Introduced by Rep. Mark Ouimet R-Scio Township on November 1, 2011
To expand the 2005 law authorizing local “corridor improvement authorities” that can borrow for various spending projects (generally but not necessarily related to mass transit), and then repay the loans with revenue from special assessments (property taxes) or “tax increment” financing schemes. The bill would also authorize “joint” versions of these created by more than one local government. Official Text and Analysis.
Referred to the House Local, Intergovernmental, and Regional Affairs Committee on November 1, 2011
Reported in the House on December 1, 2011
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on January 31, 2012
The substitute passed by voice vote in the House on January 31, 2012
To allow Ann Arbor and adjacent communities to create a multi-government “corridor improvement authority,” a type of entity authorized by a 2005 law, which can can borrow for various government spending projects (generally but not necessarily related to mass transit), and then repay the loans with money levied in "special assessments" (property taxes), or with tax revenue "captured" from other local governments with “tax increment financing" schemes..