2002 House Bill 5896 ↩

Senate Roll Call 798: Passed

To authorize the Michigan Economic Development Corporation to designate an additional five certified technology parks, and for Wayne, Oakland and Macomb counties only, to count ones located in the same county as one park. Certified technology parks are industrial parks in which infrastructure improvements that benefit the occupants are funded by tax increment financing, in which a portion of their future property taxes are reserved to pay for the improvements, rather than going to local governments. The state would be required to reimburse local school districts for the value of any school tax exemptions granted to taxpayers in a new certified technology park. This money would come from the state general fund, which is funded by other state tax revenues.