Introduced
by
To allow a city of Lansing “tax increment finance authority” to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a <a href="http://www.michiganvotes.org/2001-SB-29">2001 law</a> that restricts refinancing loans if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the <a href="http://www.michiganvotes.org/2008-HB-6619">second time</a> the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 36 to 1 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Passed in the House 110 to 0 (details)
To allow a city of Lansing “tax increment finance authority” to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a <a href="http://www.michiganvotes.org/2001-SB-29">2001 law</a> that restricts refinancing loans if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the <a href="http://www.michiganvotes.org/2008-HB-6619">second time</a> the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
Passed in the Senate 35 to 1 (details)
