Introduced
by
To allow Downtown Development Authorities (DDA’s) in neighboring municipalities to enter joint operating agreements. DDA’s have the power to levy up to two-mills in property taxes on local businesses, to borrow, and to create tax increment financing plans. These “capture” the increment of increased local property tax revenue anticipated from the economic growth which it is hoped will be generated by the construction of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan.
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the bill be referred to the Committee on Land Use and Environment.
Referred to the Committee on Land Use and Environment
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that also revises the law to allow a DDA to be created around a particular development in Livingston County.
The substitute passed by voice vote
Passed in the House 106 to 0 (details)
To allow Downtown Development Authorities (DDA’s) in neighboring municipalities to enter joint operating agreements. DDA’s have the power to levy up to two-mills in property taxes on local businesses, to borrow, and to create tax increment financing plans. These “capture” the increment of increased local property tax revenue anticipated from the economic growth which it is hoped will be generated by the construction of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan. The bill also revises the law to allow a DDA to be created around a particular development in Livingston County.
To concur with the House-passed version of the bill, which also revises the law to allow a DDA to be created around a particular development in Livingston County.
Passed in the Senate 36 to 0 (details)
