values and tax collections make it unable to make its current loan payments.
